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.
Regarding the broader jobs picture, over 272,000 jobs were added in May, according to the Kiplinger Jobs Outlook. That was a pickup from the 165,000 gain in April, but down from the 310,000 gain in the March report. The strongest growth was in health care, government, leisure and hospitality, and professional scientific and technical services. Temporary jobs dropped again in May, and have fallen in 24 out of the past 25 months.
Which career field fits you best?
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. STEM is an acronym for science, technology, engineering, and math.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
On the other hand, if you prefer to pursue a major in performing and liberal arts, theology or treatment therapy, you will likely earn some of the lowest salaries. That's according to the same New York Federal Reserve analysis.
Some jobs require little or no college education, while others require a four-year degree or more. 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
| 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
| 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]
Annual wage and job growth
Annual wage growth bumped up to 4.1% in May, according to Kiplinger. That means that pay raises should end the year a bit higher than we previously expected at a 3.6% annual clip. Wages of nonsupervisory employees are growing a bit higher too, at 4.2%, and should end the year at about 3.7% growth.
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. Here's a look at the 25 fastest growing jobs in the U.S.
Main features of the three highest-paying jobs
The three highest-paying jobs right now all fall in the engineering sector.
Chemical Engineering — Chemical engineers take the principles of chemistry, physics, and engineering and use them to design equipment and processes for manufacturing products. You need a bachelor’s degree in chemical engineering or a related field to enter the field, but some employers prefer experience in an internship or a cooperative education program as well. The market from 2022 to 2032 is expected to grow by 8%, faster than many other fields.
Computer Engineering — The computer industry remains strong into 2024, with a projected growth of 5% from 2022 to 2032. Computer engineering is a fast-growing field that offers people good wages and a secure future. If you enjoy solving complex technical problems using creative solutions, a career in computer engineering might be a good fit. To get started, you'll need a bachelor's degree, but many employers also want experience, professional certifications or a graduate degree for senior engineers.
Aerospace Engineering — According to the Bureau of Labor Statistics (BLS), aerospace engineers design, develop, and test aircraft, spacecraft, satellites, and missiles. With government and a host of private sector companies investing in space programs, people going into this field can expect to see substantial job growth over the next decade. In fact, it’s estimated that there are now more than 10,000 firms and around 5,000 investors involved in the space industry.
Related Content
-
Is Your Social Security Earnings Record Wrong? Here's How to Fix ItYour Social Security benefits are based on your Social Security earnings record. It's important to review your records to avoid having your benefits reduced.
-
Stock Market Today: Markets Discount Another U.S. DowngradeAfter Friday's closing bell, Moody's followed Standard & Poor's and Fitch and cut its rating on U.S. government debt.
-
Eight Ways To Save on Your Next Luxury TripLooking for ways to stretch your retirement dollars? Follow these tips to get a deal on your next vacation.
-
Donating Complex Assets Doesn't Have to Be ComplicatedIf you're looking to donate less-conventional assets but don't know where to start, this charity executive has answers, such as considering a donor-advised fund (DAF) for its tax benefits and ease of use.
-
How to Budget for College Expenses Beyond TuitionSome universities waive tuition for families with incomes below a certain threshold. But you'll still need a plan to cover other costs.
-
My First $1 Million: Events Industry CEO, 65, Northern New JerseyEver wonder how someone who's made a million dollars or more did it? Kiplinger's My First $1 Million series uncovers the answers.
-
Delta’s New Fare Changes Just Made Booking Flights and Earning Miles More ComplicatedHere’s what travelers need to know about Delta’s fare changes before booking their next flight.
-
United Airlines Raises the Bar with New Business Class SuitesDiscover how United's new Polaris Studio suites redefine luxury and comfort on long-haul flights.
-
Walmart Raising Prices Soon — Here’s Which Products Will Cost You More This SummerIf you heard about Walmart raising prices, here are the key details you need to know ahead of your next shopping trip.
-
I'm an Insurance Pro: How Not to Get Dumped by Your Insurance AgentYour insurance agent or broker might show you the door if you do any of these five things. Being a good customer is about more than paying your bill on time.
