The 10 Highest Paying College Majors (and 10 Lowest)
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. 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
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
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.
-
How This Vanguard Emerging Markets Bond Fund Outperforms Its Peers
The Vanguard Emerging Markets Bond Fund took a cautious positioning at the start of the year, which has helped it beat the majority of its peers.
By Nellie S. Huang Published
-
New Rules are Shaking Up the Real Estate Market. Here's What You Need to Know
Buyers and sellers have more room to negotiate commissions, and that could reduce home prices over the long run.
By Sandra Block Published
-
Five Early Amazon Prime Deals We Love
Here's a look at five early Amazon Prime deals we love that are available ahead of the two-day Amazon Prime Big Deal Days event.
By Erin Bendig Published
-
Score Two Months of CLEAR Plus for Free and Move Faster Through Airport Security
Sign up for a two-month free trial of CLEAR and enjoy expedited screening the next time you travel.
By Erin Bendig Published
-
Strong September Jobs Report Puts Soft Landing in Sight: What the Experts Are Saying
Jobs Report A blowout reading on nonfarm payrolls takes another jumbo-sized cut to interest rates off the table.
By Dan Burrows Published
-
Can You List From Memory Everything That's in Your House?
That's what you'd have to do if something happened to destroy it all. It's important to make a record of your belongings so you can be reimbursed by insurance.
By Karl Susman, CPCU, LUTCF, CIC, CSFP, CFS, CPIA, AAI-M, PLCS Published
-
Florida Drivers Can Get Jimmy Buffett License Plates Now
Margaritaville license plates, after the Jimmy Buffett classic hit, are now available for Florida drivers.
By Alexandra Svokos Published
-
Disney World Releases Special Offers for Hotel Rooms in Early 2025
Disney World special offers have been released for a limited number of resort hotel rooms in early 2025 — the perfect time to beat the Florida heat.
By Charlotte Gorbold Published
-
Bank of America Outage Had Customers Seeing Zeros
A widespread outage at Bank of America showed $0 balances for many customers.
By Alexandra Svokos Published
-
Five Common Credit Mistakes and How to Avoid Them
Mistakes are an often inevitable fact of life, but knowledge truly is power when it comes to financial wellness.
By Rod Griffin Published