Business Majors Make The Most Money – Almost everyone who pursues a postsecondary education thinks it will lead to greater employability and financial security. But the reality is that the field of study you choose will affect your chances of both.
In our latest data download, you can explore how much graduates can earn depending on the college program they studied. The data reflect the national average four years after students complete their postsecondary studies.1
Business Majors Make The Most Money
Below we look at the 10 college majors that earn graduates the highest salaries, along with results for some of the most popular fields of study pursued by students.2
Best Jobs With A Business Degree
Those earning a bachelor’s degree typically earn more than those earning an associate’s degree or postsecondary certificate. Unsurprisingly, the bachelor’s degree programs that lead to the highest salaries are heavily concentrated in science, technology, engineering, and mathematics (STEM). Computer science, the most popular field of study in this group, shows its graduates earning around $105,000 per year. Electrical, electronics, and communications engineering—the second most popular major in the top 10—was less than $92,000.
The most popular bachelor’s degree programs don’t necessarily lead to the highest salaries. While all graduates are shown to earn more than $40,000, only three of the 10 most popular majors lead to early career earnings above $50,000 per year (business administration, registered nursing, and accounting).
Similar to bachelor’s degrees, the associate degrees that lead to the highest earnings are heavily concentrated in STEM fields. Because associate degrees require less education and time than a bachelor’s degree, the concurrent income is also lower on average. Only three majors—physical science technologies, bioethics/medical ethics, and construction engineering technologies—show their graduates earning more than $70,000 within four years of graduation.
The most popular associate degrees offer a wide variety of income outcomes. Registered nursing—the second most popular baccalaureate program—shows graduates earning competitive early-career salaries, averaging $67,000 per year. Other popular associate-degree programs show significantly lower returns for students. For example, Health and Medical Administrative Services and Culinary Arts earn average salaries above $30,000 four years after students complete these programs.
What Is A Master Of Business Administration (mba)?
While certificates take significantly less time to complete than other credentials (typically between 6 and 18 months), some continue to offer very competitive salaries, even surpassing their associate’s and bachelor’s degree counterparts. For example, those earning a certificate in information science or international business earn an average of $65,000 four years after graduation.3
For example, out of 107 fields of study for certificate programs across the US, the most popular certificate program – cosmetology – shows the fifth lowest salary. Even so, those who want to enter other practical trades, such as auto repair or precision metalworking, do very well. Each shows an early career salary above $40,000 after students earn their postsecondary certificate.
College isn’t just about money. There are many intangible aspects that salary data simply cannot measure. However, it is reasonable for one to expect that they will earn more over time by earning a college degree, and it is worth knowing that certain fields of study are likely to lead to higher financial premiums. This new salary data allows prospective students to make a more informed decision when examining individual programs at the colleges they are considering.
1. This data reflects a weighted average of program-level data released by the US Department of Education on April 25, 2023. The weighted average salary data for this account takes into account the average salary and number of students in individual college programs. programs across the US.
College Majors And Their Average Salaries
2. All data is from the US Department of Education. The most popular majors are a reflection of the fields of study that show the most graduates available in the earnings (cohort) data provided by the department.
3. Although a small income cohort (157 cumulative graduates), New York University, University of Colorado Boulder, American University, Davidson College, and Norfolk State University offer a graduate certificate in political science and government.
In the latest issue of the NASFAA and HEA Group brief, we explore how college completion affects student loan repayment. The result? Those who didn’t finish college ended up borrowing $918 million more than they originally did.
In this report, HEA Group and Student Defense analyze five of the most popular master’s and doctoral programs offered in the United States and examine how much students earn—and how much they owe—differentiate based on their specific course of study.
Why Business Remains The Most Popular Major
In this analysis, we explore the efforts that Ivy League institutions can take to increase opportunities for students, especially those from low- and moderate-income backgrounds. Specifically, we examine what a modest 5% increase in these students would look like in these schools. Even such small growth will pay big dividends for the low- and moderate-income students who participate.
Previous Previous Where are your taxpayer dollars going in higher ed Next Next Next Which college majors are worth it? With nearly 20 million students enrolled in postsecondary education, earning a bachelor’s degree has become a rite of passage for many young professionals before entering the workforce. But rising college tuition and student loan debt is starting to raise the question of whether or not a college education is worth footing the bill for.
The good news is that a college degree, whether it’s in math, statistics or physics, leads to better financial outcomes. “While each student can consider his or her situation independently, taking into account student debt and other financial constraints, the tight job market offers a good outlook for recent graduates regardless of the major they choose to pursue,” explained a spokesperson for the job search. Website Career Builder.
Data from the Bureau of Labor Statistics supports this, showing that higher educational attainment correlates with higher incomes and lower unemployment. Full-time workers with a bachelor’s degree earned a median annual salary of $60,996, while high school graduates who did not attend college earned $37,024 annually. Graduate-level degrees have even higher earning potential, as professional degrees such as MBAs, JDs, and MDs are the most lucrative. Similarly, those with a bachelor’s degree or higher have an unemployment rate of less than 2.5 percent, while those with only a high school diploma have an unemployment rate of 4.6 percent.
College Degrees That Make The Most Money
In the 2016–17 academic year, colleges awarded a record 1.96 million bachelor’s degrees. Business (381,000 degrees), Health Professions (238,000 degrees), Social Sciences and History (159,000 degrees), Psychology (117,000 degrees), Biological and Biomedical Sciences (117,000 degrees), and Engineering (116,000 degrees). Science, technology, engineering, and math (STEM) fields make up less than 20 percent of all majors.
Despite the overall positive economic effects of higher education, not all fields of study are equal. A student’s choice of major can have a significant long-term impact on earning potential.
“Candidates with highly specialized skills such as finance, accounting or technology are likely to command higher starting salaries. So that’s an important thing to keep in mind when choosing,” explained Michael Steinitz, Global Executive Director of Accountmpsin, a division of Robert Haffin.
Interestingly, some of the highest-paying majors (mainly business and engineering) have not grown in popularity over the years. Additionally, women and ethnic minorities are underrepresented in some of the highest-paying fields, suggesting that this may be a major contributor to long-standing gender/racial gaps in earnings. Two-thirds of STEM bachelor’s degrees are awarded to men, and more than 60 percent of students pursuing STEM degrees identify as white. Encouraging more students, especially women and minorities, to pursue STEM degrees can help further diversify the workforce and close the wage gap.
Salary: Business Degree In Texas (february, 2024)
To find out which college majors translate into the highest salaries, a private tutoring firm analyzed data from the US Census Bureau and the National Center for Education Statistics. Average early-career wages, average mid-career wages, unemployment rates, and unemployment rates were examined for the most common undergraduate majors.
To control for educational attainment, wage data only take into account earnings from workers with a master’s degree, not workers who received a bachelor’s or professional degree. All majors on the list of the 25 highest-paying majors have an average early-career salary higher than the average for all bachelor’s degrees ($40,000) and an average mid-career salary that exceeds the average for all bachelor’s degrees ($68). , 000). Most of the majors on the list are in STEM or business fields, with engineering majors paying the highest salaries across the board.
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While insightful, this data should not discourage students from pursuing their passions if they fall outside the majors listed here. First, the statistics shown are averages, and any individual may significantly exceed or worsen these standards. For example, at Georgetown University, Dr. Anthony P. Carnevale and Dr. A research report by Ban
International Business Careers: 2024 Guide To Career Paths, Options & Salary
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