As I wrote in Making College Part of a Wealth Building Plan, I believe that it is important to major in an area that can lead to a high(er) paying job. For information on salary by major, PayScale.com has compiled a list the Best Undergrad College Degrees by Salary. Seven of the top ten paying degrees are in Engineering, with the other three being in Economics, Physics, and Computer Sciences. Median starting salaries for these degrees range from $53,400 to $65,700, with mid-career median salaries ranging from $94,500 to $109,000. The bottom ten paying degrees have median starting salaries from $33,400 to $37,000 and median mid-career salaries ranging from $41,600 to $56,600.
To me, college is about preparation for the working world. Given the high cost of a college education, it makes sense to me to consider a degree that provides a higher return. After all, the cost of getting a top ten paying degrees is no often different than the cost of a bottom ten paying degrees.
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This is not financial or education advice. Please consult a professional advisor.
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2 comments:
I think a college degree helps you get your first job, after that you're really on your on
Given my personal financial situation at age 60, perhaps I shouldn't respond. But what the heck. I've been in my field for 36 years now. I just can't imagine spending that amount of time in work that I didn't love to do, no matter how much better some other field might pay. One's degree and one's choice of profession shouldn't depend solely on the income that will be derived from it.
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