Is A Double Major The Key to Job Stability?

Estimated reading time: 3 minutes

It’s hard enough to choose a major in college. But now economists believe you may be better served picking two!

Choosing a double major could be the secret to protecting yourself from disruptions to the job market, as wages of workers with dual majors are more resistant to market shocks, according to a working paper from the National Bureau of Economic Research (NBER).

Protecting Your Career

To put a number on it, graduates with more than one major are estimated to be 56% less exposed to earnings shocks, according to the economists. Earnings shocks are events that impact average incomes, such as mass layoffs.

Because graduating with a double major may qualify you for a bigger range of jobs, you may be in a better position when the economy is weathering a storm. This may be especially true for those who double majored in unrelated fields.

Time to Double Major?

Broadening your education with a second major can help diversify your skillset, potentially leading to more job stability, and possibly better financial security in the long run.

But even if college is long behind you, you can still pursue skills diversification through online courses, certificates, or programs designed for working professionals.

That said, always weigh the potential benefits against the downsides, such as the cost of education.

Disclaimer
SoFi Securities (Hong Kong) Limited and its affiliates (SoFi HK) may post or share information and materials from time to time. They should not be regarded as an offer, solicitation, invitation, investment advice, recommendation to buy, sell or otherwise deal with any investment instrument or product in any jurisdictions. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
SoFi HK does not make any warranties about the completeness, reliability and accuracy of this information and will not be liable for any losses and/or damages in connection with the use of this information.
The information and materials may contain hyperlinks to other websites, we are not responsible for the content of any linked sites. The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi HK. These links are provided for informational purposes and should not be viewed as an endorsement. The risk involved in using such hyperlinks shall be borne by the visitor and subject to any Terms of Use applicable to such access and use.
Any product, logos, brands, and other trademarks or images featured are the property of their respective trademark holders. These trademark holders are not affiliated with SoFi HK or its Affiliates. These trademark holders do not sponsor or endorse SoFi HK or any of its articles.
Without prior written approval of SoFi HK, the information/materials shall not be amended, duplicated, photocopied, transmitted, circulated, distributed or published in any manner, or be used for commercial or public purposes.