Majors that make the most money

What are the College Majors that make the most money?

 

Earning a good salary upon completion of an undergraduate program of study is the first step to ensuring future financial security.  According to the U.S. Bureau of Labor Statistics, those students choosing to major in a health and medical field of study (also requiring advanced study beyond a four-year degree program) fare the best relative to a lifetime mid-career average annual wage.  However, STEM (science, technology, engineering, and math) majors also fared well in this respect.  Students should not exclude majoring in social sciences, the humanities, the arts, and education as these fields of study can certainly lead to very lucrative professions.  Regardless of the major, your course of study heavily influences your lifetime earning potential.  So, it is best to plan wisely when considering the cost of higher education, your career goals, and projected earning capacity.  The following information and statistics may help students in their thought process relative to choosing a major and program duration.

 

Whether you are returning to college or embarking on your initial college journey, there is room to realize a very good income with an earned associate degree.  Choosing the right major for a two-year degree is not only a great way to kick-off your career, but also is integral to determining your lifetime potential earning power.  Healthcare, technology, and engineering fields currently lead the way in this respect. Rounding off the highest paying wages at mid-career held by those with an earned associate degree are Physician Assistant Studies ($98,400), Radiation Therapy ($93,300), and Software Engineering ($90,700).

 

With an earned bachelor’s degree, those students who majored in one of the STEM-focused fields of study continue to be in the higher paying career fields.  The highest Mid-career average earnings are in the Petroleum Engineering major ($176,900), Electrical Engineering and Computer Sciences majors ($142,200), and Applied Economics and Management majors ($140,000).

 

Looking at data from the graduating class of 2020, there are some interesting stats relative to entry-level salaries based on degree upon graduation irrespective of major:

 

• Associate degree: average starting annual salary of approximately $44,000.
• Bachelor’s degree: average starting annual salary of approximately $56,500.
• Master’s degree: average starting annual salary of approximately $71,300
• Doctorate degree: average starting annual salary of approximately $85,100.

 

Because of the nation-wide pandemic of 2020-2022, the stats for 2021 are up only slightly from 2020.  However, it is worth noting that the highest paid average starting salary of majors with a bachelor’s degree is as follows:

 

• Computer and Information Sciences: approximately $81,000.
• Engineering fields: approximately $71,500.
• Math and Statistics: approximately $68,500.
• Business: approximately $57,000.
• Health Professions and Related Programs: approximately $54,000.

 

Using data updated in March 2020 and considering strictly the mean annual mid-career salary (irrespective of higher education or career preparation), the Bureau of Labor Statistics ranked the current 100 highest-paying jobs in America according to the mean annual wage.  Rounding out the top 20 highest-paying jobs include those occupation where a major area of study led to a career in business, aeronautics, engineering, computer systems, and natural science.

 

1. Anesthesiologists

- Mean annual wage: $261,730
- Mean hourly wage: $125.83
- Employment: 31,010 (0.21 per 1,000 jobs)

 

2. Surgeons

- Mean annual wage: $252,040
- Mean hourly wage: $121.17
- Employment: 36,270 (0.25 per 1,000 jobs)

 

3. Oral and maxillofacial surgeons

- Mean annual wage: $237,570
- Mean hourly wage: $114.21
- Employment: 4,650 (0.03 per 1,000 jobs)

 

4. Obstetricians and gynecologists

- Mean annual wage: $233,610
- Mean hourly wage: $112.31
- Employment: 18,620 (0.13 per 1,000 jobs)

 

5. Orthodontists

- Mean annual wage: $230,830
- Mean hourly wage: $110.98
- Employment: 5,990 (0.04 per 1,000 jobs)

 

6. Prosthodontists

- Mean annual wage: $220,840
- Mean hourly wage: $106.17
- Employment: 490 (0.00 per 1,000 jobs)

 

7. Psychiatrists

- Mean annual wage: $220,430
- Mean hourly wage: $105.98
- Employment: 25,530 (0.17 per 1,000 jobs)

 

8. Family medicine physicians

- Mean annual wage: $213,270
- Mean hourly wage: $102.53
- Employment: 109,370 (0.75 per 1,000 jobs)

 

9. General internal medicine physicians

- Mean annual wage: $201,440
- Mean hourly wage: $96.85
- Employment: 44,610 (0.30 per 1,000 jobs)

 

10. Chief executives

- Mean annual wage: $193,850
- Mean hourly wage: $93.20
- Employment: 205,890 (1.40 per 1,000 jobs)

 

11. Pediatricians, general

- Mean annual wage: $184,410
- Mean hourly wage: $88.66
- Employment: 29,740 (0.20 per 1,000 jobs)

 

12. Nurse anesthetists

- Mean annual wage: $181,040
- Mean hourly wage: $87.04
- Employment: 43,570 (0.30 per 1,000 jobs)

 

13, Dentists, general

- Mean annual wage: $178,260
- Mean hourly wage: $85.70
- Employment: 110,730 (0.75 per 1,000 jobs)

 

14. Airline pilots, copilots, and flight engineers

- Mean annual wage: $174,870
- Mean hourly wage: data not available
- Employment: 84,520 (0.58 per 1,000 jobs)

 

15. Petroleum engineers

- Mean annual wage: $156,780
- Mean hourly wage: $75.37
- Employment: 32,620 (0.22 per 1,000 jobs)

 

16. Computer and information systems managers

- Mean annual wage: $156,390
- Mean hourly wage: $75.19
- Employment: 433,960 (2.96 per 1,000 jobs)

 

17. Architectural and engineering managers

- Mean annual wage: $152,930
- Mean hourly wage: $73.52
- Employment: 194,250 (1.32 per 1,000 jobs)

 

18. Marketing managers

- Mean annual wage: $149,200
- Mean hourly wage: $71.73
- Employment: 263,680 (1.80 per 1,000 jobs)

 

19. Financial managers

- Mean annual wage: $147,530
- Mean hourly wage: $70.93
- Employment: 654,790 (4.46 per 1,000 jobs)

 

20. Natural sciences managers

- Mean annual wage: $145,450
- Mean hourly wage: $69.93
- Employment: 67,720 (0.46 per 1,000 jobs)

 

Rounding out the top 100 careers where a major area of study can lead to a high-paying occupation are the following:

 

21. Lawyers - Mean annual wage: $145,300
22. Podiatrists - Mean annual wage: $142,680
23. Advertising and promotions managers - Mean annual wage: $141,890
24. Sales managers - Mean annual wage: $141,690
25. Compensation and benefits managers - Mean annual wage: $134,210
26. Physicists - Mean annual wage: $131,080
27. Law teachers, postsecondary - Mean annual wage: $129,950
28. Human resources managers - Mean annual wage: $129,570
29. Judges, magistrate judges, and magistrates - Mean annual wage: $128,550
30. Purchasing managers - Mean annual wage: $128,400
31. Computer and information research scientists - Mean annual wage: $127,460
32. Pharmacists - Mean annual wage: $125,510
33. Training and development managers - Mean annual wage: $123,470
34. General and operations managers - Mean annual wage: $123,030
35. Computer hardware engineer - Mean annual wage: $123,030
36. Optometrists - Mean annual wage: $122,980
37. Astronomers - Mean annual wage: $122,270
38. Health specialties teachers, postsecondary - Mean annual wage: $121,620
39. Actuaries - Mean annual wage: $120,970
40. Nuclear engineers - Mean annual wage: $120,700
41. Political scientists - Mean annual wage: $120,260
42. Air traffic controllers - Mean annual wage: $120,140
43. Personal financial advisors - Mean annual wage: $119,290
44. Aerospace engineers - Mean annual wage: $119,220
45. Economics teacher, postsecondary - Mean annual wage: $119,160
46. Chemical engineers - Mean annual wage: $117,090
47. Economists - Mean annual wage: $116,630
48. Medical and health services managers - Mean annual wage: $115,160
49. Industrial production managers - Mean annual wage: $115,110
50. Computer network architects - Mean annual wage: $115,110
51. Sales engineers - Mean annual wage: $112,780
52. Physician assistants - Mean annual wage: $112,410
53. Education administrators, postsecondary - Mean annual wage: $112,400
54. Engineering teachers, postsecondary - Mean annual wage: $112,110
55. Nurse practitioners - Mean annual wage: $111,840
56. Software developers/software quality assurance analysts and testers - Mean annual wage: $111,620
57. Industrial-organizational psychologists - Mean annual wage: $111,150
58. Electronics engineers, except computer - Mean annual wage: $110,210
59. Art directors - Mean annual wage: $109,600
60. Nurse midwives - Mean annual wage: $108,810
61. Geoscientists, except hydrologists and geographers - Mean annual wage: $108,350
62. Biochemists and biophysicists - Mean annual wage: $108,180
63. Mathematicians - Mean annual wage: $107,280
64. Business teachers, postsecondary - Mean annual wage: $105,440
65. Construction managers - Mean annual wage: $105,000
66. Veterinarians - Mean annual wage: $104,820
67. Information security analysts - Mean annual wage: $104,210
68. Electrical engineers - Mean annual wage: $103,480
69. Transportation, storage, and distribution managers - Mean annual wage: $103,320
70. Commercial pilots - Mean annual wage: $102,870
71. Atmospheric, earth, marine, and space sciences teachers, postsecondary - Mean annual wage: $102,690
72. Political science teachers, postsecondary - Mean annual wage: $102,290
73. Physics teachers, postsecondary - Mean annual wage: $101,110
74. Nuclear power reactor operators - Mean annual wage: $100,990
75. Materials scientists - Mean annual wage: $100,430
76. Education administrators, elementary and secondary school - Mean annual wage: $100,340
77. Administrative law judges, adjudicators, and hearing officers - Mean annual wage: $100,230
78. Architecture teachers, postsecondary - Mean annual wage: $98,980
79. Medical scientists, except epidemiologists - Mean annual wage: $98,770
80. Marine engineers and naval architects - Mean annual wage: $98,730
81. Biological science teachers, postsecondary - Mean annual wage: $98,700
82. Computer science teachers, postsecondary - Mean annual wage: $98,430
83. Agricultural engineers - Mean annual wage: $98,290
84. Materials engineers - Mean annual wage: $97,890
85. Agents and business managers of artists, performers, and athletes - Mean annual wage: $97,170
86. Atmospheric and space scientists - Mean annual wage: $97,160
87. Bioengineers and biomedical engineers - Mean annual wage: $97,090
88. Mining and geological engineers, including mining safety engineers - Mean annual wage: $96,990
89. Computer systems analysts - Mean annual wage: $96,160
90. Database administrators and architects - Mean annual wage: $96,110
91. Statisticians - Mean annual wage: $95,680
92. Management analysts - Mean annual wage: $95,560
93. Funeral home managers - Mean annual wage: $95,220
94. Anthropology and archeology teachers, postsecondary - Mean annual wage: $95,140
95. First-line supervisors of police and detectives - Mean annual wage: $94,950
96. Health and safety engineers, except mining safety engineers and inspectors - Mean annual wage: $94,810
97. Civil engineers - Mean annual wage: $94,360
98. Environmental engineers - Mean annual wage: $94,220
99. Producers and directors - Mean annual wage: $93,940
100. Mechanical engineers - Mean annual wage: $93,540

 

In any career, it takes time to achieve a strong, consistent earning power so it is important for students (and their families) to make smart decisions on not only choosing a major but also about how much money is sensible when it comes to paying for college.  Since student debt it at record levels, performing due diligence on the awareness of future salary potential and thriving career fields is imperative.