The same report I shared yesterday includes Table 1.2. This table reports occupations, the ratio of self-employed workers, median wages, and educational needs for each occupation. Below are the top 5 occupations with the highest reported rates of self-employment.
I-O Psychologists are 80% self-employed and have the highest median wage at $194,000. The typical education is a master’s degree, but they usually have higher levels of education. Farmers and ranchers are on the list, with 67% self-employed and a $90,000 median wage. What struck me is that farmers have had business education built around them for generations.
We have been discussing entrepreneurship education this week since Dr. Jeni Al Bahrani visited the podcast. Are I-O Psychologists getting the same business training? It probably has a lot to do with how prevalent each is in the economy. There are roughly 4 times as many farmers as psychologists, but psychologists are expected to grow at 6.5% while farmers are expected to fall by 3.5% by 2035.
I-O psychology departments have a programming gap that business education can help fill.