You’re ready to enter college. Now you have a big decision to make: What degree should you pursue?
It’s an important question. Obtaining a college degree is no inexpensive matter. The typical college student who earns a bachelor’s degree graduates with more than $20,000 in student loan debt. That’s a big financial burden.
It’s important, then, for students to look carefully at the various degree programs that colleges offer. Some might simply not be worth the cost.
Certain bachelor’s degrees tend to bring more money. For instance, students who graduate with a bachelor’s degree in electrical engineering can expect to earn an average annual salary of $51,600 in their first year in the workforce. This makes this degree the most lucrative bachelor’s.
Following closely behind are mechanical engineering, which brings graduates an average of $51,000 in their first year of work, and chemical engineering, which brings an average starting salary of $50,000. Other science-based bachelor’s degrees also pay well: Students graduating with a bachelor’s degree in civil engineering earn an average of $47,600 in their first year out of school, while those with a degree in computer science can expect to earn an average of $47,500 in their first year in the workforce.
Other high-earning degrees include finance ($42,200), accounting ($41,300), marketing ($38,300), supply chain ($41,500), nursing ($42,300), mathematics ($43,600) and agriculture ($37,300).
Overall, of course, earning a college degree, any degree, does tend to bring in larger salaries. Students who earn a two-year associate’s degree, for instance, earn an average yearly salary of $36,200. Those who earn bachelor’s degrees earn an average annual income of $39,900.
The salaries go up as the degrees become more intense. Those who earn a master’s degree in accounting, for instance, earn an average of $49,100 a year, while those who earn a master’s degree in computer science bring home an average of $57,100 annually. Graduates who earn master’s degrees in business administration can look forward to an annual average salary of $56,800, while those who gain a doctorate in engineering earn an average annual salary of $68,900.
Employers today are more interested in certain degrees. A total of 32 percent of employers, for instance, are looking for graduates with accounting degrees, while 28 percent seek those with degrees in finance. Also popular are computer science degrees, with 24 percent of companies looking, and 29 percent of employers saying that they are looking for any business degree.
The current economic woes have brought some significant changes in what employers are looking for from college graduates. In today’s economic climate, flexibility has become a much desired trait. Employers want college graduates who can adapt to a changing business world, and who have a bunch of technical skills and essential softer skills.
Those students who graduate in most technical fields, including many engineering disciplines, might find the job market a bit stingy. Employers report that technical hiring, except for those graduates with computer science degrees, is down across the board.
The demand for business majors remains largely unchanged, except when it comes to accounting. Businesses are actually hiring fewer accounting majors today.
