How do you figure out if all that money you are paying in college tuition will pay off in the job market when the time comes? Experts says the choice you make in what you decide to study has become more important than ever and can either set you up for lifetime career success and high earnings or sink you into debt.
According to a forbes.com article, a new report by Gen-Y researcher Millennial Branding, a full 69% of managers agreed that relevant coursework is important when considering job candidates.
Analysts at PayScale compared its massive compensation database with 120 college majors and job growth projections through 2020 from the U.S. Bureau of Labor Statistics (BLS) to determine the top paying 15 majors. Engineering and math were at the top of the list when ranked by median starting pay, median mid-career pay (at least 10 years in), growth in salary and wealth of job opportunities.
At No. 1, biomedical engineering is the major that is most worth tuition, time and effort. Biomedical engineers earn a median starting salary of $53,800, which grows an average of 82% to $97,800 by mid-career. Moreover, the BLS projects a whopping 61.7% growth of job opportunities in the field—the most of any other major on the list.
Engineering concentrations comprise one third of the most valuable majors. Software engineering majors (No. 4) earn a median of $87,800 after 10 years on the job; environmental engineering majors (No. 5) earn a median of $88,600; civil engineering majors (No. 6) earn a median of $90,200; and petroleum engineering majors (No. 9) earn a median of $155,000—the highest paycheck on the list.
Biochemistry was number 2 on the list, followed by applied mathematics. Experts say, the new data-driven market makes math skills, particularly statistics, more and more valuable to employers. At the other end of the specturm, the worst-paying college majors are child and family studies, elementary education, social work, culinary arts, special education, recreation and leisure studies, religious studies, and athletic training.
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