Education July 1, 2016: STEM and business top college majors with the best starting salaries

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EDUCATION

By Bonnie K. Goodman

When choosing a college major if one wants to make the most money upon graduating it is best to choose a STEM, Science, Technology, Engineering, and Math or business major. Michigan State University’s Collegiate Employment Research Institute (CERI) released their annual report according to a Forbes article published on June 30, 2016. The report documents the top majors that lead to the “highest starting salaries” after graduation. Engineering degrees seem the best certain path to the highest starting salaries with chemical, computer, and electrical engineering dominating the top three spots.

Phil Gardner, a “college labor market expert,” operates Michigan’s CERI. The annual report looked at the majors yielding the highest starting salaries. To determine the top degrees they researched data from 4,730 employers and “200 career service centers.” The report compiled “respondents recruiting… for full-time positions, internships, and co-ops.”

The top bachelor degree is in chemical engineering where graduates earn between $34,850 and $100,600, with an average $63,389 each year. Computer engineering is in second place with an
average starting salary of $63,313, while electrical engineering is third with a mean salary of  $61,173. The rest of the list predominantly includes degrees relating to science mostly engineering, math and computer science, and business majors.

In CERI’s list from last year, electrical engineering was the top-paying major; with a $57,000 starting annual salary, computer engineering, and mechanical engineering occupied the second and third place respectively. This year’s top earning major chemical engineering was in sixth place.

The top majors yielded starting salaries with $23,000 at the low end and just over 100,000 at the high end, with an average of just over 43,000 to over 63,000. CERI also lists the lowest-earning majors, which consist of Psychology with a mean salary of $36,327, “Public Relations ($36,235) and Advertising ($35,733).”

CERI also includes top earning Masters Degrees, which almost mirrors the top earning undergraduate degrees. The top Masters Degrees are Engineering with an average starting salary of $68,000, “Computer Science & IT ($67,735), and Masters in Business Administration, MBAs ($62,345).”

The report also included the best paying Doctoral degrees. The top earning Ph.D. is Engineering & Computer Science with an average starting salary of $76,702, in second place is the “Physical & Biological Sciences ($63,809) and Business ($62,454).”

Here are the top 20 bachelor degrees and their average starting salaries:

Chemical Engineering, $63,389
Computer Engineering, $63, 313
Electrical Engineering, $61,173
Software Design, $60,104
Mechanical Engineering, $59, 681
Computer Programming, $58,995
Computer Science, $56,974
Civil Engineering, $55,879
Management Information Systems, $51,690
Construction, $49,672
Finance, $48,785
Accounting, $47,834
Supply Chain, $47,147
Economics, $46,270
Human Resources, $45,737
Chemistry, $45,209
Mathematics includes applied, $44,609
Marketing, $43,481
Biology, $43,404
Agricultural Business, $43,214

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