At STEM we believe that the future of the economy is in STEM. This is where we believe the jobs of tomorrow will be. Our focus on STEM borrowers is premised on the notion that occupations with both high employment and fast growth usually offer better opportunities than small occupations with slow growth.
Aligned with Technology. Currently, there's no one universally agreed-upon definition of STEM, other than what the acronym stands for: Science. Technology. Engineering. Math. There is consensus, however, that STEM workers or those with a STEM academic background use their knowledge of science, technology, engineering, or math to try to understand how the world works and to solve problems.
Faster Growth. Nearly all STEM occupations are projected to grow between 2017 and 2030, according to the Bureau of Labor & Statistics (BLS). And many STEM occupations are projected to grow faster than the average for all occupations. Between 2012 and 2022, BLS projects the fastest growing occupations to have many job openings relative to their employment size. Similarly, Georgetown’s Center on Education and the Workforce predicts that STEM jobs will have grown 26 percent between 2010 and 2020.
Employment in STEM-related jobs grew 11.4% from 2004 to 2014 in the U.S., compared with 4.5% growth for other jobs, Forbes notes. The greatest growth, though, was in technology-related jobs, which expanded 31%.
Higher Demand, Higher Salaries for Most STEM Workers. BLS data show that workers in the STEM occupations discussed in this article earned a median annual wage of nearly $76,000—more than double the $35,080 median wage for all workers in May 2013. Many of the top-paying occupations are related to engineering.
Tied to Ex-Pats in the U.S. While about 13% of U.S. students graduate with STEM degrees, compared with 18 percent in Japan, 22% in the United Kingdom, 26% in India and a whopping 41% in China, based on a 2011 study by the Accenture Institute for High Performance.
Additionally, a greater percentage of international students who come to the U.S. to earn advanced degrees earn STEM degrees. Of 1 million international students enrolled in U.S. schools in 2014, about 35% were pursuing degrees in STEM fields.