The best- and worst-paying college majors, 5 years after graduation (2024)
If you want to make the most money possible right after college, study to be an engineer.
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.
They make roughly double that of the lowest-paid majors, which tend to be degrees in the liberal arts or humanities.
Here are the 16 highest-paying college majors, five years after graduation:
The technical knowledge, mathematical proficiency and problem-solving abilities required in engineering are valuable across many industries. As such, the profession tends to have higher salaries compared with other occupations.
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.
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 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.
Data for this annual study was compiled from U.S. Census data from 2022, the most recent available. The study excludes students currently enrolled in school and is limited to a working population of those ages 25 to 65, with a bachelor's degree or higher.
Want to make extra money outside of your day job?Sign up for CNBC's new online course How to Earn Passive Income Online to learn about common passive income streams, tips to get started and real-life success stories. Register today and save 50% with discount code EARLYBIRD.
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.
Several degrees led to a median salary of $100,000: aerospace engineering, computer science, chemical engineering and pharmacy, pharmaceutical sciences, and administration.
The highest earners with a bachelor's degree tend to be engineering and computer science majors, with median annual salaries of $96,000 and $91,000, respectively. By comparison, a postgraduate degree boosts their annual earnings to $127,000 and $120,000, respectively.
Business. A business degree focuses on the different factors of running a business, including business management, marketing, accounting and human resources. ...
Double Major: Overview. Five years for two bachelor's, five years for a bachelor's and a master's, and three years for two master's. The same amount of time it takes for a single-major degree.
A recent study published in the American Educational Research Journal found that engineering and computer science majors provide the highest returns in lifetime earnings, followed by business, health, and math and science majors.
Introduction: My name is Jeremiah Abshire, I am a outstanding, kind, clever, hilarious, curious, hilarious, outstanding person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.