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Which College Degrees Offer the Highest Lifetime Earnings

The majors that give you the best odds of joining🎉 the wealthiest Americans

The 1% of the wealthiest Americans is made of people with much capital and power, with income levels for a single earner often exceeding $400,000 annually. As such, they also control the vast majority of the world's wealth.

Many people are born into the 1% through an inheritance. Others join this group, in part, through post-secondary education with a lucrative major. Of course, a person's income is influenced by more than just their college major. Inherited privilege and connections, the industry an individual chooses, the careers they pursue, and their ability to adapt on the fly, learn new skills, negotiate a good salary, and take on new responsibilities all play a role in one's compensation. 

Nevertheless, these majors, outlined by The Hamilton Project that help propel people into the 1%, offer a promising start.

Key Takeaways

  • Earning a degree in a top field can help propel you into the 1%.
  • Engineers are among the top earners, with chemical engineers earning an average six-figure salary.
  • Computer scientists are able to make a median salary greater than $145,000.
  • Many degrees in the health and medical preparatory fields can earn professionals a six figure salary, such as a pharmacist earning more than $136,000 per year.
  • Professionals with undergraduate degrees in finance and economics can boost their earning potential by pursuing an MBA as well.

Engineering

Engineering is a broad discipline with a lot of applications. Despite this, you're likely to be well-compensated for your work regardless of which branch you choose to go into when compared to people with other degrees.

The Hamilton Project ranks the following engineering disciplines in order based on the highest median lifetime earnings of any given major:

  • aerospace
  • energy and extraction (petroleum)
  • chemical and biological
  • computer
  • electrical

According to the organization's research, the median career salary for chemical engineers was as much as $5.74 million, while industrial engineers netted as much as $5.2 million during the same period.

The Bureau of Labor Statistics (BLS) also provides salaries and job outlook statistics. According to the BLS, the median salary for chemical engineers in 2023 was $112,100 per year, while industrial engineers made an average of $99,380 annually. The job outlook for both fields was 10% and 12%, respectively.

Important

Your college major alone won't get you into the 1%—your experience, career path, and responsibilities also factor into how you're compensated.

Computer Science 

People who graduate with a computer science degree solve issues and problems that are often complex using technology. They create and develop software and applications for computers, mobile phones, and other devices and also develop websites. Computer scientists can find employment with governments, nonprofit organizations, tech companies, and even startups.

According to the Hamilton Project, the median lifetime earning for an individual with an undergraduate degree in computer science was about $4.45 million.

These professionals fall under the BLS computer and information research scientist category, which lists the median annual income at $145,080 as of 2023. The job outlook between 2023 and 2033 is also very strong with a projected growth rate of 26%.

Health and Medical Preparation

This is a fairly broad category that includes degrees in pharmaceutical scienc𝕴es and administration as well a💯s medical preparatory degrees like pre-med and biology. The overall financial success of the individual depends on what career path they choose after they graduate from school.

A degree in pharmaceutical sciences and administration may land you a six-figure job. Physicians and surgeons, though only expected to grow 4% in employment numbers between 2023 and 2033, still earned a median wage greater than $239,200 per year in 2023. Of course, this does not account for the time and money associated with going to medical school, nor does it include the cost of 澳洲幸运5官方开奖结果体彩网:malpractice insurance and other related expenses.

Finance and Economics

Financial firms, consulting firms, insurance companies, and the government will largely employ people with degrees in finance and economics. Finance majors stand to earn as much as $7.72 million in their careers, at the median of wage-earners holding the degree.

Those with an undergraduate degree in economics tend to do well, but having a 澳洲幸运5官方开奖结果体彩网:master of business administration 𒉰(MBA) in finance and economics can open more doors. According to PayScale, people with this degree can earn six figures in various business roles.

How Can I Negotiate a Higher Salary During a Job Offer?

When negotiating a higher salary during a job offer, research the industry standard for the position, emphasize your skills an꧅d accompli𒉰shments, and be prepared to discuss your value to the company. Focus on your contributions and provide a reasonable salary range based on your research.

How Do Different Industries and Professions Impact Earning Potential?

Different industries and professions have varying earning potentials. High-demand fields such as technology and healthcare often offer higher salaries due to skill shortages. Earnings also depend on factors like education, experience, location, and the specific role within the industry. The Bureau of Labor Statistics performs periodic research on the industry trajectory growth of many industries if you're especially interested in knowing what jobs may be in high demand.

Is a College Degree Still Essential for Securing a Well-Paying Job in Today's Economy?

While some high-paying jobs don't require a college degree, many well-paying positions still demand higher education. A college degree often provides essential skills, knowledge, and credibility that can open doors to better opportunities in today's competitive job market. In addition, many individuals make connections and forge networks during their college education, setting themselves up for success in being considered for roles they may not even apply for.

The Bottom Line

Some degrees offer better chances of becoming a top earner—many of which have a few common characteristics, including the cost of education, a specialization of knowledge, and the ability to pursue professional designations. Pursuing a post-secondary education helps guide students into the 1% by providing many opportunities in highly-skilled work. But remember, a major isn't everything, and it certainly isn't fate. Graduates should 澳洲幸运5官方开奖结果体彩网:focus on selling practical skills a❀nd their degrees rather than relying on their educational experience🐈 alone.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
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