If you want to get the most out of college, consider these schools and majors — which typically pay the highest salaries for graduates, according to a new report from salary data provider pay scale,
For its College Salary Report, PayScale analyzed data, including the education and employment histories of more than 3 million college graduates, to rank schools and majors based on the future salaries that degree holders are likely to earn. The new rankings show that graduates from some institutions earn higher salaries, on average, than those from others.
According to the report, students with bachelor’s degrees from the Massachusetts Institute of Technology (MIT) and Princeton University earn the highest salaries. MIT graduates earn an average mid-career salary of $196,900, while Princeton graduates earn an average salary of $194,100. In third place, graduates of the United States Naval Academy earn an average of $187,800. Four Ivy League schools are among the top 10.
The report shows that the area of focus a person has in school can also have a big impact on their future salary. Students who study science, engineering and math typically earn more after graduation than those who study liberal arts.
“We consistently see every year that people with STEM degrees in engineering, science technology and math earn the highest salaries both after leaving school and mid-career,” PayScale’s Amy Stewart, one of the report’s authors, told CBS MoneyWatch. “This is not surprising because highly skilled individuals are in high demand in tech careers, so they are the ones ranking at the top.”
According to the report, petroleum engineering students, who work to improve oil and gas extraction and production methods, earn the highest average salary among college graduates, at $212,100 by mid-career. In contrast, history students rank 414th, earning an average salary of $95,600 once they’re established in their careers.
College enrollment is on the decline as more Americans question the value of a college degree amid rising tuition. College is no longer a guaranteed path to a stable career, so graduates can end up with a hefty student loan debt burden. As employers embrace skills-based hiring practices, some employers are even requiring college degrees. Waiving college degree requirements in your job posting.
PayScale’s College Salary Report aims to guide students toward the best institutions and courses of study that make studying at a four-year college or university worth the expense.
“We know that over time the cost of college is going up and college enrollment is going down,” Stewart said. “So one of the benefits of this research is that it helps consumers plan strategically for a career that can help reduce the college debt they would incur if they enrolled at one of these institutions.”
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