Highest-Paying College Majors

Updated on April 23, 2024

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• Fact-checked by Marley Rose

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Engineering is the highest-paying college major, with graduates making $65,000-$80,000 immediately after college.

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Data Summary

The average starting salary for class of 2022 was about $61,870 — up $3,000 from the previous year.^{Note Reference [1]}
Chemical engineering was the highest-paying college major, with graduates earning $79,000 per year as a starting salary and $133,000 by mid-career.^{Note Reference [2]}
Business majors earned an early-career median wage range of $50,000-$66,000 per year.^{Note Reference [2]}
Computer science majors made an early-career median salary of $78,000 per year. This figure increased to $110,000 by mid-career.^{Note Reference [2]}
Psychology majors made a median annual wage of $40,000 right out of college and $65,000 by mid-career.^{Note Reference [2]}

According to the National Association of Colleges and Employers, the overall average starting salary for 2022’s college graduates was $61,870. However, this figure varied widely by field.^{Note Reference [1]} This report breaks down income by major, including the highest-paying college majors.

Highest-Paying Majors

Engineering majors made the most right after college, however, graduates who majored in business, economics, and math also made median wages well over $50,000.

Which Majors Make the Most Right After College?

Engineering majors boasted the highest early-career salaries, making between $65,000 and $80,000 immediately after graduation.

Computer engineering majors topped the list of highest earners right after college, making a median annual wage of $80,000, according to the Federal Reserve Bank of New York.^{Note Reference [2]}
According to 2022 data from the Bureau of Labor Statistics (BLS), computer engineers (hardware) earned a median salary of $132,360.^{Note Reference [3]} This was among all computer engineers (hardware) and not just recent graduates.
The top 10% of all computer engineers (hardware) made over $208,200 as of 2022.^{Note Reference [3]}

Which Majors Make the Most Mid-Career?

There was not a significant difference between majors that made the most early-career and mid-career.

Computer engineering majors topped the list of high early-career earners, making a median income of $80,000 per year.^{Note Reference [2]}
Chemical engineering majors made slightly less during their early careers: $79,000 per year. However, they came out during the middle of their careers, making $133,000 per year.^{Note Reference [2]}
Other engineering majors, such as those in aerospace, electrical, and mechanical engineering, all made high median mid-career wages as well — well over six figures.^{Note Reference [2]}

Did You Know…

BLS data shows a strong correlation between workers’ earnings and workers’ educational attainment^{Note Reference [4]}:

Those without a higher school diploma or GED certificate earned a median of $682 per week.
People with an associate degree earned a median of $1,005 per week.
People with a bachelor’s degree earned a median of $1,432 per week.
People with a master’s earned a median of $1,661 per week.
In contrast, those with doctoral or professional degrees made a median of over $2,080 per week.

How Much Do Business Majors Make?

Depending on the specific major, those who studied business earned an early-career median wage of $50,000-$66,000.^{Note Reference [2]} The mid-career median wage range was $78,000-$104,000.

Finance majors made the most by mid-career with a median wage of $104,000.^{Note Reference [2]}
Accounting boasted the lowest underemployment rate of all business majors (21%), which suggests that nearly 80% of accounting majors end up with jobs that match the expected accounting major salary.^{Note Reference [2]}
Those in marketing, general business, and business management earned the lowest median starting salary of $50,000 per year.^{Note Reference [2]}
Marketing and general business majors faced the highest unemployment rates in 2022 (3.2% and 3%, respectively). However, these rates are nearly two times lower than in 2021 when the unemployment rate for marketing majors was 6.6% and the rate for general business majors was 5.3%.^{Note Reference [2]}
Business management had the highest underemployment rate at 53.6%, comparable with those who studied history (53.5%) and a foreign language (53.4%).
Less than one-third of all business majors went on to pair their bachelor’s degree with a graduate degree. Accounting majors were mostly likely to do so, with 33% going on to earn higher degrees.^{Note Reference [2]}

How Much Do Computer Science Majors Make?

Computer science majors made a median early-career salary of $78,000. This figure increased to $110,000 by mid-career — a 5% increase in salary from the previous year.^{Note Reference [2]}

Around 32% of computer science majors went on to get a graduate degree in computer science. This may suggest that the majority of computer science graduates did not feel the need to pursue higher degrees in their field to make higher salaries.

Computer science also has one of the lowest underemployment rates: 16.7%. This was even lower than the unemployment rate for chemical engineering majors (17.8%) and aerospace engineering majors (17.9%).

The BLS projects positions for computer and information research scientists will increase 23% from 2023-2032. This is much higher than the national average growth rate across all occupations at 3%.^{Note Reference [5]} This translates to roughly 8,300 job openings each year on average for the next 10 years.

How Much Do Psychology Majors Make?

Psychology majors made a median wage of $40,000 per year right out of college and then $65,000 by mid-career.^{Note Reference [2]} Psychology majors also had a relatively high underemployment rate at 48.4%.

Unemployment rates for other social science majors ranged from 49.4% for sociology to 45.7% for political science.^{Note Reference [2]}

How Much Do Science Majors Make?

Depending on the specific major, those studying the sciences made a median early-career salary of $40,000-$64,000. By mid-career, this range increased to $65,000-$95,000.

Pharmacy, physics, and nursing majors made the most in their early careers, earning a median annual wage of over $60,000.
Pharmacy, biochemistry, chemistry, and physics majors made the most by their mid-careers, with median wages ranging from $85,000-$95,000.
For several science majors, a high percentage of students went on to earn graduate degrees. Biochemistry topped the list, with about 70% of folks in the discipline earning higher degrees.

Other Popular Majors and Salaries

Out of some other popular majors, STEM and adjacent majors made the most. Economics, math, and information systems and management topped the list with a median early-career wage of $57,000-$65,000.

How to Decide on a Major

While median income is a helpful way to gauge the money-making potential of a field, you can also consider which majors are in demand to measure employability. For example, foreign language majors may earn a median mid-career wage of $66,000 per year, but they also have an underemployment rate of 53.4%.^{Note Reference [2]}

Over half of all foreign language graduates (51.4%), chemistry majors (65.3%), and physics majors (67.9%) go on to earn graduate-level degrees.^{Note Reference [2]} This means roughly 65% of bachelor’s degree-holders in chemistry, for example, go on to get a master’s or doctorate in that same field. Even if a field’s projected salary seems decent, it’s worth considering other factors when choosing a major.

Sources

First Destinations for the College Class of 2022. National Association of Colleges and Employers (NACE). December 2023. (back to footnote 1 in content ⤶)
The Labor Market for Recent College Graduates. Federal Reserve Bank of New York. February 2024. (back to footnote 2 in content ⤶)
Computer Hardware Engineers. Occupational Outlook Handbook. Bureau of Labor Statistics. U.S. Department of Labor. September 2023. (back to footnote 3 in content ⤶)
Table 5.1 Unemployment Rates and Earnings by Educational Attainment, 2022. September 2023. (back to footnote 4 in content ⤶)
Computer and Information Research Scientists. Occupational Outlook Handbook. Bureau of Labor Statistics. U.S. Department of Labor. September 2023. (back to footnote 5 in content ⤶)