Highest-Paying College Majors: Full 2023 Statistics | BestColleges (2024)

Engineering was the highest-paying major in 2023, with graduates making $65,000-$70,000 right after college. Explore average salaries of other popular majors in this report, including business and computer science.

According to the National Association of Colleges and Employers, the overall average starting salary was $58,862 in 2021. However, this figure varied widely by field.^{Note Reference [1]} This report breaks down income by major, including the highest-paying college majors.

Highest-Paying Majors

Engineering majors made the most right after college, however, graduates who majored in business, economics, and math also made median wages well over $50,000.

Which Majors Make the Most Right After College?

Engineering majors boasted the highest early-career salaries in 2023, making between $65,000-$70,000 immediately after graduation.

• Chemical engineering majors topped the list of highest incomes right after college, earning a median annual wage of $75,000 as of February 2023, according to the Federal Reserve Bank of New York.^{Note Reference [2]}
• According to 2021 data from the Bureau of Labor Statistics (BLS), chemical engineers earned a median salary of $105,550.^[3] This was among all chemical engineers and not just recent graduates.
• The top 10% of all chemical engineers made over $187,430.^{Note Reference [3]}

Which Majors Make the Most Mid-Career?

There was not a significant difference between majors that made the most early-career and mid-career.

• Chemical engineering majors topped both lists, earning a median starting salary of $75,000 per year and $120,000 by mid-career as of February 2023.^{Note Reference [2]}
• Other engineering majors such as those in computer, aerospace, and electrical engineering all made high median mid-career wages as well — well over six figures.^{Note Reference [2]}

How Much Do Business Majors Make?

Depending on the specific major, those who studied business earned an early-career median wage of $46,000-$66,000 as of February 2023, according to NY Fed. The mid-career median wage range was $75,000-$99,000.^{Note Reference [2]}

• Those in business management earned the lowest median starting salary of $46,000 per year.
• Marketing and general business majors faced the highest unemployment rates (6.6% and 5.3% respectively). Other majors had unemployment rates of 5% and under.
• Finance majors made the most by mid-career with a median wage of $100,000.
• Accounting boasted the lowest underemployment rate of all business majors (22.6%), which suggests that over 75% of accounting majors end up with jobs that match the expected accounting major salary.
• Business management had the highest underemployment rate of 55.1%, comparable with those who studied the fine arts (55.4%) and liberal arts (55.2%).
• Less than one-third of all business majors went on to pair their bachelor's degree with a graduate degree. Accounting majors were mostly likely to do so, with 31% going on to earn higher degrees.

How Much Do Computer Science Majors Make?

Computer science majors made a median early-career salary of $73,000 as of February 2023, according to NY Fed. This figure increased to $105,000 by mid-career.^{Note Reference [2]}

Similar to business majors, less than one-third (31.8%) of computer science majors went on to get a graduate degree in computer science. This may suggest that computer science graduates did not feel the need to pursue a higher degree in their field to make higher salaries.

Computer science also has one of the lowest underemployment rates of 19.1%. This was even lower than the unemployment rate for chemical engineering majors (19.6%) and aerospace engineering majors (27.7%).

The BLS projects positions for computer and information research scientists will likely increase 21% from 2021-2031. This is much higher than the national average growth rate across all occupations of 5%. This translates to roughly 3,300 job openings each year on average for the next 10 years.^[5]

How Much Do Psychology Majors Make?

Psychology majors made a median wage of $37,400 per year right out of college and then $65,00 by mid-career as of February 2023, according to NY Fed. Psychology majors also had a relatively high underemployment rate of 47.6%, although it was still lower than those of other social science majors such as sociology (51.3%) and political science (49.2%).^{Note Reference [2]}

How Much Do Science Majors Make?

Depending on the specific major, those studying the sciences made a median early-career salary of $40,000-$55,000 as of February 2023. By mid-career, this range increased to $60,000-$100,000.

• Pharmacy and nursing majors made the most in their early careers, earning a median annual wage of $55,000.
• Pharmacy, biochemistry, chemistry, and physics majors made the most by mid-career with median wages ranging from $80,000-$100,000.
• Several science majors had high percentages of students who went on to earn graduate degrees. Biochemistry topped the list with about 70% of folks in the discipline earning higher degrees.

Other Popular Majors and Salaries

Out of some other popular majors, STEM and adjacent majors made the most. Economics, math, and information systems and management topped the list with a median early-career wage of $54,000-$60,000.

How to Decide on a Major

While median income is a helpful way to gauge the money-making potential of a career, you can also consider which majors are in-demand to measure employability. For example, foreign language majors may earn a median mid-career wage of $65,000 per year, but they also have an unemployment rate of nearly 8% and underemployment rate of 50.1%.^{Note Reference [2]}

Over half of all foreign language graduates (50.5%), chemistry majors (65.4%), and physics majors (69.8%), share their majors with graduate level degrees.^{Note Reference [2]} This means roughly 65% of bachelor's degree-holders in chemistry, for example, go on to get a master's or doctorate in that same field. Even if a field's projected salary seems decent, it's worth considering other factors when choosing a major.