There are a number of factors to consider when choosing a college major.
It's wise to study something you're genuinely interested in, which might help motivate you to work hard. You may also want to pursue a career that requires a certain degree or certification. Or, perhaps you're looking for a more versatile field of study and a set of skills that can be applied across various industries.
Since the cost of a college education is notoriously high, it's not a bad idea to also consider how well certain majors tend to pay off — if they pay off at all.
In a new study, Bankrate analyzed median salaries and unemployment rates among graduates, as well as the share of graduates with advanced degrees to determine the most valuable college majors.
Bankrate used the Census Bureau's American Community Survey data and considered the salaries and unemployment rates of those with at least a bachelor's degree who are employed or seeking work.
Salaries were the most important component considered for the study, but a relatively high unemployment rate or high rate of grads with advanced degrees may actually hurt a major's ranking since both factors suggest it may take more time or effort for that bachelor's degree to pay off, Bankrate says.
It's also important to note that high reported salaries may not mean abundant jobs in a given field.
Money Report
Here are the 10 most valuable college majors in 2024, according to Bankrate:
1. Electrical engineering
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- Median salary: $115,000
- Unemployment rate: 1.9%
- Percentage of workers with advanced degrees: 47.6%
2. Computer engineering
- Median salary: $112,000
- Unemployment rate: 2.1%
- Percentage of workers with advanced degrees: 38.8%
3. Petroleum engineering
- Median salary: $100,000
- Unemployment rate: 0.9%
- Percentage of workers with advanced degrees: 39.2%
4. Aerospace engineering
- Median salary: $105,000
- Unemployment rate: 1.9%
- Percentage of workers with advanced degrees: 48.9%
5. Materials science
- Median salary: $100,000
- Unemployment rate: 1.1%
- Percentage of workers with advanced degrees: 63.7%
6. Mechanical engineering
- Median salary: $100,000
- Unemployment rate: 1.9%
- Percentage of workers with advanced degrees: 38.9%
7. Electrical engineering technology
- Median salary: $100,000
- Unemployment rate: 2.3%
- Percentage of workers with advanced degrees: 31.7%
8. Engineering mechanics, physics and science
- Median salary: $100,000
- Unemployment rate: 1.5%
- Percentage of workers with advanced degrees: 59.1%
9. Chemical engineering
- Median salary: $100,000
- Unemployment rate: 2.1%
- Percentage of workers with advanced degrees: 46.7%
10. Actuarial science
- Median salary: $95,000
- Unemployment rate: 1.9%
- Percentage of workers with advanced degrees: 20%
Electrical engineering earns the top spot with a high median pay of $115,000 among those with at least a bachelor's degree, Bankrate finds. These engineers work in a variety of industries designing, developing and maintaining electronic equipment, according to the Bureau of Labor Statistics.
In addition to a currently low unemployment rate, the job field is projected to grow 9% over the next 10 years, compared with 4% for all occupations, BLS reports.
If you're looking for a degree that can help you land a lucrative career, it's hard to go wrong with engineering. All 10 of the most valuable degrees fall under the science, technology, engineering and mathematics umbrella, and eight are in engineering-specific fields.
Additionally, materials science is also known as "materials science and engineering" at some schools, leaving actuarial science as the only truly non-engineering degree among the 10 most valuable.
Actuaries help insurance companies or firms in other industries determine, assess and predict the costs of risks like natural disasters or other uncertain events. With climate change already having a major impact on the home insurance industry, it's perhaps unsurprising that actuaries are in demand and relatively well paid. Plus, the workforce for these professionals is projected to grow at a staggering 22% rate over the next decade, per BLS.
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