Charting Your Course to Financial Freedom: Choosing a High-Paying Career Path

March 27, 2024

Which bacheler's degree will make you the most money?

Choosing a college major can feel like a high-stakes decision. You're pouring time, energy, and resources into a field that will hopefully set the course for your future career. But let's be honest, financial stability is a major factor for most students. So, the question lingers: what majors actually lead to good salaries?

Today, we're diving into data on median earnings (in 2022 inflation-adjusted dollars) for recent graduates (ages 25-39) based on their field of study. This should give you a clearer picture of how different majors stack up in the job market.

U.S. Census Bureau. "Median Earnings in the Past 12 Months (in 2022 Inflation-Adjusted Dollars) by Age by Field of Bachelor's
Degree for First Major." American Community Survey, ACS 1-Year Estimates Detailed Tables, Table B15014, 2022, https://data.census.gov/table/ACSDT1Y2022.B15014?q=average earnings field of study for college degree. Accessed on March 27, 2024.

Engineering Takes the Top Spot

Unsurprisingly, engineering majors take home the highest median earnings at a whopping $92,920. This field consistently ranks high due to the demand for skilled engineers across various industries.

Following Close Behind: Computers and Math

Graduates with degrees in computers, mathematics, and statistics follow closely behind with a median earning of $86,304. This trend reflects the growing need for professionals in data analysis, cybersecurity, and other tech-related fields. As Artificial Intelligence is growing I see this field only growing in the future.

Business Grads See Solid Earnings

Business majors can also expect a comfortable living with a median income of $72,096. This broad field offers diverse career paths in areas like finance, marketing, and management.

The Mid-Range: Social Sciences, Science, and More

Social sciences and science-related fields like biology and environmental science fall in the middle range, with medians hovering around $66,000.

Liberal Arts and Beyond

Liberal arts and humanities majors come in at the lower end of the spectrum, with a median of $56,369. However, it's important to remember that earnings can vary greatly within each major depending on the specific career path you choose.

Remember: It's Not Just About the Money

While salary is certainly a crucial factor, it shouldn't be the only consideration when choosing a major. Consider your interests, skills, and desired work environment. There are many fulfilling careers out there that may not offer the highest salaries but can provide a strong sense of purpose and satisfaction.

Do Your Research, Explore Options

Use this data as a starting point for your research. Dig deeper into specific majors that interest you. Talk to professionals in those fields, explore job listings, and get a sense of the career paths available.

What industry should you go into to earn the most money?

So we've looked at different bachelor's degrees but what about different industries. How do salaries vary per industry?

U.S. Census Bureau. "Occupation by Sex for the Civilian Employed Population 16 Years and Over." American Community Survey, ACS 1-Year Estimates Subject Tables, Table S2401, 2022, https://data.census.gov/table/ACSST1Y2022.S2401?q=earnings by occupation. Accessed on March 27, 2024.

Tech: Your Ticket to the Top

The tech world continues its reign! The professional, scientific, and technical services industry holds the crown with a median salary of $92,095. This includes a vast range of exciting careers – from coding whizzes as software developers to brainiacs as data analysts. Love tinkering and problem-solving? Tech might be your calling!

Management Gigs Offer Greenbacks Too

Got leadership skills oozing out your pores? The world of company and enterprise management might be your perfect fit. CEOs, COOs, and other high-level honchos overseeing the big picture can expect a median salary of $87,803. Think you can handle the pressure? This path could be financially rewarding.

Beyond Tech: Utilities, Information, and Energy

Surprised to see utilities on the list? They're not just about keeping the lights on! Providing essential services like electricity and water, the utilities industry offers a median salary of $84,973. Information whizzes can also rejoice – folks in telecommunications, broadcasting, and publishing (think the information industry) bring home a median of $81,543. Don't underestimate the power of oil and gas either – the mining, quarrying, and oil and gas extraction industry boasts a median salary of $80,173.

Finance: Still a Solid Choice

While tech may be stealing the spotlight, finance is a timeless classic. From investment bankers to financial advisors, the finance and insurance industry offers a diverse range of well-paying opportunities, with a median salary of $76,729. Think you have an eye for the market? Finance could be your money-maker.

Finding Your Niche: Public Service and Beyond

Feeling called to serve the greater good? Public administration offers stability with a median salary of $70,611. It may not be the highest earner, but the satisfaction of contributing to society is priceless.

Construction, Retail, and Hospitality

These industries tend to fall in the mid-range, with median salaries around $55,000. But remember, specific roles within these sectors can vary greatly. A skilled carpenter might make more than a retail associate.

Remember: It's More Than Money

This data is a springboard, not a strict script. Consider what excites you! Research industries that align with your interests and dream work environment. Think about job growth and advancement opportunities too. When choosing your degree think about what type of industry you also want to work in. Undertand that different industries have different locations. Think Wallstreet vs Midwest, that also have vastly different costs of living.

Different Work Types and Their Paychecks

So you're about to graduate and ready to ditch the ramen for, well, something a little more substantial. Enter the wonderful (and sometimes terrifying) world of work! But with so many options, where do you even begin? Fear not, fellow soon-to-be-professional! Today, we're decoding different work categories and their average annual salaries (in USD) to help you navigate this exciting, paycheck-filled adventure.

U.S. Census Bureau. "Class of Worker by Sex for the Civilian Employed Population 16 Years and Over." American Community Survey, ACS 1-Year Estimates Subject Tables, Table S2408, 2022, https://data.census.gov/table/ACSST1Y2022.S2408?q=earnings by class of worker. Accessed on March 27, 2024.

Government Gigs: Stability with a Side of Security

Dreaming of steady hours and a sweet benefits package? Uncle Sam might be your sugar daddy (or mommy!). Federal government workers take home a median salary of $77,251, with state and local government jobs following closely behind at $60,259 and $59,573 respectively. These roles often come with excellent health insurance, retirement plans, and that oh-so-coveted job security.

Going Solo: The Freedom (and Risk) of Self-Employment

Ever dreamt of being your own boss? The land of self-employment offers the ultimate flexibility and the potential for a high median income of $67,841 (gotta hustle for that paycheck!). However, it also comes with the responsibility of finding your own clients, managing your finances, and navigating the ever-changing freelance world.

The Classic Route: Working for the Private Company

This is the most common path for many graduates. Working for a private company offers a vast range of opportunities, from tech startups to established corporations. The median salary sits at $55,230, and can vary greatly depending on your industry, experience, and the company itself.

Non-Profits: Making a Difference (and Maybe a Decent Living)

Feeling passionate about a cause? Working for a non-profit organization allows you to contribute to something bigger while still earning a living. The median salary for private non-profit wage and salary jobs is $60,801, which may be slightly lower than the private sector, but the feel-good factor is priceless!

The Wildcard: Other Self-Employment and Unpaid Family Workers

This category encompasses a wide range of situations, from freelance artists to family-run businesses. The median salary here is $44,488, but it can fluctuate greatly depending on the specific circumstances. Remember, success in this area often relies on strong business acumen and a whole lot of dedication.

Remember: It's Not All About the Benjamins

While financial security is important, don't let salary be your only guide. Consider what kind of work environment you thrive in. Do you crave structure or flexibility? Do you value purpose over profit? Research different work styles and company cultures to find a good fit.

The Takeaway

Picking the right career path can feel overwhelming. This article explores two key factors to consider: your college major and your desired work environment.

Focusing on salary first, engineering, computer science, and business majors tend to lead to the highest earnings. These fields are in high demand, with engineering topping the list at a median salary of $92,920. If financial security is a top priority, these majors are a strong starting point for your research.

However, salary isn't everything. Consider what kind of work environment you thrive in. Do you crave stability and benefits? Government jobs offer that in spades, with federal positions boasting a median salary of $77,251. Maybe flexibility is more your style? Self-employment allows you to be your own boss, though it also comes with the responsibility of finding clients and managing finances.

Ultimately, the best career path combines your interests and skills with a work environment that motivates you. This article provides a springboard for your research – use it to explore different majors and work styles to find the perfect fit for you!