A college major can significantly impact your career and financial future. While your passion and interests should play a crucial role in choosing a major, it’s also important to consider the earning potential of various fields of study to make an informed decision. After all, your college education is an investment in your future, and it’s wise to know which majors tend to lead to higher-paying jobs.
College majors with the highest median salaries
College majors in STEM (science, technology, engineering, and math) generally have much greater earning potential than other majors. Furthermore, engineering degrees consistently rank among the highest-paying college majors. The new Bankrate study only reaffirms this trend while revealing a gender gap among the most lucrative degrees.
Bankrate analyzed the median salaries of bachelor’s degree holders based on the most recent data from the U.S. Census Bureau’s American Community Survey. According to this study, eight out of the top 10 highest-paying majors are in the engineering field, with electrical engineering and computer engineering topping the list of all majors that make the most money.
Here are the engineering majors with the highest median salaries:
| Engineering College Majors | Median Salaries |
|---|---|
| Electrical engineering | $110,000 |
| Computer engineering | $104,000 |
| Chemical engineering | $100,000 |
| Aerospace engineering | $100,000 |
| Materials engineering and materials science | $98,500 |
| Engineering mechanics, physics, and science | $95,000 |
| Mechanical engineering | $95,000 |
| Industrial and manufacturing engineering | $90,000 |
| Electrical engineering technology | $90,000 |
| Petroleum engineering | $90,000 |
| General engineering | $90,000 |
According to the same study, several non-engineering majors also offer substantial earning potential, with computer science and pharmacy being the two highest-paying non-engineering majors.
Here are the non-engineering majors with the highest median salaries:
| College Majors | Median Salaries |
|---|---|
| Pharmacy, pharmaceutical sciences, and administration | $100,000 |
| Computer science | $100,000 |
| Physics | $90,000 |
| Management information systems and statistics | $89,000 |
| Health and medical preparatory programs | $87,000 |
| Applied mathematics | $85,000 |
| Economics | $85,000 |
| Transportation sciences and technologies | $85,000 |
The highest-paying college majors don’t necessarily mean the most popular ones. According to the National Center of Education Statistics (NCES) data, the three most popular college majors are business, health, and social sciences. These three majors comprise about 40% of the total number of bachelor’s degrees conferred in the 2020-2021 school year.
College majors that make the most right after graduation
A recent Federal Reserve Bank of New York study shows that mainly the same majors that make the most mid-career offer the highest earnings right after college. For this study, the New York Fed analyzed the median salaries of full-time workers with a bachelor’s degree.
As you would expect, eight of the top 10 highest-paying majors within five years of graduation belong to engineering, with chemical engineering majors taking the top spot this time. The only two non-engineering majors in the top 10 are computer science and business analytics.
Here are the majors with the highest median salaries early-career:
| College Majors | Median Salaries (Early Career) |
|---|---|
| Chemical engineering | $75,000 |
| Computer engineering | $74,000 |
| Computer science | $73,000 |
| Aerospace engineering | $72,000 |
| Electrical engineering | $70,000 |
| Industrial engineering | $70,000 |
| Mechanical engineering | $70,000 |
| Miscellaneous engineering | $68,000 |
| Business analytics | $66,000 |
| Civil engineering | $65,000 |
STEM degrees don’t only lead to the highest salaries, both early-career and mid-career, but STEM jobs are also expected to grow much faster than others in the future. According to the 2022-2032 employment projections by the Bureau of Labor Statistics, STEM occupations are projected to grow by almost 11% by 2032.
While salary data can help you get an idea of how much you might earn in a job down the road, the earning potential should not be the sole factor when choosing a college major. Don’t forget that your major should also align with your interests and skills. Ultimately, the key to a successful and fulfilling career lies in pursuing what you love and are good at, as this will drive you to excel and thrive, regardless of your chosen major.
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