College is a very exciting period in your life, but it’s also one of the most expensive. With the cost of tuition in the U.S. higher than it’s ever been, choosing the right major has never been more important. Not only will your major dictate what you’ll be doing with the next 4 (or more) years of your life, but it also has significant implications on your earning potential. While it’s a noble gesture to pursue your dreams, you’ll also want to be realistic about your ability to pay back your student loans upon graduating. After all, living at your parents’ house for many years or working multiple jobs is a reality for many.
If you do happen to find yourself in this position, you might want to consider looking into refinancing your student loans. Reducing your interest rate (even by a small percentage) can save you thousands over the course of your loan term. You’ll also be able to put more money against your loan by cutting out any unnecessary spending, like electing to cook at home more often or having a no fee bank account. However, if you have yet to decide which degree you’ll pursue and want to avoid making a ‘major mistake’, consider these 8 degrees with the best return on your investment (ROI).
The following list—based on a figure by Salary.com—calculates ROI by subtracting the average cost of a degree from the earnings over a 30 year period (generally regarded as your lifetime earnings), then divides the difference by the cost. The list then presents examples of positions commonly held amongst degree holders, and their pertaining ROI values. Take a glance! You might just find your degree pays for itself.
Math
Actuary II
Median Annual Salary: $70,029
ROI for Graduates of Public Institutions: 110%
ROI for Graduates of Private Institutions: 33%
Operations Research Analysis Manager
Median Annual Salary: $146,456
ROI for Graduates of Public Institutions: 230%
ROI for Graduates of Private Institutions: 70%
Information Technology
Web Applications Developer
Median Annual Salary: $80,584
ROI for Graduates of Public Institutions: 126%
ROI for Graduates of Private Institutions: 38%
Business Intelligence Specialist
Median Annual Salary: $109,604
ROI for Graduates of Public Institutions: 172%
ROI for Graduates of Private Institutions: 52%
Human Resources
Recruiting Manager
Median Annual Salary: $88,916
ROI for Graduates of Public Institutions: 139%
ROI for Graduates of Private Institutions: 42%
Human Resources Manager
Median Annual Salary: $87,184
ROI for Graduates of Public Institutions: 137%
ROI for Graduates of Private Institutions: 41%
Economics
Economist (Non-Governmental)
Median Annual Salary: $115,671
ROI for Graduates of Public Institutions: 182%
ROI for Graduates of Private Institutions: 55%
Investment Operations Manager
Median Annual Salary: $142,921
ROI for Graduates of Public Institutions: 225%
ROI for Graduates of Private Institutions: 68%
Biology
Laboratory Manager
Median Annual Salary: $85,292
ROI for Graduates of Public Institutions: 134%
ROI for Graduates of Private Institutions: 40%
Healthy and Safety Supervisor
Median Annual Salary: $71,758
ROI for Graduates of Public Institutions: 114%
ROI for Graduates of Private Institutions: 34%
Engineering
Chemical Engineer II
Median Annual Salary: $75,225
ROI for Graduates of Public Institutions: 118%
ROI for Graduates of Private Institutions: 35%
Electrical Engineering Supervisor II
Median Annual Salary: $91,997
ROI for Graduates of Public Institutions: 144%
ROI for Graduates of Private Institutions: 44%
Marketing
Marketing Manager
Median Annual Salary: $86,591
ROI for Graduates of Public Institutions: 136%
ROI for Graduates of Private Institutions: 41%
Product Manager/Brand Manager
Median Annual Salary: $92,216
ROI for Graduates of Public Institutions: 145%
ROI for Graduates of Private Institutions: 44%
English
Communications Manager
Median Annual Salary: $88,498
ROI for Graduates of Public Institutions: 139%
ROI for Graduates of Private Institutions: 42%
Content Manager
Median Annual Salary: $79,674
ROI for Graduates of Public Institutions: 125%
ROI for Graduates of Private Institutions: 38%
Wow, what a huge ROI gap between private and public institutions.
Interesting not to see medical degrees though.