The Path Not Taken: The 50 Most Economically Disastrous College Majors

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Charlie Munger, Warren Buffett’s long-time business partner, famously advocated for “inversion” as a mental model: “Invert, always invert,” he would say, borrowing from the mathematician Carl Jacobi. 

His advice on avoiding catastrophe was genius and equally blunt: “Tell me where I’m going to die so I won’t go there.“

This wisdom applies perfectly to choosing a college major. 

While countless resources tell you which degrees to pursue, few honestly tell you which to avoid. Yet knowing what not to do is often more valuable than knowing what to do.

The Luxury Belief of “Education for Its Own Sake”

Before diving into the data, let’s address the criticism I know I will get about this analysis: “Education isn’t just about money.”

This is what psychologist Rob Henderson calls a “luxury belief” — an idea that costs nothing for the wealthy to espouse but is devastating when adopted by those without resources. The children of the privileged can afford to study obscure humanities and follow trite “follow your passion” advice because they have family wealth, connections, and safety nets.

For most Americans, however, college is a financial investment — often funded by tens of thousands in loans — aimed at securing economic stability and upward mobility. When a first-generation college student from a working-class family takes on $100,000 in debt to study a field with dismal job prospects, the “education for its own sake” argument becomes not just naive but actively harmful. (Note: there is an elegant solution to the multi-trillion $ student debt problem)

The brutal reality: your choice of major can be the difference between financial security and decades of struggle. This isn’t about dismissing the intrinsic value of knowledge, but about acknowledging that for most people, the primary purpose of college is economic advancement.

Identifying Economic Disaster Zones

What makes a college major economically disastrous? 

It’s not just low starting salaries (though that’s part of it). The worst majors create a perfect storm of:

1. High debt relative to income
2. Poor employment rates in the field
3. Limited salary growth over time
4. Necessity for additional degrees (more debt) to become employable
5. Declining industries with shrinking demand

Our ranking is based on a comprehensive multi-factor analysis using federal government data, labor market statistics, and longitudinal studies. We evaluated each major on a 100-point scale across three dimensions (more detail at the end of the essay):

• Economic Outcomes (40%): Early-career salary, salary growth, and field-specific employment
• Financial Risk (40%): Student loan burden, loan default rates, and underemployment
• Market Factors (20%): Industry growth/decline trends and job market saturation 

Data sources include the U.S. Department of Education’s College Scorecard, Census Bureau data, Federal Reserve studies, and Bureau of Labor Statistics projections—providing a data-driven picture of which degrees consistently underperform economically.

Let’s look at the data on America’s 50 most financially ruinous degrees. (Note: I only considered majors with at least 1000 graduates per year to focus on large, popular majors and in some cases, related degrees were grouped together under a miscellaneous tag which you’ll see detailed below)

The 50 Most Economically Disastrous Majors

1. Performing Arts

A highly competitive field where success is based on talent, connections, and luck rather than degree completion. Most jobs are gig-based, unstable, and pay poorly. Many graduates work as waitstaff or retail employees while trying to break into the industry. Underemployment is high (~64%), and mid-career salaries remain low.

2. Art History

Few direct career paths outside of museum curation or academia—both of which have limited job openings. Most graduates work in unrelated administrative or education roles. Early-career salaries are low (~$40K), and underemployment is high (~62%).

3. Anthropology

Most anthropology-related jobs require a master’s or PhD, but even those with advanced degrees struggle to find work. Bachelor’s graduates typically work in education, non-profits, or unrelated fields. Low salaries (~$40K) and weak salary growth (~63%) make loan repayment difficult.

4. Philosophy

While philosophy majors develop strong reasoning skills, direct job prospects are limited. Many go into law, finance, or consulting—but that requires additional degrees. Without further education, graduates earn ~$42K early on and often end up in non-degree jobs.

5. Sociology

A broad degree that lacks clear career pathways unless followed by a graduate degree. Many sociology grads end up in social services, administration, or non-profits, where salaries are low (~$40K). Underemployment is around 51%.

6. Liberal Arts

A catch-all major with little specialization, making it difficult to compete in the job market. Many graduates work in retail, office admin, or unrelated fields. Low early-career salary (~$40K) and underemployment near 55% make it a poor financial bet.

7. Fine Arts

Much like performing arts, this major leads to low-paying, unstable work. Most jobs are freelance or contract-based, making income unpredictable. Even at mid-career, salaries rarely exceed $60K. High underemployment (~56%).

8. Psychology

A popular major, but the job market is oversaturated. A bachelor’s in psychology doesn’t qualify graduates for clinical or specialized roles, leading many to work in unrelated jobs or pursue costly graduate degrees. Early-career salary is low (~$37K).

9. Mass Media

A shrinking field due to digital disruption. Entry-level salaries are poor (~$40K), and job stability is low. Many grads pivot to marketing or public relations, but those without technical skills struggle to find good-paying jobs.

10. Criminal Justice

Many roles (e.g., police officer, corrections officer, security) don’t require a four-year degree, leading to high underemployment (71%). Salaries are modest ($41K starting), making the return on investment questionable.

11. Leisure and Hospitality

A highly unstable industry, with wages tied to economic conditions. Many graduates work in hotels, travel agencies, or event planning, where salaries are low (~$38K) and advancement is slow.

12. History

Limited direct job paths. Many history majors go into teaching or administrative roles, but those require additional certifications. Underemployment is high (50%), and salaries are modest ($40K early-career).

13. English Language and Literature

Highly oversaturated, with most graduates ending up in unrelated jobs. Common career paths include teaching and publishing, both of which have stagnant wages (~$44K early-career).

14. Journalism

Traditional journalism has been declining due to digital disruption. Entry-level salaries (~$45K) are low, job security is poor, and unpaid internships are common. Many grads pivot to marketing or PR.

15. Political Science

Many graduates aim for law school but struggle if they don’t continue their education. Without a graduate degree, common jobs are in administration or public policy (~$50K early-career).

16. International Relations

Jobs in foreign policy and government are limited, and most positions require a graduate degree. Many graduates work in administrative roles that don’t require a degree (~$50K starting salary).

17. Public Policy and Law

Similar to political science, this major is often a stepping stone to law school. Without further education, salaries are low (~$45K), and underemployment is high (~49%).

18. Social Services

A meaningful field but financially challenging. Social workers and counselors often need a master’s degree but still earn modest salaries (~$37K early-career).

19. Theology and Religion

Few career options outside of clergy or teaching, both of which are low-paying (~$36K early-career). Many graduates work in non-profits or administrative roles.

20. Nutrition Sciences

Often requires certification or a master’s degree for career advancement. Dietitians and nutritionists earn ~$45K early-career, which is modest compared to other healthcare professions.

21. Biology

A common pre-med major, but those who don’t attend medical school struggle to find high-paying jobs (~$40K early-career). Many work as lab techs or research assistants.

22. Animal and Plant Sciences

Agriculture-related careers are often low-paying (~$42K starting salary), and opportunities are limited without specialized certifications.

23. Environmental Science

Growing interest in sustainability hasn’t translated into high salaries (~$40K early-career). Many jobs are in government or non-profits, which don’t pay well.

24. General Education

A broad education degree that lacks specialization. Many roles in teaching require a master’s degree or state certifications, meaning additional costs before seeing any career benefits. Salaries remain low (~$40K early-career), and career growth is limited.

25. Special Education

A necessary but financially challenging field. High stress, high burnout, and low pay (~$40K early-career) make it a difficult major to justify financially. Many states now require additional certifications, adding costs.

26. Secondary Education

Similar to other education majors, but slightly better prospects. Salaries (~$40K early-career) are low given student debt burdens, and many teachers must pursue graduate degrees for career advancement, leading to further financial strain.

27. Elementary Education

Among the lowest-paying degrees in the country (~$40K early-career), with little room for salary growth. High loan burdens relative to income make it difficult to repay loans, and many teachers spend personal money on classroom supplies, further reducing take-home pay.

28. Miscellaneous Education

A mix of education subfields (e.g., curriculum design, early childhood development). Similar financial struggles as other education majors—low salaries (~$40K starting) and extra certifications required for advancement.

29. Treatment Therapy (Speech, Occupational, etc.)

While healthcare-adjacent, most therapy-related jobs require a master’s degree or higher. A bachelor’s alone offers few well-paying career options, leaving many underemployed in low-wage healthcare support roles (~$48K early-career).

30. Medical Technicians

Medical lab techs and other technician roles require licensing or certifications but don’t pay well (~$51K early-career). The job market is stable, but salaries don’t grow significantly, making loan repayment tough.

31. Biological Sciences (Miscellaneous) 

General biology degrees are common pre-med tracks, but those who don’t attend medical school struggle with low-paying lab jobs (~$42K early-career). High underemployment (~49%) as many grads take unrelated jobs. Biological Sciences includes related degrees in biochemistry, molecular biology, microbiology, zoology, botany, ecology, and genetics. These subfields often require graduate degrees for career advancement, and bachelor’s degree holders frequently work as lab technicians or in non-degree jobs.

32. Physical Sciences (Miscellaneous) 

Covers broad physical sciences without a clear career pathway. While mid-career salaries can be decent ($104K for some), early-career earnings (~$52K) are low, and many graduates must pivot into unrelated fields. Miscellaneous Physical Sciences includes related degrees in astronomy, meteorology, earth sciences, geophysics, and materials science. Many jobs in these fields require advanced degrees or specialized training, and bachelor’s graduates often work in entry-level research or technical roles with modest pay.

33. Health Professions (Miscellaneous) 

Includes health sciences, healthcare management, and related fields. The job market is stable, but early salaries (~$45K) are modest relative to debt levels. Many graduates go back for advanced degrees, adding costs. Miscellaneous Health Professions includes related degrees in public health, health informatics, rehabilitation sciences, medical laboratory sciences, and pre-health tracks (e.g., pre-dental, pre-physician assistant). These majors often lead to low-paying assistant roles unless graduates pursue higher education in medicine, allied health, or healthcare administration.

34. Social Sciences (Miscellaneous) 

Covers general social science programs that don’t lead directly to specific careers. Underemployment (50%) is high, and many graduates work in low-paying administrative or public service jobs ($42K early-career). Miscellaneous Social Sciences includes related degrees in geography, criminology, urban studies, human development, and peace and conflict studies. These degrees often lack direct career pathways, leading many graduates to work in government, non-profits, or administrative roles with limited salary growth.

35. Business & Medical Administration (Miscellaneous) 

A broad business/health admin major with weak salary growth (~$40K starting). Many grads compete with specialized business majors (finance, accounting, etc.) and struggle to stand out. Miscellaneous Business & Medical Administration includes related degrees in healthcare administration, public administration, nonprofit management, office management, and general business administration. These degrees often lead to entry-level administrative roles in hospitals, government agencies, or businesses, with limited upward mobility without additional credentials.

36. Agriculture (Miscellaneous) 

Includes agribusiness, horticulture, and soil science. While some roles are stable, many are low-paying (~$38K early-career). Farming and agricultural jobs often don’t require a degree, leading to high underemployment (~55%). Miscellaneous Agriculture includes related degrees in agribusiness management, agricultural education, plant science, and food science. Many jobs in these fields are seasonal, involve physical labor, and have earnings that don’t scale well without additional technical expertise or business ownership.

37. Technologies (Miscellaneous) 

A mix of technical and applied science programs. While some grads find work in IT or engineering support roles, others face weak job demand and stagnant pay (~$51K starting).
Miscellaneous Technologies includes related degrees in industrial technology, telecommunications, automotive technology, and drafting/design technology. Many of these roles require hands-on skills rather than a bachelor’s degree, and vocational or associate degrees often provide similar job opportunities with lower educational costs.

38. Engineering (Miscellaneous) 

Not as lucrative as core engineering fields. Some specialized engineering degrees (e.g., environmental, materials) have lower salary growth, and many require graduate degrees for meaningful advancement. Miscellaneous Engineering includes related degrees in environmental engineering, materials engineering, mining engineering, and industrial engineering. These fields often have fewer job openings compared to mechanical, civil, or electrical engineering, and graduates in certain specializations struggle with job stability.

39. Miscellaneous Communications (Miscellaneous) 

Includes broadcasting, media studies, and general communications. Job saturation is high, and salaries (~$45K early-career) are low. Many grads move into sales or unrelated office roles. Miscellaneous Communications includes related degrees in public relations, media studies, digital media, speech communication, and corporate communications. With the rise of digital content creation and automation in media industries, many graduates struggle to find full-time work in their field.

40. Miscellaneous Arts (Miscellaneous) 

Covers studio art, film studies, design fields, etc. Low early-career salaries (~$35K) and high underemployment (~60%) make it financially risky. Miscellaneous Arts includes related degrees in film production, animation, graphic arts, music production, and photography. Many jobs in these fields are freelance-based, have inconsistent income, and offer little job security, requiring networking and entrepreneurial skills to be successful.

41. Miscellaneous Humanities (Miscellaneous) 

Includes broad humanities programs with no clear job path. High underemployment (50%) and low starting pay ($38K) make this a financially difficult major. Miscellaneous Humanities includes related degrees in comparative literature, American studies, cultural studies, and liberal studies. Many graduates take up administrative, writing, or education-related jobs, which are often available without a specialized degree in these fields.

42. Public Affairs (Miscellaneous) 

A mix of public administration, urban planning, and policy studies. While mid-career salaries can improve ($65K), early-career pay ($42K) is weak, and many grads must pursue a master’s degree. Miscellaneous Public Affairs includes related degrees in urban studies, international relations, public policy, and emergency management. Many government jobs require additional exams, certifications, or advanced degrees for career progression.

43. Psychology (Miscellaneous) 

General psychology programs that don’t provide clinical certification. Many grads work in unrelated fields, and those who pursue further education incur more student debt. Psychology includes related degrees in behavioral science, human development, cognitive science, and applied psychology. A bachelor’s degree alone rarely leads to jobs in psychology, pushing graduates into general administrative or counseling roles with modest salaries.

44. Environmental Studies (Miscellaneous)

Covers sustainability and environmental management programs. High job competition, weak salary growth (~$40K early-career), and many roles require a master’s degree. Environmental Studies includes related degrees in sustainability studies, natural resource management, conservation biology, and marine science. Many jobs in these fields are found in government agencies, research institutions, and non-profits, where salaries are lower than in private industry.

45. Languages (Miscellaneous) 

Includes linguistics and foreign languages. Few job prospects outside of translation and teaching (~$44K early-career). Bilingual roles often don’t require a specific degree.
Languages includes related degrees in Spanish, French, German, Japanese, Chinese, and linguistics. While bilingual skills are valuable, most jobs that utilize these skills don’t require a degree in the language itself, leading to high underemployment.

46. Theology (Miscellaneous) 

Covers religious studies outside of clergy training. Many graduates work in non-profits or administration, where salaries are low (~$36K early-career). Theology includes related degrees in religious studies, comparative religion, biblical studies, and ethics. These degrees often lack clear career paths outside of academia or ministry, both of which tend to have low-paying roles.

47. Nutrition Sciences (Miscellaneous) 

Includes food science, dietetics, and sports nutrition. Requires certification for high-paying roles, and salaries (~$45K starting) are low. Miscellaneous Nutrition Sciences includes related degrees in dietetics, sports nutrition, food safety, and public health nutrition. Many graduates must complete internships and obtain state licensure to work as dietitians, adding extra costs.

48. Horticulture (Miscellaneous) 

A niche major with few high-paying career paths. Many grads work in nurseries, landscaping, or agricultural research (~$40K early-career). Horticulture includes related degrees in plant science, agronomy, floriculture, and viticulture (grape-growing). While some roles exist in sustainable agriculture and urban planning, many graduates find themselves in seasonal or physically demanding jobs with limited salary growth.

49. Recreation & Leisure (Miscellaneous) 

Prepares students for careers in sports management, parks and recreation, and hospitality. Highly seasonal employment, low wages (~$39K starting), and high underemployment. Recreation & Leisure includes related degrees in sports studies, tourism management, event planning, and fitness management. Many careers in this field require certifications or graduate degrees for career advancement, making entry-level jobs financially challenging.

50. Fashion Design (Miscellaneous) 

A high-risk, highly competitive industry. Most designers earn low wages (~$40K early-career), and breaking into top brands is difficult. Many end up in retail or freelance work.
Fashion Design includes related degrees in apparel design, textile science, costume design, and fashion merchandising. While some successful designers thrive, most struggle with unstable income and an oversaturated job market, making long-term financial stability difficult.

Patterns That Emerge

Looking at this list, several patterns become clear:

1. The graduate degree dependency: Many fields (psychology, anthropology, biology) are financially viable only if you pursue a graduate degree — which means more time, more debt, and delayed earnings.
   
2. The humanities penalty: While not all humanities degrees are economic disasters, they’re disproportionately represented on this list, reflecting the brutal market reality for non-technical graduates.
   
3. The education paradox: Teaching is essential to society yet financially punishing for those who pursue it as a career.
   
4. The declining industry effect: Journalism, publishing, and traditional media studies suffer from being in contracting industries with more graduates than jobs. You want to swim with the current; not against it.
   

What This Means for Students

If you’re contemplating college, this isn’t meant to dissuade you from studying what interests you. Rather, it’s a call for clear-eyed assessment of what your investment will yield. Bryan Caplan argues against majoring in your hobby in his book The Case Against Education and some of these approaches boil down to that.

Some pragmatic approaches:

• Double major: Pair a passion subject with a more marketable one
• Strategic minors: Major in something practical but minor in what fascinates you
• Technical skills: Whatever you study, acquire concrete technical skills alongside it
• Debt awareness: Be ruthlessly realistic about debt-to-income ratios for your field

Above all, remember Munger’s inversion principle: sometimes knowing what to avoid is more valuable than knowing what to pursue.

Methodology and Sources

This ranking is based on a multi-factor weighted scoring system designed to assess the financial risk and economic outcomes of each major on a 100-point scale:

Scoring System (100 Points Total)

Economic Outcomes (40 Points)

• Early-career median salary (20 pts): Earnings ~5 years post-graduation
• Salary growth potential (10 pts): Difference between early-career and mid-career salaries
• Employment rate in field (10 pts): How many graduates secure jobs related to their major

Financial Risk (40 Points)

• Loan payment burden (% of take-home pay) (15 pts): Estimates how much of a graduate’s income goes to student loans
• Loan default rate (15 pts): Measures financial distress
• Underemployment rate (10 pts): How many graduates work jobs that don’t require a degree

Market Factors (20 Points)

• Industry growth/decline trends (10 pts): Some fields are shrinking, reducing job security
• Job market saturation (10 pts): If too many grads are competing for too few jobs, wages stay low

Data Sources Used

• U.S. Department of Education – College Scorecard
• U.S. Census Bureau – American Community Survey (ACS)
• Federal Reserve Bank of New York – College Labor Market Reports
• Georgetown University – Center on Education and the Workforce (CEW)
• Bureau of Labor Statistics (BLS) – Occupational Outlook Handbook
• National Association of Colleges and Employers (NACE)
• Payscale – College Salary Report

Critical Analysis of Methodology

While the methodology is sound, several factors deserve data-backed scrutiny:

1. The graduate education necessity: Federal Reserve Bank of New York data confirms that for majors like psychology and sociology, bachelor’s-only graduates consistently underperform economically. The “it gets better later” argument isn’t supported by longitudinal data for most humanities and social sciences unless graduate education intervenes—which means more debt and delayed earnings.
2. Selection bias reality: While STEM fields do attract academically strong students, Georgetown CEW research adjusting for pre-college academic metrics still shows significantly stronger economic returns for technical degrees compared to humanities. The economic gap isn’t just selection bias.
3. Regional variation: BLS data shows geographic variation in outcomes but not enough to meaningfully change the economic hierarchy of majors. A journalism major in New York still typically earns less than a computer science major in rural America.
4. The elite institution effect: Georgetown CEW research quantifies that elite school attendance can boost earnings by 40%+ for the same major, but this premium primarily benefits students from already-wealthy families (68% of students at elite institutions come from the top income quartile). For the average student considering these majors at non-elite institutions, the economic outcomes remain poor.
5. Overemphasis on early-career earnings: While the methodology includes salary growth, ACS data shows that for most low-earning majors, the salary growth trajectory remains flat relative to high-earning majors. The gaps typically widen rather than narrow over time.
6. The mid-career earnings reality: Some claim philosophy and other humanities majors experience significant salary growth later in their careers. PayScale data does show philosophy majors reaching median mid-career salaries of ~$85K compared to ~$42K early-career, but this often reflects successful career pivots into law, business, or tech—not increasing value of philosophy itself. The raw data doesn’t distinguish between those who used philosophy as a stepping stone versus those who remained in philosophy-related fields.

Despite these nuances, the overall findings remain robust and should factor heavily into rational decisions about college majors. Charlie Munger would approve: knowing where not to go (these college majors) is the first step in charting a successful path.