Several elements should be taken into account when choosing a college major .
It's prudent to focus on studying subjects that truly interest you, as this could provide the motivation needed to put in extra effort. Additionally, you might consider pursue a career That necessitates obtaining a specific level of education or certification. Alternatively, maybe you’re seeking out a broader area of study along with a skillset that can be utilized across multiple sectors.
Given that the price tag for higher education is famously steep, it wouldn’t be unwise to take this into account as well. how well certain majors tend to pay off — if they pay off at all .
In a new study, Bankrate analyzed median salaries and unemployment rates among graduates, as well as the share of graduates with advanced degrees to determine the most valuable college majors .
Bankrate utilized the U.S. Census Bureau’s American Community Survey information, examining incomes and jobless rates among individuals holding at least a bachelor's degree who are either working or actively looking for employment.
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Wages were the primary factor evaluated in the study. However, a comparatively high jobless rate or an elevated number of graduates with advanced degrees might negatively impact a major’s ranking, as stated by Bankrate. These elements imply that obtaining a bachelor's degree in these fields could require more time and exertion before seeing returns.
It's also important to note that high reported salaries may not mean abundant jobs in a given field.
Here are the 10 most valuable college majors in 2024, according to Bankrate:
1. Electrical engineering
- Median salary: $115,000
- Unemployment rate: 1.9%
- Percentage of workers with advanced degrees: 47.6%
2. Computer engineering
- Median salary: $112,000
- Unemployment rate: 2.1%
- Percentage of workers with advanced degrees: 38.8%
3. Petroleum engineering
- Median salary: $100,000
- Unemployment rate: 0.9%
- Proportion of employees holding postgraduate qualifications: 39.2%
4. Aerospace engineering
- Median salary: $105,000
- Unemployment rate: 1.9%
- Proportion of employees holding postgraduate qualifications: 48.9%
5. Materials science
- Median salary: $100,000
- Unemployment rate: 1.1%
- Proportion of employees holding postgraduate qualifications: 63.7%
6. Mechanical engineering
- Median salary: $100,000
- Unemployment rate: 1.9%
- Proportion of employees holding postgraduate qualifications: 38.9%
7. Electrical engineering technology
- Median salary: $100,000
- Unemployment rate: 2.3%
- Proportion of employees holding postgraduate qualifications: 31.7%
8. Mechanics of engineering, physics, and scientific principles
- Median salary: $100,000
- Unemployment rate: 1.5%
- Proportion of employees holding postgraduate qualifications: 59.1%
9. Chemical engineering
- Median salary: $100,000
- Unemployment rate: 2.1%
- Proportion of employees holding postgraduate qualifications: 46.7%
10. Actuarial science
- Median salary: $95,000
- Unemployment rate: 1.9%
- Proportion of employees holding postgraduate qualifications: 20%
Bankrate reveals that electrical engineering takes first place with a substantial median salary of $115,000 for individuals who have earned at least a bachelor’s degree. Professionals in this field engage in various sectors, focusing on the creation, improvement, and upkeep of electronic devices. as per the Bureau of Labor Statistics .
Besides having a presently low unemployment rate, the job sector is expected to expand by 9% within the coming decade, as reported by the BLS, which is higher than the 4% growth forecasted for all professions.
When seeking a degree that promises a high-paying job, engineering stands out as an excellent choice. Among the top 10 most financially rewarding degrees, all come from STEM disciplines, with seven being specifically within various branches of engineering.
Moreover, certain institutions refer to this field as "materials science and engineering," which makes actuarial science the sole degree among the top ten most lucrative ones that isn’t rooted in engineering.
Actuaries assist insurance companies or businesses in various sectors in evaluating, estimating, and forecasting the financial impacts of risks such as natural calamities or unpredictable occurrences. Given the significant effects of climate change, effect on the residential insurance sector , it's perhaps unsurprising that actuaries are in demand and relatively well paid. Plus, the workforce for these professionals is projected to grow at a staggering 22% rate over the next decade, per BLS .
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