The highest-paying bachelor’s degrees are generally found in STEM fields (science, technology, … (+) engineering and mathematics)
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If you’re like most Gen Zers, you’ve probably noticed how unstable the global economy and job market are, and you’re probably eager to get your career and finances off on the right foot. Deciding where and what to study (if you decide to pursue higher education) is one of the most important first steps you can take when embarking on your career.
Priorities are changing. Five or ten years ago, you might have been able to survive on $50,000 a year.
But that’s not enough with today’s inflation, considering the decisions you have to make, like buying a house and a car, paying off student debt, bills and credit cards, and the cost of daily living expenses.
Now, at the beginning of your career, you are forced to make some tough decisions. You need to make sure that if you pursue a three- or four-year degree, it is really worth the cost. You need a degree that will provide you with a significant return on investment (a high-paying degree) that will allow you to easily pay off your student debt and any other debt, and live comfortably.
How to choose a bachelor’s degree
When deciding what to study, it is essential not to underestimate the importance of where you study. The educational institution that offers your degree is just as important as the subject you are going to specialize in.
Consider their track record of success for employment prospects. Of course, they will boast about their results on their website, but you can also talk to alumni or current students to understand the full breadth of career development, coaching, and job and business opportunities, and training on offer.
Conduct extensive research to understand the employment rate of your desired university and how long it takes for a graduate of your chosen major to land a job within the same field.
Not only should you look at average salaries, but you should also remember to take into account entrepreneurial success stories. This is because you will need to make sure that you have more than just a job; you should be able to start your own business if necessary, so that your career is proof against layoffs and other negative changes within your industry and job market.
These are all essential factors to consider when planning your career and professional development and choosing your degree.
The five highest-paying bachelor’s degrees
As Coursera well notedNot all bachelor’s degrees are equal in terms of pay. If you thought that bachelor’s degrees in STEM fields have a clear tendency to pay more, early in your career, than those in the liberal arts, then you’re absolutely right.
According to research and analysis conducted in October 2023 by Best universities.comAlong with updated salary data from the U.S. Bureau of Labor Statistics, five of the highest-paying bachelor’s degrees you should consider in 2024 include:
1. Petroleum engineering
The average salary for a petroleum engineer is $131,800. This job involves not only extracting oil and natural resources such as gas, but also developing new processes and tools for extracting them from underground deposits.
2. Aeronautics and Astronautics
Positions within aeronautics and astronautics include aerospace and avionics engineer, aircraft maintenance technician, space mission planner, and satellite engineer. The average salary for positions within this field is $126,880, with a projected job growth rate of 6%, faster than average.
When deciding whether to pursue a bachelor’s degree, remember that where you study is an equally critical choice… (+) that can affect your employment and entrepreneurship prospects, and impact your career in the long term.
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3. Actuarial mathematics
Actuaries focus on analyzing risks and the financial costs associated with them, using their deep knowledge of mathematics, statistics, and financial modeling. This role is critical to industries such as insurance, real estate, and government benefits administration.
Actuaries are one of the most in-demand jobs today, with job growth expected to be much faster than the projected average of 23% through 2032. according to the U.S. Bureau of Labor Statistics. The average salary for this type of position is $113,990.
4. Computer Science
High-paying jobs you can get with a bachelor’s degree in computer science include web developer, software developer, app developer, and senior software developer. You can also specialize and progress further in machine learning, data science, or artificial intelligence for even greater earning potential.
Demand for computer science jobs is projected to increase by 25% (which may be understandable given the rise of AI), and you can expect to earn $124,200 on average.
ForbesThe 10 Most In-Demand Soft Skills To Learn In 2024, According To ResearchBy Rachel Wells
5. Business IT
A bachelor’s degree in business computing generally tends to merge the fundamentals of computing from a business perspective and a degree in business administration or management.
This “best of both worlds” approach is particularly useful if you have a strong interest in both business and technology, but are not yet sure what your career path will be. Or perhaps, you want to be a tech entrepreneur and want to learn about technology as well as business management and technology applications in the business context.
An example of a high-paying job that could benefit from a bachelor’s degree in business computing is information security analyst, with a projected 32% increase in job demand and an average salary of $112,000.
The most important thing when considering which degree to get is to remember that there is no magic in pursuing a certain career, although some obviously pay more than others, as noted above.
There is virtually no tangible benefit to an item or cards appearing after your name.
There is no magic wand for a well-paid degree; what matters is what you do with it
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The real tangible benefit comes from the experiences you gain while studying and the transferable skills you develop as a result, such as communication, leadership, problem-solving, adaptability, critical thinking and emotional intelligence. These are the factors that drive your career and influence your salary.
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