Degrees with a high R.O.I.
November 30, 2011
Financing a college education is made easier with the use of grants, college scholarships and other financial aid. While these things help make going to college a reality for many, some worry about whether their degree will pay off in terms of their income after graduation.
According to the U.S. Bureau of Labor Statistics (BLS), in 2010 individuals with a bachelor's degree made an average of $1,038 per week, compared to $767 per week for those with an associate's degree, $712 per week for those with some college (but no degree) and $626 per week for those with a high school diploma.
A recent study conducted by the Georgetown University Center on Education and the Workforce reveals that your college major may significantly impact how much you earn.
The major that the study found to result in the highest annual salary ($120,000 per year) upon graduation was petroleum engineering. Other lucrative majors include pharmacy/pharmaceutical sciences and administration ($105,000 per year), mathematics and computer sciences ($98,000 per year), aerospace engineering ($87,000 per year), chemical engineering ($86,000 per year), electrical engineering ($85,000 per year), naval architecture and marine engineering ($82,000 per year) and mechanical, metallurgical and mining engineering ($80,000 per year each).
The majors in which graduates made the least amount of money, according to the study, include counseling/psychology ($29,000 per year), early childhood education ($36,000 per year), theology and religious vocations ($38,000 per year), human services and community organizations ($38,000 per year) and social work ($39,000 per year).
The study found that women tend to hold the majority of degrees in many of the lower-paying fields, such as education. It also revealed that women with degrees in high-paying fields, such as chemical engineering, earn significantly less ($20,000 per year) than their male counterparts.
In addition, several college majors were found to have the highest overall unemployment rates. They include social psychology (16 percent), nuclear engineering (11 percent) and educational administration and supervision (11 percent).
While the study's findings may help some who are looking for a major that will help them reap the greatest return on their investment or those who may not know exactly what they want to study, experts say it's important to choose a course of study based on your interests and abilities over how much money you stand to make. Remember that the key to a successful and lucrative career is being happy with your job!
