- The share of college graduates earning two majors has doubled in the past decade as students seek an edge in an unpredictable job market.
- Double majors face significantly less earnings risk than single majors, especially when the fields are unrelated, a 2024 study by the National Bureau of Economic Research (NBER) found.
Double majors have surged 100% in the past 10 years, with about 12% of 2023-2024 graduates earning such credentials compared with 6% a decade earlier, according to a new analysis from the The Hechinger Report.
Meanwhile, the number of students graduating with two majors at schools like the University of Wisconsin and Florida International University of North Carolina at Chapel Hill has jumped by more than 25% over that decade. It soared more than 100% at the University of Chicago, Baylor University, and the University of California at San Diego and 334% at Harvard University and 591% at Drexel University.
University officials report that many double majors are seeking a competitive edge in the post-college jobs market. Once they graduate, students want to stand out in a sea of a job applicants with a vast array of credentials with a double major. As undergraduates, many students believe that “more is more” when it comes to credentials, one expert told The Hechinger Report.
Why This Matters To Anyone in the Job Market
The rise of the double major says as much about the economy as it does about students. Entry-level jobs now demand many skill sets—technical, creative, and analytical—and employers are often raising the bar even as they hire less. By pairing disciplines, students are trying to future-proof themselves in a market where degrees don’t guarantee a career.
The Real-Dollar Protection of Two Degrees
The extra effort of double majoring might pay off, a 2024 NBER study suggests. Drew Hanks, an Ohio State University professor and co-author of the study said a double major can help protect employees during a time of job losses in concrete terms. “For each dollar lost by those with a single major, those with double majors only lose $0.44,” Hanks told Investopedia. “We also found that earning a double major reduces the chance of unemployment.”
The researchers tracked earnings data across economic cycles and found that the protection was strongest for “global” double majors—those who combined very different fields. Examples include economics paired with biology, or computer science with finance, rather than two business concentrations.
In other words, diversifying your knowledge could work like diversifying an investment portfolio. When one skill set loses value, the other can buffer the blow.
“The broader story is that diversifying human capital, not just earning a double major but acquiring marketable skills, can protect against earnings shocks or reduce the chance of unemployment,” Hanks said.
Why Students Are Doubling Down on Double Majoring
The pressure students are feeling is real. A September Cengage Group survey found that almost half of new graduates felt underqualified for even entry-level jobs, and just three in 10 had landed full-time work in their field, down significantly from a year earlier.
It’s no accident, then, that students are taking on the extra work while in college. Hanks said he sees the effects of this anxiety on his own campus. “I do see some students who are double majoring, but more so who are earning minors or certificates that broaden their skill set and make them more marketable.”
Those who work with young professionals say having two majors can indeed give you an edge. “It makes you more adaptable and more flexible in terms of whatever may happen in the market and in the shifts in the industry,” Amanda Augustine, a career expert at TopResume, told Investopedia. “It might not be very clear and obvious now, but it can certainly come back to help you in the future.”
Before racing to declare a second major, Hanks gave this reality check. “In no way are we advocating that everyone should earn a double major,” he said. “Those in college need to weigh the trade-offs of possibly staying longer and paying more to earn a second major.”
While the NBER study doesn’t definitively prove that double majoring provides earnings protection, Hanks is confident in the correlation. “We do not find that our effect is driven by vertical differences in ability, such as those with higher skill sets selecting double majors,” he said. The researchers also structured their sample to ensure double-majoring wasn’t simply a response to current market conditions.
Augustine said that double majors are providing 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. Still, “it’s not a guarantee. What matters is how you connect the dots between your studies and the job you want.”
