A student’s choice of college major holds the power to shape their future career and financial opportunities. While following your passions is undeniably important, it’s equally vital to weigh the earning potential of the majors you’re considering. In this article, we’ll delve into the factors that should inform your decision and shed light on the majors that make the most money.
How to Choose a Major
As you consider college majors, think about your interests, job market demand, and earning potential:
- Personal Interests and Passions: Your interests and passions are at the core of your major selection. Consider what subjects or fields genuinely excite you, as studying something you love can lead to a more fulfilling career.
- Job Market Demand: Research the current job market to identify areas with high demand for professionals. Industries with shortages often offer more competitive salaries.
- Salary Potential: While financial stability is important, it shouldn’t be the sole driving factor. However, it’s essential to understand the earning potential associated with different majors.
>>RELATED:
- What Is a College Major? All About Your Options and How to Select One
- What Are the Easiest and Hardest College Majors?
Which Majors Make the Most Money?
In today’s tech-driven work, the top-earning majors include engineering, computer science/software engineering, medical/healthcare, and applied economics.
- Engineering Majors: Engineering disciplines such as petroleum engineering, computer engineering, and electrical engineering rank high in earning potential. Engineers possess highly sought-after technical skills and problem-solving abilities, making them indispensable across various industries.
- Computer Science and Software Engineering: In today’s tech-driven world, professionals proficient in computer science and software engineering are in high demand. Graduates in these majors often find rewarding careers as software developers, data analysts, and systems architects.
- Medical and Healthcare Fields: Pursuing careers in medicine, dentistry, or physician assistant studies can lead to substantial financial rewards. The healthcare industry consistently experiences a demand for skilled professionals, reflecting in the competitive salaries offered.
- Applied economics and management: Graduates in this major often secure well-paying positions in various sectors, utilizing their expertise in economics, business management, and decision-making to drive financial success. With a strong foundation in both economics and practical management skills, professionals in this field are highly valued for their ability to make informed, profit-driven choices.
The detailed lists below should help you better understand the earning potential for various college majors you could choose.
The 50 Highest-Paying Majors (Undergraduate)
Majors are ranked by mid-career pay to show the fuller earning potential. Keep in mind that they are averages. These figures come from Payscale.
| Rank | Major | Mid-Career Pay | Early-Career Pay |
|---|---|---|---|
| 1 | Petroleum Engineering | $212,500 | $97,500 |
| 2 | Operations Research & Industrial Engineering | $191,800 | $98,300 |
| 3 | Interaction Design | $173,600 | $74,700 |
| 4 | Applied Economics and Management | $164,400 | $76,500 |
| 5 | Building Science | $163,100 | $69,000 |
| 6 | Actuarial Mathematics | $160,000 | $70,700 |
| 6 | Operations Research | $160,000 | $92,200 |
| 8 | Systems Engineering | $159,100 | $87,000 |
| 9 | Optical Science & Engineering | $158,300 | $79,600 |
| 10 | Information & Computer Science | $157,800 | $76,000 |
| 11 | Aeronautics & Astronautics | $156,900 | $88,200 |
| 12 | Aerospace Studies | $154,300 | $62,600 |
| 13 | Pharmacy | $154,000 | $69,400 |
| 14 | Cognitive Science | $153,800 | $78,000 |
| 15 | Managerial Economics | $153,300 | $74,700 |
| 16 | Quantitative Economics | $152,700 | $74,500 |
| 17 | Econometrics | $152,100 | $72,000 |
| 18 | Foreign Affairs | $152,000 | $62,900 |
| 19 | Chemical Engineering | $151,800 | $85,600 |
| 20 | Public Accounting | $151,200 | $69,700 |
| 21 | Political Economy | $150,600 | $73,100 |
| 22 | Corporate Accounting & Finance | $149,600 | $76,800 |
| 23 | Actuarial Science | $149,000 | $76,700 |
| 24 | Computer Engineering (CE) | $148,500 | $89,100 |
| 25 | Electrical Power Engineering | $148,300 | $84,700 |
| 26 | Computer Science (CS) & Engineering | $148,200 | $90,500 |
| 27 | Marine Transportation Management | $148,000 | $78,700 |
| 28 | Marine Engineering | $147,500 | $87,900 |
| 28 | Operations & Information Systems Management | $147,500 | $78,800 |
| 30 | Electrical & Computer Engineering (ECE) | $147,000 | $88,100 |
| 31 | Entrepreneurship & Marketing | $145,800 | $63,200 |
| 32 | Astronomy | $145,600 | $75,300 |
| 33 | Mechatronics | $144,300 | $80,900 |
| 34 | Computational & Applied Mathematics | $144,100 | $85,700 |
| 35 | Aeronautical Engineering | $143,400 | $84,200 |
| 36 | Welding Engineering | $143,300 | $86,600 |
| 37 | Electrical Engineering (EE) | $143,000 | $84,900 |
| 38 | Electrical & Electronics Engineering (EEE) | $142,900 | $83,900 |
| 39 | Naval Architecture & Marine Engineering | $142,800 | $82,800 |
| 40 | Instrumentation & Control Engineering | $141,900 | $82,800 |
| 41 | Construction Engineering Management | $141,800 | $78,100 |
| 42 | Computer Science (CS) & Mathematics | $141,000 | $80,300 |
| 43 | Engineering Physics | $140,300 | $78,600 |
| 44 | Mechanical & Aeronautical Engineering | $139,900 | $80,900 |
| 45 | Chemical & Biomolecular Engineering | $139,700 | $86,000 |
| 45 | Computer Science (CS) | $139,700 | $85,400 |
| 47 | Jazz Studies | $139,400 | $60,000 |
| 48 | Bioscience | $139,300 | $59,900 |
| 49 | Information Management | $139,000 | $67,000 |
| 50 | Aerospace Engineering | $138,100 | $83,500 |
Is Graduate School Worth It?
Graduate school can significantly boost your income potential, particularly in fields like animal sciences, biology, political science, zoology, health and medical preparatory programs, pre-law, legal studies, and chemistry, where postgraduate degrees often lead to more than a 50% income increase.
To make an informed decision, start thinking about graduate school as early as possible – even while selecting your undergraduate major. Consider the financial aspect carefully by comparing the potential income increase with the cost of graduate education and the opportunity cost of not working during that period.
Calculate your break-even point, the moment when the extra income earned with an advanced degree exceeds what you would have earned without it. This financial analysis will help you determine if graduate school aligns with your long-term career and financial goals.
Final Thoughts on Majors That Make the Most Money
No one is guaranteed to earn the median salary in any major. There will be those who earn less and those who earn more.
Often, financial success depends just as much – if not more – on commitment, drive, networking, work ethic, leadership, risk taking and smart decision making.
But the field you choose to study is a big factor that puts you on the path to your future. How you travel that path is up to you.
_______
Use R2C Insights to help find merit aid and schools that fit the criteria most important to your student. You’ll not only save precious time, but your student will avoid the heartache of applying to schools they aren’t likely to get into or can’t afford to attend.
Other Articles You Might Like:
Why You Should Research a College’s Career Services Center Before Enrolling
Your College Student May Need Help After High School: Are You Prepared?
JOIN ONE OF OUR FACEBOOK GROUPS & CONNECT WITH OTHER PARENTS:
