This is a study on pay determinants after graduation of economics majors. A matter of selecting university major is high in a factor that will be likely related to own future job. The purpose of this study was to figure out the cause for selecting the Department of Economics when comparing it with o...
This is a study on pay determinants after graduation of economics majors. A matter of selecting university major is high in a factor that will be likely related to own future job. The purpose of this study was to figure out the cause for selecting the Department of Economics when comparing it with other departments by analyzing pay determinants. A research has been performed that compares earnings after the college graduates by major department were employed with the evaluation of labor market performance in university graduates. However, a research, which analyzed economics majors’ pay determinants, wasn’t performed much. The aim is to comparatively analyze what their pay determinants are through variables such as gender, parents’ academic background, industry, region, position in light of working, business place scale, and vocational performance period. Comparing correlation between education and job in major-based graduates, and pay level will lead to being able to establish policy for connection of education, training, and labor market.
This study is suggested the definition of analytical variables of pay determinants and the basic statistics of variables. Pay was based on averagely monthly wage. To examine pay determinants, the log wage, which took log to averagely monthly wage, was used. Explanatory variables are used human factor, gender, vocational performance period, parents’ academic background, school type, industry (non-manufacturing, manufacturing business), region (non-capital area, capital area), position in light of working, job category, and business place scale. The position in light of working was used full-time position and temporary position as paid worker, and self-employed dummy. Job category was used profession, quasi-profession, office job, sales service, and simple position dummy.
As a result of analysis, examining the gap in pay by major department, the social series to which the department of economics belongs was indicated to be lower on the average compared to the departments of engineering and medicine. When comparing only income level between all the major departments and the economics department, the department of economics was high with 2,456,700 won compared to 2,196,800 won in the engineering department that had been highest in averagely monthly earned income. This was indicated to be significant at the level of 1%.
Also, as a result of substituting many analytical variables for analyzing pay determinants in the department of economics including the major series, the statistical significance was confirmed as saying of having influence upon the earned income in common according to gender, region, and position in light of working. It was presumed that the more temporary position leads to the lower earned income and that the more self-employed leads to the higher earned income. The pay level could be predicted to get higher in attending school of capital area as for region and in profession as for job category.
This study has a few limitations. The aim was to analyze a change in averagely monthly pay of economics majors. However, the data of ‘College Graduates Occupational Mobility Survey’ by Korea Employment Information Service, which had been used in this study, are materials that just surveyed college graduates every year, not the comparison of the same people by year, thereby having had limitation as saying of being impossible to compare averagely monthly income by year. Also, the more persuasive outcome would be possibly obtained given controlling variables of individual ability such as education year number, university credit, and qualification piece number as variables of having influence upon pay determinants among major departments. And if there were data available for following every year, it could have included the gap in yearly income among major departments.
In the wake of analyzing pay determinants of economics majors in this study, an analysis of pay by academic department after graduation is desired to be activated.
This is a study on pay determinants after graduation of economics majors. A matter of selecting university major is high in a factor that will be likely related to own future job. The purpose of this study was to figure out the cause for selecting the Department of Economics when comparing it with other departments by analyzing pay determinants. A research has been performed that compares earnings after the college graduates by major department were employed with the evaluation of labor market performance in university graduates. However, a research, which analyzed economics majors’ pay determinants, wasn’t performed much. The aim is to comparatively analyze what their pay determinants are through variables such as gender, parents’ academic background, industry, region, position in light of working, business place scale, and vocational performance period. Comparing correlation between education and job in major-based graduates, and pay level will lead to being able to establish policy for connection of education, training, and labor market.
This study is suggested the definition of analytical variables of pay determinants and the basic statistics of variables. Pay was based on averagely monthly wage. To examine pay determinants, the log wage, which took log to averagely monthly wage, was used. Explanatory variables are used human factor, gender, vocational performance period, parents’ academic background, school type, industry (non-manufacturing, manufacturing business), region (non-capital area, capital area), position in light of working, job category, and business place scale. The position in light of working was used full-time position and temporary position as paid worker, and self-employed dummy. Job category was used profession, quasi-profession, office job, sales service, and simple position dummy.
As a result of analysis, examining the gap in pay by major department, the social series to which the department of economics belongs was indicated to be lower on the average compared to the departments of engineering and medicine. When comparing only income level between all the major departments and the economics department, the department of economics was high with 2,456,700 won compared to 2,196,800 won in the engineering department that had been highest in averagely monthly earned income. This was indicated to be significant at the level of 1%.
Also, as a result of substituting many analytical variables for analyzing pay determinants in the department of economics including the major series, the statistical significance was confirmed as saying of having influence upon the earned income in common according to gender, region, and position in light of working. It was presumed that the more temporary position leads to the lower earned income and that the more self-employed leads to the higher earned income. The pay level could be predicted to get higher in attending school of capital area as for region and in profession as for job category.
This study has a few limitations. The aim was to analyze a change in averagely monthly pay of economics majors. However, the data of ‘College Graduates Occupational Mobility Survey’ by Korea Employment Information Service, which had been used in this study, are materials that just surveyed college graduates every year, not the comparison of the same people by year, thereby having had limitation as saying of being impossible to compare averagely monthly income by year. Also, the more persuasive outcome would be possibly obtained given controlling variables of individual ability such as education year number, university credit, and qualification piece number as variables of having influence upon pay determinants among major departments. And if there were data available for following every year, it could have included the gap in yearly income among major departments.
In the wake of analyzing pay determinants of economics majors in this study, an analysis of pay by academic department after graduation is desired to be activated.
Keyword
#경제학, 계열, 전공, 임금, 졸업, 취업, 노동시장, 결정요인, OLS회귀분석
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