A study of 152 college majors found that engineering degrees are financially rewarding and good for job opportunities.
Bankrate looked at data from the 2022 American Community Survey to figure out the ‘most valuable college majors.’ They based their ranking on unemployment rates, median yearly income, and the percentage of people with advanced degrees.
‘We consider majors valuable if they lead to higher pay, lower unemployment, and don’t need much extra schooling because we focus mainly on bachelor’s degrees,’ said Alex Gailey, a Bankrate analyst, to Business Insider.
However, Gailey mentioned that not everyone focuses on salary. Some people might care more about choosing a career where they feel they can make a difference.
Here Are the Majors That Ranked in Bankrate’s Top 10:
Most Valuable College Majors
| Rank | Declared degree | Median salary | Unemployment rate | Percent with advanced degree |
| 1 | Electrical engineering | $115,000 | 1.9% | 47.6% |
| 2 | Computer engineering | $112,000 | 2.1% | 38.8% |
| 3 | Petroleum engineering | $100,000 | 0.9% | 39.2% |
| 4 | Aerospace engineering | $105,000 | 1.9% | 48.9% |
| 5 | Materials science | $100,000 | 1.1% | 63.7% |
| 6 | Mechanical engineering | $100,000 | 1.9% | 38.9% |
| 7 | Electrical engineering technology | $100,000 | 2.3% | 31.7% |
| 8 | Engineering mathematics, physics, and science | $100,000 | 1.5% | 59.1% |
| 9 | Chemical engineering | $100,000 | 2.1% | 46.7% |
| 10 | Actuarial science | $95,000 | 1.9% | 20.0% |
The top nine majors had median salaries of at least $100,000. Actuarial science, which ranked 10th, wasn’t far behind with a median salary of $95,000. Petroleum engineering had the lowest unemployment rate among the top majors and one of the lowest overall. Materials science, ranked 5th, had the highest number of people with advanced degrees among the top majors.
The major that ranked the lowest was studio arts, with a median salary of $40,000 and an unemployment rate of 4.6%. Even though studio arts and other art degrees were near the bottom, Gailey explained that this doesn’t mean these degrees aren’t valuable. However, they generally have higher unemployment rates and lower pay than other degrees.
Gailey also said that getting an engineering degree from an affordable public college is likely a good investment because there are many job opportunities right after graduation.
Is a College Degree Still Worth It?
Going to a private college with high tuition for a fine arts degree may be more risky,” Gailey said. “It doesn’t mean it won’t pay off eventually, but it’s riskier because it depends on how much you spend upfront compared to what you earn later.”
Even though some degrees can be financially valuable, not everyone thinks college is needed to get a job. Gailey mentioned that younger people are questioning the need for a bachelor’s degree. He referred to Pew Research Center survey results that show how people feel about the necessity of college.
About half (49%) of people believe it’s less important to have a four-year college degree today to get a good-paying job compared to 20 years ago,” according to Pew Research Center.
Gailey mentioned that while college is an investment, getting a bachelor’s degree usually pays off in the long run, especially when it comes to earning more over time. He also noted that there are ways to reduce the initial costs of college, such as starting at a community college and then transferring to a four-year school.
Gailey referred to a study by the Federal Reserve Bank of New York, which looked at the pay of full-time workers. In 2023, recent graduates with a bachelor’s degree, aged 22 to 27, had a median annual salary of $60,000. In contrast, people in that same age group with only a high school diploma had a median salary of $36,000.
This pay gap isn’t new. The study showed that since 1990, recent college grads have consistently earned more than those with only a high school diploma in the same age group.
Conclusion
Engineering degrees tend to offer good pay and low unemployment. However, not everyone believes a college degree is necessary. Personal goals and costs play a big role in this choice. Overall, college can be a smart investment, especially if you find ways to reduce expenses.
