Making the Most Money After College: The Top 16 Highest-Paying Majors
If you want to make the most money possible right after college, study to be an engineer.
Engineering Degrees Dominate the List
As a major, it’s the safest bet in terms of earning power. Engineering degrees occupy nine of the top 16 college majors with the highest incomes five years after graduation, a recent New York Federal Reserve study reveals.
Computer engineering majors ranked first with an annual median salary of $80,000, followed by chemical engineering and computer science — the only two other majors that earn more than $75,000 annually.
The Top 16 Highest-Paying College Majors
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The Lowest-Paying Majors: A Reality Check
In contrast, students who major in liberal arts, performing arts and theology earn the lowest salaries within five years of graduating from college, according to the study of full-time workers.
Graduates of all three majors earned a median annual income of $38,000, the lowest out of the 75 majors in the study. Other low-paying majors include leisure and hospitality, history, fine arts and psychology, all of which garnered median salaries of $40,000 or less per year.
The 16 Lowest-Paying College Majors
Why the Disparity in Pay?
With liberal arts degrees, graduates tend to be paid less overall for various reasons. For one, their skills may not be directly related to generating revenue, even if their vocation is a benefit to society.
Or, it can be a case of too few well-paying jobs compared with the number of graduates each year, as is the case for fine arts degrees. As such, the lack of demand can drive down wages.
Education Majors: A Special Case
Education majors tend to be paid less as well. While teachers have good job security, summers off and pensions, they’re usually paid by state governments, which have lagged in keeping wages commensurate with inflation. In recent years, the “teacher pay penalty” has gotten worse, according to the Economic Policy Institute.
Conclusion
While engineering degrees tend to dominate the list of highest-paying majors, it’s essential to consider the skills and job prospects that each major offers. Whether you’re looking to maximize your earning potential or pursue a passion, understanding the salary ranges for different college majors can help you make an informed decision.
FAQs
Q: What is the highest-paying college major?
A: Computer engineering majors have the highest median annual salary, with a median income of $80,000.
Q: What are the lowest-paying college majors?
A: Liberal arts, performing arts, and theology majors have the lowest median annual salaries, with a median income of $38,000.
Q: Why do engineering majors tend to be higher-paying?
A: The technical knowledge, mathematical proficiency, and problem-solving abilities required in engineering are valuable across many industries, leading to higher salaries compared to other occupations.
Q: What can I do to increase my earning potential?
A: Consider pursuing a higher-paying major, such as engineering, or developing skills that are in high demand across various industries. Additionally, networking and building relationships in your field can help you secure better job opportunities and higher salaries.
