College Majors That Make the Most Money

college majors that make the most money

What College Majors Make the Most Money?

College majors that lead to high-paying careers often involve specialized skills, advanced education, and strong demand in the job market. While earning potential can vary based on factors such as experience, location, and industry, here are some college majors that are commonly associated with high salaries:

  1. Engineering:
    • Petroleum Engineering
    • Chemical Engineering
    • Electrical Engineering
    • Computer Engineering
    • Aerospace Engineering
    • Mechanical Engineering
  2. Computer Science and Information Technology:
    • Computer Science
    • Software Engineering
    • Information Technology
    • Data Science
    • Cybersecurity
  3. Business and Management:
    • Finance
    • Accounting
    • Management Information Systems (MIS)
    • Economics
    • Marketing
    • Actuarial Science
  4. Healthcare:
    • Physician Assistant Studies
    • Nursing (especially Nurse Anesthetist or Nurse Practitioner)
    • Pharmacy
    • Dentistry
    • Optometry
    • Physical Therapy
  5. Mathematics and Statistics:
    • Actuarial Science
    • Applied Mathematics
    • Statistics
  6. Physical Sciences:
    • Physics
    • Chemistry
    • Geology
  7. Construction Management:
    • Construction Management
    • Civil Engineering Technology
  8. Information Systems and Technology Management:
    • Information Systems Management
    • Technology Management
  9. Architecture:
    • Architecture
    • Landscape Architecture
  10. Agricultural Engineering and Food Science:
    • Agricultural Engineering
    • Food Science and Technology

These majors often lead to lucrative careers in industries such as engineering, technology, finance, healthcare, and management. However, it's important to consider factors beyond salary when choosing a major, such as your interests, values, and long-term career goals. Additionally, gaining relevant experience through internships, co-op programs, and extracurricular activities can enhance your earning potential and job prospects regardless of your chosen major.

 

The earning potential associated with different college majors can vary widely depending on factors such as industry demand, job market trends, geographic location, level of education, and individual experience. While there is no guarantee that choosing a specific major will lead to high earnings, certain fields tend to offer higher average salaries than others. Here are some college majors that are often associated with higher earning potential:

  1. Engineering: Engineering majors, such as Petroleum Engineering, Chemical Engineering, Electrical Engineering, and Computer Engineering, often command high salaries due to their technical expertise and demand in industries like energy, technology, and manufacturing.
  2. Computer Science: Computer Science majors are in high demand in the technology sector, with roles such as software developer, data scientist, and cybersecurity analyst offering competitive salaries.
  3. Business Administration and Management: Majors in fields like Finance, Accounting, Marketing, and Management can lead to lucrative careers in finance, consulting, corporate leadership, and entrepreneurship.
  4. Healthcare and Medicine: Majors such as Nursing, Pharmacy, Physician Assistant Studies, and Biomedical Engineering are associated with high-paying careers in healthcare, particularly as demand for healthcare professionals continues to grow.
  5. Information Technology: Majors in Information Technology, Information Systems, and Computer Information Systems can lead to well-paying roles in areas such as IT management, network administration, and database administration.
  6. Economics and Finance: Majors in Economics, Finance, and Actuarial Science can lead to lucrative careers in banking, investment management, insurance, and financial analysis.
  7. Mathematics and Statistics: Majors in Mathematics, Statistics, and Actuarial Science can lead to high-paying roles in fields such as data analysis, risk management, and quantitative finance.
  8. Petroleum Geology and Mining Engineering: Majors in Petroleum Geology and Mining Engineering can lead to lucrative careers in the energy and natural resources sectors.

It's important to note that while these majors are often associated with higher earning potential, individual salaries can vary based on factors such as job experience, geographic location, industry specialization, and negotiation skills. Additionally, pursuing a major solely for its potential to generate income may not lead to long-term satisfaction if it does not align with your interests, values, and career goals. It's essential to choose a major that both interests you and offers opportunities for professional growth and fulfillment.

What college majors make the most money?  What college majors are worth it?  While money is just one factor in a satisfying career, it is an important consideration.  When considering money as a factor in major and degree choice, it is helpful to take the following into account:

What is the career outlook, both short and long term?

What impact could technology such as Artificial Intelligence (AI) and other factors have on the job market in long term?

What are the advancement opportunities?

What is the salary as a new hire, mid-career, and earning potential over a lifetime?

What are the earning potentials for Bachelors degree only vs. Masters or Doctoral graduate degrees?  Some undergraduate majors in pre-professional, or pre-graduate degree programs have lower earning potential on their own, though they lead to high income jobs after graduate school.

Where you go to college can sometimes make you more or less money, even with the same major or degree.  Check out the College Scorecard to compare earning potential by degree and school.

Here are some resources to research these issues...

Careers with salaries

Occupational Outlook Handbook provides salary

Payscale

Salary.com

US Census

The College Scorecard is a free tool that lets you compare earning potential by degree and school.

 

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)

 

  1. Surgeons

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

 

  1. Oral and maxillofacial surgeons

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

 

  1. Obstetricians and gynecologists

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

 

  1. Orthodontists

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

 

  1. Prosthodontists

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

 

  1. Psychiatrists

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

 

  1. Family medicine physicians

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

 

  1. General internal medicine physicians

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

 

  1. Chief executives

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

 

  1. Pediatricians, general

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

 

  1. 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)

 

  1. 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)

 

  1. Petroleum engineers

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

 

  1. Computer and information systems managers

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

 

  1. Architectural and engineering managers

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

 

  1. Marketing managers

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

 

  1. Financial managers

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

 

  1. 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:

 

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