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In contrast to studies that identify the expected earnings premium associated with any STEM degree or with specific college majors, we account for workers’ majors and the percent of total college credits completed in STEM courses (STEM intensity). We find that STEM intensity is an important determinant of log-earnings for many STEM and non-STEM majors, and that estimated earnings gaps between pairs of majors can change dramatically when STEM intensity is accounted for. In light of this evidence, we believe policy initiatives focused on drawing students into STEM should emphasize the potential value of STEM coursework for non-STEM majors. [ABSTRACT FROM AUTHOR]