I imagine you are a recent graduate from college or aspire to be one. In either case like most students, you might wonder, ‘what are the best degrees to make money?’ Perhaps that is the one that you have now. You are on the right path to the extra money. May be not.
Unfortunately, sometimes graduates find themselves in a dead end with specific majors they are not happy to get into. When students get out of college, and they and their peers start entering the work market, sometimes their imagination of salary and what they are paid would differ.
These days, the expense of a college degree is enough to make even the most well-heeled learner’s gulp. So, to secure your first job, it’s worth thinking about your degree as an investment in the career, not simply the next challenge you have to get through.
It is common knowledge that a high-salary job will contribute to obtaining a graduate degree. Yet a bachelor’s degree is enough in some areas to place employees on a road to six-figure earnings. Such a high pay amount will not be immediate.
In certain situations, before they can progress to higher-salary jobs, employees may need to get several years of experience under their belt. Employers may also search for applicants who hold advanced certifications because, after college graduation, studying does not end entirely.
The most money-making degrees are those that not only offer an instant return after graduation but also provide long-term career fulfillment and the likelihood of earnings growth for those who seek them. Here are several degrees that may yield certain kinds of outcomes, and that might want to be noticed by someone still in education.
It is difficult to decide on a college major: do you pursue your interests, or should you select a four-year degree that promises to earn a good wage?
For both routes, there are strong reasons, but if you prefer the latter, consider the disciplines on this list:
The first of best degrees to make money is surely engineering. If you’re a problem-solver, engineering might be the right degree. When it comes to high-earning college degrees, most specialties rank at the top of the list. Petroleum engineering degrees, for instance, train you to develop processes for the exploitation of underground oil and gas deposits. According to the website Payscale, a bachelor’s degree in the profession would yield an annual starting salary of $84,000, on average, and mid-career compensation of approximately $118,000.
Other lucrative bachelor’s degrees include research and industrial engineering in operations, which focuses on the successful management of human resources and facilities within an organization. For those with an undergraduate degree only produce an estimated $77,600 mid-career income.
Such top-paying degrees include systems engineering as well as maritime engineering and aeronautical engineering, a program that focuses on the control of electrical, mechanical, and other dynamic systems. Graduates with a chemical engineering degree would earn a median salary of $66,000, begin with, and at the midpoint of their career, $87,000.
Health is a huge industry with trillions of dollars on the table. Therefore, the second of best degrees to make money is surely nursing. The healthcare industry has some of the highest-paying jobs in most countries. But to carry home a very decent paycheck, you do not need to become a doctor. For example, a degree in nursing offers a decent wage with a lot less schooling. According to Payscale, registered nurses start with an annual salary of $55,000. According to the Bureau of Labor Statistics, however, nurses with a Bachelor’s degree earned an average wage of $73,300 in 2019 (BLS).
Although wage growth is a little bit dimmer than in other markets, there are plenty of prospects for your career to cash in later. For instance, those who go on to get their master’s degree will become nurse practitioners, who receive an average of $115,800 in salary. Many who go into the management of nursing will also do well for themselves. According to Payscale, nursing directors, for example, earn $88,682 a year, on average.
The long-term outlook for nurses is especially rosy, with the BLS projecting employment growth of 12 percent between 2018 and 2028, while employment is projected to rise by 26 percent for nurse practitioners. In large part, the trend is motivated by the aging population.
Computer science is on the top of the best degrees to make money. There are several different occupations within the computer and information technology industry. Employers are willing to pay big bucks for people who know how to program software, handle computer systems, and manipulate data.
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According to the job-search platform Ziprecruiter, the average worker with a computer science degree would receive entry-level pay of anywhere between $45,000 and $52,000. That’s just the start, however. Usually, IT executives, who develop and support computer and network systems, pull in $86,010 a year.
Private businesses and governments have vast quantities of knowledge at their hands, meaning they need experts who can make sense of it all. It’s one of the reasons why the door to a wide variety of rewarding jobs is a degree in math.
An actuary, for instance, assesses financial risks for investment firms and insurance companies. According to the BLS, actuaries received a $108,350 salary in 2019. To achieve the highest levels of their profession, actuaries must pass a ladder of certifying tests, both during and after college.
Usually, a statistician needs at least a master’s degree and is paid an annual average salary of $92,000 in 2019. With a 20 percent projected growth rate for actuaries and a 30 percent growth rate for statisticians between 2018 and 2028, both actuaries and statisticians have great job growth prospects.
Many of the most well-compensated positions in the workforce include science-related jobs. A bachelor’s degree in aeronautics or astronautics, for instance, would yield an average salary of $69,365 at the start and $94,500 by mid-career, according to Payscale.
Of course, for certain high-demand jobs in healthcare, a bachelor’s degree in biology or related science may also be a fantastic springboard. For instance, in 2019, a microbiologist with a bachelor’s degree received an average of $75,650, according to the BLS.
If they become primary care physicians and provide preventive care for patients and refer to specialists as appropriate, those who go on to medical school will receive an average salary of $213,000. The salary will vary for those who specialize. In 2019, a dentist earned an average salary of $159,200 while BLS earned $115,250 from optometrists, who treat eye conditions.
If you are good at managing people and managing your income, then a business degree is on top of the best degrees to make money list. Although top management positions in business often require an MBA, if you choose the right one, even an undergraduate degree can be lucrative. Many majors are usually included in most universities’ business schools, including accounting, finance, and business administration or management.
If you are good at calculations, then this one is for you. Accounting is one of the few best degrees to make money. According to Payscale, majors in public accounting will do especially well, earning nearly $60,000 in annual starting wages. In 2019, the BLS announced that the average salary for an accountant with a bachelor’s degree was $71,550.
However, it will be mandatory for public accountants who prepare financial statements for individuals and companies while working at an accounting firm to become a certified CPA public accountant, which is a four-part exam on different accounting theories, principles, procedures, and words.
Finance is obviously an important subject. In fact, this degree is on the top of the best degrees to make money in real life. Finance majors have many options to specialize in that includes being a financial analyst. An FA is responsible for supporting enterprises, and high-performing investments are preferred by financial institutions.
For those with a bachelor’s degree, the average income for an FA is $85,660. However, as a chartered financial analyst (CFA), many FAs must be accredited before they can provide investment advice.
In insurance, securities, and investments, a financial advisor can function as well as handle the accounting process for a company. For finance managers, the average salary in 2019 was $147,530, according to the BLS. Insurance underwriters earn $70,000 on average, and credit officers earn $63,270, which may include a degree in either accounting or finance.
Typically, personal financial advisors have a bachelor’s degree and may receive $87,850, but they will also need to get credentials, such as the designation of a certified financial planner (CFP).
Business Administration or Management
Bachelor’s degrees can also be very rewarding in market research, a combination of business management and statistics. On average, at the midpoint of their career, individuals with this degree can take home $53,400 at the beginning and $129,800.
Humanities and Social Sciences
Social sciences also make on the best degrees to make money list. You may not associate degrees with big-money jobs after college in English, philosophy, or sociology, but the critical thinking and communication skills that they help improve can be useful down the road. In MBA and other graduate programs, these degrees are sought-after, where those qualities will contribute to more informative, outside-the-box perspectives.
A degree in political science is one often-overlooked choice. Of course, if you intend to work in the public sector, it is useful, but it is also a strong step-stone in other sectors, such as finance or law, and, according to the BLS, lawyers make an annual salary of $122,960.
Under the social science umbrella, another potentially high-paying field: economics. According to BLS, practitioners who are capable of analyzing complex economic data receive a total of $105,000 a year. In this discipline, however, many positions need a master’s degree or higher.
International relations make it on the best degrees to make money list. This degree in liberal arts, which encompasses a wide range of studies, provides students with a broad knowledge base. That can be applied, for example, to several foreign services, journalism, or market research occupations. With an international relations degree, fluency in at least one foreign language would improve opportunities for graduates. The 75th percentile should expect to gain $114,000 a year, after 10 to 12 years.
Conclusion, Best Degrees To Make Money
The best degree to make money on is the one that blends your preferences and talents and suits consumer demand and potential for earnings. Don’t depend on assumptions viewed as high-paying about occupations. Instead, to find out what particular fields provide in terms of hiring rates, starting salaries, and average mid-career earnings, it is important to do the research.