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College Majors with the Biggest Payoff
In today's competitive job market, choosing the right college major can significantly impact your financial future. The major you select can often mean the difference between making a good living, or barely getting by. While rising tuition costs will leave most graduates saddled with debt as they enter the workforce, landing a job in a high-paying field can make paying off student loans much more manageable.
So, what college majors currently lead to the highest-paying jobs? Let’s examine that and other considerations—including where you decide to put down roots—that may help stretch your income.
Today’s highest-paying college majors
A recent FOX Business report highlighted 15 top-paying entry-level jobs in 2024, analyzed by Glassdoor. The list ranged from Primary Care Physician, starting at $130,000, to Mechanical Engineer, with a starting salary of $75,500. Notably, seven different engineering roles made the list. When it comes to earning potential, STEM fields—Science, Technology, Engineering, and Math—are all solid choices.
A Forbes Advisor article shares the same conclusion. Their research found that the majors with the highest salaries straight out of college tend to be in STEM disciplines. While engineering tops the list of highest-paying majors immediately after graduation, another interesting takeaway echoes the Glassdoor analysis: the highest-paying professions in the U.S. are all in the medical field and require education beyond the bachelor’s level.
The National Association of Colleges and Employers conducted a 2024 winter survey with similar findings. According to their survey, Engineering is the highest-paying major, with an average starting salary of $76,740, closely followed by Computer Science at $74,780. College graduates with majors in math and sciences also started at salaries over $70,000.
The best majors for a better debt-to-income ratio
Regardless of starting salary, mounting debt incurred over four years or more can leave many graduates struggling to get ahead. Today, the average student loan debt hovers around $30,000 per year for current college students. As a good rule of thumb, experts suggest borrowing less than your anticipated starting salary to reduce your debt-to-income ratio if possible – which is another way of saying some majors have a better return on investment than others. Those who earn typically high starting salaries, in fields like engineering and computer science, often have the lowest debt-to-income ratios. Others who fall into this category may include business, health, math, and science majors. Higher debt-to-income ratios are more likely to affect education, fine arts, and humanities majors.
Is college still worth the cost?
The short answer is…it depends. Depending on your career goals, there may be alternatives to college that provide sufficient job training without the four-year tuition costs, like apprenticeship or self-study. These may come with lower starting salaries or potential for growth than some fields that require a bachelor’s degree, however the lack of student debt could balance out the bottom line depending on the options you’re considering.
For example, in 2023, the U.S. Bureau of Labor Statistics reported that bachelor’s degree holders took home a median wage of $1,493 per week in 2023, while workers with just a high school diploma earned only $899, which is a significant difference of 66%.
Your desired career path and the requirements to get there may determine what you’ll need to be willing to spend.
Why location matters
Many people purchase or rent homes based on location—and it’s true that where we live often dictates our ability to maximize earnings. Big metropolitan cities are alluring, but smaller cities frequently offer graduates more job prospects and better affordability. Several cities in Texas, including Midland and Austin, may hold more appeal with their lower-than-average cost of living and high earning potential. In fact, a recent study by WalletHub ranked Austin, Texas, as the best city for STEM job seekers. Pittsburgh, Pennsylvania, ranked eighth on the same list—good news for Keystone State residents.
Factoring in job growth, wage growth, unemployment rate, and housing-to-income ratio, other promising cities attracting young adults include Tampa, Florida; Salt Lake City, Utah; and Raleigh, North Carolina. However, recent graduates should also weigh potential trade-offs before moving, such as whether they prefer to land a higher-paying job where the cost of living is skyrocketing, or if they’re comfortable sacrificing some of that income to live in a more affordable area. There’s no right or wrong answer.
Balance practicality with passion
Mark Twain famously said, “Find a job you enjoy doing, and you will never have to work a day in your life.” Unfortunately, for most of us, selecting a career path also depends on many other things. While STEM fields—particularly engineering and computer science—consistently offer the highest starting salaries and favorable debt-to-income ratios, perhaps take a cue from Twain and consider your interests and abilities before committing to a major. Ultimately, the ideal choice will align with your strengths and interests while offering you solid earning potential.
