The College Degrees You Should Have Gotten

STEM degrees are top, but liberal arts plus grad school can also do it

Fact checked by Timothy LiReviewed by Colleen RamosFact checked by Timothy LiReviewed by Colleen Ramos

The price of a college education these days is enough to make even the most well-heeled students gulp. So it’s worth thinking of your degree as an investment in your future, not just the next hurdle you have to get over in order to land that first job. 

The most valuable degrees are the ones that not only provide an immediate payoff after college but also long-term career satisfaction and the possibility of earnings growth. The degrees that can produce those kinds of results include engineering, nursing, computer science, math, science, business (accounting and finance), and humanities/social sciences. Below, we discuss these in detail.

Key Takeaways

• STEM (science, technology, engineering, and math) degrees dominate the list of collegiate programs that lead to top-paying careers.
• While some bachelor’s degrees in the humanities and social sciences don’t typically offer high salaries, they can provide a foundation for a graduate degree and a more lucrative career.
• The value of a college degree is not only measured by the starting salary but also by the potential for long-term wage growth.

Engineering

If you’re a born problem-solver, engineering might be the ideal degree. Several specialties rank near the top of the list when it comes to high-earning college programs. For example, degrees in petroleum engineering prepare you to design systems for extracting underground oil and gas deposits. A bachelor’s in the field will yield an average salary of $104,355 and may earn you as much as $211,000, with bonuses and profit sharing according to the website Payscale, based on data from July 23, 2023.

Other lucrative bachelor’s degrees include operations research and industrial engineering, which focus on the efficient management of human capital and equipment within a business. Even those with just an undergraduate degree generate an average base salary of $106,000.

Other top-paying degrees include systems engineering—a program that focuses on the management of electrical, mechanical, and other complex systems—as well as marine engineering and aeronautical engineering. As of 2021 (the most recent data available), per the Bureau of Labor Statistics, chemical engineers earned a median income of $105,550, or $50.75 per hour.

Nursing

Some of the highest-paying jobs in the country are in the healthcare sector. But you don’t need to become a doctor to bring home a very respectable paycheck. A degree in nursing, for example, provides a competitive salary with a lot less schooling. Registered nurses had a median pay of $77,600 in 2021 according to the Bureau of Labor Statistics (BLS).

While wage growth is a little more tepid than in some fields, there are plenty of opportunities to cash in later in your career. Those who go on to get their master’s degree, for example, can become nurse practitioners, and earn a salary of $123,780, based on the median salary from 2021 from the BLS.

Those who go into nursing management can also do well for themselves. Nursing directors, for example, earn $90,697 a year, on average, according to Payscale data from March 21, 2023.

As of May 2021, the long-term outlook for nurses is particularly rosy, with the BLS predicting 6% employment growth between 2021 and 2031, while jobs for nurse practitioners are expected to grow by 40%. The trend is driven in large part by the aging population.

Computer Science

There are many different occupations within the computer and information technology field. Employers are willing to pay big bucks for people who know how to program software, manage computer systems, and manipulate data. 

According to the job-search site Indeed, the average person with a computer science degree earns about $108,145, as of data from July 27, 2023, although there is a large range of what someone with this degree might make, based on location and job title.

Below are the median salaries for various IT positions in 2021, according to the BLS.

Math 

Private companies and governments have massive amounts of data at their disposal, which means they’re in need of professionals who can make sense of it all. It’s one of the reasons why a degree in math is the gateway to a broad array of rewarding jobs. 

For example, an actuary assesses financial risks for investment and insurance companies. Actuaries earned a median salary of $105,900 in 2021, according to the BLS. Actuaries have to pass a ladder of certifying exams, both during and after college, to reach the highest levels of their field. 

A statistician usually requires at least a master’s degree and is paid a median salary of $95,570 per year in 2021. Both actuaries and statisticians have great employment growth prospects with a 21% and 31% expected growth rate between 2021 and 2031, respectively.

Science

Science-related jobs represent some of the most well-compensated positions in the workforce. A bachelor’s degree in aeronautics or astronautics, for instance, will yield an average salary of $92,000 according to Payscale, as of March 2023.

Of course, a bachelor’s degree in biology or a related science can also be a great springboard for some high-demand careers in healthcare. A microbiologist, for example, with a bachelor’s degree earned a median pay of $79,260 in 2021, according to the BLS.

Those who go on to medical school will earn a median salary of $224,460 if they become family medicine physicians who provide preventative care for patients and refer them to specialists when needed, based on May 2022 data from the BLS.

For those who specialize, the salary can vary. A dentist earned a median salary of $163,220 in 2021, while optometrists, who treat eye conditions, earned $124,300 according to the BLS.

Chiropractors earned $75,000 in 2021, while a physician assistant earns an average salary of $121,530 and only requires a master’s degree.

The salaries for other science and medical-related jobs, some of which don’t need a college degree, are listed below according to 2021 data from the BLS.

Business

While top leadership positions in business often require an MBA, even an undergraduate degree can be lucrative if you select the right one. There are several majors that are typically included within the business school of most universities, including accounting, finance, and business administration or management.

Accounting

In 2021, the median salary for accountants and auditors with a bachelor’s degree was $77,250. Public accountants that prepare financial statements for individuals and corporations while employed at an accounting firm would be required to become certified public accountants (CPAs), which requires passing a four-part test on various accounting theories, rules, practices, and terms. CPAs have an average salary of $95,000, as of July 2023.

Finance

Finance majors have several choices to specialize in that include becoming a financial analyst. An FA is responsible for helping companies and financial institutions choose high-performing investments. An FA’s median salary in 2021 for those with a bachelor’s degree is $95,570; however, many FAs must be certified as a chartered financial analyst (CFA) before they can offer investment advice.

Important

Getting a job in finance does not require a major in a related field, such as finance or economics, as much of the work is taught on the job.

A financial manager can work in insurance, securities, and investments as well as manage the accounting process for a corporation. According to the BLS, the median salary was $131,710 in 2021 for finance managers.

Per BLS data for 2021, insurance underwriters earned a median of $76,390, while loan officers earned $63,380, which possibly have either an accounting or finance degree.

Personal financial advisors typically have a bachelor’s degree and earned a median salary of $94,170 in 2021 per the BLS, but they may have obtained certification as well, such as a certified financial planner (CFP) designation.

Humanities and Social Sciences

You may not associate degrees in English, philosophy, or sociology with big-money jobs after college, but the critical thinking and communication skills they help develop can be valuable down the road. These degrees are sought-after in MBA and other graduate programs, where those qualities can lead to more insightful, outside-the-box perspectives.

One often-overlooked option is a degree in political science. It’s beneficial if you plan on working in the public sector, of course, but it’s also a powerful stepping-stone into other fields, such as finance or the law—and attorneys made a median salary of $127,990 in 2021, according to the BLS.

Another potentially high-paying field within the social science umbrella: economics. Professionals who are capable of analyzing complex economic data earned a median of $105,630 in 2021, according to the BLS; however, many jobs in this discipline require a master’s degree or higher. 

What Is the Highest-Paying College Major?

The highest-paying college major in 2023 is engineering, with graduates earning between $65,000 and $70,000 right after college.

What Is the Most Popular College Major?

According to the National Center for Education Statistics, the most popular college major is business. After that, it is the health professions, then the social sciences and history.

What Are the Best College Majors for the Future?

The best college majors in 2023 for the future include petroleum engineering, cybersecurity, nuclear engineering, software engineering, and physics.

The Bottom Line

The best college degree is one that combines your interests and skills and coincides with market demand and earnings potential. Don’t rely on assumptions about careers perceived as high-paying. Instead, it’s important to do the research to find out what specific fields offer in terms of hiring rates, starting salary, and average mid-career earnings.

In most cases, your resume is the first thing an employer sees. Make sure yours is the best it can be to ensure you have the best chance of landing a good job. Be sure yours has the keywords and format that will get you past the computer screening that many employers use.

And if this process and your first years of working leave you wishing you could rewrite history, you can. There are plenty of opportunities to switch fields, but it may entail more education and more education debt. At least you should get credit for many of the courses you took in your first round of college.

Read the original article on Investopedia.