One of the biggest decisions you’ll make as you head into adulthood is your college major. Should you go for something you love? Or is it better to prioritize earning potential? Is there a way to combine both of these into the “perfect” degree?
“Align your major with both your interests and emerging job market trends,” said Dr. Rachel Rubin, co-owner of Spark Admissions. “Our survey found that while students are increasingly aware of income potential, long-term satisfaction and success are more likely when students pursue fields that genuinely interest them and match their strengths.”
Advertisement: High Yield Savings Offers
Powered by Money.com – Yahoo may earn commission from the links above.
Learn More: Here’s How To Use AI To Quickly Start a Side Gig, According to Codie Sanchez
Find Out: How Far $750K Plus Social Security Goes in Retirement in Every US Region
Figuring out your interest is one thing, but which degree will also get you the salary you need? While the average starting salary (considering all majors) is $64,291, according to the National Association of Colleges and Employers (NACE)’s Summer 2024 Salary Survey report, mid-career salaries can be substantially higher.
According to the Federal Reserve Bank of New York, these are the 20 highest-paying college majors at mid-career.
For You: I Made $10,000 Using One of Dave Ramsey’s Best Passive Income Ideas
Income is an important factor in deciding upon a major, but not the only one. Something you might want to consider is the cost of getting the degree you need, how much financial aid you qualify for and your financial situation.
“If you are a middle-class student who won’t qualify for (much) financial aid and are looking at paying [$25,000 to $30,000] or more per year for college, think it through. Majoring in something that you have a good chance of pursuing after college such as Nursing, is very practical, as it is a field in which there is always demand,” said Kevin Ladd, COO and co-creator of Scholarships.com.
“Majoring in Philosophy and taking out over [$100,000] in student loans could be quite risky. Either way, though, you certainly want to major in something that aligns with a career in which you feel you will be happy.”
If finances aren’t a major concern, you may have more options available to you. Just be sure to consider any potential loan payments alongside income potential. It’s also worth comparing several colleges for tuition and other costs, as well as financial aid like scholarships or private grants.
“Naturally, I would recommend also casting a wide net with regard to colleges, so no matter which major you choose to pursue, you can compare financial aid letters and hopefully get a lot of institutional scholarships and grants,” said Ladd. “Last, but far from least, search for outside scholarships to supplement and take out as few student loans as possible!”
Be aware that your choice of major won’t be the only factor in determining employability. Some companies only want you to have a degree. They don’t necessarily care what it’s in as long as you have the skills needed for the position.
More specialized fields, like medicine or engineering, will require specific education and training. Weigh your options, think about what you enjoy and what you can see bringing you long-term satisfaction and go from there.
More From GOBankingRates
Sources
This article originally appeared on GOBankingRates.com: 20 College Majors With the Highest Mid-Career Salaries
