The average cost of a bachelor’s degree is around $104,000 if you’re attending an in-state four-year public institution. The cost balloons to over $223,000 for students attending a four-year private nonprofit university.
Given those jaw-dropping costs, you’ll want to choose a major that will make your degree pay off and pad your bank account. Let’s break down the 10 highest-paying college majors.
1. Engineering
Median wage mid-career: Up to $120,000
Eight of the top 10 majors with the highest median wages for recent graduates are in engineering, according to 2023 data from the Federal Reserve Bank of New York. But we’ve grouped them into one category for all the future non-engineers who are reading.
Average mid-career wages vary somewhat by type of engineering degree. But as you’ll see below, engineers of all types can expect a generous salary:
- Chemical engineering: $120,000
- Computer engineering: $114,000
- Aerospace engineering: $112,000
- Electrical engineering: $105,000
- Industrial engineering: $100,000
- Civil engineering: $100,000
2. Computer Science
Median wage mid-career: $105,000
If you’re a tech wizard, consider earning a computer science degree. Computer science majors are frequently hired for high-paying roles like web developer, software engineer, and programmer.
Though layoffs and hiring freezes have gotten a lot of attention lately, the long-term job outlook for computer science majors is strong. According to the U.S. Bureau of Labor Statistics, employment for computer and information researchers is expected to grow by 23% through 2032, a rate that’s much faster than all occupations.
3. Physical Sciences
Median wage mid-career: $104,000
A physical sciences degree is less career-focused than an engineering or computer sciences degree. Physical science studies usually include physics, chemistry, mathematics, and geology, making this major a popular choice for pre-medicine students or those seeking a career in engineering.
4. (tie) Pharmacy
Median wage mid-career: $100,000
Students typically pursue a bachelor’s degree in pharmacy with the goal of becoming a pharmacist, which requires a doctorate of pharmacy. In fact, 65% of pharmacy degree holders have a graduate degree. But those with only an undergraduate degree in pharmacy can often find jobs at pharmaceutical companies, clinical research organizations, cosmetics companies, or government agencies.
5. (tie) Economics
Median wage mid-career: $100,000
To become an economist, you’ll typically need a graduate degree. But a bachelor’s degree in economics can still set you up for several lucrative careers. People who have a bachelor’s degree in economics are frequently employed as actuaries, financial analysts, data scientists, and market research analysts.
6. (tie) Finance
Median wage mid-career: $100,000
A finance degree can open the door to a number of professions. Those with finance degrees often work in banking, insurance, corporate finance, and investment services. A finance major can be a good choice if you plan to eventually pursue an MBA. Many finance majors also complete advanced certifications, such as the Chartered Financial Analyst or Certified Financial Planner designations, to showcase their expertise.
7. (tie) Construction Services
Median wage mid-career: $100,000
Plenty of jobs in the construction industry don’t require you to attend college. But companies are increasingly requiring a bachelor’s degree for leadership positions. Common career paths for people with construction degrees include field engineer, construction superintendent or project manager, and general contractor.
8. Business Analytics
Median wage mid-career: $99,000
Businesses need data about virtually everything. Business analysts develop mathematical models to help organizations identify trends, improve efficiency, make predictions, and track success. The major focuses heavily on economics and statistics. Though you can get an entry-level position with a bachelor’s degree in business analytics, many higher-level positions require at least a master’s degree.
9. Information Systems and Technologies
Median wage mid-career: $90,000
An information systems and technology degree prepares students for an array of professions, including web developer, database administrator, and cybersecurity. Pretty much every company needs IT services, so it’s not surprising that the Bureau of Labor Statistics predicts that employment in computer and information technologies will grow at a much faster rate than all other occupations through 2032.
10. Mathematics
Median wage mid-career: $88,000
A mathematics major is more of a generalist degree than many of the majors on this list, but it can be a stepping stone to a variety of high-paying professions. Many math majors land jobs in engineering, data analysis, statistics, finance, and actuarial science. Some math majors who earn an advanced degree go the academia route, as well.
What do all these majors have in common?
The common thread among the highest-paying college majors is that they’re all in STEM fields (i.e., science, technology, engineering, and mathematics). That doesn’t necessarily mean that everyone should become a STEM major. But if you’re looking to maximize the return on the time and money you spend earning a degree, consider a degree in a STEM field.
Regardless of what major you’re interested in, be sure to consider whether there’s a viable way to make a living using your degree. Take advantage of career counseling services while you’re in college to ensure you’re aware of potential career paths.
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