A new report has examined the median annual earnings of Americans by their degrees, highlighting which courses may lead to the most well-paid employment after graduation.
On Wednesday, the U.S. Census Bureau published its findings on the demographic, social and geographic outcomes of Americans with bachelor’s degrees, as part of its annual American Community Survey.
The report also revealed gender disparities across various professions.
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Why It Matters
Understanding which degrees typically help graduates secure high-earning jobs is one of the key factors influencing this decision among those hoping to attend college or university, especially given the rising costs of higher education in the U.S.
The data from the census bureau also points to financial gaps in the ever-changing labor market, with high-demand fields such as engineering commanding premium pay, while degrees in others yield more modest returns. Disparities in pay—and the resulting attractiveness of different degrees—can themselves influence shifts in the labor market, contributing to workforce shortages and surpluses.
What To Know
Among U.S. graduates, those with degrees in science and engineering fields are set to earn the most in their future employment, with electrical engineering currently the most well-compensated of all degrees with median annual earnings of $121,600.
Lowest on the list were those with degrees in the family and consumer sciences, earning an estimated $52,850 annually.
The Census Bureau report also highlights disparities in median pay between men and women. Among all degree recipients, men were estimated to earn $89,300 annually, compared to $63,230 for women. This gap, explained in other studies by a mix of societal bias, career choices and work patterns, exists across all degrees, but is highest amongst those in the category of “other science and engineering degrees,” where women’s median pay equates to only 70.8 percent of men’s.
Which Degrees Lead to Highest Salaries?
The census bureau tracked the median annual earnings of Americans aged 25 to 64 by their respective bachelor’s degrees, all compared to a benchmark median of $74,150, finding that these were the ones which went on to yield the highest returns for graduates.
The findings showed the following average earnings per year:
Science and Engineering Degrees
Electrical Engineering: $121,600
Computer Science: $108,500
Mechanical Engineering: $106,200
Economics: $101,400
Engineering: $100,600
Civil Engineering: $99,660
Chemistry: $94,680
Mathematics: $86,560
Political Science: $86,380
Biology: $81,550
Nursing: $79,600
Other Science and Engineering Degrees: $77,910
Sociology: $63,660
Psychology: $62,270
Business Degrees
Finance: $99,900
Accounting: $84,880
General Business: $80,120
Other Business Degrees: $77,160
Marketing: $75,930
Business Management and Administration: $75,600
Education Degrees
Other Education Degrees: $58,120
General Education: $58,000
Elementary Education: $54,900
Arts, Humanities and Other Degrees
History: $73,560
Communications: $67,840
English Language and Literature: $65,060
Criminal Justice and Fire Protection: $64,690
Other Degrees: $62,100
Physical Fitness, Parks, Recreation, and Leisure: $61,580
Liberal Arts: $61,380
Commercial Art and Graphic Design: $59,770
Family and Consumer Sciences: $59,770
Social Work: $55,060
Fine Arts: $53,450
Family and Consumer Sciences: $52,850
What People Are Saying
Richard Fry and Carolina Aragão of Pew Research, in their study of gender pay gaps in the U.S. workplace, in March wrote: “Even though women have increased their presence in higher-paying jobs traditionally dominated by men, such as professional and managerial positions, women as a whole continue to be overrepresented in lower-paying occupations relative to their share of the workforce. This may contribute to gender differences in pay.”
“Other factors that are difficult to measure, including gender discrimination, may also contribute to the ongoing wage discrepancy,” they add.
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