College majors that earn the most money typically revolve around architecture and engineering, according to a 2015 study from Georgetown University. People with either of these majors make a starting salary of $50,000 soon after earning a degree. Petroleum engineers, specifically, earn more than $135,000 by their late 20s, the most of any major.
The university's Center on Education and the Workforce analyzed data from the U.S. Census Bureau and examined 137 college majors. Interesting enough, early childhood education majors only make an average salary slightly higher than $39,000 per year. High school graduates normally earn around $22,000.
People with degrees in architecture and engineering did the best of any other group three years after graduation. College majors for consumer services, recreation and industrial arts made the least amount of money. These people earned diplomas in fields such as parks, recreation and leisure, family and consumer sciences, and transportation sciences and technologies.
The pecking order remains relatively stable for someone with a bachelor's degree through their late 20s. The most notable exception includes arts majors who jump ahead of education, psychology and education majors to earn $49,000 per year by age 30. In terms of graduate school, scientists make the most with an advanced degree, while arts majors earn the least.
An NPR interview on Planet Money in late 2013 bears out these statistics. A young woman, age 24, with a petroleum engineering degree earned $110,000 annually just two years out of college. She even had a paid internship. Meanwhile, a man the same age made $36,000 with a psychology degree as a caseworker two years past graduation.
Several industries need college majors with emphases in engineering, including mining, manufacturing and aerospace. Median salaries several years after graduation may reach $80,000 or more. Manufacturers need mechanical engineers to run complex machinery. Aerospace engineers design next-generation aircraft. Mining companies need engineers who can seek resources to meet energy demands.
Not all the top 25 college majors revolve around engineering. People with economics or business economics degrees represent the only non-STEM degrees among the highest 25 earners. However, people with science, technology, engineering or mathematics degrees get a bump in salary to $81,000 between ages 35 and 44, an increase of nearly $21,000 compared to their 20s. Business majors earn approximately $18,000 more per year over the same span. Conversely, graduates with teaching degrees see an increase of $8,000 per year roughly 10 years into their careers.
More and more jobs rely on advanced technology that requires several years of study. As such, companies pay a lot of money for experts who apply scientific principles for real-world use. College students who want to make the most money quickly to pay off student loans and have a secure financial future should look towards college majors in engineering first.
Photo courtesy of scottchan at FreeDigitalPhotos.net
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