All Rights Reserved. New to the site's ranking this year was another consideration— the portion of degree holders who have advanced degrees. Personal finance website Bankrate.com ranked 162 college majors based on average annual income and unemployment rates. The difference in pay is evident right after graduation. Metallurgical engineering came in third, at $98,000. "Between the ages of 25 and 40, the share of STEM majors working in STEM jobs falls from 65 percent to 48 percent. Because of the variety of STEM jobs, there's also a wide range of average salaries. In the health sciences, biology and life sciences majors with graduate degrees earn 63% more than those with bachelor’s degrees, the largest graduate degree wage premium among the 15 major groups. And, more than 55% of graduates are underemployed, in jobs not worthy of their skills and talents. Instead, study: marketing. Granted, it might be discouraging for young women to look around and feel like a minority, but women in STEM programs offer solidarity to one another. The offers that appear in this table are from partnerships from which Investopedia receives compensation. More from Personal Finance: You could pay thousands more if your child drops that college course These surprise college costs could leave you at least $3,000 short this year Despite record student debt, Americans still bet on college. What's more, "STEM majors not only have the highest wages, they experience the largest wage growth over the course of their careers," according to the report. Mendoza College of Business is a business school located at the University of Notre Dame in Notre Dame, Indiana. Internships are a requirement for some majors and sleep clearly isn't included in the major. You could pay thousands more if your child drops that college course, These surprise college costs could leave you at least $3,000 short this year, Despite record student debt, Americans still bet on college. 1, anthropology and archeology represent the worst choice of college major in economic terms. But the choice of a major still makes a huge difference. The next set of bad majors is anything that falls under the Humanities or Liberal Arts banner. Long answer: not all STEM majors are created equal. Bankrate.com used 2016 data from the U.S. Census Bureau American Community Survey, which was obtained by IPUMS-USA. For freshmen who have a STEM GPA that's at least 1.0 point lower than their non-STEM GPA, they have a 32 percent probability of switching to a non-STEM major and a 19 percent probability of dropping out of college. “You will never regret having worked too hard. Business majors were in between, at $65,000. Associate’s degree: $31,500 to $43,200. Latin, Theology, English Literature. © 2021 CNBC LLC. “Over a lifetime, the average difference between a high school and college graduate’s wages is $1 million, but the difference between the lowest- and the highest-paying majors is $3.4 million,” they wrote. The report found that STEM degrees—science, technology, engineering, and math—tend to be the highest-paying undergraduate majors these days. Metalsmithing. "You have to balance being practical with following your passion," Garcia said. This article looks at the majors that rank lowest when it comes to earning potential. A top-paid educator can certainly earn more than a low-paid engineer. Tip 0: Always be proud of your major—even if it makes a list of the "worst" majors. 3 metrics were used in the ranking: competition, barrier to entry, and affordability.. There’s some surprising stuff, such as: • Wyoming is, overall, the best state for STEM majors, though much of … Summa cum laude is an academic level of distinction used by educational institutions to signify a degree that was received "with highest honor.". Don’t bother doing the four years for a … Religious studies. Even though STEM majors are often grouped together, science, technology, engineering and math is a broad span of subjects. The average college graduate earned $37,000 at the entry-level, the report found. The list is a reminder of how the decision about what to study can affect your quality of life. On the strength of the lowest barrier to entry in the country—55% of STEM jobs in the state need just a bachelor’s degree—and the lowest cost of living, Wyoming takes the top spot as best state for STEM majors. The report found that STEM degrees—science, technology, engineering, and math—tend to be the highest-paying undergraduate majors these days. Where you go to school is also a factor, as a degree from the Ivy League or a top-ranked state university is probably going to prove more lucrative than one from a for-profit college. Many of them shift into managerial positions, which pay well but do not always require specialized skills." STEM majors between the ages of 25 to 59 earned a median annual salary of $76,000, while the median salary of those with arts, humanities, or liberal arts degrees was $51,000. Topping the list at No. If you've chosen one of the "worst" majors (and will be sticking with it), there are a few important things you can do to ensure you don't end up unemployed or underpaid. According to a 2015 report by Georgetown University's Center on Education and the Workforce entitled The Economic Value of College Majors, these are some of the lowest-paying majors an undergrad can pursue. An income-share agreement is a contract that allows a student to receive upfront money for college in exchange for a fixed percentage of their future income. STEM — or science, technology, engineering and math — dominated the top five majors. You might give the best back massages around, but you’d make more money working with your hands on a construction site. In fact, the report's authors maintain that what you major in can have a bigger financial impact than whether or not you attend college. “That’s a bit unsurprising, we know that those are very lucrative fields.” Who fared the … Get this delivered to your inbox, and more info about our products and services. We want to hear from you. It turns out that your major is just as important — if not more — than where you go to school. As Parris mentioned, the gender gap in STEM majors was extremely noticeable in the 1970s, but now it’s slowly filling with eager STEM femmes. Mass media degrees have the highest unemployment rate of all majors: 7.8%, according to the New York Fed report mentioned earlier. Future income is only one consideration in choosing a college major. The worst degree to get at the current time is, somewhat surprisingly, architecture. The second-highest pay went to graduates in pharmacy, pharmaceutical sciences, and pharmaceutical administration at $113,000. 2 30 Best Paying College Majors: 2017 — from ThinkAdvisor. Marketing. By contrast, science, technology, engineering, and math degrees (STEM) dominate the highest-paying majors. Petroleum Engineering. Some of the majors you will see here are not on the worst college majors 2016, 2017, or 2018 list. However, other majors have to know difficult things as well. The expenses with the materials can be hard as well. They’ve been added recently due to changes in the economy. But an incoming college student hoping to earn a big salary after graduation should probably look elsewhere. Male students are more likely to bail because of grades than would-be women STEM majors. It also includes clinical psychology, where 74 percent of individuals have earned higher degrees yet make an average of $51,022 per year. Probably not. 13.9% of recent architecture graduates unemployed. A JD degree or Juris Doctor is the highest law degree in the U.S. Over a Decade of Data Reveals the Most Advantageous States for STEM Students — Recent research ranks which US states make it easiest for STEM majors to get STEM jobs. TE Group: technology and engineering lead to good careers out of the gate with just a bachelors. Sign up for free newsletters and get more CNBC delivered to your inbox. Bachelor’s degree: $38,300 to $38,400. These were in economics and business economics. Of course, there are exceptions. However, you can use this information to adjust your lifestyle, such as opting to attend community college for part of your education or living with roommates to mitigate costs. A new ranking of 162 college majors finds that certain STEM majors may put you on a path to a bright financial future, while arts concentrations land on the bottom of the list. 1 10 Best College Majors for a Lucrative Career — from Kiplinger. What Does Mendoza College of Business Mean? Similarly, STEM graduates at Oklahoma Panhandle State University earn just $40,300 within five years after graduation—about $10,000 below the national median for STEM majors. “We found that almost the top 30 majors were in STEM fields,” Berger says. 5 Best and Worst College Majors for Top Grades. Computer Science and Artificial Intelligence. Recent college graduates of the … Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The result? I know that Art majors have to spend hundreds on supplies. Recent college grads earn $39,700 a year on average, but they earn double for careers in science, technology, engineering or math (STEM). Learn the requirements for a JD degree, along with lawyer job outlook and salary. The bottom five was dominated by arts majors. STEM — or science, technology, engineering and math — dominated the top five majors. Bankrate’s study examined income, unemployment and more to determine the top majors. In fact, only two non-STEM majors broke into the top 25. It went on to note that graduates with architecture and engineering bachelor's degrees earned an average of $83,000 annually, while education majors with graduate degrees still trailed them, with average incomes of $60,000 annually. Human Services and Community Organization: $41,000, Teacher Education: Multiple Levels: $42,000, Theology and Religious Vocations: $43,000. The higher the percentage, the more likely it will be that you will need to spend money on additional years in school — and either raid your savings to pay for it or rack up student debt that could lower your standard of living, according to Bankrate.com data analyst Adrian Garcia. “Bachelor’s degree holders in some majors earn more than many graduate degree holders,” the report stated. STEM Fields Dominate Highest-Paying Majors. Unfortunately, many of the lowest-paying jobs are concentrated in these fields. Petroleum engineering was the top-paid undergraduate major, with a median wage of $136,000 for professionals age 25 to 59. STEM salaries grew more slowly -- and the field experienced a higher exit rate. I find that stuff … STEM majors tend to earn more money than their non-STEM counterparts. Data is a real-time snapshot *Data is delayed at least 15 minutes. Of all the STEM majors analyzed, petroleum engineering rose to the … Sure, STEM majors must know all of the drugs, chemicals and anatomy. I know what you’re thinking: “Wait, that major made the Top Ten Best list as well, … Earnings Variation within STEM Fields. An undergraduate degree in some fields can be more lucrative than a graduate degree in others. For STEM majors, getting good grades is especially important, and a student's freshman year can determine their future trajectory. The dollar figures, which are rounded, represent median earnings per year for workers age 25 to 59. That said, … Median Salary: $129,990. It offers both undergraduate and graduate programs. And there are many variables other than college coursework that have a strong influence on earnings—work ethic, one's ability to self-promote, and even dumb luck. Petroleum Engineering. So, without further ado, here are the top 10 worst college majors … Many of the lowest-paying undergraduate majors today are in education and the arts. Actuarial science, despite having lower average income and higher unemployment than some of the other concentrations in the top five, came in first because higher education was less prevalent among graduates. In fact, most of the books I read are on military history. The Smeal College of Business is a business school located at the Pennsylvania State University. What Does Smeal College of Business Mean? Graduates with low-paying majors can earn less than half the annual income of the highest-paid grads, and over a career spanning more than 40 years, the difference adds up. Engineers are literally the Regina George of majors. Let’s look at the biggest STEM majors that can launch a successful career. The Top 10 Worst College Majors. And lower-paying professions can have their perks. That is a very broad generalization, so let’s remedy that: engineering majors are cocky assholes, and our main beef is with them. STEM majors are cocky assholes. Got a confidential news tip? 4 Caring profession — such fields as nursing, teaching, or social work, that involve looking after other … STEM alumni of Alverno College in Milwaukee report making an annual salary of just $34,600. This makes sense given the massive slow down in construction. Artificial Intelligence, a branch within computer … Discover which STEM majors make the most money and what factors affect earnings. History. Teachers, for example, typically enjoy more vacation time than many other professionals, often have greater job security and better pension benefits, and are important to the functioning of society as a whole. Short answer: yes. That’s almost $2,000 less than the national average early-career earnings of dance majors. 3 Science, Technology, Engineering, and Mathematics (STEM) — an acronym describing fields with high present and future potential. According to the latest U.S. Bureau of Labor Statistics analysis, STEM — … Both figures far outpaced the entry-level pay of recent high school graduates, who averaged $22,000 annually. Over a 40-year career, the difference in income between a low-paying major and a high-paying one can be more than $3 million. "Realistically, people are not going to pick their majors based on what makes the most money," Garcia said. A Division of NBCUniversal. "Their wages grow by 50%, compared to 28% growth for college graduates in teaching and serving-related majors.". One of the most common reasons why people choose to go to college is to open themselves up to as many possibilities for the future—financial success, personal fulfillment, career prospects, as well as safety and security during retirement. A degree in religious studies is going to make it difficult to find a job if it’s … Actuarial Science is the most valuable college major, … One important factor to consider when choosing a course of study — in addition to average income and unemployment — is whether or not you will have to shell out thousands of dollars for advanced degrees in order to compete. For comparison, the median salary for all workers age 25 to 59 with bachelor's degrees was $61,000 a year, while workers with only a high school diploma earned a median $36,000 annually, according to the report. But do you know anyone who decided to study teaching or art for the money? I love history. (Hero Images) Median incomes for teaching or serving degrees—including education, psychology, and social work majors—were lowest, at $46,000. And yes, you guessed it: STEM majors are at the top, and they damn well know it. But those with STEM degrees averaged $43,000, while their classmates with arts, humanities, and liberal arts degrees averaged $29,000. STEM majors include health sciences, physics, engineering and information technology. A blue-collar worker is typically a working-class person historically defined by hourly rates of pay and manual labor. These majors, and the corresponding careers, not only provide a substantial income, but most are expected to be in high-demand for years to come, giving STEM students a fruitful, long-term career.