The latest data from the National Science Foundation reveal that there were more science and engineering graduates in the U.S. in 2006 than there were in 2003 and that there appears to be plenty of opportunity for those graduates in the S&E workforce. NSF and US News detail the results of three recent studies released by NSF that indicate this “strong labor market for scientists and engineers.”
According to the studies, the number of individuals working in science and engineering (S&E) occupations grew by 4.3 percent between 2003 and 2006, while their unemployment rate dropped to 2.5 percent in 2006, its lowest since the early 1990s. “On the supply side, we can say that the current S&E labor force is expanding, new graduates are coming out, and people are able to find employment, or are continuing their education,” says Nimmi Kannankutty, the National Science Foundation (NSF) program manager responsible for compiling the data, which NSF released last month.
CRA’s Jay Vegso has some additional data detailing how computer science graduates appear to be faring in this market. The short answer is: quite well. According to the NSF data, “CS graduates tied for second with health majors for the highest median salary at the bachelor’s level ($45,000) and tied for first with engineering at the master’s level ($65,000).” Both figures are well above the median salaries among all science, engineering and health fields ($39,000 for bachelor’s and $56,000 for master’s).
For a look at all the data, see: