One of the smartest financial decisions you can make as you head to college is your major. Choosing a major with a higher starting salary might ensure you can pay off your student loans faster and start saving for bigger future purchases.
If part of your decision is based on future salary prospects, you can take quite a few avenues.
💡 The Frank Takeaways:
- Pursuing a major with higher starting salaries could set you up for financial success
- Various engineering majors come with the highest average starting salaries based on where you attend school
- Make sure you’re excited about what you study for long term success
What are the majors with the highest starting salary?
It might be no surprise that many of the highest starting salaries have something to do with engineering. Whether it’s computer or electrical engineering — there are many jobs with an average starting salary over $65k. The average depends on your major and which school you graduated from, with MIT, UC Berkely, and the Naval Academy at the top of those lists.
The Majors to Study
Based on a recent study from the National Association of Colleges and Employers (NACE) that looked at the top-earning majors for the class of 2020, these are the majors with the highest average starting salaries.
Petroleum Engineering
Average Starting Salary: $87,989
Computer Programming
Average Starting Salary: $86,098
Computer Science
Average Starting Salary: $85,766
Electrical, Electronics, and Communications Engineering
Average Starting Salary: $80,819
Computer and Information Science
Average Starting Salary: $73,558
Computer Engineering
Average Starting Salary: $75,022
Applied Mathematics
Average Starting Salary: $73,558
Chemical Engineering
Average Starting Salary: $72, 713
Materials Engineering
Average Starting Salary: $70,958
Applied Physics
Average Starting Salary: $67,541
Should you study these majors?
We would never suggest studying a major simply based on the average starting salary. There are so many factors that go into salary decisions that it’s never guaranteed you’ll start there.
It’s also vital that you’re interested and dedicated to what you’re studying. Otherwise, you might not have the long-term drive to continue pursuing it. However, if these majors call to you, and you want to set yourself up for financial success in the future, they’re great options.