It seems that everyone has an opinion on whether a college degree is a good financial investment or not. Some associate college with massive debt and bad career prospects, while others, as a sure path to a better life.
It turns out, both groups are wrong.
College is not always a good financial investment – the mid-career salary of several majors is about the same as a high school graduate’s, meaning financially at least, the return on investment is negative.
Neither is college always a losing proposition: 37 majors pay more than a $60,000 starting salary, and 58 of them pay more than $100,000 by mid-career.
Clearly, talking about college in general as a financial investment is unhelpful: some degrees pay off and others don’t. (For some reasons why some majors don’t pay off, see this post and this one).
In this article, I break down majors by average starting salary and mid-career salary using public use American Community Survey data collected by the US Census Bureau between 2009-2019. I first break down earnings by field, then rank the majors by starting salary, then by mid-career salary, and last by the average salary growth rate over the career.
For methodological details see the bottom of the post.
Table of Contents
- Earnings By Field
- Rankings by Starting Salary
- Rankings by Mid-Career Salary
- Rankings by Salary Growth Rate
- Methodology
Salary by Field
The table below breaks down the starting and mid-career salary by field.
The average STEM salary out of college is $57,900, followed by Business at $57,500. These are followed by the social sciences ($46,400), health ($45,100), liberal arts ($42,000), and Education ($40,000).
Interestingly, by the mid-career, this order is unchanged: STEM degrees still pay the most, and Education degrees the least. The average STEM major pays a whopping $108,300 by mid-career, with business majors right behind at $107,500.
Field | Starting Salary | Mid-Career Salary |
STEM | $ 57,921 | $ 108,313 |
Business | $ 57,504 | $ 107,465 |
Social Sciences | $ 46,384 | $ 83,497 |
Health | $ 45,115 | $ 75,077 |
Liberal Arts | $ 42,011 | $ 78,737 |
Education | $ 39,982 | $ 60,518 |
Majors Ranked by Starting Salary
This list ranks the majors by their starting salary.
Petroleum Engineering takes the 1st slot at a salary of $108,000, right out of college. Actually, 15 out of the top 25 paying majors are engineering majors – it pays off to major in engineering. The only non-STEM degrees in the top 25 are Economics (#14), Finance (#16), and Business Economics (#21).
The worst paying majors immediately out of school are largely in the Liberal Arts and Social Sciences. With Drama and Theater Arts paying the very least ($35,500).
To keep things in perspective, the average high school graduate (no college degree) earns $29,500 per year for this same age range.
- Petroleum Engineering: $107,954
- Naval Architecture And Marine Engineering: $91,562
- Nuclear Engineering: $86,112
- Computer Engineering: $79,540
- Chemical Engineering: $78,322
- Computer Science: $77,223
- Actuarial Science: $76,528
- Electrical Engineering: $75,120
- Mechanical Engineering: $73,133
- Applied Mathematics: $72,565
- Aerospace Engineering: $72,070
- Industrial And Manufacturing Engineering: $71,593
- Materials Science: $71,467
- Economics: $70,590
- General Engineering: $69,172
- Finance: $68,916
- Statistics And Decision Science: $68,213
- Materials Engineering And Materials Science: $68,206
- Biological Engineering: $67,843
- Miscellaneous Engineering: $67,815
- Business Economics: $67,790
- Biomedical Engineering: $67,239
- Management Information Systems And Statistics: $67,232
- Construction Services: $67,183
- Civil Engineering: $66,658
- Architectural Engineering: $64,345
- Operations Logistics And E-Commerce: $63,712
- Engineering And Industrial Management: $63,266
- Public Policy: $63,145
- Information Sciences: $63,024
- Electrical Engineering Technology: $62,647
- Miscellaneous Engineering Technologies: $62,470
- Engineering Mechanics Physics And Science: $62,311
- Environmental Engineering: $61,170
- Mechanical Engineering Related Technologies: $60,869
- Mathematics: $60,704
- Computer And Information Systems: $60,101
- Nursing: $59,569
- Accounting: $59,014
- Computer Administration Management And Security: $58,943
- Physics: $58,623
- Nuclear, Industrial Radiology, And Biological Technologies: $58,345
- Transportation Sciences And Technologies: $58,018
- Industrial Production Technologies: $57,144
- General Business: $56,918
- Computer Programming And Data Processing: $56,578
- Engineering Technologies: $56,556
- Miscellaneous Business And Medical Administration: $56,070
- Miscellaneous Social Sciences: $55,710
- International Business: $55,273
- Marketing And Marketing Research: $54,908
- Agricultural Economics: $54,696
- Food Science: $54,117
- International Relations: $53,927
- Business Management And Administration: $53,422
- Medical Technologies Technicians: $52,910
- Computer Networking And Telecommunications: $52,425
- Agriculture Production And Management: $52,130
- Political Science And Government: $52,064
- Pharmacy Pharmaceutical Sciences And Administration: $51,934
- Architecture: $51,911
- Medical Assisting Services: $51,722
- Advertising And Public Relations: $51,656
- Electrical, Mechanical, And Precision Technologies And Production: $51,241
- Interdisciplinary Social Sciences: $51,171
- Cognitive Science And Biopsychology: $50,571
- Human Resources And Personnel Management: $50,302
- Astronomy And Astrophysics: $49,648
- Industrial And Organizational Psychology: $49,521
- Multi-Disciplinary Or General Science: $48,838
- Chemistry: $48,692
- Atmospheric Sciences And Meteorology: $48,626
- General Agriculture: $48,568
- Miscellaneous Agriculture: $48,483
- Communications: $48,087
- Pre-Law And Legal Studies: $47,899
- Neuroscience: $47,815
- Biochemical Sciences: $47,542
- Molecular Biology: $47,107
- Genetics: $46,795
- Geosciences: $46,614
- Physical Sciences: $46,421
- Microbiology: $46,397
- Plant Science And Agronomy: $46,311
- Health And Medical Administrative Services: $46,230
- Journalism: $46,015
- Miscellaneous Education: $45,945
- Geography: $45,833
- Criminal Justice And Fire Protection: $45,819
- Geology And Earth Science: $45,792
- Hospitality Management: $45,709
- Intercultural And International Studies: $45,357
- French German Latin And Other Common Foreign Language Studies: $45,323
- Health And Medical Preparatory Programs: $45,317
- Soil Science: $45,304
- Public Administration: $45,296
- Commercial Art And Graphic Design: $45,273
- Miscellaneous Biology: $45,251
- Other Foreign Languages: $45,028
- Criminology: $44,971
- Oceanography: $44,952
- History: $44,736
- Interdisciplinary Social Sciences: $44,639
- Philosophy And Religious Studies: $44,629
- Forestry: $44,339
- Clinical Psychology: $44,336
- Sociology: $44,075
- Communication Technologies: $43,883
- United States History: $43,674
- Mass Media: $43,455
- Physiology: $43,441
- Botany: $43,437
- Miscellaneous Fine Arts: $43,407
- Area Ethnic And Civilization Studies: $43,295
- Treatment Therapy Professions: $43,289
- Environmental Science: $43,187
- Art History And Criticism: $43,098
- Nutrition Sciences: $42,845
- Biology: $42,325
- Natural Resources Management: $42,053
- Liberal Arts: $41,843
- Mathematics Teacher Education: $41,767
- General Education: $41,528
- General Social Sciences: $41,303
- Physical Fitness Parks Recreation And Leisure: $41,228
- Community And Public Health: $41,224
- English Language And Literature: $41,149
- Miscellaneous Health Medical Professions: $40,971
- Multi/Interdisciplinary Studies: $40,918
- Psychology: $40,807
- Film Video And Photographic Arts: $40,764
- General Medical And Health Services: $40,623
- Special Needs Education: $40,464
- Physical And Health Education Teaching: $40,178
- Secondary Teacher Education: $40,048
- Animal Sciences: $40,040
- Science And Computer Teacher Education: $39,647
- Fine Arts: $39,404
- Language And Drama Education: $39,336
- Art And Music Education: $38,858
- Teacher Education: Multiple Levels: $38,834
- Social Science Or History Teacher Education: $38,775
- Cosmetology Services And Culinary Arts: $38,654
- Linguistics And Comparative Language And Literature: $38,558
- Miscellaneous Psychology: $38,273
- Family And Consumer Sciences: $38,102
- Humanities: $38,006
- Educational Psychology: $37,543
- Human Services And Community Organization: $37,533
- Elementary Education: $37,509
- Composition And Rhetoric: $37,287
- Anthropology And Archeology: $37,187
- Music: $37,092
- Communication Disorders Sciences And Services: $37,088
- Ecology: $36,862
- Social Work: $36,751
- Counseling Psychology: $36,672
- Theology And Religious Vocations: $36,515
- Zoology: $36,325
- Early Childhood Education: $36,233
- Studio Arts: $35,812
- Visual And Performing Arts: $35,787
- Drama And Theater Arts: $35,477
Majors Ranked by Mid-Career Salary
This list ranks the college majors by the average annual earnings during mid-career.
Once again, Petroleum Engineering takes the 1st slot at an average salary of $210,300 in mid-career. This time, 14 out of the top 25 majors are engineering majors. Out of the top 25 highest paying majors, four are non-STEM: Economics (#10), Business Economics (#12), Finance (#14), and Transportation Sciences And Technologies (aka logistics) (#24).
In terms of return on investment, STEM and Business majors are the most profitable.
Looking at the bottom of the list, Library Science ranked lowest at $44,000, which is actually lower than the earnings of the average high school graduate. The average high school graduate (no college degree) earns $45,100 per year during mid-career.
The other majors that pay very little are primarily in Education, though many are in the Liberal Arts and the Social Sciences.
- Petroleum Engineering: $210,333
- Actuarial Science: $186,179
- Mathematics And Computer Science: $146,764
- Mining And Mineral Engineering: $142,187
- Chemical Engineering: $140,729
- Nuclear Engineering: $140,228
- Computer Engineering: $138,217
- Aerospace Engineering: $135,546
- Metallurgical Engineering: $134,134
- Economics: $133,748
- Electrical Engineering: $133,184
- Business Economics: $133,098
- Mechanical Engineering: $132,716
- Finance: $131,603
- Cognitive Science And Biopsychology: $131,532
- Biomedical Engineering: $129,772
- Engineering And Industrial Management: $125,946
- Architectural Engineering: $125,174
- Applied Mathematics: $125,157
- Materials Science: $124,712
- Naval Architecture And Marine Engineering: $124,090
- Computer Science: $123,325
- Civil Engineering: $122,564
- Transportation Sciences And Technologies: $122,200
- Physics: $122,149
- Pharmacy Pharmaceutical Sciences And Administration: $121,632
- Environmental Engineering: $120,904
- Industrial And Manufacturing Engineering: $120,833
- Construction Services: $120,815
- Management Information Systems And Statistics: $117,968
- Miscellaneous Engineering: $116,321
- General Engineering: $115,695
- Molecular Biology: $115,655
- Statistics And Decision Science: $115,127
- Materials Engineering And Materials Science: $115,106
- Genetics: $114,929
- Agricultural Economics: $114,335
- Public Policy: $113,332
- Atmospheric Sciences And Meteorology: $113,120
- Mathematics: $112,393
- Political Science And Government: $112,073
- Engineering Mechanics Physics And Science: $111,309
- International Relations: $111,268
- Information Sciences: $110,693
- International Business: $110,343
- Operations Logistics And E-Commerce: $109,771
- Geological And Geophysical Engineering: $109,063
- General Business: $105,874
- Accounting: $105,741
- Marketing And Marketing Research: $105,241
- Industrial Production Technologies: $104,505
- Biochemical Sciences: $103,298
- Miscellaneous Engineering Technologies: $103,176
- Electrical Engineering Technology: $102,832
- Computer And Information Systems: $102,765
- Mechanical Engineering Related Technologies: $101,424
- Miscellaneous Business And Medical Administration: $100,812
- Miscellaneous Social Sciences: $100,455
- Engineering Technologies: $99,968
- Pharmacology: $99,893
- Architecture: $99,654
- Biological Engineering: $99,428
- Food Science: $99,065
- Chemistry: $98,519
- United States History: $96,885
- Geology And Earth Science: $96,579
- Business Management And Administration: $96,015
- History: $95,729
- Communications: $95,078
- Advertising And Public Relations: $94,505
- Agriculture Production And Management: $94,071
- Physical Sciences: $93,823
- Computer Networking And Telecommunications: $93,764
- Computer Programming And Data Processing: $92,904
- Oceanography: $92,870
- Intercultural And International Studies: $92,824
- Geosciences: $92,511
- Health And Medical Preparatory Programs: $92,060
- Computer Administration Management And Security: $91,609
- Soil Science: $91,600
- Public Administration: $91,577
- Journalism: $91,365
- Interdisciplinary Social Sciences: $91,135
- Microbiology: $90,774
- Film Video And Photographic Arts: $90,432
- Environmental Science: $90,315
- Multi-Disciplinary Or General Science: $90,276
- Geography: $90,215
- Biology: $90,068
- Industrial And Organizational Psychology: $90,063
- Nuclear, Industrial Radiology, And Biological Technologies: $89,797
- Philosophy And Religious Studies: $89,224
- Forestry: $88,568
- Area Ethnic And Civilization Studies: $88,181
- Communication Technologies: $87,525
- Human Resources And Personnel Management: $87,497
- Miscellaneous Biology: $85,610
- Physiology: $85,512
- English Language And Literature: $85,100
- Criminal Justice And Fire Protection: $84,507
- Mass Media: $84,310
- Plant Science And Agronomy: $84,260
- Criminology: $83,795
- Composition And Rhetoric: $83,167
- French German Latin And Other Common Foreign Language Studies: $83,150
- Animal Sciences: $82,273
- Medical Technologies Technicians: $82,201
- Art History And Criticism: $82,057
- Natural Resources Management: $82,016
- Nursing: $81,713
- Ecology: $81,425
- Hospitality Management: $81,389
- Liberal Arts: $81,022
- General Medical And Health Services: $80,370
- General Agriculture: $79,481
- Anthropology And Archeology: $79,464
- Electrical, Mechanical, And Precision Technologies And Production: $78,896
- Physical Fitness Parks Recreation And Leisure: $78,689
- Commercial Art And Graphic Design: $78,518
- Health And Medical Administrative Services: $78,427
- Treatment Therapy Professions: $78,025
- Other Foreign Languages: $77,667
- Community And Public Health: $77,043
- Pre-Law And Legal Studies: $76,928
- Sociology: $76,709
- Linguistics And Comparative Language And Literature: $76,624
- Social Psychology: $75,892
- Zoology: $75,855
- Psychology: $75,320
- Botany: $75,116
- Miscellaneous Fine Arts: $74,744
- General Social Sciences: $74,163
- Fine Arts: $73,471
- Miscellaneous Agriculture: $73,311
- Music: $73,218
- Cosmetology Services And Culinary Arts: $72,852
- Drama And Theater Arts: $72,625
- Interdisciplinary Social Sciences: $71,884
- Miscellaneous Psychology: $70,541
- Miscellaneous Education: $70,466
- Court Reporting: $70,445
- Educational Administration And Supervision: $70,100
- Humanities: $69,680
- Clinical Psychology: $69,453
- Nutrition Sciences: $69,023
- Physical And Health Education Teaching: $68,893
- Medical Assisting Services: $68,871
- Social Science Or History Teacher Education: $66,071
- Science And Computer Teacher Education: $65,882
- Theology And Religious Vocations: $64,724
- Multi/Interdisciplinary Studies: $64,546
- Studio Arts: $63,079
- Mathematics Teacher Education: $62,654
- Secondary Teacher Education: $62,272
- Visual And Performing Arts: $61,415
- Communication Disorders Sciences And Services: $61,011
- Family And Consumer Sciences: $59,455
- General Education: $59,186
- Art And Music Education: $58,204
- Miscellaneous Health Medical Professions: $58,170
- Language And Drama Education: $57,339
- Counseling Psychology: $55,706
- Human Services And Community Organization: $55,462
- Social Work: $54,421
- Special Needs Education: $53,768
- Educational Psychology: $52,853
- Teacher Education: Multiple Levels: $52,735
- Elementary Education: $50,283
- Early Childhood Education: $46,225
- Library Science: $43,948
Majors Ranked by Salary Growth Rate
Looking at the starting salary versus mid-career pay, it’s clear that some degrees go on to earn much more later on, while others don’t grow their salary as much. For example, Naval Architecture and Marine Engineerings starts with one of the highest salaries at $91,600, but 20 years later, it only pays $124,100 – a very slow growth rate, actually the 5th worst salary growth rate of all majors. What this means, is over time, this major becomes less and less well paying, as other majors grow their salaries at a faster rate.
On the other hand, Biology, a STEM major (in)famous for its low starting salary ($42,300) will go on to earn over $90,000 20 years later, more than doubling its salary. This is a growth rate of 4.1%, one of the highest of all majors. This growth in salary takes Biology from being ranked 119th in starting salary to being ranked a more respectable 89th by mid-career.
The list below ranks the majors by their average annual growth in salary. For example, Biology’s 3.8% growth rate means that each year, the biology majors’ salary increases by 3.8%, on average (on top of inflation).
Overall, the Liberal Arts field has the highest growth rate at 3.4% per year, followed by Business and STEM at 3.3%. The high growth rate for Liberal Arts makes sense since these majors have some of the lowest starting salaries of all majors, and really can only go up.
The high growth rate of Business and STEM majors is surprising, considering that they have the highest starting salary of all fields. This means that over the course of the career STEM and Business will continue to have higher salaries than other fields.
Education has the very lowest salary growth rate at just a 2.1% increase per year. This is especially troubling since Education has the lowest starting salary to begin with. The low growth rate means that Education majors fall behind all other majors in pay even more over time.
- Cognitive Science And Biopsychology: 5.2%
- Genetics: 4.8%
- Molecular Biology: 4.8%
- Actuarial Science: 4.8%
- Pharmacy Pharmaceutical Sciences And Administration: 4.6%
- Atmospheric Sciences And Meteorology: 4.5%
- Composition And Rhetoric: 4.3%
- Film Video And Photographic Arts: 4.3%
- United States History: 4.3%
- Ecology: 4.3%
- Biochemical Sciences: 4.2%
- Political Science And Government: 4.1%
- History: 4.1%
- Anthropology And Archeology: 4.1%
- Biology: 4.1%
- Geology And Earth Science: 4.0%
- Transportation Sciences And Technologies: 4.0%
- Environmental Science: 4.0%
- Agricultural Economics: 4.0%
- Zoology: 4.0%
- Physics: 3.9%
- English Language And Literature: 3.9%
- Oceanography: 3.9%
- International Relations: 3.9%
- Animal Sciences: 3.9%
- Drama And Theater Arts: 3.8%
- Intercultural And International Studies: 3.8%
- Area Ethnic And Civilization Studies: 3.8%
- Health And Medical Preparatory Programs: 3.8%
- Chemistry: 3.8%
- Soil Science: 3.8%
- Public Administration: 3.8%
- Physical Sciences: 3.8%
- Philosophy And Religious Studies: 3.7%
- Forestry: 3.7%
- International Business: 3.7%
- Communication Technologies: 3.7%
- Engineering And Industrial Management: 3.7%
- Linguistics And Comparative Language And Literature: 3.7%
- Journalism: 3.7%
- Geosciences: 3.7%
- General Medical And Health Services: 3.7%
- Communications: 3.7%
- Environmental Engineering: 3.7%
- Music: 3.6%
- Physiology: 3.6%
- Geography: 3.6%
- Business Economics: 3.6%
- Microbiology: 3.6%
- Natural Resources Management: 3.6%
- Petroleum Engineering: 3.6%
- Architectural Engineering: 3.6%
- Mass Media: 3.5%
- Liberal Arts: 3.5%
- Biomedical Engineering: 3.5%
- Architecture: 3.5%
- Marketing And Marketing Research: 3.5%
- Finance: 3.5%
- Physical Fitness Parks Recreation And Leisure: 3.5%
- Art History And Criticism: 3.4%
- Economics: 3.4%
- Miscellaneous Biology: 3.4%
- Cosmetology Services And Culinary Arts: 3.4%
- Aerospace Engineering: 3.4%
- Community And Public Health: 3.3%
- Fine Arts: 3.3%
- Criminology: 3.3%
- General Business: 3.3%
- Mathematics: 3.3%
- Multi-Disciplinary Or General Science: 3.3%
- Psychology: 3.3%
- Criminal Justice And Fire Protection: 3.3%
- Miscellaneous Psychology: 3.3%
- Civil Engineering: 3.3%
- French German Latin And Other Common Foreign Language Studies: 3.2%
- Humanities: 3.2%
- Food Science: 3.2%
- Advertising And Public Relations: 3.2%
- Industrial Production Technologies: 3.2%
- Plant Science And Agronomy: 3.2%
- Industrial And Organizational Psychology: 3.2%
- Mechanical Engineering: 3.2%
- Agriculture Production And Management: 3.2%
- Miscellaneous Social Sciences: 3.2%
- Treatment Therapy Professions: 3.1%
- Construction Services: 3.1%
- Miscellaneous Business And Medical Administration: 3.1%
- Business Management And Administration: 3.1%
- Chemical Engineering: 3.1%
- General Social Sciences: 3.1%
- Public Policy: 3.1%
- Accounting: 3.1%
- Computer Networking And Telecommunications: 3.1%
- Engineering Mechanics Physics And Science: 3.1%
- Interdisciplinary Social Sciences: 3.1%
- Hospitality Management: 3.1%
- Electrical Engineering: 3.1%
- Theology And Religious Vocations: 3.1%
- Engineering Technologies: 3.0%
- Studio Arts: 3.0%
- Information Sciences: 3.0%
- Management Information Systems And Statistics: 3.0%
- Materials Science: 3.0%
- Sociology: 3.0%
- Human Resources And Personnel Management: 3.0%
- Computer Engineering: 3.0%
- Commercial Art And Graphic Design: 2.9%
- Botany: 2.9%
- Other Foreign Languages: 2.9%
- Applied Mathematics: 2.9%
- Operations Logistics And E-Commerce: 2.9%
- Miscellaneous Fine Arts: 2.9%
- Visual And Performing Arts: 2.9%
- Miscellaneous Engineering: 2.9%
- Physical And Health Education Teaching: 2.9%
- Computer And Information Systems: 2.9%
- Social Science Or History Teacher Education: 2.8%
- Health And Medical Administrative Services: 2.8%
- Industrial And Manufacturing Engineering: 2.8%
- Statistics And Decision Science: 2.8%
- Materials Engineering And Materials Science: 2.8%
- General Engineering: 2.7%
- Mechanical Engineering Related Technologies: 2.7%
- Science And Computer Teacher Education: 2.7%
- Miscellaneous Engineering Technologies: 2.7%
- Communication Disorders Sciences And Services: 2.7%
- Computer Programming And Data Processing: 2.6%
- Electrical Engineering Technology: 2.6%
- General Agriculture: 2.6%
- Nuclear Engineering: 2.6%
- Nutrition Sciences: 2.5%
- Interdisciplinary Social Sciences: 2.5%
- Pre-Law And Legal Studies: 2.5%
- Computer Science: 2.5%
- Multi/Interdisciplinary Studies: 2.4%
- Clinical Psychology: 2.4%
- Family And Consumer Sciences: 2.4%
- Secondary Teacher Education: 2.4%
- Computer Administration Management And Security: 2.3%
- Medical Technologies Technicians: 2.3%
- Electrical, Mechanical, And Precision Technologies And Production: 2.3%
- Nuclear, Industrial Radiology, And Biological Technologies: 2.3%
- Miscellaneous Education: 2.3%
- Counseling Psychology: 2.2%
- Miscellaneous Agriculture: 2.2%
- Mathematics Teacher Education: 2.2%
- Art And Music Education: 2.1%
- Social Work: 2.1%
- Human Services And Community Organization: 2.1%
- Biological Engineering: 2.0%
- Language And Drama Education: 2.0%
- General Education: 1.9%
- Miscellaneous Health Medical Professions: 1.9%
- Educational Psychology: 1.8%
- Nursing: 1.7%
- Teacher Education: Multiple Levels: 1.6%
- Naval Architecture And Marine Engineering: 1.6%
- Elementary Education: 1.6%
- Medical Assisting Services: 1.5%
- Special Needs Education: 1.5%
- Early Childhood Education: 1.3%