A new ranking of 162 college majors finds that certain STEM majors may put you on a path to a bright financial future, while arts concentrations land on the bottom of the list.
One important factor to consider when choosing a course of study in addition to average income and unemployment is whether or not you will have to shell out thousands of dollars for advanced degrees in order to compete. The Best College Majors For Your Money 2019
It turns out that your major is just as important if not more than where you go to school. Personal finance website Bank Rate ranked 162 college majors based on average annual income and unemployment rates.
The Best College Majors For Your Money 2019 is new to the site’s ranking this year was another consideration the portion of degree holders who have advanced degrees.
The higher the percentage, the more likely it will be that you will need to spend money on additional years in school and either raid your savings to pay for it or rack up student debt that could lower your standard of living, according to Bank Rate data analyst Adrian Garcia.
STEM — or science, technology, engineering, and math dominated the top five majors. Actuarial science, despite having a lower average income and higher unemployment than some of the other concentrations in the top five, came in first because higher education was less prevalent among graduates.
The Best College Majors For Your Money 2019
5. Applied mathematics
Applied mathematics is the application of mathematical methods by different fields such as science, engineering, business, computer science, and industry. Thus, applied mathematics is a combination of mathematical science and specialized knowledge.
Average Income: $105,679
Higher degree holders: 51%
4. Health and medical preparatory programs
Medical and Health Preparatory Sciences. Studies in medical and health preparatory sciences include courses in biology, physics, anatomy, and physiology, among others, and prepare students for entrance into medical schools or other health professional programs.
Average Income: $120,308
Higher degree holders: 78%
3. Nuclear engineering
Nuclear engineering is the branch of engineering concerned with the application of breaking down atomic nuclei or of combining atomic nuclei, or with the application of other sub-atomic processes based on the principles of nuclear physics.
Average Income: $108,591
Higher degree holders: 48%
Zoology or animal biology is the branch of biology that studies the animal kingdom, including the structure, embryology, evolution, classification, habits, and distribution of all animals, both living and extinct, and how they interact with their ecosystems.
Average Income: $111,889
Higher degree holders: 68%
1. Actuarial science
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions. Actuaries are professionals trained in this discipline.
Average Income: $108,658
Higher degree holders: 22%