These college majors have the highest earning potential and lowest unemployment rates, study finds

Attending college still confers significant benefits in the labor market, but another factor may be even more important when it comes to finding a decent job after graduation: what you study. 

A recent analysis from the Federal Reserve Bank of New York ranks employment outcomes for college graduates ages 22 to 27 based on their major, including how much money they can expect to earn early on in and midway through their careers.

One key takeaway: Although many recent college grads face significant challenges finding a good job in their chosen field, having a degree still gives young workers an edge, especially in terms of pay.

Another finding may come as more of a shock for young grads who followed the conventional advice to major in computer science and engineering, information systems, and other technology fields. The New York Fed researchers found that tech jobs are harder to come by these days as employers pull back in hiring after expanding too quickly during the pandemic years. 

The analysis also measured the rate of underemployment for different college majors, which reflects how hard it is to find a job in your field of study. 

For example, recent computer science majors have a relatively high unemployment rate, at 7%, compared with a national average of 4.3%. Yet just 19% of those grads are considered underemployed, according to the research.

By comparison, the underemployment rate for recent criminal justice grads is nearly 66%, while for those pursuing a career in the performing arts the figure approaches 64%.

Here’s how college majors stack up in terms of employment prospects and earning potential, according to the New York Fed.