These Students Are Making Even More Than They Expect After Graduation

These Students Are Making Even More Than They Expect After Graduation

By Beth Braverman

College students who major in STEM fields generally know that they can make more money than their peers once they graduate, but they don’t know how much more.

Turns out, those students majoring in science, technology, engineering and math, actually have starting salaries that are higher than expected, according to a new report by the National Association of Colleges and Employers.

Engineering majors, for example, expect to earn $56,000, but actually receive 15.5 percent more than that, with starting salaries average nearly $65,000. Computer Science majors expect to make around $51,000, but receive 22 percent for an average starting salary of $62,000.

Chemistry majors have the largest gap between expectations and reality: They expect to earn an average of $39,000 but take home an average $58,000 in their first year, a 51 percent increase.

Related: The Closing of the Millennial Mind on Campus

The typical college graduate in 2014 received a starting salary of $48,000. Liberal arts and humanities majors had the lowest starting salary, with an average of just $39,000, according to NACE.

Not only do STEM majors enjoy higher salaries, but they can also expect more job security and better job prospects. All of the top 25 jobs recently compiled by U.S. News and World Report fell into either a science- or math-based discipline.

Still, not everyone has the interest or aptitude to excel in a STEM career. A third of those who begin their college career majoring in those fields end up transferring to a difference study area, according to a recent report by RTI International.

Why the Class of 2015 May Actually Get Good Jobs

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By Beth Braverman

Not only are there more jobs available for 2015 college grads, there are more good jobs available to them, according to a new analysis by economists with the Federal Reserve Bank of New York.

The New York fed found that the underemployment rate for recent graduates—which had risen steadily with the exception of a fleeting dip in 2011—has finally started to fall. It has dropped about 2 percentage points since last June to 44.6.

That trend, coupled with a continued decline in unemployment for recent college grads, offers reason for hope for the class of 2015. Job postings for college graduates have increased by about 10 percent since last summer.

Related: The 10 Best Cities for New Grads to Launch their Careers

“While the demand for college graduates appears to be picking up, significant labor market slack remains,” write authors Jaison R. Abel and Richard Dietz. “So continued strong growth in the demand for college graduates may well be necessary to make a more serious dent in the underemployment rate.”

A separate study released last month by the National Association of Colleges and Employers found that employers expect to hire nearly 10 percent more new college graduates this year than last year.

The ease with which students can find jobs will depend not only on their major (those with degrees in engineering, business and computer science are the most in demand), but also on their location. A recent report by WalletHub ranking the nation’s largest cities from best to worst places to start a career found showed that cities in Texas and California have the most opportunities.

 

Undertrained US Drone Pilots Put War Effort at Risk

Drones
ARA Robotics
By Brianna Ehley, The Fiscal Times

The U.S. military is allowing pilots who haven’t fully completed their training to fly predator drones over Yemen and Pakistan—potentially putting innocent people on the ground at risk if something goes wrong. 

An alarming new report by the Government Accountability Office found that drone pilots in the Army and Air Force have been skimping on their training sessions in order to get assigned to missions faster. 

Related: Who Knew the Navy Could Launch 30 Drones in 60 Seconds? 

The GAO said that because there is a shortage of drone pilots, the Air Force and Army have been routinely speeding up the process by cutting training time. 

“As a result, the Army does not know the full extent to which pilots have been trained and are therefore ready to be deployed,” the report said. 

The GAO reviewed Air Force records and found that only 35 percent of pilots operating drones had completed their required training.

Some pilots told the auditors that training wasn’t completed because there was a lack of funding or gaps in knowledge about the unmanned aerial systems (UAS) commonly called drones.

“Army UAS pilots stated that leadership of larger non-aviation units that oversee their UAS units do not understand UAS pilot training,” the report said. 

The GAO had previously reported that there weren’t enough drone pilots compared with the number the Air Force said it needed. At New Mexico’s Holloman Air Force Base, for example, drone pilot staffing was at only 63 percent of full staffing level, the report said. 

The latest findings from the GAO seem to confirm that this is still an issue. 

Related: The Duck Drone That Could Change the Navy 

The U.S. military says it is taking action to increase the number of instructors in order to get more pilots through the complete training process. However, the GAO said that the Army hasn’t fully addressed “the risks associated with using less experienced instructors.”

The Army waived course prerequisites for nearly 40 percent of its drone pilots who were working toward becoming instructors.

 “As a result, the Army risks that its UAS pilots may not be receiving the highest caliber of training needed to prepare them to successfully perform UAS missions,” the auditors said.

Meanwhile the Air Force faces instructor shortages as well.

The report calls into question whether a lack of training could hamper drone pilots’ ability to successfully and safely complete their missions. It comes amid intense scrutiny of the government’s drone program after a botched mission in January killed two Western hostages during an attack on al Qaeda in Pakistan.

Scrutiny of the program is nothing new. Human rights activists   have long called on the administration to cease using drones in its ongoing war on terror because of civilian casualties.

A 2013 report by Human Rights Watch said that between 2009 and 2013, U.S. drone strikes killed 57 civilians in six different strikes in Yemen. Last year the Yemeni government paid $1 million to families of victims of one of those strikes, which targeted a wedding and killed 11 people.

You Won’t Believe How Much It Costs When Your Dog Bites Someone

The Fiscal Times/iStockphoto
By Beth Braverman

Boy, it can really smart when your dog bites somebody. 

Insurance companies paid an average of $32,000 last year in homeowner’s liability claims for dog-related injuries, according to a new analysis by the Insurance Information Institute (III).

But don’t think that’s your insurer’s problem. Filling one liability claim can take a bite out of your savings if you don’t have the right policy and push up your homeowner’s insurance premiums by an average of 14 percent, according to a recent analysis by InsuranceQuotes.com.

Dog bites and other dog-related injuries totaled $530 million and accounted for more than a third of all homeowners’ insurance liability dollars paid out in 2014. In addition to dog bites, the claims cover the costs of dogs knocking down children or bikers, resulting in fractures or trauma. 

The number of claims last year fell by about 5 percent, but the cost per claim spiked 15 percent. The cost of dog-related injury claims has gone up 57 percent in the past decade, thanks to increasing medical costs and growing judge and jury awards. 

Related: The Real Cost of Filing a Homeowners’ Insurance Claim 

California had the most claims in the country, with 1,866, while New York had the highest average cost per claim -- an average of nearly $57,000 last year. 

A separate report released Thursday by the U.S Postal Service showed that there were 74 dog attacks on postal workers in Los Angeles last year, the most of any city, followed by 62 in Houston, and 47 in San Diego. 

III recommends that dog lovers research the safest and most appropriate dog for their household or neighborhood before purchasing a pup and use caution when bringing a dog into a home with an infant or toddler. 

Or try a parakeet.

Where the Gold Is: 40 Nations with Highest Holdings

Gold
REUTERS/Arnd Wiegmann
By Akin Oyedele, Business Insider

The World Gold Council is out with its latest report on gold demand.

In the first quarter, demand dropped by 11 tonnes, or 1%, year-over-year.

"Top-line demand was broadly neutral — down just 11t (1%) despite substantial underlying differences across geographies and sectors," the report said.

Related: Putin Is Hoarding Gold and Rattling Sabers--What’s He Up to Now?

"Pockets of strength in jewelry were balanced by weakness elsewhere as demand responded to local conditions in each market. Higher volumes in India, the US, and the smaller Southeast Asian markets were set against declines in China, Turkey, Russia, and the Middle East."

On Thursday, gold continued its rally after breaking above the key $1,200 level on Wednesday.

Gold rose to as high as $1,223 an ounce, its highest level in three months. 

And so with gold demand broadly neutral, this chart shows which countries are holding the most gold:

This article originally appeared on Business Insider.
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We Just Went Through the Worst Month Since the Great Recession

The Fiscal Times/iStockphoto
By Yuval Rosenberg

We already knew the economy really struggled over the first few months of 2015, with March being especially rough. A new report from economists at Macroeconomic Advisers shows just how bad a month it really was.

The forecasting firm, which tracks economic progress on a monthly basis rather than just a quarterly one, now says that GDP fell 1 percent in March. “This was the largest decline since December 2008, when the U.S. economy was in the throes of recession,” its update notes.

The Commerce Department initially estimated that GDP grew at a seasonally adjusted annual rate of 0.2 percent in the first quarter. An updated report, due May 29, is now expected to show that the economy actually shrank over the first three months of the year. J.P. Morgan economists have lowered their tracking estimate of first-quarter GDP from -0.8 percent to -1.1 percent based on data released over the last two days.

Related: Why So Many Americans Are Trapped in ‘Deep Poverty’

As we’ve written before, though, the downturn isn’t necessarily reason to worry about the fundamental health of the economy, or at least it shouldn’t stoke fears that we’re diving into another recession. As the Macroeconomic Advisers report explains, “A sharp decline in net exports more than accounted for the decline in monthly GDP, as resolution to the West Coast port dispute led to a surge in imports to well above the recent trend. As a result, they write, they believe the one-month plunge “overstates the underlying weakness in the economy.”

That’s not to say the economy is particularly strong, either. Both Macroeconomic Advisers and J.P. Morgan now forecast second-quarter GDP growth to come in at a tepid 2 percent annualized rate.