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While majoring in engineering may not be the most popular choice among today’s students, an engineering degree can lead to some of the top earnings nationwide.
| Related Stories |
| What’s Your Education Worth? |
| The Country’s Best Engineering Schools |
| Has Engineering Education Failed? |
Although the United States may be struggling to produce a sufficient number of graduates with degrees in the science, technology, engineering and mathematics (STEM) fields, engineering degrees continue to yield some of the highest salaries nationwide. It can be tricky to determine the true value of an education, but in future projected earnings, even over the long term, engineering and other STEM-related degrees consistently top the rankings.
A recent Georgetown University study found that adults with a bachelor’s degree can expect to earn an average of 84 percent more over the course of their lives than those with only a high school diploma. But not every bachelor’s degree offers the same potential for earnings. In fact, earning potential can vary by as much as 300 percent between different college majors.
In terms of compensation by groups of majors, the engineering group has the highest median earnings, totaling $75,000, followed by computers and mathematics ($70,000), business ($60,000), health ($60,000) and physical sciences ($59,000). But despite being at the top of the median earnings list, engineering majors are relatively unpopular among students, constituting just 8.2 percent of total university degrees, compared with 25 percent for business degrees, the most popular group.
“The bottom line is that getting a degree matters, but what you take matters more,” Anthony P. Carnevale, the director of Georgetown University’s Center on Education and the Workforce, said in an announcement of the findings.
Every undergraduate college major is economically worthwhile, even taking into account the cost of attending college and potential lost earnings from time spent pursuing a four-year degree. Over the course of a lifetime, engineering majors can have an earnings advantage of up to $1.09 million over non-degree holders.
Projected compensation rates for individual degrees can also vary widely, but engineering degrees dominate this category as well. The top 10 majors with the highest median earnings are:
- Petroleum engineering ($120,000);
- Pharmacy/pharmaceutical sciences and administration ($105,000);
- Mathematics and computer sciences ($98,000);
- Aerospace engineering ($87,000);
- Chemical engineering ($86,000);
- Electrical engineering ($85,000);
- Naval architecture and marine engineering ($82,000);
- Mechanical engineering ($80,000);
- Metallurgical engineering ($80,000); and
- Mining and mineral engineering ($80,000).
“Many of the least popular majors, including naval architecture and marine engineering, command among the highest pay, while some popular subjects — elementary education and psychology — generate some of the lowest,” Bloomberg News explains.
Despite science and engineering degrees being among the most lucrative credentials to pursue, there is ongoing difficulty in educating a new generation of STEM professionals in the U.S.
“At the higher end of the educational spectrum, the universities of the United States are the best in the world, with some of the best STEM-learning in the world,” the STEM Lab Report notes. “However, many of the best students in the hardest courses are foreign students who will take their knowledge back to their home markets and compete against us…Taking the tough subjects is no longer the hallmark of American students. In all, some 60 percent of engineering PhDs in 2007 went to foreign nationals, up from only 40 percent in 2003.”
Part of the problem may be due to misperceptions among the U.S. public about the value of STEM degrees. With tuition expenses at an all-time high, many students may be mistaking the most popular subject areas with the most rewarding ones.
“As the cost of college climbs ever higher each year, amid a national economic forecast that remains cloudy, questions about the value of a four-year degree are being raised with increased urgency,” the New York Times‘ The Choice blog reports.
STEM-based degrees perform well compared to other fields. According to a separate report from Georgetown University, a graduate with a degree in one of the STEM subjects can expect to earn more than $3 million in a lifetime, on average, while those with a master’s degree in STEM subjects can earn nearly $3.5 million.
As recessionary pressures ease, there are some signs of resurgence in STEM-related education in elite universities, particularly at the postgraduate level.
“Harvard Business School’s incoming class will have a substantially smaller percentage of finance professionals than in previous years,” the Wall Street Journal reports. “Instead, a higher number of students will have manufacturing and technology backgrounds.”
About 25 percent of incoming students at Harvard Business School are from the finance industry, down from 32 percent last year. Meanwhile, students from manufacturing backgrounds will constitute 14 percent of the class of 2013, up from 9 percent the previous year. The proportion of technology students also increased, climbing from 6 percent to 9 percent.
Earlier
Engineering Employment and Earnings Outlook
Has Engineering Education Failed?
Resources
What’s It Worth? The Economic Value of College Majors
by Anthony Carnevale, Jeff Strohl and Michelle Melton
Georgetown University, May 2011
New Report on the Economic Value of 171 College Majors…
Georgetown University, May 24, 2011
Engineering Undergrads Reap Top Salaries
by Janet Lorin
Bloomberg News, May 24, 2011
The STEM Lab Report
The Samueli Foundation, March 2011
Calculating the Potential Return on Your Major
by Jacques Steinberg
The Choice (The New York Times), May 24, 2011
The College Payoff: Education, Occupations, Lifetime Earnings
by Anthony Carnevale, Stephen Rose and Ban Cheah
Georgetown University, August 2011









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Sadly, I believe most kids coming out of American high schools don’t have the basic skills to succeed in engineering, and everyone knows you can always hire smart people…..right?
I think too many kids have grown up seeing their hard-working intelligent parents get the crap kicked out of them, while some salesman down the street has a cool new car every year. The flashy appearance of a moneyed lifestyle has more of an impression on young people than watching their parents top out their salary very quickly to lead a deliberate rational conservative life. Of course, they don’t know the other side of the story yet, you know…because it wouldn’t be polite to say anything mean about the neighbor down the street.
My daughter, who is very bright, was unfortunately weeded out by an overzealous high school math instructor (with an engineering degree and who also worked for a nearby aerospace company) who couldn’t teach. He single-handedly destroyed her initiative to pursue engineering, thus ending the addition of a 4th generation engineer in our family.