Why the Gender Pay Gap Could Be Getting Worse | New Research Findings

Advisor October 28, 2023

At a time when women are making significant strides in various professional arenas, a new report throws light on a trend that is less than celebratory: While women continue to gain ground in many fields, when it comes to the cream of the crop in graduate incomes, men still seem to be bagging the top spot.

A recent study spearheaded by Bankrate.com ties higher professional incomes to college degrees. The findings? Out of the 20 top “lucrative” bachelor degrees, men are a staggering three times more likely than women to pursue and obtain them. This statistic is not just eye-opening but poses a critical question: Why?

Andrea / Pexels / Latest reports show that men are more likely to obtain market-competitive degrees than women.

The Hard Numbers Behind the Degrees

But before we delve into the ‘whys,’ let’s look at some figures that shape the narrative. The college has always been a gateway to higher professional incomes. The right degree often dictates the trajectory of a professional career, determining earning potential.

Among the top 20 most financially rewarding bachelor degrees, the propensity of men opting for them is significantly higher. The majors in question span across fields like engineering, computer science, finance, and various niches of technology.

The Female-Dominated Majors and the Financial Lag

Now, this is not to say that women are not obtaining degrees. They are. In fact, in many institutions, female enrollment outnumbers males. But the majors they lean towards, although equally important, often do not hold the same financial promise.

Alex / Pexels / Recent data suggests a significant gender divide in students’ choices.

The study indicates that the majors predominantly chosen by women tend to have lesser earning potential. For instance, educational, arts, and social services degrees often do not translate to salaries comparable to their tech or finance counterparts. Of course, this is the case even though they have profound societal values.

Digging Deeper: Factors Behind the Choices

The immediate reaction might be to ask why women are not selecting higher-paying majors. However, the deeper issue is not merely about personal choices. Societal expectations, ingrained stereotypes, lack of female role models in certain sectors, and other barriers often deter women from entering fields that are traditionally seen as ‘male-dominated.’

Moreover, from a young age, girls might be subtly (and sometimes not-so-subtly) pushed towards certain fields while being discouraged from others. Remember the old trope of ‘math and science are for boys’? While we would love to think we have moved past these dated and disproven notions, remnants of such beliefs still linger in classrooms, homes, and workplaces.

Karolina / Pexels / Because most college majors are ‘male-dominant,’ women are not opting for them.

The Way Forward

So, where do we go from here? Awareness is the first step. Studies like the one from Bankrate.com are crucial as they shed light on issues that might be simmering under the surface.

To bridge this gap, there is a need for a multi-pronged approach. From early education to college counseling to corporate policies – a shift is required.

Here is what needs to be done:

Encouraging girls to explore fields outside of traditional norms
Creating scholarships for underrepresented sectors
Fostering environments where choices are made based on passion and aptitude rather than gendered expectations can make a world of difference.

By doing so, we can keep the gender pay gap at bay.