If your primary goal in getting a college degree is to make the most money you can off of it, then STEM is still the way to go.
Research conducted by QRFY, has shed light on the highest-paying degrees. The QR code generator analyzed figures from the U.S. Bureau of Labor Statistics on median salary per field of degree, as of September 2023, to reveal which graduates have the potential to earn the most. The study also examined the percentage of graduates in the degree field who have an advanced degree and the most popular major per degree field.
With the highest median salary of $97,000, engineering graduates have the most lucrative degree. The average median wage across all degrees is $63,000 for graduates, meaning that those with engineering degrees are earning 54% more. The 42% with an advanced degree do even better. One of the most popular engineering majors is electrical engineering, with a total of 22% majoring in this discipline.
Computer and IT graduates are the second-highest earners, with a median annual salary of $90,000. These tech-savvy grads are earning 43% more than the average graduate, and 30% of these workers hold an advanced degree. An overwhelming majority of 61% of graduates majored in computer science.
The third highest-earning degree is transportation, with a median salary of $82,000. Those with transportation degrees are earning 30% more than the average graduate, and all of these graduates majored in transportation sciences and technologies. Of workers in the field, 21% have an advanced degree.
Engineering technologies graduates are the fourth highest earners, with a median salary of $80,000. These grads are earning 27% more than the average degree holder, and 25% hold an advanced degree. Electrical engineering technology majors make up 27% of engineering technologies graduates.
Taking the fifth spot is mathematics. With a median salary of $78,000, math grads are earning 24% more than the average graduate. Slightly more than half of workers in the industry (51%) have an advanced degree.
Closely following in sixth place is construction, with graduates earning a median salary of $77,000, which is 22% above the average. All construction graduates majored in construction services, and 11% hold an advanced degree.
Physical science is the seventh most lucrative degree, with grads earning 17% more than average on a median salary of $74,000. Chemistry majors hold the largest share, at 35% of the physical science majors. The industry proves itself as scholarly, with 53% holding an advanced degree.
In eighth place is science technologies. Graduates earn a median salary of $72,000, which is 14% more than an average graduate wage. Approximately 100% of science technologies graduates majored in nuclear, industrial radiology and biological technologies, and 24% have earned an advanced degree.
In the penultimate spot are architecture, biology and the military in joint ninth place. These graduates earn a median salary of $70,000, and all three are above the average percentage of employees with an advanced degree, which is 38%.
Rounding off the rankings is business in 10th place, with graduates earning a median salary of $69,000. More than a quarter of business grads (27%) major in business management and administration, and 26% hold an advanced degree.
A spokesperson from QRFY commented on the findings:
“With the majority of the top 10 industries in the rankings being math-based and science-based, it shows how it is most profitable for students to major in these subjects. Since last year, university tuition rates have risen by up to 5%, so it will be interesting to see if demand for these well-paying degree fields rises in line with increasing tuition costs.
“It is interesting to note that there seems to be little correlation between having an advanced degree and earning a large pay packet. Four of the least well-paid industries are also four of the industries with the highest percentage of workers with an advanced degree. At 67%, library science is the sector with the highest percentage of workers with an advanced degree, but it ranks in the bottom 10 for pay, with a median salary of $49,000.”
Similar findings have, of course, been used to justify dismantling or demoting the humanities (anthropology, history, literature and philosophy) in colleges and universities across the United States. While it’s true that those with humanities degrees earn a median salary that is slightly more than the median for all degrees ($64,000), according to a 2021 study, it’s equally true that those with humanities degrees are positioned for a greater variety of fields, from education to journalism to management. (We once interviewed a neurosurgeon, Simon Hanft, M.D., of Westchester Medical Center in Valhalla, who has a master’s degree in English from Cambridge University in England, a degree that he said enabled him to be better at communicating complex, challenging information to his patients.
A major or a degree is not a predictor of ultimate employment. Perhaps instead of equating degrees with paychecks, we should consider why some fields are valued so much more than others and why, regardless of field, women still typically earn only .82 cents for every dollar a man makes.
