<p>I think this about sums it up:</p>
<p>From a speech by U of C professor ANDREW ABBOTT
(<a href=“http://magazine.uchicago.edu/0310/features/zen.shtml[/url]”>http://magazine.uchicago.edu/0310/features/zen.shtml</a>)</p>
<p>There is a strong case to be made that, given who you are and where you are, there is no particular necessity for you to study anything for the next four years. First, as far as worldly success is concerned, youve already got it. That your future income will be huge and your future work prestigious can be predicted from the simple fact that you got into an elite college. About 2.8 million people graduate from high school every year; 1.8 million start college; 40,000 to 60,000 go to elite schools like Chicago. So you and your peers represent the top 2 percent of an 18-year-old cohort. Obviously youre going to do very well indeed. </p>
<p>The real work of predicting your future success is done not by prestige of college but by other factorsmainly the things for which you were admitted in the first placepersonal talents, past work, and parental resources both social and intellectual. Moreover, admission sets up a self-fulfilling prophecy; since you got in here, people in the future will assume youre good, no matter what or how you do while you are here. And, pretty certainly, having gotten in you will graduate. Colleges compete in part by having high retention rates, and so it is in the Colleges very strong interest to make sure you graduate, whether you learn anything or not. All of this tells me that nearly everyone in this room will end up, 20 years from now, in the top quarter of the American income distribution. I have surveyed those who graduated from Chicago in 1975a group considerably less privileged by ancestry than yourselvesand can tell you that their median personal income is about five times the national median, and their median household income is at about the 93rd percentile of the nations income distribution. Thats where you are headed. As far as the nationwide success game is concerned, theres no reason for you to study here. The game is over. Youve already won. Surely, you tell me, my studies at Chicago will determine whether Im in the 94th or the 99th percentile of income. Getting a fine higher education may not affect my gross chances of worldly success but surely they affect my detailed ones. </p>
<p>On the contrary. Theres no real evidence in favor of this second reason to get an education and a good deal of evidence against it. All serious studies show that while college-level factors like prestige and selectivity have some independent effect on later income, most variation in income happens within collegesthat is, between the graduates of a given college. That internal variation is produced by individual factors like talent, resources, performance, and major. But even those factors do not determine much about your future income. For example, the best nationwide figures I have seen suggest that a one-full-point increment in college GPAfrom 2.8 to 3.8, for exampleis worth about an additional 9 percent in income four years after college. Thats not much result for a huge amount of work. </p>
<p>The one college experience variable that does have some connection with later worldly success is major. But most of that effect comes through the connection between major and occupation. The real variable driving worldly success, the one that shapes income more than anything else, is occupation. Within the narrow range of occupation and achievement that we have at the University, there is no strong relation between what you study and your occupation. Here is some data on a 10 percent random sample of Chicago alumni from the last 20 years. Take the mathematics concentrators: 20 percent software development and support, 14 percent college professors, 10 percent in banking and finance, 7 percent secondary or elementary teachers, and 7 percent in nonacademic research; the rest are scattered. All the science concentrations lead to professorships and nonacademic research. And biology and chemistry often lead to medicine. But there are many diversions from those pathways. A biology concentrator is now a writer, another is now a musician. Two mathematicians are lawyers, and a physics concentrator is a psychotherapist. </p>
<p>Take the social sciences. Economics concentratorsthis is today identified as the most careerist majorare 24 percent in banking and finance, 15 percent in business consulting, 14 percent lawyers, 10 percent in business administration or sales, 7 percent in computers, and the other 30 percent scattered. Historians are often lawyers (24 percent) and secondary teachers (15 percent), but the other 60 percent are all over the map. Psychologists, surprisingly, are also about 20 percent in the various business occupations, 11 percent lawyers, and 10 percent professors; the rest are scattered. And there are the usual unusuals: the sociology major who is an actuary, the two psychologists in government administration, the political science concentrator now in computers. </p>
<p>As for the humanities, the English majors have scattered to the four winds: 11 percent to elementary and secondary teaching, 10 percent to business occupations, 9 percent to communications, 9 percent to lawyering, 5 percent to advertising. Of the philosophers, 30 percent are lawyers and 18 percent software people. Two English majors are artists and one is an architect. A philosophy major is a farmer and two are doctors. </p>
<p>With the exception of those planning to become professors in the natural sciences, there is no career that is ruled out for any undergraduate major. You are free to make whatever worldly or otherworldly occupational choice you want once you leave, and you do not sacrifice any possibilities because you majored in something that seems irrelevant to that choice. There is no national evidence that level of performance in college has more than a minor effect on later things like income. And in my alumni data, there is no correlation between GPA at Chicago and current income.</p>