More and more students are double majoring to get jobs, but is it paying off?

Double majors have risen 100% in the past 10 years, with about 12% of 2023-2024 graduates earning such credentials compared to 6% a decade ago, according to a new analysis from Harvard University. Hechinger Report.

Meanwhile, the number of students graduating with dual majors at universities such as the University of Wisconsin and Florida International University of North Carolina at Chapel Hill jumped more than 25% during that decade. They rose more than 100% at the University of Chicago, Baylor University, and UC San Diego, 334% at Harvard, and 591% at Drexel University.

University officials report that many double majors seek a competitive advantage in the post-college job market. Once they graduate, students want to stand out in a sea of ​​job applicants with a wide range of credentials with a dual major. As college students, many students believe “more is more” when it comes to credentials, one expert said. Hechinger Report.

Two-level real dollar protection

A study conducted by the National Bureau of Research in 2024 suggests that the extra effort of double majoring may pay off. Drew Hanks, a professor at Ohio State University and co-author of the study, said double majoring could help protect employees during a period of significant job loss. “For every dollar lost by those with a single major, those with dual majors lose only $0.44,” Hanks said. Investopedia. “We also found that having a double major reduces the chance of unemployment.”

The researchers tracked earnings data across economic cycles and found that protection was strongest for “global” double majors — those who combine very different fields. Examples include economics combined with biology, or computer science with finance, rather than focusing on two businesses.

In other words, diversifying your knowledge may be like diversifying an investment portfolio. When one skill loses its value, another can block the blow.

“The broader story is that diversifying human capital, not just having a double major but acquiring marketable skills, can buffer against earnings shocks or reduce the chances of unemployment,” Hanks said.

Why do students double major?

The pressure students feel is real. A September survey by Cengage found that nearly half of recent graduates felt unqualified for even entry-level jobs, and only three in 10 obtained full-time work in their field, down significantly from the previous year.

It is no coincidence, then, that students take on extra work while in college. Hanks said he sees the effects of that anxiety on his own campus. “I see some students who double major, but more than that they get minors or certificates that expand their skill set and make them more marketable.”

Those who work with young professionals say that having two majors can actually give you an advantage. “It makes you more adaptable and more flexible in terms of whatever may happen in the market and in shifts in the industry,” said Amanda Augustine, career expert at TopResume. Investopedia. “It may not be so clear and obvious now, but it can definitely come back to help you in the future.”

Before he raced to announce his second major, Hanks did a reality check. “In no way are we advocating that everyone should have a double major,” he said. “College entrants need to balance the possibility of staying longer and paying more for a second major.”

While the NBER study does not conclusively prove that dual specialization provides earnings protection, Hanks is confident in the relationship. “We do not find that our effect is driven by vertical differences in ability, such that those with higher skill sets choose double majors,” he said. The researchers also structured their sample to ensure that double majoring was not simply a response to current market conditions.

Augustine said double majors offer a message to potential employers. “A double major sends a clear signal to employers that you can handle a heavy workload and think strategically,” she said. However, “this is not a guarantee. What matters is how you connect the dots between your studies and the job you want.”