Decoding Your Earning Potential: Average Starting Salaries by College Major
For many, a college degree remains a cornerstone of the American Dream, with 35 percent of adults viewing it as a key to home affordability and overall financial well-being. Careers that call for higher skill and education levels pay significantly more than jobs that do not. As you embark on your college journey, one of the most pressing questions is likely, "How much money can I earn after graduation?" After all, one of the top reasons to go to college is to increase your earning potential. It’s an important question, and one that you should definitely consider as you look forward to the next chapter of your life.
The Value of a College Degree
Data shows that college remains one of the best paths to well-paying jobs. BLS data show those with a bachelor’s degree average 66 percent more earnings per week than those with just a high school diploma. Bachelor’s degree holders earn on average 66 percent more than high school graduates. College graduates earn more than 50% of what high school graduates do. Weekly, high school graduates earn a median amount of $930 compared to $1,543 for workers with a bachelor’s degree, according to the BLS. Those with a master’s degree earn a median weekly pay of $1,840, while those with a professional degree earn $2,363 weekly.
Despite degree-based hiring trends taking a dip, median college graduate earnings still outpace those of high school graduates.
Earning a bachelor’s degree can ensure a financially rewarding future career. On average, degree holders earn $1.2 million dollars more over their careers compared to peers with only a high school diploma. Over the entire working life, the typical college graduate will earn $1.19 million in today’s dollars. This is more than twice as much as the lifetime earnings of a typical high school graduate ($580,000), and $335,000, or 39 percent, more than that of a typical associate’s degree graduate.
Factors Influencing Starting Salaries
The National Association of Colleges and Employers (NACE) found that the average starting salary for 2024 college graduates was $65,677. It’s important to keep in mind that this is an average. Your starting salary out of college depends a lot on what you majored in, where you live, and where you went to school. So in reality, you could be earning much less or much more than the national average. All of these factors play a big role in determining your starting salary following graduation.
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The Impact of Your Major
This is by far the most important factor that influences your starting salary when you graduate college. You’ll automatically increase your earning potential by going to college, but it’s no secret that some majors lead to more lucrative careers than others. As you prepare to declare a field of study, carefully consider your major.
According to a study from the Federal Reserve Bank of New York, most of the top-earning college majors are in STEM fields. This study examined average salaries from early career workers to those in their field for twenty years or more. Alongside this data, they analyzed the percentage of degree holders experiencing unemployment. So, not only are these majors on the higher end of the pay scale, they’re also stable.
It shouldn’t come as a surprise that STEM degrees, particularly those in engineering, lead to the highest paying careers. Majors in education and the arts tend to result in the lowest-paying careers. However, you certainly shouldn’t shy away from pursuing a major in one of these fields if it’s your passion. Remember that a rewarding career isn’t measured in salary alone. You should also keep in mind that these are entry-level salaries, meaning your earning potential will increase as your career develops.
Now of course, there’s a lot of majors not included here. We’ve simply covered the extreme ends of the spectrum to demonstrate how much starting salary can vary according to your field of study.
Location, Location, Location
Your major isn’t the only thing that affects your early career salary. The city in which you live has a big impact on your earning potential as well. Some cities are more favorable than others when it comes to cost of living and job opportunities. That’s why it’s never too early to start thinking about where you want to make your base following graduation.
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The Role of Your Alma Mater
While it’s not as big a factor as the previous two, the college you attend can also affect your starting salary. It’s a common belief that the more prestigious school you attend, the higher your salary will be after graduation. And while this is certainly true sometimes, it’s not a hard and fast rule that should be taken to heart. Your starting salary is affected by your field of study more than anything else.
Salary Projections and Trends
Starting salary projections show promise for the upcoming Class of 2026. Nearly all categories of reported majors are showing healthy increases that range from 3.1% for engineering majors to 6.9% for computer sciences majors. The overall average salary for new college graduates has experienced a slight uptick as the final overall average salary is up 2.2% over the Class of 2023’s average.
Class of 2025 engineering and business graduates at the master’s degree level are expected to see salaries climb 12.5% and 3.1%, respectively, according to results of NACE’s Winter 2025 Salary Survey. Salaries for college graduates overall continue to climb as, for the second straight year, the increase in average salary for a graduating class has surpassed 7%.
Using NACE’s Salary Survey report, Andrea Koncz offers a historical perspective on starting salaries to new college graduates from 1960 through 2015. The overall economy, corporate scandals, new legal requirements, the dot-com bubble and burst-a variety of factors have affected the rise and fall of starting salaries for new college graduates over the past half century.
Hiring projections were up this year as of January 2025, according to NACE. employers (57.1 percent) expect to maintain the number of college graduate hires steady, while over a quarter (27 percent) will increase hires. What’s more, bachelor’s degree earners in the Class of 2025 will have higher starting salaries depending on major, according to NACE data.
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Top-Paying Majors: A Closer Look
Here's a breakdown of some of the highest-paying majors, offering insights into their focus and career prospects:
Engineering Degrees: Engineering is the highest-paying college major, with graduates making $65,000-$80,000 immediately after college. Engineering involves the practical application of math and science, primarily physics, to solve everyday problems.
- Chemical Engineering: This major is consistently one of the highest-paying. Chemical engineering students learn to create new technologies involving chemicals, drugs, and other products.
- Computer Engineering: A combination of computer science and electrical engineering, computer engineering teaches students to understand, build, and innovate upon computer hardware and software. Graduates find jobs as computer engineers, hardware or software developers. According to 2023 data from the Bureau of Labor Statistics (BLS), computer engineers (hardware) earned a median salary of $145,080. The top 10% of all computer engineers (hardware) made over $233,110 the same year.
- Aerospace Engineering: Aerospace engineers design and develop the technology and systems behind airplanes, spacecraft, and other airborne objects. Aerospace engineering majors topped the list of high mid-career earners, with a median income of $125,000 a year.
- Electrical Engineering: Electrical engineering students get a crash course in practical science with a concentration on electricity. In the workforce, electrical engineers design, develop, and oversee the creation of electronic products. In our increasingly tech-enabled world, that can be anything from computers to cars.
- Mechanical Engineering: Mechanical engineering is one of the oldest subsets of engineering and has a variety of applications. Mechanical engineers are involved in the creation of the physical things we use everyday. This degree program involves materials science, motion, thermodynamics, and includes a lot of lab work. Mechanical engineers are in high-demand at companies where physical products are developed.
- Civil Engineering: Civil engineering is a concentration that involves the design and maintenance of the infrastructure of the physical world around us.
- Industrial Engineering: This specialization focuses on devising and improving systems to integrate workers, machines, and technology. Industrial engineering combines engineering concepts with social sciences to think outside the box.
Computer Science: Computer science concerns theory and software. But there is a lot of overlap. If you enjoy solving problems with technology, computer science might be right for you. Students take classes in programming, data analytics, web design, and math. Many computer science majors go on to pursue advanced degrees or work as developers or data scientists. Computer science majors made a median early-career salary of $80,000 in 2023. This figure increased to $115,000 by mid-career - a 5% increase in salary from the previous year. Around 33% of computer science majors went on to get a graduate degree in computer science. This may suggest that the majority of computer science graduates did not feel the need to pursue higher degrees in their field to make higher salaries. The BLS projects positions for computer and information research scientists to increase by 26% from 2023-2033. This will translate to roughly 3,400 job openings each year on average for the next 10 years. The growth rate for these professionals is much higher than the national 4% average growth rate across all occupations.
Economics: Economics is a far-ranging field in the social sciences that combines math and history to study how goods are consumed. Students pursuing a college degree in economics will examine the history of markets, current events, and how these forces impact the global economy. If you enjoy reading the news and even trying to predict the future, check out the economics department.
Finance: Finance encompasses the study of economics, banking, and trading. Finance majors learn how to invest in public markets (the stock market) and private markets (venture capital, etc.) College graduates with a degree in finance tend to enter the industry as financial analysts or investment banking analysts. Finance is one field where the sky’s the limit for your earning potential.
Business Administration: Business Administration can be a broad major for students with interests in finance, marketing, and economics. A business degree is an opportunity to hone practical, business-related skills. Students learn about market trends and economics while also studying prominent companies. Upon graduation, business administration majors have a great degree of flexibility. Get an entry-level position at a Fortune 500 company, or go into consulting or investment banking.
Information Systems and Management: Information systems (sometimes also called information technology, which is a subset of information systems) is a concentration on the technology network inside an organization.
Mathematics: For students who aren’t sure of their specialization, a degree in mathematics is an opportunity to learn about math-related subjects ranging from actuarial science to economic theory. Mathematics degrees are applicable across a number of industries.
Construction Services: A college degree in construction services goes far beyond manual labor on a construction site. This major encompasses architecture, structural engineering, accounting, people management, and quality control.
Pharmacy: If you’re interested in the medical field but not the idea of seeing patients, pharmacy might be for you. A pharmacy degree combines biology, chemistry, and human physiology. Students learn about substances and how they interact with the human body and play a part in developing new pharmaceutical drugs.
International Relations: An international relations major can meld these interests together. Students often specialize in a part of the world (like Africa or Europe) and/or discipline (like human rights or global security). After college, you could pursue a career path in the public sector and work in the CIA, military, or as a politician.
Architecture: Combining mathematics, engineering, creativity, and design, architecture is a rigorous discipline. Architecture students take courses ranging from physics to drawing.
Biochemistry: Biochemistry is an interdisciplinary degree that blends the study of biology and chemistry and challenges students to understand life at a molecular level. You’ll take advanced courses like genetics and neurobiology and complete a lot of lab work, too. Graduates pursue careers in healthcare, pharmacy, or technology.
Chemistry: Chemistry majors get deep into the weeds of the elements that make up our world. Many chemistry majors have an interest in medicine and go onto medical school.
Marketing: For liberal-arts-leaning students, marketing can be a higher-paying major with a focus on those skills. Marketing majors study topics like communications, business, and advertising. Many corporations across industries value good marketing and have their own marketing departments.
Salaries for Popular Majors in 2023
| Major | Median Early-Career Salary | Median Mid-Career Salary |
|---|---|---|
| Computer Science | $80,000 | $115,000 |
| Computer Engineering | $80,000 | $122,000 |
| Chemical Engineering | $80,000 | $120,000 |
| Electrical Engineering | $78,000 | $120,000 |
| Industrial Engineering | $76,000 | $108,000 |
| Aerospace Engineering | $76,000 | $125,000 |
| Mechanical Engineering | $75,000 | $115,000 |
| Civil Engineering | $71,000 | |
| Physics | $70,000 | $100,000 |
| Miscellaneous Engineering | $70,000 | $108,000 |
| General Engineering | $70,000 | $100,000 |
| Finance | $70,000 | $110,000 |
| Economics | $70,000 | $110,000 |
| Construction Services | $70,000 | |
| Business Analytics | $70,000 | $100,000 |
| Mathematics | $65,000 | $100,000 |
| Information Systems and Management | $65,000 | $100,000 |
| International Affairs | $60,000 | $100,000 |
| Political Science | $54,000 | $90,000 |
| Journalism | $50,000 | $85,000 |
| English | $45,000 | $70,000 |
| Foreign Language | $40,000 | $70,000 |
| Nursing | $65,000 | $84,000 |
| Miscellaneous Physical Sciences | $58,000 | $99,000 |
| Chemistry | $55,000 | $90,000 |
| Pharmacy | $55,000 | $76,000 |
| Medical Technicians | $55,000 | $76,000 |
| Nutrition Sciences | $54,000 | $75,000 |
| Biochemistry | $52,000 | $89,000 |
| Biology | $47,000 | $80,000 |
| Treatment Therapy | $46,900 | $80,000 |
| Health Services | $46,000 | $65,000 |
| Animal and Plant Sciences | $43,000 | $70,000 |
| Miscellaneous Biological Science | $42,000 | $75,000 |
| Accounting | $60,000 | $88,000 |
| General Business | $60,000 | $90,000 |
| Marketing | $57,000 | $90,000 |
| Business Management | $55,000 | $80,000 |
Navigating the Job Market and Salary Negotiation
If you’re on your way to earning a college degree, one of the biggest questions on your mind is probably “how much money can I earn once I graduate?” It’s an important question, and one that you should definitely consider as you look forward to the next chapter of your life. After all, one of the top reasons to go to college is to increase your earning potential.
While median income is a helpful way to gauge the money-making potential of a field, you can also consider which majors are in demand to measure employability. Even if a field’s projected salary seems decent, it’s worth considering other factors when choosing a major.
The answer to this question is very relative depending on your goals, the career you’re pursuing, and your lifestyle. While it’s a good idea to be aware of average salaries in your field for negotiating your first job out of college and making sure you’re being paid a fair wage, it’s important to remember than entry level wages can vary heavily depending on your experience and location. Our best advice is to do some market research on what is standard for the role you’re applying for, what people with similar levels of experience as you are making, and the cost of living where you’re located. These can all be major factors in the amount that you would consider a “good” salary.
Addressing Pay Disparities
The market still reflects age, race and gender disparities. Disparities still exist based on age, race and gender: women, racial minorities and older workers make less. “We know that the gender pay gap and the racial pay gap - and intersections of those - are still a feature broadly of our labor market,” says Mary Gatta, Nace’s director of research and public policy. “It is important for students to really work hard on preparing for salary negotiations. The gaps exist even if you control for seasonal and part-time labor. Salary typically increases with age and experience up to a point. On average, female graduates earn less than their male counterparts. The gap is particularly large between Asian and Hispanic full-time workers with a master’s degree or higher.
The Lilly Ledbetter Fair Pay Act of 2009 and pay transparency laws enacted by a number of states are helping to advance equal pay for equal or similar work.
Financial Considerations and Student Loans
With college affordability still an issue for millions of Americans, many turn to student loans when other aid falls short. adults (43 percent), causing issues like increased stress, depression, sleep loss and anxiety. If you need to finance the cost of education, look into employer and state assistance.
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