Is A Double Major The Key to Job Stability?

By: Anneken Tappe · May 21, 2024 · Reading Time: 2 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.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Check it out

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. 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.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

Communication of SoFi Wealth LLC an SEC Registered Investment Advisor

SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

TLS 1.2 Encrypted
Equal Housing Lender