Stem salaries are decreasing? (7 things to know)
Are Stem salaries decreasing one day?
STEM major becomes more popular day by day which encourages a lot of people to join this field.
According to Statista more than 400 000 stem students graduate every year, do this number will influence stem salaries in the market?
or this number is not enough and stem demand is increasing?
Stem salaries are decreasing?
Stem salaries will not be decreasing due to the huge market demand. On the opposite, stem salaries are increasing in most stem fields.
According to Statista During these 10 last years, the number of graduates stems students has increased from 500 000 to 700 000 currently. That means a 40% growth rate which is 4% of graduate students per year.
This number is weak compared to the high demand for stem market jobs. 11% of growth, stem market job is offering, that means 7% of the deficit.
So, it will be a lot of unfilled jobs in stem major. According to the guardian, over 1.4 million jobs are in shortage just in a computer science major. So there is not a need to include others, majors, because computer science is the most demanding field in the stem.
In the first years, 13% of stem students drop this field and pivot to other directions. For others is challenging and hard to pursue stem. More than 48% of fields are non-stem while the stem market is extending every year.
Moreover, stem offered jobs that require qualification or enough experience which is rarely found among the stem students.
Example of increasing Stem jobs salaries
Stem majors have a lot of promising and powerful market job opportunities. So, you can find below the top 5 increasing stem jobs salaries.
Orthodontists
an orthodontist is a dentistry specialization. In other words, an orthodontist is a special dentist who focuses on complicated aspects of dentistry. Orthodontists have the highest paying jobs in the stem, also considered one of the most increasing salary jobs.
Salary: $292,662
Salary increased by $90 000 over last 10 years: growth rate 45%
anesthesiologist
the anesthesiologist is a doctor who evaluates patients before, during, and after surgery. It is a critical role to prevent any complications produced by anesthetic substances. So, anesthesiologists have the highest salaries among other medical specialties.
Salary: $260,000
Salary increased by $52 000 over the last 10 years: growth rate 26%
Airline pilots
Every one of us knows what airline pilots are doing, but a lot of people don’t know those airline pilots have the highest salaries as a stem career. In the last 10 years, pilots’ salaries have known a significant increase.
Salary: $155.000
Salary increased by $50 000 over the last 10 years: growth rate 50%
Radiologist
A radiologist is a doctor who specialized in using high technology technics to diagnostic and cure diseases. He uses technics like famous x-rays, MRI magnetic resonance, Ultrasone, and so on.
The radiologist salaries have increased significantly during the last 10 years.
salary :$500.000
Salary increased by $150 000 over the last 10 years (from $350l to $500k): growth rate 30%
Network architect
A network architect is a person who is responsible for communication networks. He builds networks, maintains and modifies hardware communications. This is a job considered one of the highest jobs in the IT industry.
Salary: $130.000
Salary increased by $40.000 over the last 10 years : growth rate 30%
All informations are extracted from usnews.
Why the majority of stem salaires will never decrease?
Stem major is a powerful and fully technology-based domain. So, there is a lot of reasons that make this field unstoppable. As a result, we will discover below the 7 reasons why stem salaries will never decrease.
STEM is the hard degree
Succeeding in full mathematic studies concepts is not for everyone. A stem degree is hard to accomplish, it requires critical and solving problems skills. 13% of stem students drop in their first year.
In general, 30% of total stem students reach their degrees.
Moreover, the percentage of stem graduates is small compared to other majors. there are only 18% of stem graduates among 2 million bachelors awarded. Which is around 400 000 stem students.
So stem salaries would never decrease as long as we see these numbers. Only 1.4 computer science unfilled jobs. So without noting other stem sectors. The demand is too high.
inventions
In the US there are only 600 000 patents every year which are considered an important number. Every new technology or scientific invention is born with new possibilities. So the stem job market expands day after day.
In the US, only 7 million are working in the technology industry. Amazon has alone over 1.5 million employees. So the power of technology is unlimited and unstoppable.
For instance, since the apparition of computers technology, we reach more than 55 million employees. So, the domain is very powerful and changing fast.
The stem is a wide domain that evolves continuously. So the more invention we have the more opportunities are born.
Technology expansion
Currently, technology is expanding hugely fast than it was before, compared to the last century. Technology entered our houses and reached our rooms. Everyone is using technology, it becomes an indispensable thing.
Currently, there are 5 internet billion users around the world. That is to say more than a half planet population.
The internet made things fast. day by day technology become more cheaper and affordable for people. This state of growth creates a huge need to be covered up. As results create a multitude of job opportunities.
Currently, technology has entered domains that we would not expect before. For instance delivery drones, in just a few minutes you could receive your command by a drone with just a few clicks with your smartphone.
There is a lot of examples to note. To summarize technology is becoming a necessity not an entertainment tool like before.
Research and devlopment
As much as research and development are in life, Stem salaries will not be decreasing. Science is broad and topics are numerous. So the researcher’s numbers are increasing for any stem domain. Only medical research is predicted to grow by 17 in the next year.
The research domain is very broad and could cover a lot of domains. So there is always be a need for researchers.
So every stem domain is related to research and development. There is no technology company without researchers, the same thing for medicine or any domains that belong to stem. The essential part that ensures the sustainability of any organization or company is research and development.
if we take the example of a data scientist and according to BLS, over 12 million jobs will be created in this area. That is to say 22% of the growth rate.
it is one of the signs that indicate that stem salaries do not have the ability to decrease. Every day new technology is developed.
Qualifications
30% of stem students get a degree and only 14% of them work in stem occupations. So, it’s a big portion of stem graduates who don’t work in their field. This could due to many reasons but qualification is one of them.
There is a survey made in 2011 made by BLS, found there are more than 600,000 jobs are unfilled in the manufacturing sector which to high. Moreover, there is a prediction that indicates that 2 million positions will be infilled in the manufacturing sector, Usnews said.
Manufactures are looking for qualified persons and ready to put the highest salaries. So we are way far to think that stem salaries are decreasing.
Disease
As we said with coronavirus the number of medical occupations was not enough to cover the pandemic. So, health care remains a principal topic and high-demand sector. It is a field where salaries are interesting.
According to BLS is predicted that the employment in health care field will grow up by 16% during the next 10 years. As a result, 2.6 million jobs are going to exist due to the increasing level of elderly in US.
for instance, radiologists or cardiologists have increased significantly during the last 10 years. Currently, Cardiologists are making $600.000 per year a little bit more than radiologists.
So, it is barely impossible that stem salaries are going to be decreasing in this medical field.
Innovations
In innovation, we create new types of products and open new markets. As a result, increase the opportunities for jobs and raise competitivity. So, it requires skilled engineers to beat up the challenges in front.
For this reason, engineers get paid well because they solve issues no one could do. So, the value they provide is worth their high paying.
There will be always new difficulties and challenges to break. But is hard to find the right innovative people. So Engineering is one of the most competitive jobs that require special talent.
So, due to its scarcity, it will be not expectable of it as a stem field that could have some sort of decreasing salaries.
Conclusion
Everything is ruled by the law of supply and demand. As we said in our article the reasons why stem salaries are increasing not decreasing as may some people expect.
STEM domain is one of the fields that create fortune and is based on investing in humans, not materials. Also, there are other reasons why stem is getting more money…
