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No surprise, majoring in engineering and finance yields the biggest paydays five years after graduating college, while majoring in liberal arts or performing arts pays the least. But which specific majors result in the highest and lowest paydays? A recent New York Federal Reserve survey takes a look.
Looking at the broader jobs picture, over 275,000 jobs were added in February, according to the Bureau of Labor Statistics. The strongest growth was in healthcare, food service and local governments, but retail and e-commerce delivery got a boost from warmer weather. Some jobs require no college education, while others require a four-year degree or more.
If you are curious about analytical and technological concepts and enjoy math and science, then you might consider choosing a career in a STEM industry where you can earn some of the highest salaries after five years of graduating. On the other hand, if you prefer to pursue a major in performing and liberal arts or theology, you will likely earn some of the lowest salaries. That's according to the New York Federal Reserve analysis.
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Let's take a closer look at the ten highest and ten lowest paying college majors to see what to expect upon graduation.
College majors that pay the most five years after graduation
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| Major | Median Wage Early Career | Median Wage Mid Career |
| Chemical Engineering | $79.000 | $133,000 |
| Computer Engineering | $80,000 | $125,000 |
| Aerospace Engineering | $74,000 | $120,000 |
| Electrical Engineering | $72,000 | $112,000 |
| Mechanical Engineering | $70,000 | $111,000 |
| Computer Science | $78,000 | $110,000 |
| Finance | $66,000 | $104,000 |
| Industrial Engineering | $71,000 | $100,000 |
| General Engineering | $68,000 | $100,000 |
| Miscellaneous Engineering | $68,000 | $100,000 |
College majors that pay the least five years after graduation
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| Major | Median Wage Early Career | Median Wage Mid Career |
| Liberal arts | $38,000 | $65,000 |
| Performing arts | $38,000 | $64,000 |
| Theology and religion | $38,000 | $56,000 |
| Leisure and hospitality | $39,700 | $67,000 |
| General social sciences | $40,000 | $70,000 |
| History | $40,000 | $70,000 |
| Miscellaneous biological science | $40,000 | $68,000 |
| Fine arts | $40,000 | $68,000 |
| Treatment therapy | $40,000 | $67,000 |
| Nutrition sciences | $40,000 | $65,000 |
[Source: U.S. Census Bureau, American Community Survey-2022 data]
With a number of U.S. job seekers considering a career change in 2024, it makes sense to find out which jobs give you the best chance to make the highest wages and show the most or least potential for growth. No matter your passion, or if you plan to pursue a college degree or not, there is a job out there for you.
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For the past 18+ years, Kathryn has highlighted the humanity in personal finance by shaping stories that identify the opportunities and obstacles in managing a person's finances. All the same, she’ll jump on other equally important topics if needed. Kathryn graduated with a degree in Journalism and lives in Duluth, Minnesota. She joined Kiplinger in 2023 as a contributor.
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FAQs
Engineering degrees took nine out of 10 spots on the list of the 10 highest paying college majors, five years after graduation. No surprise, majoring in engineering and finance yields the biggest paydays five years after graduating college, while majoring in liberal arts or performing arts pays the least.
How can I make $100000 a year without a college degree? ›
9 jobs that pay $100K per year without a degree
- Information systems manager. National average salary: $96,173 per year Primary duties: An information systems manager oversees and implements information technology (IT) within a company. ...
- Fire chief. ...
- Product manager. ...
- Senior engagement manager. ...
- Radiation therapist.
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 pay more than $75,000 annually.
What majors make the most money right out of college? ›
Computer engineering majors topped the list of highest earners right after college, making a median annual wage of $80,000, according to the Federal Reserve Bank of New York. According to 2022 data from the Bureau of Labor Statistics (BLS), computer engineers (hardware) earned a median salary of $132,360.
What is the lowest paid major? ›
According to the analysis, published by the Federal Reserve Bank of New York, students who majored in liberal arts, performing arts, or theology and religion, had the lowest salaries within five years of graduating college. All three majors made $38,000 early in their careers.
What are 3 college majors that pay off the least? ›
Students who major in liberal arts, performing arts and theology earn the lowest salaries within five years of graduating from college, a recent New York Federal Reserve analysis reveals. All three majors made a median annual income of $38,000, the lowest out of the 75 majors in the study.
What are 6 figure jobs? ›
Common six-figure jobs
- Healthcare worker. ...
- Business management. ...
- Technology and computer-related roles. ...
- Lawyer. ...
- Real estate. ...
- Set career goals. ...
- Negotiate your salary. ...
- Network and look for the right opportunities.
work from home no degree 80k jobs
- Dental Hygienist. Hiring multiple candidates. ...
- HVAC SERVICE TECHNICIANS. Swan Home Comfort. ...
- Manager Trainee - South Hattiesburg. New. ...
- Outside Sales Professional. ...
- Cost Accounting Analyst. ...
- What are your desired job types? ...
- Procurement Manager. ...
- Entry Level Business Sales Role – 80k.
150k no degree jobs in remote
- Account Executive. ...
- AD Sales Operations. ...
- Senior Quantitative Analyst. ...
- Senior Product Manager-Database Migration. ...
- Lead Engineer / Manager – Information Security. ...
- Strengthen your profile. ...
- Enterprise Account Executive, Outbound - E-Commerce SaaS. ...
- Senior Identity & Access Management Architect - Remote.
Business is the most common major, with nearly one-fifth of all bachelor's degree recipients choosing this path. Business majors include several areas of study, such as business administration, management, and marketing.
Engineering degrees are a common theme on this list. Engineering involves the practical application of math and science, primarily physics, to solve everyday problems. Chemical engineering is a subset with a heavy focus on chemistry. This major is consistently one of the highest-paying.
What major makes you rich? ›
1. Engineering. While it's possibly not one of the most predictable entry placements on our list, engineering takes the top spot, yielding a greater number of millionaires than any other degree subject, according to Spear's and WealthInsight.
What 4 year degree makes 6 figures? ›
Jobs that pay six figure salaries and require only a bachelor's degree
- Construction managers: $101,480.
- Medical and health services managers: $104,830.
- Art directors: $105,180.
- Actuaries: $113,990.
- Computer network architects: $126,900.
- Medical dosimetrists: $128,970.
- Human resources managers: $130,000.
If you remain undecided, then consider choosing a general program. Some schools allow for a major in liberal arts or general studies, which includes a deeper dive into numerous subjects. You'll emerge with a four-year degree that can be used for just about anything.
What degree pays the most? ›
Highest paying college majors in the U.S.
- Electrical engineering. $121,600.
- Computer science. $108,500.
- Mechanical engineering. $106,200.
- Economics. $101,400.
- Engineering. $100,600.
- Finance. $99,900.
- Civil engineering. $99,660.
- Chemistry. $94,680.
What Is an Easy Bachelor's Degree to Get?
| Career | Median Annual Salary | Degree |
|---|
| Police and Detectives | $66,020 | Criminal Justice |
| Technical Writers | $78,060 | English |
| Financial Managers | $131,710 | Finance |
| Health Services Managers | $101,340 | Healthcare Administration |
11 more rowsTop 20 College majors with the highest salaries
- Business Administration. ...
- Information Systems and Management.
- Mathematics. ...
- International Relations. ...
- Architecture. ...
- Biochemistry. ...
- Chemistry. ...
- Marketing. For liberal-arts-leaning students, marketing can be a higher-paying major with a focus on those skills.
On average the top earning courses in terms of starting salary were medicine and dentistry; engineering and technology; economics; computer science; and education. The lowest earning courses were psychology; English; design and creative arts; biological sciences; and history and philosophy.
Which major is the most worth it? ›
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.
