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- Title
The impact of double majors during economic downturns.
- Abstract
A study titled "Do double majors face less risk? An analysis of human capital diversification" examines the impact of double majors on earnings during economic downturns. The authors find that college graduates with double majors are less likely to experience negative earning shocks compared to those with a single major. Double majors have a 56 percent reduction in the impact of income fluctuations. The study also highlights the differences between majors in unrelated fields and majors in related fields, with the former providing greater protection against earnings shocks. The advantage of double majors lies in their diverse skills and knowledge sets, making them more adaptable and appealing to employers. The primary benefit of holding a double major is a stronger safeguard against income loss, rather than higher earnings. The authors suggest that universities can support students in broadening their skill sets through cross-departmental collaboration and career guidance.
- Subjects
RECESSIONS; AMERICAN Community Survey
- Publication
Monthly Labor Review, 2024, p1
- ISSN
0098-1818
- Publication type
Article