"Learning More Can't Hurt"... Double Majors Have Higher Income Stability

WSJ Reports Citing Ohio State University Research Team Paper
Less Interdisciplinary Links in Biology and Sociology Lead to Higher Shock Response

A study has found that in times of economic crisis, income stability is higher for graduates with double majors than for those with a single major. This suggests that the more diverse the nature of the fields of study, the better the ability to cope with market shocks.

On the 17th (local time), The Wall Street Journal (WSJ) reported on research showing that college graduates with double majors have more stable incomes. The study, conducted by Professor Andrew Hanks of Ohio State University and others, examined cases of 1.4 million U.S. college graduates from 2009 to 2019 and was published in the paper titled "Are Double Majors Less Vulnerable in Crisis Situations?"

[Image source=AP Yonhap News]

According to the study, graduates with double majors experienced about 56% less income impact from market shocks compared to single-major graduates. Market shocks refer to factors that significantly disrupt income, such as mass layoffs, the introduction of new technologies, and changes in labor demand. If the impact on single-major graduates is considered 100, then the impact on double-major graduates is about 44.

Professor Hanks analyzed, "Graduates with double majors receive much more protection from market shocks," adding, "Having double majors seems to provide more opportunities, which in turn affects income." WSJ noted that the study focused on graduates over the age of 30 and that the effects of single versus double majors became more apparent several years after graduation.

The research team also found that the less related the fields of study in a double major, the stronger the resilience to market shocks. For example, double majoring in biology, a natural science, and sociology, a social science, offers more opportunities than either single majoring in each field or double majoring within social sciences such as sociology and economics.

In terms of income, workers with double majors in completely different fields experienced income fluctuations at about one-third the level of those with single majors in each field during market shocks. Meanwhile, workers with double majors in related fields saw income fluctuations at about two-thirds the level of single-major workers.

The research team analyzed that double-major graduates possess more skills than single-major graduates, which helps in finding stable employment. Although the time and cost invested in double majoring were not reflected in the study, the team added that investment in human capital likely played a role in withstanding market shocks.

Meanwhile, a 2022 survey conducted by JobKorea and Albamon targeting 1,537 university students found that 33.2% of respondents were double majoring. By major category, the highest proportion of double majors was among 'humanities' majors at 49.3%, followed by 'social sciences' at 42.0%. The most common reason students pursued double majors was the belief that it would help with employment (47.0%), followed by interest in studying a field they wanted to explore (44.2%), and seeking a new career path (25.0%).