The average total price of a four-year college degree is approximately $122,000. With high tuition costs and loan repayments, students and their families need to factor in a major’s financial ROI. Here are the top five highest earning majors right out of college, according to the NASC’s (National Association of Colleges and Employers) 2020 projections.
1) Engineering
Specific Majors: (Aerospace, Bio, Chemical, Civil, Electrical, and General) Engineering
Average starting salary: $69,961
Common Entry Jobs: (Aerospace, Bio, Chemical, Civil, Electrical, and General) Engineer
There are a plethora of specialized engineering majors to choose from. But, each one uses scientific principles to construct machines, structures, and other material goods. Depending on the type of engineering degree one obtains, they will engage in specific applied mathematics and science pertinent to their specialty.
2) Computer Science
Specific Majors: Computer Science, Information Technology, Software Development
Average starting salary: $67,411
Common Entry Jobs: Data Scientist, Software Developer, Systems Analyst, Web Developer
A computer science major teaches the study of computers and various programming languages. Graduates gain marketable technical skills that can be applied to a whole host of careers, since it's a rapidly growing field. The majority of comp-sci majors elect to work as programmers or computer systems analysts, wherein they help companies build and maintain complex technological systems.
3) Math & Sciences
Specific Majors: Mathematics, Statistics, Biology, Chemistry, Physics
Average starting salary: $62,488
Common entry jobs: Database Administrator, Financial Analyst, Laboratory Technician, Market Research Analyst, Phlebotomist
Similar to the above categories, math and sciences encompass a wide variety of knowledge. In general, these majors tend to teach technical skills, which are useful for employment prospects. Many biology or chemistry majors plan to go to medical school, but their undergraduate degree can prepare them to work at a lab, or pursue non-clinical medical jobs, such as a pharmaceutical representative or transcriptionist.
4) Business
Specific Majors: Business, Accounting, Marketing, Sales, Finances, Human Resources
Average starting salary: $57,939
Common entry jobs: Accountant, Financial Analyst, Human Resources Assistant, Marketing Assistant, Sales Representative
Business majors will learn fundamental business concepts across disciplines like finance, economics, marketing, entrepreneurship, etc. Consequently, a student can choose to further specialize or generalize, depending on their long-term career aspirations. Many students take quantitative classes, but many courses promote developing qualitative skills like leadership, public speaking, and organizational abilities.
5) Social Sciences
Specific Majors: Economics, Political Science, Psychology, Anthropology, Linguistics
Average starting salary: $57,425
Common entry jobs: Actuary, Data Analyst, Guidance Counselor, Market Research Analyst, Political Campaign Staff, Research Assistant, Public Relations Specialist
Social sciences equip students with the knowledge of how individuals interact with their broader society. Social science research is often eclectic, and utilizes quantitative and qualitative methodologies. Therefore, graduation requirements often consist of both quantitative and non-quantitative courses. Taking the former, such as statistics, can help bolster your major’s job marketability after graduation.
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As evidenced above, STEM majors are in high demand, and typically offer the highest return on investment from a financial perspective. There is overlap among these categories; for example, engineering, computer science, and business can be grouped into “Math and Sciences.” If you choose to study these top 5 majors, you will more than likely take courses that satisfy other major requirements. Also, furthering your education will provide access to more occupations. For example, becoming a doctor requires chemistry and biology coursework at the undergraduate level, as well as a medical school degree.