(Image credit: Getty Images)
No surprise, majoring in engineering and finance yields the biggest paydays five years after graduating college, while majoring in liberal arts or performing arts pays the least. But which specific majors result in the highest and lowest paydays? A recent New York Federal Reserve survey takes a look.
Looking at the broader jobs picture, over 175,000 jobs were added in April, according to the Bureau of Labor Statistics. The strongest growth was in healthcare, food service and local governments, but retail and e-commerce delivery got a boost from warmer weather. Some jobs require no college education, while others require a four-year degree or more.
If you are curious about analytical and technological concepts and enjoy math and science, then you might consider choosing a career in a STEM industry where you can earn some of the highest salaries after five years of graduating. On the other hand, if you prefer to pursue a major in performing and liberal arts or theology, you will likely earn some of the lowest salaries. That's according to the New York Federal Reserve analysis.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Let's take a closer look at the ten highest and ten lowest paying college majors to see what to expect upon graduation.
College majors that pay the most five years after graduation
Swipe to scroll horizontally
| Major | Median Wage Early Career | Median Wage Mid Career |
| Chemical Engineering | $79.000 | $133,000 |
| Computer Engineering | $80,000 | $125,000 |
| Aerospace Engineering | $74,000 | $120,000 |
| Electrical Engineering | $72,000 | $112,000 |
| Mechanical Engineering | $70,000 | $111,000 |
| Computer Science | $78,000 | $110,000 |
| Finance | $66,000 | $104,000 |
| Industrial Engineering | $71,000 | $100,000 |
| General Engineering | $68,000 | $100,000 |
| Miscellaneous Engineering | $68,000 | $100,000 |
College majors that pay the least five years after graduation
Swipe to scroll horizontally
| Major | Median Wage Early Career | Median Wage Mid Career |
| Liberal arts | $38,000 | $65,000 |
| Performing arts | $38,000 | $64,000 |
| Theology and religion | $38,000 | $56,000 |
| Leisure and hospitality | $39,700 | $67,000 |
| General social sciences | $40,000 | $70,000 |
| History | $40,000 | $70,000 |
| Miscellaneous biological science | $40,000 | $68,000 |
| Fine arts | $40,000 | $68,000 |
| Treatment therapy | $40,000 | $67,000 |
| Nutrition sciences | $40,000 | $65,000 |
[Source: U.S. Census Bureau, American Community Survey-2022 data]
With a number of U.S. job seekers considering a career change in 2024, it makes sense to find out which jobs give you the best chance to make the highest wages and show the most or least potential for growth. No matter your passion, or if you plan to pursue a college degree or not, there is a job out there for you.
Related Content
To continue reading this article
please register for free
This is different from signing in to your print subscription
Why am I seeing this? Find out more here
For the past 18+ years, Kathryn has highlighted the humanity in personal finance by shaping stories that identify the opportunities and obstacles in managing a person's finances. All the same, she’ll jump on other equally important topics if needed. Kathryn graduated with a degree in Journalism and lives in Duluth, Minnesota. She joined Kiplinger in 2023 as a contributor.
SPONSORED_HEADLINE
SPONSOREDSPONSORED_STRAPLINE
SPONSORED_BYLINE
FAQs
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. They make roughly double that of the lowest-paid majors, which tend to be degrees in the liberal arts or humanities.
What majors make the most money out of college? ›
10 Highest Paying College Majors for 2024
- Computer Science. A computer science degree teaches you the skills to design, develop, and implement software systems. ...
- Accounting. ...
- Business Administration. ...
- Finance. ...
- Nursing. ...
- Psychology. ...
- Economics. ...
- Healthcare Administration.
College majors that pay the most for mid-career workers
| 1. | Chemical engineering | $133K |
|---|
| 2. | Computer engineering | $125K |
| 3. | Aerospace engineering | $120K |
| 4. | Electrical engineering | $112K |
| 5. | Mechanical engineering | $111K |
11 more rowsMar 14, 2024
9 jobs that pay $100K per year without a degree
- Information systems manager. ...
- Fire chief. ...
- Product manager. ...
- Senior engagement manager. ...
- Radiation therapist. ...
- Computer network architect. ...
- Senior real estate manager. ...
- Technical program manager.
Top 15 Quick Degrees That Pay Well
- Business Administration. A bachelor of business administration is one of the most popular undergraduate degrees. ...
- Communications. ...
- Criminal Justice. ...
- English. ...
- Finance. ...
- Healthcare Administration. ...
- History. ...
- Human Resources.
Table of Contents
- Business Administration.
- Computer Science.
- Psychology.
- Accounting.
- Nursing.
- Finance.
- Economics.
- Healthcare Administration.
If you remain undecided, then consider choosing a general program. Some schools allow for a major in liberal arts or general studies, which includes a deeper dive into numerous subjects. You'll emerge with a four-year degree that can be used for just about anything.
What major makes you a lot of money? ›
Engineering degrees are a common theme on this list. Engineering involves the practical application of math and science, primarily physics, to solve everyday problems. Chemical engineering is a subset with a heavy focus on chemistry. This major is consistently one of the highest-paying.
What degree do most millionaires have? ›
Top 7 degrees that make the most millionaires
- Engineering.
- Economics/Finance.
- Politics.
- Mathematics.
- Computer Science.
- Law.
- MBA.
Five Highest-Paying Bachelor's Degrees
- Petroleum Engineering. The average salary for a petroleum engineer is $131,800. ...
- Aeronautics and Astronautics. ...
- Actuarial Mathematics. ...
- Computer Science. ...
- Business Computing.
Here are the 10 most popular college majors based on NCES data.
- Business. Median Annual Salary (May 2022): $76,850. ...
- Health Professions. Median Annual Salary (May 2022): $77,760. ...
- Social Sciences and History. ...
- Engineering. ...
- Biological and Biomedical Sciences. ...
- Psychology. ...
- Communication and Journalism. ...
- Visual and Performing Arts.
Some popular college majors in high demand include computer science, nursing, engineering, finance, and data science. These fields offer excellent career prospects and competitive salaries. Computer science majors can find jobs in software development, cybersecurity, and IT consulting.
What are 6 figure jobs? ›
32 jobs that pay 6 figures a year
- Biostatistician. ...
- Information systems manager. ...
- Actuary. ...
- Product manager. ...
- Director of finance. ...
- Software developer. ...
- Physician assistant. ...
- Nurse practitioner.
14 six-figure jobs without a college degree requirement
- Data Scientist. Data Scientists analyze raw data and draw meaningful insights that can improve business performance. ...
- Data Engineer. ...
- Business Analyst. ...
- Software Engineer. ...
- Engineering Manager. ...
- Test Engineer. ...
- Cybersecurity Engineer. ...
- Technical Program Manager.
$100,000 a year is how much an hour? If you make $100,000 a year, your hourly salary would be $48.08.
Which degree will pay the highest? ›
The highest-paying degree you can get – according to our graduate data – is one in Dentistry. It's a specialised and vocational subject area, where most graduates find professional work in a dental-related role soon after completing their studies.
Which degree has the lowest starting pay? ›
On average the top earning courses in terms of starting salary were medicine and dentistry; engineering and technology; economics; computer science; and education. The lowest earning courses were psychology; English; design and creative arts; biological sciences; and history and philosophy.
What major makes you the richest? ›
Top 7 degrees that make the most millionaires
- Engineering.
- Economics/Finance.
- Politics.
- Mathematics.
- Computer Science.
- Law.
- MBA.
The top three regret-free majors, all above 70%, are computer and information sciences, criminology, and engineering. Graduates strongly tied their sentiments toward their majors to job prospects, ZipRecruiter found. They're also less likely to regret pursuing quantitative fields.
