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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.
Looking at the broader jobs picture, over 175,000 jobs were added in April, according to the Bureau of Labor Statistics. The strongest growth was in healthcare, food service and local governments, but retail and e-commerce delivery got a boost from warmer weather. Some jobs require no college education, while others require a four-year degree or more.
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. On the other hand, if you prefer to pursue a major in performing and liberal arts or theology, you will likely earn some of the lowest salaries. That's according to the New York Federal Reserve analysis.
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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
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| 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
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| 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]
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.
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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.
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FAQs
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.
What is the highest paying major out of college? ›
How to make $100,000 without college? ›
9 jobs that pay $100K per year without a degree
- Information systems manager. ...
- Fire chief. ...
- Product manager. ...
- Senior engagement manager. ...
- Radiation therapist. ...
- Computer network architect. ...
- Senior real estate manager. ...
- Technical program manager.
10 Easy Majors that Pay Well
- Human Resources. ...
- English. ...
- Marketing. ...
- Criminal Justice. ...
- Supply Chain Management. ...
- Psychology. ...
- Communication. ...
- Photography/Fine Arts. Good photographers seem to always be in demand, especially when a special event is coming up.
11 lowest paying jobs
- Care worker.
- Shelf packer.
- Play worker.
- Nursery nurse.
- Teaching assistant.
- Cashier.
- Dental nurse.
- Cook.
Top 7 degrees that make the most millionaires
- Engineering.
- Economics/Finance.
- Politics.
- Mathematics.
- Computer Science.
- Law.
- MBA.
As you start your job search, consider these six-figure jobs you can get with a bachelor's degree:
- Financial manager. ...
- Development director. ...
- Aeronautical engineer. ...
- Sales engineer. ...
- Software engineer. ...
- Architect. ...
- Actuary. ...
- Chief executive officer (CEO)
The highest-paying degree you can get – according to our graduate data – is one in Dentistry. It's a specialised and vocational subject area, where most graduates find professional work in a dental-related role soon after completing their studies.
Which field pays the most? ›
Therefore, here is a list of the 10 best-paying jobs with the highest salaries:
- Commercial Pilots.
- Doctors and Surgeons.
- Data Scientists.
- Blockchain Developers.
- Full Stack Developers.
- Investment Bankers.
- Chartered Accountants.
- Machine Learning Engineers.
A seven-figure job refers to the number of digits listed in your salary. This includes people who earn anywhere from $1 million to just under $10 million per year. Many people may consider this salary range to be well above average.
32 jobs that pay 6 figures a year
- Biostatistician. ...
- Information systems manager. ...
- Actuary. ...
- Product manager. ...
- Director of finance. ...
- Software developer. ...
- Physician assistant. ...
- Nurse practitioner.
$100,000 a year is how much an hour? If you make $100,000 a year, your hourly salary would be $48.08.
What is the number #1 highest-paying major? ›
Computer engineering majors topped the list of highest earners right after college, making a median annual wage of $80,000, according to the Federal Reserve Bank of New York. According to 2022 data from the Bureau of Labor Statistics (BLS), computer engineers (hardware) earned a median salary of $132,360.
What 2 year degree pays the most? ›
Highest Paying 2-Year Degrees
| Rank | Major | Degree Type |
|---|
| Rank:1 | Radiation Therapy | Degree Type:Associates |
| 2 | Software Engineering | Degree Type:Associates |
| 3 | Instrumentation Technology | Degree Type:Associates |
| 4 | Instrumentation & Control Engineering | Degree Type:Associates |
21 more rowsComputer engineering majors ranked first with an annual median salary of $80,000, followed by chemical engineering and computer science — the only two other majors that earn more than $75,000 annually. They make roughly double that of the lowest-paid majors, which tend to be degrees in the liberal arts or humanities.
What 4 year degree makes the most money? ›
What Are the Highest-Paying Bachelor's Degrees?
- Aerospace Engineering. ...
- Electrical Engineering. ...
- Mechanical Engineering. ...
- Computer Science. ...
- Finance. ...
- Economics. ...
- Civil Engineers. ...
- Business Analytics. For students interested in business, finance, data, statistics, and mathematics, a business analytics major is a great choice.
Engineering majors such as nuclear and energy engineering are considered among the hardest, with GPA averages typically between 3.20 and 3.40. Applied mathematics, astrophysics, and chemistry are also highly challenging, requiring strong analytical and problem-solving skills.
Which major is the most worth it? ›
In addition to STEM, health and business majors are among the highest-paying, leading to average annual wages that are higher at the entry level and significantly greater over the course of a career compared with liberal arts and humanities majors.
