An answer to the question whether bearing the hassles and costs of joining university institutions is worth it or not, here is a list of the best university majors in terms of salary.
With nearly 20 million students enrolled in tertiary education institutions, earning a bachelor's degree has become a regular rite of passage for many young professionals before entering the job market. But rising college fees and increasing student loan debt to pay the bills and requirements have started people wondering whether or not a college education is worth it.
The good news is that a college degree, whether it's in mathematics, statistics, or physics leads to better economic outcomes. A spokesperson for job search site CareerBuilder explained, “While each student may consider their placement independently by taking into account student loans and other financial constraints, a tight job market presents a positive outlook for recent graduates regardless of their chosen major.”
Data from the Bureau of Labor Statistics supports this, showing that higher educational attainment correlates with higher earnings and lower unemployment. Bachelor's degree holders who work full-time earn a median annual salary of $60,996, while high school graduates who have not attended college earn $37,024 annually. Undergraduate degrees provide graduates with the possibility of obtaining higher incomes and salaries, for example professional degrees such as an MBA, a Doctor of Law, or a dental surgery certificate are the most lucrative. Similarly, those with a bachelor's degree or higher degrees had unemployment rates below 2.5 percent, while those with only a high school diploma had an unemployment rate of 4.6 percent.
In this article, we will talk about the importance of a good choice of university majors that can pave the way for you in the job market, and we will get to know a detailed list of the best university majors in terms of salary that you should consider.
What is the importance of a good choice of university majors?
In the 2016-2017 academic year, a record 1.96 million students graduated from colleges with a bachelor's degree. The most popular majors were associated with business (381,000 degrees), health professions (238,000 degrees), social sciences and history (159,000 degrees), psychology (117,000 degrees), biological and medical sciences (117,000 degrees), and engineering (116,000 degrees). Science, technology, engineering, and mathematics (STEM) fields account for just under 20 percent of all disciplines.
Despite the positive economic effects of higher education, not all fields of undergraduate study are of equal importance. Choosing a major can have a huge long-term impact when it comes to salary and potential income.
“Candidates with highly specialized skills, such as in finance, accounting or technology, are more likely to earn higher starting salaries,” explained Michael Steinitz, CEO of Accountemps, of Robert Half. This is something to consider when choosing a major of study.
Interestingly, some of the top paying college majors (mostly in business and engineering) haven't grown in popularity much over the years. In addition, women and ethnic minorities are underrepresented in some of these disciplines. This suggests that major may be a contributing factor to long-term gender gaps in income. About two-thirds of bachelor's degrees in science, technology, engineering, and mathematics are awarded to men, and more than 60 percent of students pursuing STEM degrees are also considered white. Encouraging more students, especially women and minorities, to earn STEM degrees can further diversify the workforce and help close wage gaps.
To find out which college majors pay best, private tutoring company HeyTutor analyzed data from the U.S. Census Bureau and the National Center for Education Statistics. HeyTutor looked at the average early-career wage, the median mid-career wage, the unemployment rate, and the underemployment rate for the most popular college majors.
To control educational attainment, wage data takes into account earnings of workers with college degrees only, not workers with graduate or professional degrees. All of the majors included in the list of the best college majors in terms of salary offer early-career average starting wages that are higher than the average for all undergraduate degrees ($40,000), and the median mid-career average wage also exceeds That's for all bachelor's degrees (68,000 USD). Most of the top paying college majors in the following list are in science, technology, engineering, and mathematics (STEM) and business fields, with engineering majors receiving the highest salaries of all fields.
While this data can help create a clear and inspiring vision for some students, it should not discourage students from pursuing their passion if they are in fields outside of the disciplines listed here. Also, the statistics presented here are averages, and any individual may significantly outperform and sometimes fall behind these criteria. For example, a research report conducted at Georgetown University by Dr. Anthony asserted that “while a field of study is important, it does not control an individual’s financial destiny—there is great disparity in earnings within the same disciplines.” In addition, salary is one factor, among many, that students should consider when deciding which undergraduate majors to choose.
When asked how students should absorb this information, Steinitz suggested that “it's always good to pursue a passion, so that your first job doesn't need to be an ideal one. Gaining experience, creating new connections, and learning from them are important qualities when starting a career.”
Here, from the article, is a list of the best college majors in terms of salary that you can choose from if you are still a student or if you intend to complete your university study path in order to develop your skills and grow your income.
What are the best university majors in terms of salary?
Medical technicians:
- Median early career wage: $42,600.
- Median mid-career wage: $64,000.
- Unemployment rate: 1.0%.
- Underemployment rate: 50.9%.
- Postgraduate follow-up rate: 24.3%.
Medical technician programs are among the only health-related majors on this list. These programs teach students how to collect and analyze health data using medical laboratory procedures. Course topics typically include mathematics, medical computer applications, hematology, medical microbiology, immunological hematology, immunology, clinical chemistry, and general laboratory practices. At 1.0 percent, medical technician majors have the lowest unemployment rate on this list.
International Affairs:
- Median early career wage: $45,000.
- Median mid-career wage: $75,000.
- Unemployment rate: 4.7%.
- Underemployment rate: 49.7%.
- Postgraduate follow-up rate: 42.6%.
International Affairs, also known as International Relations (looking to learn more about international relations), introduces students to the field of study of foreign policy, international law, diplomacy, and political theories across countries. This field can help get jobs in government agencies, the foreign service, think tanks, the law, academia, and more. Almost half of graduates from international affairs majors are unemployed and the unemployment rate for this major is generally higher than that of a bachelor's degree. However, the average early-career and career-average wages for BAs in International Affairs are higher than the national average for all other BAs.
public works:
- Median early career wage: $45,000.
- Median mid-career wage: $70,000.
- Unemployment rate: 3.7%.
- Underemployment rate: 56.4%.
- Postgraduate follow-up rate: 23.8%.
While finance or accounting majors are more specific and specialized fields of study, general business majors are based on a more comprehensive course of study and may include economics, accounting, and business regulation. General business graduates can be employed in a variety of settings and organizations. These majors may have jobs in consulting, business administration, sales, or analysis.
architecture:
- Median early career wage: $45,000.
- Median mid-career wage: $75,000.
- Unemployment rate: 4.3%.
- Underemployment rate: 26.6%.
- Postgraduate follow-up rate: 37.4%.
College students majoring in architecture learn about aspects of design, architectural history, ecological systems, site planning, construction, drafting, and the environmental issues associated with this. After graduation, graduates of architecture majors typically work for architectural firms and may specialize in residential buildings, commercial buildings, urban planning, and interior design, to name a few. At 4.6 percent, the unemployment rate for architecture majors is higher than the average for all bachelor's degree holders. However, the expected wage for those who secure jobs is above average.
Diverse physical sciences:
- Median early career wage: $46,000.
- Median mid-career wage: $75,000.
- Unemployment rate: 4.0%.
- Underemployment rate: 35.9%.
- Postgraduate follow-up rate: 56.2%.
Miscellaneous Physical Sciences is a comprehensive study category for disciplines other than physical sciences not classified by the National Center for Education Statistics. These fields generally focus on concepts and processes associated with non-living systems (as opposed to "life sciences"). The Physical Sciences major covers courses in physics, chemistry, earth sciences, and other courses.
Physics:
- Median early career wage: $48,500.
- Median mid-career wage: $94,000.
- Unemployment rate: 5.3%.
- Underemployment rate: 31.7%.
- Postgraduate follow-up rate: 68.9%.
While physical science majors have a more general curriculum, physics majors focus on highly specialized topics such as energy, electricity, magnetism, thermodynamics, mechanics, nuclear processes, quantum theory, and laboratory practices. Physics graduates can work as physicists, patent agents, sound engineers, and professors, to name a few. Of all students with a Bachelor's degree in Physics, 68.9 percent are continuing their graduate studies, the highest percentage on this list.
engineering technology:
- Median early career wage: $50,000.
- Median mid-career wage: $80,000.
- Unemployment rate: 5.3%.
- Underemployment rate: 40.9%.
- Postgraduate follow-up rate: 24.3%.
Engineering Technologies programs aim to teach students the basic principles and technical skills that support engineering-related projects. While engineering programs focus on advanced theory and principles related to mathematics and science, engineering technology focuses on the application of specific techniques. Students with a bachelor's degree in engineering technology can become "technologists" and work in industries related to design, research, manufacturing, and operations.
Accounting:
- Median early career wage: $50,000.
- Median mid-career wage: $72,000.
- Unemployment rate: 2.8%.
- Underemployment rate: 23.0%.
- Postgraduate follow-up rate: 28.7%.
Accounting graduates learn various aspects of accounting principles and theories, such as budget control, taxation, auditing, data analysis, planning and consulting, business information systems, and accounting research methods. Students who study accounting can go on to work as certified public accountants, auditors, or internal accountants in for-profit or non-profit organizations.
Nursing:
- Median early career wage: $50,000.
- Median mid-career wage: $70,000.
- Unemployment rate: 2.0%.
- Underemployment rate: 11.4%.
- Postgraduate follow-up rate: 26.4%.
In addition to intensive coursework in biology and physiology, nursing students learn how to conduct medical tests, provide care for patients, and encourage the maintenance of good health. Many nurses also choose to specialize in areas such as geriatric or pediatric nursing. At 11.4 percent, nursing has the lowest underemployment rate of all the disciplines on this list. Experts also forecast an increase in the employment of registered nurses by 15 percent from 2016 to 2026.
mathematics:
- Median early career wage: $50,000.
- Median mid-career wage: $80,000.
- Unemployment rate: 5.8%.
- Underemployment rate: 30.6%.
- Postgraduate follow-up rate: 52.2%.
Students majoring in mathematics receive in-depth instruction in topics including linear algebra, number theory, probability, and statistics. Mathematics graduates can work as actuaries, financial planners, bankers, and high school teachers, to name a few. At 5.8 percent, majors in mathematics have a higher unemployment rate than most majors on this list.
Information and management systems:
- Median early career wage: $50,000.
- Median mid-career wage: $75,000.
- Unemployment rate: 5.0%.
- Underemployment rate: 38.1%.
- Postgraduate follow-up rate: 24.0%.
Bachelor's programs in Information Systems and Management seek to prepare students to implement and manage data systems used to improve efficiency, increase value, and facilitate information sharing for businesses and organizations. Data systems may include accounting information systems, management control systems, employee information systems, data security, and more. Students who pursue further studies in this field are more likely to find work at the intersection of business and technology, such as jobs as web developers, business intelligence analysts, data analysts, and network administrators.
Financing:
- Median early career wage: $52,000.
- Median mid-career wage: $85K.
- Unemployment rate: 3.5%.
- Underemployment rate: 37.0%.
- Postgraduate follow-up rate: 30.5%.
Majoring in finance is an excellent path for students who wish to be investment bankers, brokers, or financial advisors. At the baccalaureate level, a finance curriculum typically includes topics such as accounting, asset and debt management, budgeting, and portfolio management. Finance majors are one of the most lucrative non-STEM fields on this list, with the median mid-career wage can be as high as $85,000.
Economy:
- Median early career wage: $55,000.
- Median mid-career wage: $90,000.
- Unemployment rate: 4.1%.
- Underemployment rate: 39.8%.
- Share with graduate studies: 42.2%.
Essentially, the study of economics depends on the production and distribution of scarce goods. More specifically, students of economics majors are introduced to economic theory, microeconomics, macroeconomics, international economics, statistical methods, and economic policy issues. Due to the analytical-intensive nature of this major, many economics students go on to become analysts, economists, statisticians, financial advisors, or stock traders.
Building Services:
- Median early career wage: $56,000.
- Median mid-career wage: $85K.
- Unemployment rate: 6.1%.
- Underemployment rate: 34.0%.
- Postgraduate follow-up rate: 10.4%.
The Building Services course, a practical high-tech course of study, prepares students to construct, inspect and maintain different types of buildings. Career options include cost estimating, construction, project management, and field surveying. At 6.1 percent, construction services have the highest unemployment rate on this list. And only 10.4 percent of construction services graduates go on to earn a postgraduate degree – a reflection of the fact that these courses are career-oriented, rather than continuing to higher education.
Business Analysis:
- Median early career wage: $57,000.
- Median mid-career wage: $88K.
- Unemployment rate: 3.8%.
- Underemployment rate: 37.5%.
- Postgraduate follow-up rate: 23.8%.
Everyone works with data these days. In fact, for the past three years, Glassdoor has ranked the "data scientist" job as the best job in the United States. A degree in business analysis is a great start for students interested in working as data scientists, business analysts, or market researchers. The Business Analytics curriculum teaches students the skills of statistics and computer applications, as well as forecasting and analyzing market performance.
Diverse engineering:
- Average early career wage: $60,000.
- Median mid-career wage: $85K.
- Unemployment rate: 4.3%.
- Underemployment rate: 29.4%.
- Postgraduate follow-up rate: 44.1%.
Diversified engineering is an umbrella category for other engineering disciplines not categorized by the National Center for Education Statistics. An example of these disciplines is renewable energy engineering. Regardless of the major, engineering majors courses will develop students' critical thinking, problem-solving skills, and analytical skills, which will help them fill a variety of employment settings and positions.
civil engineering:
- Average early career wage: $60,000.
- Median mid-career wage: $90,000.
- Unemployment rate: 1.9%.
- Underemployment rate: 17.5%.
- Postgraduate follow-up rate: 37.7%.
Civil engineering is often associated with public works, such as transportation systems, water resources, and sewage systems. The Bachelor's degree in Civil Engineering enables students to learn the mathematical and scientific concepts associated with the design, implementation and maintenance of public infrastructure projects. The unemployment rate in civil engineering is only 1.9 percent.
General engineering:
- Average early career wage: $60,000.
- Median mid-career wage: $88K.
- Unemployment rate: 5.0%.
- Underemployment rate: 23.5%.
- Postgraduate follow-up rate: 36.2%.
Although most students who pursue engineering studies choose a major such as mechanical engineering or computer engineering, it is possible to major in general engineering as well. Students who enroll in a general engineering program learn mathematical and scientific theories that can be used to solve technical problems in fields as diverse as technology, construction, public works, and commerce. The median early career wage of $60,000 is 50 percent higher than the median early career wage for all bachelor's degree holders.
computer science:
- Median early career wage: $62,000.
- Median mid-career wage: $95,000.
- Unemployment rate: 4.7%.
- Underemployment rate: 23.5%.
- Postgraduate follow-up rate: 32.3%.
Computer science is based on the study of computer logic and programming. Students in this field mostly focus on software theory and development. Computer science graduates often work as software developers, programmers, application developers, and administrators or network administrators.
Mechanical engineering:
- Median early career wage: $63,000.
- Median mid-career wage: $98K.
- Unemployment rate: 4.3%.
- Underemployment rate: 21.0%.
- Postgraduate follow-up rate: 41.0%.
Mechanical engineering, the most popular engineering discipline, studies the principles of engineering, physics, mathematics, and materials science to develop, implement, and maintain machines. Mechanical engineering students learn the workings behind energy-producing machines such as generators, internal combustion engines, and turbines, as well as energy-using machines such as HVAC, common household appliances, and elevators. Students in this major are likely to become mechanical engineers, nuclear engineers, or materials engineers as well.
the industrial engineering:
- Median early career wage: $64,000.
- Median mid-career wage: $87,000.
- Unemployment rate: 3.4%.
- Underemployment rate: 17.3%.
- Postgraduate follow-up rate: 39.7%.
Industrial engineering is an interdisciplinary field of study. This major uses mathematics and advanced science to create systems and processes that improve the efficiency and integration of people, materials, natural resources, information, and energy. The course program typically includes a combination of applied mathematics, physical sciences, social sciences, engineering, systems design, and computer science courses. A bachelor's degree in industrial engineering can work as a quality engineer, process analyst, or industrial engineer.
Aviation Engineering:
- Median early career wage: $64,000.
- Median mid-career wage: $100,000.
- Unemployment rate: 4.1%.
- Underemployment rate: 26.8%.
- Postgraduate follow-up rate: 52.9%.
Aerospace engineering is the primary field of design and construction of aircraft and spacecraft. Students in this major are likely to study a variety of science courses, such as chemistry, physics, mathematics, and computer programming, to understand the mechanics of flight and the process of controlling air and space ships. Graduates of this major usually work in careers such as aerospace engineering or spacecraft design.
electrical engineering:
- Median early career wage: $65,000.
- Median mid-career wage: $100,000.
- Unemployment rate: 4.6%.
- Underemployment rate: 22.3%.
- Postgraduate follow-up rate: 44.8%.
Electrical engineering students study the applications of electricity, electronics, and electromagnetism to energy production and transmission. Students who pursue this major often become electrical engineers ready to perform various electrical work on a large or small scale. Electrical engineers can work on large electrical systems such as electrical power generation systems or small electrical systems such as microchips.
Computer Engineering:
- Median early career wage: $65,000.
- Median mid-career wage: $106,000.
- Unemployment rate: 2.5%.
- Underemployment rate: 20.1%.
- Postgraduate follow-up rate: 39.9%.
While computer science focuses more on data storage and processing, computer engineering is best described as a cross between computer science and electrical engineering. This major prepares students for developing computer hardware and software systems, from components as small as microprocessors to as large as a supercomputer. At $106,000, the Computer Engineering major offers the highest median mid-career pay on this list.
Chemical Engineering:
- Median early career wage: $68,000.
- Median mid-career wage: $103,000.
- Unemployment rate: 2.6%.
- Underemployment rate: 21.6%.
- Share with graduate studies: 48.8%.
At $68,000, chemical engineering offers the highest median early-career wage. Undergraduates enrolled in a chemical engineering program learn how to use chemistry, physics, mathematics, and biology to efficiently develop, transform, and transport chemicals and energy. The curriculum for the chemical engineering major will include high-tech concepts relating to chemical reactors, kinetic systems, energy conservation processes, heat and mass transfer systems, and fluid mechanics.
This was a list of the best college majors in terms of salary that you can consider whether you are a student or a professional looking for opportunities for self-development and a change of field.
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