By: Jenna Goudreau, Forbes Staff
Despite women’s gains in educational attainment (they are now the majority of college graduates), an ugly gender pay gap persists. According to a new groundbreaking report by the American Association of University Women (AAUW), in 2009—the most recent year for which data is available—women working full time earned only 82% on average of what their male peers earned just one year out of college. Thus, the pay gap begins in your first job out of school.
The study authors conclude that a primary cause of the earnings difference is choice of college major. Men are more likely to study higher-paying specialties like engineering and computer science, while women are more likely to pursue lower-paying specialties like education and social sciences. However, one-third of the pay gap remains unexplained, and is likely the result of lingering gender discrimination and differences in salary negotiations.
“Although women cannot avoid the pay gap completely, they can make choices that enhance their earning potential,” write AAUW researchers Christianne Corbett and Catherine Hill. “A critical first step is paying attention to the salaries associated with college majors and occupations and understanding the long-term financial implications of those decisions.”
One thing we know for sure: A college degree is undoubtedly still worth it. According to a report by Georgetown University’s Center for Education and the Workforce (CEW), Bachelor’s degree holders earn 84% more than those with only a high school diploma. Moreover, the degree you choose greatly impacts your earnings. The highest earning college major for both sexes ($120,000 for Petroleum Engineering) earns 314% more than the lowest earning major ($29,000 for Counseling Psychology), when comparing median earnings.
Due to the continuing gender difference in pay, researchers at the CEW analyzed 171 undergraduate majors by how well they pay off for women. Perhaps not surprisingly, the top 10 best-paying college majors for women closely align with the most recent list of the best-paying jobs for women, with pharmacy reigning supreme. The list is also dominated by engineering and computer science majors, areas where men are highly concentrated.
No. 1: Pharmacy Pharmaceutical Sciences and Administration
Percentage of women: 42%
Women’s median earnings: $100,000
Men’s median earnings: $110,000
No. 2: Information Sciences
Percentage of women: 26%
Women’s median earnings: $75,000
Men’s median earnings: $65,000
No. 3: Chemical Engineering
Percentage of women: 23%
Women’s median earnings: $72,000
Men’s median earnings: $92,000
No. 4: Computer Science
Percentage of women: 22%
Women’s median earnings: $70,000
Men’s median earnings: $79,000
No. 5: Electrical Engineering
Percentage of women: 7%
Women’s median earnings: $70,000
Men’s median earnings: $86,000
No. 6: Mechanical Engineering
Percentage of women: 7%
Women’s median earnings: $70,000
Men’s median earnings: $80,000
No. 7: Industrial and Manufacturing Engineering
Percentage of women: 17%
Women’s median earnings: $67,000
Men’s median earnings: $80,000
No. 8: Computer Engineering
Percentage of women: 14%
Women’s median earnings: $67,000
Men’s median earnings: $80,000
READ THE FULL STORY HERE: http://www.forbes.com/sites/jennagoudreau/2012/11/28/the-10-best-paying-college-majors-for-women/
