The purpose of this statistics report is to determine whether the mid-career median salary of liberal arts graduates is lower than the mid-career median salary of engineering graduates. Provided by the Wall Street Journal, the dataset includes data from 66 Universities in the US, 47 of which are Liberal Arts schools and 19 are Engineering schools. They provide the mid-career median salary of the graduates of all of those institutions. Firstly, I calculated the confidence interval to estimate the average of the mid-career median salaries. Secondly, I performed a difference of the means test to check if the mid-career median salary of the liberal arts schools is actually lower. Finally, I checked the practical significance to see if the difference found statistically is practically significant/important. The results of the statistics report show that the mid-career median salary of Liberal Arts graduates is lower than of Engineering graduates. However, the results may not be accurate as there are other confounding and extraneous variables that may have influenced the study.
Download the data here: https://www.kaggle.com/datasets/wsj/college-salaries