Munich Personal RePEc Archive

The Financial Crisis and the Choice of College Major

Goulas, Sofoklis and Megalokonomou, Rigissa (2015): The Financial Crisis and the Choice of College Major.

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Abstract

Economic conditions may affect educational choices. In this paper we investigate the impact of the recent financial crisis in Greece on college applications. In particular, we ask how the financial turmoil has reshaped the demand for particular college majors. The paper uses a difference-in-difference approach for the pre and during crisis era to disentangle preferences over twenty one broad major categories and over college city amenities. We find that job insecurity turns college applicants away from academically demanding college majors, while options with better job prospects become more popular.

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