- Payscale’s recent college salary report found that petroleum engineering is currently the highest-paying major overall.
- In general, STEM majors — science, technology, engineering and math — consistently rank the highest among the most financially rewarding college degrees.
College still pays off, but the return on investment largely depends on your choice of major.
College graduates earn 37% more than those with only a high school diploma, according to a new report by Payscale. But as the cost of a degree rises, it is increasingly important to consider both your area of concentration and future earnings potential before taking out student loans to pay for college, most experts say.
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Often, a good rule of thumb is not to borrow more than you expect to earn as a starting salary.
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"The fact remains that a college degree significantly impacts earning power," said Amy Stewart, Payscale's principal of research and insights.
Money Report
"Choosing a school or major with strong income potential could cut your student loan repayment time in half, so it's crucial to consider all your options — particularly for those who are on the fence about the value of a formal education."
To that end, Payscale ranked which majors are the most financially rewarding, after accounting for salaries at the entry level and median income years down the road.
Highest-earning bachelor's degrees
Students who pursue a major specifically in science, technology, engineering or math — collectively known as STEM disciplines — are projected to earn the most overall, Payscale's college salary report found.
For the second year in a row, petroleum engineering holds the top spot for highest-paying bachelor's degrees in 2024. Graduates in the field earn just shy of figures starting out and more than $200,000 with 10 or more years of experience.
After petroleum engineering, operations research and industrial engineering followed by electrical engineering and computer science are the next highest-paying majors, overall, both with higher starting salaries — over $100,000 — but lower mid-career pay.
Payscale's college salary report is based on alumni salary data from 3.1 million respondents nationwide.
