Unexpectedly Intriguing!
02 September 2005

"Big jobs that pay badly" was the headline of a recent story on CNN/Money, which shone a spotlight on the careers that require above average amounts of education, yet somehow lead to careers that fail to provide a proportional level of income compared to other professions that require much less education.

The following table illustrates the median income and time required to achieve the level of education and training needed to gain the needed professional pedigree:

High Investment, Low Payoff Jobs
Profession Post Graduation Income ($USD) Time Required (years) Education Cost ($USD)
Architect 34,000 7 50-80,000
Chef 32,000 2-4 20-40,000
Academic Research Scientist 43,000 10-12 100,000+

The article notes the plight of the academic research scientist (links and emphasis mine):

A Ph.D. program and dissertation are requirements for the job, which can take between six and eight years to complete. (Note: the time for the basic bachelor's degree has been added to these figures in the table above. - ed.) Add to that several years in the postdoctoral phase of one's career to qualify for much coveted tenure-track positions. (Note: Given the amount of variability involved, this time has not been added to the time required figure in the table above. - ed.)

During the postdoc phase, you are likely to teach, run a lab with experiments that require you to check in at all hours, publish research and write grants – for a salary that may not exceed $43,000.

The length of the postdoc career has doubled in the past 10 years, said Phil Gardner, director of the Collegiate Employment Research Institute at Michigan State University. "It's taking longer and longer to get there. You can't start a family. It's really tough."

And it's made tougher still by the fact that in many disciplines, there aren't nearly as many tenure-track positions as there are candidates.

It would seem, at least from this report, that the simple law of supply and demand goes a long way in explaining why the U.S. isn't turning out science and engineering graduates like it used to.

Update: InstaPundit has published several charts showing the growth in the number of engineering and science doctoral degrees being awarded in various Asian nations compared against the decline in the number of degrees awarded to U.S. citizens at the end of his interview with Ray Kurzweil.

Labels: ,

About Political Calculations

Welcome to the blogosphere's toolchest! Here, unlike other blogs dedicated to analyzing current events, we create easy-to-use, simple tools to do the math related to them so you can get in on the action too! If you would like to learn more about these tools, or if you would like to contribute ideas to develop for this blog, please e-mail us at:

ironman at politicalcalculations.com

Thanks in advance!

Recent Posts

Stock Charts and News

Most Popular Posts
Quick Index

Site Data

This site is primarily powered by:

This page is powered by Blogger. Isn't yours?

CSS Validation

Valid CSS!

RSS Site Feed

AddThis Feed Button


The tools on this site are built using JavaScript. If you would like to learn more, one of the best free resources on the web is available at W3Schools.com.

Other Cool Resources

Blog Roll

Market Links

Useful Election Data
Charities We Support
Shopping Guides
Recommended Reading
Recently Shopped

Seeking Alpha Certified

Legal Disclaimer

Materials on this website are published by Political Calculations to provide visitors with free information and insights regarding the incentives created by the laws and policies described. However, this website is not designed for the purpose of providing legal, medical or financial advice to individuals. Visitors should not rely upon information on this website as a substitute for personal legal, medical or financial advice. While we make every effort to provide accurate website information, laws can change and inaccuracies happen despite our best efforts. If you have an individual problem, you should seek advice from a licensed professional in your state, i.e., by a competent authority with specialized knowledge who can apply it to the particular circumstances of your case.