A recent working paper published by the National Bureau of Economic Research highlights the potential benefits of pursuing a double major in college, beyond simply enhancing one’s résumé. According to the paper, individuals with double majors may enjoy increased job security, particularly in the face of uncertainties posed by advancements in artificial intelligence (AI).
Insights from the Study
The study, which examined data from the American Community Survey spanning a decade, revealed a significant correlation between double majoring and reduced vulnerability to negative “earnings shocks.” These shocks encompass deviations in earnings resulting from factors such as job losses or salary reductions. Individuals with double majors were found to be 56% less likely to experience such setbacks compared to their counterparts with single majors.
Lead author Andrew Hanks, an associate professor of consumer science at Ohio State University, suggests that the broader skill set acquired through double majoring may better equip individuals to navigate the evolving job landscape shaped by AI technologies. He notes that the versatility inherent in double majors enables individuals to adapt more effectively and remain competitive amidst technological disruptions.
Diversified Skillsets as a Protective Factor
While the precise mechanisms underlying the protective effect of double majors remain unclear, the researchers speculate that diversified skillsets play a pivotal role. Bruce Weinberg, an economics professor at Ohio State University, suggests that double majors possess the flexibility to mitigate income shocks originating from specific occupations or industries. For instance, individuals with a double major, one of which is in computer science, may be less affected by salary cuts in the tech sector if they also work in government roles.
Growing Popularity of Double Majoring
The prevalence of double majoring has surged in recent years, with a notable increase observed between 2000 and 2008. By 2015, approximately 13% of Americans aged 20 to 29 were pursuing double majors. This trend is reflective of a broader recognition of the potential advantages associated with diversified educational backgrounds.
Implications for the Future Workforce
As AI tools become increasingly integrated into the workplace, concerns regarding job displacement and skill obsolescence have emerged, particularly among younger generations. Despite Gen Zers’ familiarity with AI technologies, apprehensions persist regarding their proficiency in leveraging these tools effectively. However, the findings of the study suggest that investing in a double major could mitigate some of these concerns by fostering adaptability and resilience in the face of technological disruptions.
In conclusion, while pursuing a double major may entail additional challenges and expenses, its potential to enhance job security and future-proof one’s career against the uncertainties posed by AI underscores its value as a strategic educational investment.
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