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Is A Double Major The Key to Job Stability?

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.

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