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Top 10 Worst Paying College Majors: Making an Informed Investment in Education

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Deanna Ritchie


Every year, millions of students enter college in hopes of having a better future, complete with the promise of a well-paying job and financial security. While pursuing higher education is a noble goal, it is essential to consider the fact that college is an investment. Students pay a substantial amount upfront in the form of tuition, fees, and time spent studying, expecting that these investments will pay off in the future through a reliable annual salary and a fulfilling career.

With the prevalence of student loans and the impending fear of a student loan crisis in the United States, it has become all the more critical to educate young adults on the potential return they can expect from their investments in education. This article delves into the top 10 worst paying college majors and provides insights on how to make the right choices when considering a college major or a career path.

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Top 10 Worst Paying College Majors

Theology and Religion

Median Salary: $36,000

While this major offers a deep understanding of religious history and beliefs, it often leads to low-paying careers within religious organizations. Those passionate about theology and religion should consider if the material gains are more or less important than their spiritual fulfillment.

Family and Consumer Sciences

Median Salary: $37,000

This major focuses on the management of resources for homes and families, such as food, clothing, and housing. While a critical field for society, the median salary is generally lower compared to other majors.

Social Services

Median Salary: $37,000

Social service majors often work in crucial but under-appreciated sectors, such as public health, child protective services, and rehabilitation counseling. While the jobs are rewarding, they often come with relatively low salaries.

Psychology

Median Salary: $37,400

An essential field for understanding human behavior, psychology is an increasingly popular major. However, a bachelor’s degree in psychology may not guarantee a high-paying job, and advanced degrees may be necessary to obtain more lucrative positions.

Leisure and Hospitality

Median Salary: $38,000

Training in the leisure and hospitality sector can lead to careers in travel, tourism, and planning. However, these jobs can have irregular hours and often come with a lower median salary than other sectors.

Performing Arts

Median Salary: $39,000

While many people dream of a career in acting, dancing, or music, the reality often involves low incomes and gig-to-gig employment. For those passionate about the arts, it is essential to weigh their love for their craft against the potential financial rewards.

Mass Communication

Median Salary: $40,000

Journalism, advertising, broadcasting, and public relations all fall under mass communication. While some individuals in this field may achieve exceptional lucrative careers, the median salary remains lower than other industries.

Biology

Median Salary: $40,000

A surprising entry on the list, biology majors can face lower earnings in entry-level positions, such as lab technicians and research assistants. However, those who continue onto graduate education may find more lucrative career opportunities.

Early Childhood, Elementary, and Special Education

Median Salary: $40,000

Teachers are invaluable to society, but their salaries do not always reflect their importance. Early childhood, elementary, and special education majors may face low-paying starting positions, although opportunities for growth do exist with experience and additional credentials.

Liberal Arts

Median Salary: $40,000

A broad category encompassing subjects like history, English, and philosophy, a liberal arts degree offers diverse knowledge but often lacks specific job prospects. Liberal arts majors may need to pursue further education or develop specialized skills to enhance their career prospects.

FAQ Section:

Q1: What factors should I consider when choosing a college major?

A: When choosing a college major, it’s important to consider your interests, skills, and passion for the subject. Additionally, it’s advisable to research the potential career prospects and earning potential associated with different majors to make an informed decision.

Q2: Why is it important to be aware of the worst paying college majors?

A: Being aware of the worst paying college majors can help you manage your expectations and make realistic decisions about your educational investment. It allows you to consider the potential financial implications and weigh them against other factors that may be important to you, such as personal fulfillment or societal impact.

Q3: Should I solely focus on earning potential when choosing a major?

A: While earning potential is an important factor to consider, it shouldn’t be the only criterion for choosing a major. It’s crucial to pursue a field that aligns with your interests and strengths. Balancing your passion and the potential for financial stability can lead to a more fulfilling career in the long run.

Q4: Are there opportunities for growth and higher salaries within low-paying majors?

A: Yes, there can be opportunities for growth and higher salaries within low-paying majors. Some fields may require further education, specialization, or experience to access more lucrative positions. It’s important to research the career paths within the chosen major and identify ways to enhance your skills and qualifications.

Q5: How can I mitigate the costs of education?

A: There are several ways to mitigate the costs of education. Consider attending state schools or universities that offer lower tuition fees compared to private institutions. Look for scholarships, grants, or work-study programs that can provide financial assistance. Additionally, explore part-time employment or internships to earn income while studying.

Q6: Can I switch majors if I realize my chosen field has a low earning potential?

A: Switching majors is a possibility, although it may have implications on your academic progress and time to graduation. If you discover that your chosen major has a low earning potential and it doesn’t align with your long-term goals, it may be worth considering a switch. Consult with academic advisors and career counselors to explore alternative majors that better suit your interests and aspirations.

Q7: Does a low-paying major mean I will have a low income throughout my career?

A: Not necessarily. A low-paying major doesn’t dictate your income throughout your career. With experience, additional education, and skill development, you may be able to advance within your field or transition to higher-paying positions. It’s important to continuously seek opportunities for growth and stay updated on industry trends.

Q8: Is it advisable to pursue a minor or double major to enhance job prospects?

A: Pursuing a minor or double major can be beneficial in enhancing job prospects, especially if the additional field of study complements your primary major and expands your skill set. It can make you a more well-rounded candidate and open up opportunities in related or interdisciplinary fields.

Q9: Should I solely focus on earning potential and overlook my passions?

A: It’s not advisable to solely focus on earning potential and overlook your passions. While financial stability is important, finding a balance between your interests and income potential is crucial for long-term career satisfaction. Consider exploring ways to merge your passions with practical career paths or seek opportunities to pursue your passions outside of your main profession.

Q10: How can I make an informed decision about my college major?

A: To make an informed decision about your college major, conduct thorough research on potential career paths, earning potential, and job market trends for different majors. Seek advice from academic advisors, professionals in the field, and individuals working in careers you’re interested in. Additionally, consider internships, job shadowing, or informational interviews to gain firsthand insights into the industry you’re considering.

Conclusion: Invest in Education Wisely and Reap the Rewards

Although money should not be the sole determining factor when choosing a college major, young adults must understand the potential returns on their education investment. By gaining knowledge about expected earnings relative to their chosen field, students can make informed decisions and seek ways to mitigate costs, such as attending state schools rather than private institutions.

By understanding the financial implications of their chosen major and making informed decisions, college students can prepare for a future where they can reap the rewards of their educational investment without drowning in student loan debt. This balance will enable them to embark on fulfilling careers that contribute to a better, more equitable society.

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Featured Image Credit: Fauxels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.



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Fintech Kennek raises $12.5M seed round to digitize lending

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London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Politics

Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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