Kojo Quartey: College earnings
My 5-year-old, Omari asks me all the time why he has to go to school. My answer is, so you can be smart, earn money and take care of yourself, the family, and help others. Lest you think I am going to talk about others, I am not! I am going to talk about making money. Education’s purpose is so one can earn a credential of economic value, so one can make a life and make a living. While that psychic income from helping others is great, it is actual income that pays the bills. So, if one gets an education, what is the best kind?
I write this article and provide this information because as an educator, I have always been fascinated by how much students can earn upon graduation. Choosing the right major is a major consideration (the pun is unintended) when one attends college, especially with the high cost of college these days. Why get a degree in a field that will not help accelerate the paying down of your college debt?
The information here is culled from several sources, including an article by Jane Nam and another by Aimee Picchi.
As an educator, I have told students for many years that “you cannot go wrong with a degree in any kind of engineering”. The statistics for 2023 indicate that Engineering was the highest-paying major in 2023, with bachelor’s degree graduates earning $65,000 to $70,000 right out of college. At the top of the Engineering list is Chemical Engineering, with a starting salary of $75,000 and $120,000 by mid-career. The top 10 percent of chemical engineers earned over $187,430.
The List of 2023 early median career earnings is as follows: Chemical Engineering ($75,000), Computer Engineering ($74,000), Computer Science ($73,000), Aerospace Engineering ($72,000), Electrical Engineering ($70,000), Industrial Engineering ($70,000), Mechanical Engineering ($70,000), Business Analytics ($66,000), Civil Engineering ($65,000), Economics ($60,000), Finance ($60,000), Mathematics ($59,000), Nursing ($55,000). Of course, there are nuances to these numbers, as they may vary depending on which part of the country, which firms, internships, and perhaps even the college from which one graduates.
At the mid-career point, the rankings change slightly, but not drastically and look like this: Chemical Engineering ($120,000), Computer Engineering ($114,000), Aerospace Engineering ($112,000), Electrical Engineering ($109,000), Mechanical Engineering ($105,000), Computer Science ($105,000), Miscellaneous Physical Sciences ($104,000), Pharmacy ($100,000), General Engineering ($100,000), Economics ($100,000), Construction Services ($100,000), Finance ($100,000).
What is noteworthy from all the fields listed above is that they involve some level of proficiency in mathematics. The Science Technology Engineering and Mathematics (STEM) fields are critically important. Construction Services showing up here was a surprise to me, but that has to do with the housing boom and, yes, that field involves some mathematics also. Even in the business area, those business majors with more math content, such as accounting, finance, and economics, earned more than business management or general business majors. Math rules!
Turning to the arts, psychology majors earned a median wage of $37,400 right out of college and $65,000 by mid-career. Folks if you have a proclivity for mathematics or have any interest at all, that is the way to go. Of course, there is much to be said for areas of interest. Do not choose a major just because it is in high demand or because you can earn more money in that field. Choose a major that aligns with your aspirations, goals, and skills. It is possible to pursue any of these fields by starting at your local community college where you will incur little or no debt and yet be able to achieve your goals.
By the way, those in education, performing arts, and theology earn the least. This is not my opinion, just the hard facts.
The Nam article also goes on to cite the correlation between earnings and educational attainment from BLS data.
Those without a high school diploma or GED certificate had weekly median earnings of $626.
People with an associate degree earned a median of $963 per week.
People with a bachelor's degree earned a median of $1,334 per week.
People with a master's earned a median of $1,574 per week.
Those with doctoral or professional degrees made a median of over $1,900 a week.
Whatever you do, in order to be truly successful, a post-secondary credential is necessary.
— Kojo Quartey is the president of Monroe County Community College and an economist. He can be reached at kquartey@monroeccc.edu.
This article originally appeared on The Holland Sentinel: Kojo Quartey: College earnings
