Study Of 73 College Degrees Finds Which Lead To Six-Figure Salaries
By Khaleda Rahman
College graduates who majored in STEM fields were most likely to go on to earn six-figure salaries, according to recent data from the Federal Reserve Bank of New York.
Why It Matters
Some Americans have grown increasingly disillusioned about whether college is worth the time and money, as tuition costs soar and many graduates are left saddled with ballooning student debt.
But despite the costs, research has shown that having a degree can significantly increase earning potential and college graduates can use their degrees to earn high salaries if they choose the right major.
Two graduates
A file photo shows two graduates. iStock
What To Know
The New York Fed studied the median early and mid-career salaries of graduates across 73 college majors.
The majors that led to the highest salaries include computer science, computer engineering, aerospace engineering and chemical engineering, where the median early-career annual salary is above $80,000 a year, according to the data. By the time those graduates are mid-career, their median salaries climb to more than $115,000 annually.
But it's not just those who with computer science and engineering degrees who can earn six-figure salaries. The data shows that those who majored in economics and finance earn a median salary of $110,000 by mid-career, while those with degrees in physics, mathematics, international affairs and business analytics earn a median salary of $100,000.
On the other end of the spectrum, degrees in education are the lowest-paying. Those who majored in early childhood education earn the least by the mid-career, with a median salary of $49,000.
The best-paying college majors for early-career earnings are:
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Computer science—$80,000
Computer engineering—$80,000
Chemical engineering—$80,000
Electrical engineering—$78,000
Industrial engineering—$76,000
Aerospace engineering—$76,000
Mechanical engineering—$75,000
Civil engineering—$71,000
Physics—$70,000
Miscellaneous engineering—$70,000
The best-paying degrees for mid-career earnings are:
Aerospace engineering—$125,000
Computer engineering—$122,000
Electrical engineering—$120,000
Chemical engineering—$120,000
Mechanical engineering—$115,000
Computer science—$115,000
Finance—$110,000
Economics—$110,000
Miscellaneous engineering—$108,000
Industrial engineering—$108,000
What People Are Saying
Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, previously told Newsweek: "It's all about demand. Engineering, computer science, and business salaries are rising because the market warrants it. On the flip side, majors like Social Sciences and Communications saw some of the biggest pay drops. That probably points to oversupply. The job market moves in cycles, and right now, it's rewarding skills tied directly to production, innovation, and scale."
Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, previously told Newsweek that engineering and computer science "have been fields that have been in expansion mode for the better part of two decades. As such, jobs tend to be more plentiful with a limited talent pool, causing salaries to increase over time."
What's Next
Students wanting to maximize their earning potential could increasingly pursue degrees in STEM fields, while those pursuing degrees in subjects that lead to lower-paying jobs may need to pursue additional skills and qualifications to earn higher salaries.
But in some fields, a college degree may not be needed to earn a good salary. Some companies are dropping requirements for a degree, prioritizing skills and experience over education when hiring.
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