Worst majors for roi

Worst College Majors for Return on Investment (ROI): A Comprehensive Guide

Choosing a college major is one of the most consequential financial decisions a young person can make. With the average student loan debt for a bachelor’s degree hovering around $29,400 according to the Federal Reserve, understanding the potential return on investment (ROI) of different fields of study has never been more important. While passion and personal fulfillment are valid considerations, prospective students deserve transparent data about which majors historically produce the weakest financial returns relative to the cost of obtaining the degree.

This guide examines the college majors that typically generate the lowest ROI, the factors that contribute to poor financial outcomes, and the important nuances that raw salary data often fails to capture.

How ROI for College Majors Is Measured

Before examining specific majors, it is important to understand how researchers calculate educational ROI. The most common methodology compares the total cost of a degree (tuition, fees, lost wages during school years) against the additional lifetime earnings a graduate receives compared to someone with only a high school diploma.

Organizations like the Georgetown University Center on Education and the Workforce, the Federal Reserve Bank of New York, PayScale, and the Foundation for Research on Equal Opportunity (FREOPP) regularly publish analyses using this framework. Key variables include:

Median starting salary and mid-career salary for graduates in a given field
Employment rate and likelihood of underemployment (working in a job that does not require a bachelor’s degree)
Institutional cost, since the same major at an expensive private university may have a negative ROI while offering a positive one at an affordable public institution
Time to degree completion, as longer programs increase both direct costs and opportunity costs

It is worth noting that ROI calculations generally focus on financial outcomes and do not account for job satisfaction, social contributions, or personal fulfillment, which are legitimate but harder to quantify.

Majors That Typically Produce the Lowest Financial ROI

1. Fine Arts and Studio Art

Fine arts programs consistently appear near the bottom of ROI rankings. According to PayScale’s 2023 College Salary Report, graduates with a bachelor’s degree in fine arts typically earn a median early-career salary of around $38,000 to $42,000, with mid-career earnings often plateauing around $55,000 to $62,000. The FREOPP’s analysis found that many fine arts programs, particularly at high-cost private institutions, produce a negative lifetime ROI, meaning graduates may earn less over their careers than the total cost of their education plus forgone earnings.

Contributing factors include a highly competitive job market, a prevalence of freelance and gig-based work, and limited corporate demand for the specific skills taught in studio art programs.

2. Drama and Theater Arts

Theater and drama majors face similar financial headwinds. The Bureau of Labor Statistics (BLS) reports that actors earned a median hourly wage of $17.94 as of May 2023, but this figure obscures the reality that many actors work part-time or sporadically. Georgetown University’s research indicates that drama and theater arts majors experience unemployment rates roughly 50% higher than the national average for college graduates.

The combination of high tuition costs at many performing arts programs and uncertain employment outcomes generally makes this one of the weakest majors for financial return.

3. Music and Music Performance

Music majors, particularly those focused on performance rather than music education or music technology, tend to see low financial returns. PayScale data suggests median early-career earnings of approximately $35,000 to $40,000. The BLS notes that musicians and singers earn a median pay of about $36,180 per year, though this varies enormously based on genre, location, and success in an extremely competitive field.

Music education majors may fare somewhat better due to more stable employment in public schools, though teaching salaries remain modest relative to other degree holders.

4. Philosophy and Religious Studies

While philosophy graduates often develop strong critical thinking and argumentation skills, the direct career pipeline for these majors is narrow. Median starting salaries typically fall in the $38,000 to $42,000 range, according to the National Association of Colleges and Employers (NACE). Religious studies majors face even more limited direct employment options outside of clergy or nonprofit work.

However, it is important to note that philosophy majors who go on to law school or graduate programs can see significantly improved earnings, which complicates straightforward ROI calculations for the bachelor’s degree alone.

5. Sociology

Sociology majors typically earn median starting salaries around $37,000 to $42,000, with mid-career salaries generally reaching $58,000 to $65,000, based on PayScale data. While the field offers valuable analytical training, many sociology graduates report being underemployed. The Federal Reserve Bank of New York’s research has found that sociology consistently ranks among the majors with the highest underemployment rates, with roughly 45% to 50% of recent graduates working in jobs that do not require a bachelor’s degree.

6. Anthropology and Archaeology

Anthropology majors face a challenging job market at the bachelor’s level. According to the American Anthropological Association, many anthropology careers in research or academia require at least a master’s degree, and often a Ph.D. Graduates who enter the workforce with only a bachelor’s degree typically earn starting salaries in the $35,000 to $40,000 range. The Georgetown Center on Education and the Workforce has classified anthropology among the lowest-earning liberal arts fields.

7. Psychology (General)

Psychology is one of the most popular undergraduate majors in the United States, with approximately 120,000 bachelor’s degrees conferred annually according to the National Center for Education Statistics (NCES). However, a general psychology degree often yields disappointing financial returns at the bachelor’s level. Median starting salaries typically range from $37,000 to $43,000, and the field has one of the highest underemployment rates among common majors.

The path to practicing as a psychologist generally requires a doctoral degree, meaning that the bachelor’s degree alone has limited direct professional application. Those who pursue graduate training may see significantly better outcomes, but the additional time and cost must be factored into any ROI analysis.

8. Communications and Media Studies

Despite the ubiquity of media in modern life, communications majors often experience modest financial returns. PayScale data indicates median early-career salaries of approximately $40,000 to $44,000, with mid-career earnings around $65,000 to $72,000. The field has become increasingly saturated as traditional media outlets have contracted while the number of graduates has remained high.

9. Hospitality and Tourism Management

While the hospitality industry is vast, entry-level positions in hotels, restaurants, and tourism often pay modestly regardless of educational background. FREOPP analysis has found that many hospitality management programs, particularly at private institutions, produce negative or near-zero lifetime ROI. Median starting salaries typically fall around $38,000 to $43,000, with the industry characterized by long hours and relatively slow salary growth compared to other business-related fields.

10. Education (particularly Early Childhood Education)

Teaching is widely acknowledged as an essential profession, but the financial returns on education degrees are frequently among the lowest for any bachelor’s program. The BLS reports that the median annual wage for elementary school teachers was approximately $61,690 in 2023, while early childhood education teachers earned a median of just $37,130. Given that many education programs require five or more years of study (including student teaching), the ROI can be particularly weak.

This represents a significant societal concern, as low ROI may discourage talented individuals from entering a critical profession.

Factors That Worsen ROI Across All Majors

While certain fields inherently produce lower average earnings, several factors can turn even a moderately performing major into a poor financial investment:

Institutional cost: A sociology degree from a state university with $8,000 annual tuition may produce positive ROI, while the same degree from a private university charging $55,000 per year may not. According to FREOPP, approximately 28% of all bachelor’s degree programs at American institutions produce a negative ROI when institutional costs are accounted for.
Failure to complete the degree: Students who take on debt but do not graduate face the worst outcomes of all, bearing the cost burden without the credential. Completion rates vary significantly by institution and major.
Geographic limitations: Some low-ROI majors may perform adequately in high-cost, high-opportunity markets like New York or Los Angeles but offer very limited prospects in smaller markets.
Graduate school dependency: Majors where meaningful career advancement requires expensive graduate education (psychology, social work, fine arts) may have deceptively low bachelor’s-level ROI that does not improve without further investment.

Important Caveats and Nuances

Raw ROI data, while valuable, does not tell the complete story. Several important qualifications merit consideration:

Averages Can Be Misleading

Within any major, there is significant variance in outcomes. A communications major who develops strong digital marketing skills may earn well above the median, while a computer science graduate who struggles to find employment may earn below it. Individual initiative, internships, networking, and skill development can substantially alter personal outcomes regardless of major.

Non-Financial Returns Matter

Research published in the Journal of Happiness Studies and similar outlets suggests that job satisfaction, sense of purpose, and work-life balance are significant predictors of overall life satisfaction. Some individuals in lower-paying fields report higher levels of fulfillment than their higher-earning peers. While these benefits are difficult to quantify in dollar terms, dismissing them entirely would present an incomplete picture.

Double Majors and Minors Can Improve Outcomes

Students who pair a lower-ROI major with a more marketable minor or second major (such as combining English with data analytics, or psychology with statistics) may significantly improve their employment prospects while still pursuing their intellectual interests.

The Institution Effect

Where a student earns a degree can matter as much as what they study. A philosophy degree from an elite institution with a strong alumni network may produce better financial outcomes than a business degree from a lower-ranked school. Research from economists such as Stacy Dale and Alan Krueger has explored how institutional selectivity interacts with major choice.

Strategies for Students Considering Low-ROI Majors

For students drawn to fields that typically produce lower financial returns, several strategies may help mitigate the financial risk:

Minimize educational debt: Attending a community college for the first two years, choosing an in-state public university, or aggressively pursuing scholarships can dramatically reduce the cost side of the ROI equation.
Pursue relevant internships and work experience: Practical experience can differentiate graduates in competitive fields and open doors that credentials alone may not.
Develop complementary technical skills: Learning data analysis, coding, digital marketing, or project management alongside a liberal arts major can substantially broaden employment options.
Research career outcomes rigorously: Tools like the U.S. Department of Education’s College Scorecard, PayScale’s College ROI rankings, and FREOPP’s return on investment database allow prospective students to evaluate outcomes at the program and institution level.
Consider the total career arc: Some lower-paying fields offer significant non-monetary benefits, such as public service loan forgiveness (PSLF) for qualifying education and nonprofit roles, which can effectively improve financial outcomes over time.

The Bigger Picture

The existence of low-ROI majors raises broader questions about higher education pricing, labor market dynamics, and societal values. Many of the lowest-ROI fields, such as education, social work, and the arts, produce graduates who contribute to communities in ways that are not easily captured by salary data. The fact that essential professions like early childhood education consistently produce poor financial returns for degree holders points to systemic issues in how society compensates certain types of work, rather than necessarily reflecting a poor choice by individual students.

Prospective students are generally well-served by approaching major selection with both passion and pragmatism, understanding the likely financial trajectory of their chosen field while also considering the full range of strategies available to improve their outcomes.

Sources

Georgetown University Center on Education and the Workforce, “The Economic Value of College Majors” (2023)
Federal Reserve Bank of New York, “The Labor Market for Recent College Graduates” (2024)
PayScale College Salary Report (2023)
Foundation for Research on Equal Opportunity (FREOPP), “Is College Worth It?” (2023)
U.S. Bureau of Labor Statistics, Occupational Outlook Handbook (2023-2024)
National Center for Education Statistics (NCES), Digest of Education Statistics (2023)
National Association of Colleges and Employers (NACE), Salary Survey (2023)
U.S. Department of Education, College Scorecard (collegescorecard.ed.gov)
Federal Reserve, “Economic Well-Being of U.S. Households” (2023)