What’s Your College Degree Worth? Top 5 Highest and Lowest Salaries by Major

Your college major probably won’t determine your career path as much as you might now expect it to, but choosing a major as an incoming freshman or as a second- or third-year student is a decision that will likely define at least your college experience more than almost anything else. Lots of considerations go into the selection of a major, and every student’s arrival at a decision is unique. For some, they know exactly which degree they wish to pursue; others have no idea and delay the decision until the last possible moment, even then switching majors several times in the course of their academic career.

There’s no right or wrong way to discover which major is best for you, but the prospects for getting a job and the starting salary you can expect after graduating factor into the decision of many – if not most – students. While financial concerns shouldn’t be the only considerations for selecting a major (after all, no one wants to do something they hate for a living, even if it might be more lucrative), knowing what your degree will mean for your earning potential is valuable information when choosing a major.

So, how do various degrees compare by median starting and mid-career salary? Here’s a list of the top five highest paid fields, as well as the lowest paying. (Quick disclaimer: results may vary! These are averages after all. Don’t consider these determinative!)

Highest Median Salary

1. Engineering – This includes a variety of engineering degrees – aerospace, chemical, electrical, computer, mechanical, industrial, civil, and environmental engineering. These occupy eight of the top ten spots, but for our purposes they all fall under one category. The median starting salary of an engineer is about $59,000 per year, with an expected mid-career salary of just over $100,000.
2. Economics – A degree in “the dismal science” is at a premium these days, even after the reputation of many in the field has fallen with the decline of home values and stock prices during the recession. Entry-level economists can expect a starting salary of just over $50,000 and a mid-career salary about equal to that of engineering majors.
3. Physics – See a pattern emerging? Math- and science-intensive degrees tend to lead to the most lucrative positions, even without attaining an advanced degree. Median starting salary: $51,000. Halfway through a career: almost $99,000.
4. Computer Science – An ever-growing field, reflected by an initial salary of about $56,000 and $97,000 mid-career.
5. Statistics – Someone has to keep track of all these numbers. Statisticians can expect to earn $48,600 right off the bat, and almost $95,000 halfway through their career.

Lowest Median Salary

1. Social Work – Not many people go into social work for the money, so this result probably won’t come as a shock. Those with a degree related to the various aspects of social work earn a median starting salary of just over $33,000, with a mid-career salary of about $41,000.
2. Elementary Education – This is a popular degree for many undergraduates, but the median earning potential for these degree holders is barely above that of social workers. Remember, though, salaries vary greatly depending on location, school district, and experience. Median starting salary: $33,000. Median mid-career: $42,400.
3. Theology – Many theology majors continue their education after graduation, so theology’s place on this list may be misleading – the survey sample did not include those pursuing or holding advanced degrees. Median starting salary of $34,800, with a mid-career salary around $52,000.
4. Music – Not a very popular choice of major for undergraduates, and we can see why: the starting salary for music students is $34,000, with an expected mid-career salary of $52,000.
5. Spanish – Last, but not least! Spanish degree holders can expect to be earning $35,600 per year after graduating and $52,600 by the halfway point of their career.

Again, these results are solely the median salaries for those in each field; your earning potential is largely dependent on your skills and how much you apply yourself to your area of interest.

Source: http://www.payscale.com/best-colleges/degrees.asp

Continue reading:

1. How An Accounting Degree Can Help You Get Ahead
2. What You Can Do With A Business Degree
3. Should You Choose A College Major In High School?
4. 10 Signs You’re Probably In the Wrong Major
5. Should I Choose a Major My Freshman Year?