careerWe’ve all heard it: people with college degrees make far better money than those who don’t have them. It’s not hard to understand why. Employers want people with technical knowledge and practical experience, and a college degree can provide these things, even before going on the job for the first time. Therefore, having a college degree can increase your starting salary in an entry level position by thousands of dollars over someone with a high school diploma. Even an Associates degree will make a difference in the amount of money you make, but the real jump in income comes with a Bachelors degree. Employers just somehow instinctively trust that employees with Bachelors degrees know what they’re doing.

Even though having a college degree makes a great difference in salary, some degrees offer higher starting pay than others. Here are the top 10 college degrees by salary.

1. Aerospace Engineering–This is a highly specialized field and employers are scrambling for qualified people to fill positions. Because the field is so specialized, employers are willing to pony up the big bucks for people with these degrees. Starting salaries average around $59,600, which is excellent for an entry-level position. The pay just keeps going up from there the longer you’re in your field, with salaries of $110,000 or more not being uncommon for someone at mid-career in this area of specialization.

2. Chemical Engineering–As you may have guessed, engineers are in demand across all sorts of fields. Because there always tends to be a shortage of them, they can command big salaries. Chemical engineers average about $65,700 a year to start, with salaries of well over $100,000 being common at mid-career. That kind of money will get you out of your parents’ house in a hurry!

3. Computer Engineering–Computer engineering majors can expect to earn about $61,700 in an entry level position and $105,000 at mid-career. Computer specialists are always in demand. Just think of all the millions of businesses that use computers. You can easily translate this degree into a lucrative endeavor for yourself.

4. Electrical Engineering–This has a starting salary of $60,200 and a mid-career salary of $102,000. This is more than just the type of electrical work that an electrician does who wires your house. Electrical engineers take it to a whole new level, engineering entire grid systems. That’s why they can command and get such high pay!

5. Economics–Here’s a field where the non-engineering types can shine. It has a starting salary of around $50,200 and a mid-career salary of $101,000. Economists are in demand in a variety of locations, but are hired the most by the federal government and universities. Put your mathematical knowledge to work with a degree in this field, and you’ll be handsomely rewarded for it.

These are the top 5 money-making degrees. However, there are 5 other college degrees that can make you salaries close to these. Physics, mechanical engineering, computer science, industrial engineering, and environmental engineering all have starting salaries in the mid to high fifty thousands, and mid-career salaries close to $100,000. If any of these fields appeal to you, you’d do well to investigate getting a degree in that subject. It could just end up being your personal ticket to financial independence.

This is the first installment in our jobs & careers series. Be sure to check back for updates…

Filed under: Jobs & Careers

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