With prices on the rise year after year, college is unquestionably one of the largest investments you will make in your lifetime. In fact, according to a recent Forbes article, you could be facing a price tag of anywhere from $113,000 to $273,000 for a four-year degree, depending on whether you attend a public or private school.
While the cost of higher education is comparable whether you become a sociologist or an engineer, the earning potential each degree offers can be vastly different. Luckily for those pursuing a degree in a STEM field, a high-paying career tends to come with the territory.
In Georgetown University’s 2015 study, “The Economic Value of College Majors,” the lifetime earning potential of those in top-paying majors was found to be $3.4 million more than those in the lowest-paying majors. STEM majors, alongside health and business, were at the top of the ranks, with petroleum engineering offering the highest median annual salary of $136,000.
Bloomberg points out another important study finding—not only do STEM majors start with a higher salary, they tend to see larger wage growth over the course of their career.
“By the time STEM majors are between the ages of 35 to 44, they make an average of $81,000 a year, or $21,000 more than when they were ages 25 to 34. In comparison, business majors see about an $18,000 bump from when they’re 34 years old to when they’re in their mid-30s and 40s, and teaching majors get an $8,000 wage bump.”
Here are the top 10 highest-paying majors according to the study. Notice a trend?
1) Petroleum engineering
2) Pharmacy and Pharmaceutical Sciences and Administration
3) Metallurgical Engineering
4) Mining and Mineral Engineering
5) Chemical Engineering
6) Electrical Engineering
7) Aerospace Engineering
8) Mechanical Engineering
9) Computer Engineering
10) Geological and Geophysical Engineering
If you’re wondering what other STEM fields offer in terms of pay and job growth, check this out.