If you’re looking to get the most bang for your buck in college, consider these schools — and majors — that typically pay the highest salaries to graduates, according to a new report from salary data provider Payscale.
For its College Salary Report, Payscale analyzed data, including academic and employment history, from more than 3 million college graduates to rank schools and majors based on the future salaries earned by graduates. The new rankings show that graduates from some institutions earn higher salaries on average than those from other institutions.
Graduates from the Massachusetts Institute of Technology (MIT) and Princeton University earn the highest salaries, according to the report. MIT graduates earn an average of $196,900 at mid-career, while Princeton graduates earn an average of $194,100. In third place, graduates from the United States Naval Academy earn an average of $187,800. Four Ivy League schools rank among the top 10.
The field of study chosen can also have a big influence on future salary, the report said. Students who choose to study science, engineering and mathematics typically earn more than those who study liberal arts after graduation.
“We see every year that science, technology, engineering and math graduates tend to bring in the highest salaries out of school and mid-career,” Amy Stewart of Payscale, one of the report’s authors, told CBS MoneyWatch. “That’s not surprising because there’s a higher demand for highly skilled people in technical careers, so those are the ones we see ranking at the top.”
Petroleum engineering graduates, who work to improve methods of extracting and producing oil and gas, earn the highest average salary among college graduates, at $212,100 at mid-career, according to the report. History graduates rank 414th, earning an average salary of $95,600 by the time they are established in their careers.
College enrollment has plummeted as more Americans question the value of a college degree amid rising tuition costs. College is no longer a guaranteed path to a stable career, but can saddle graduates with significant student loan debt. As employers increasingly embrace skills-based hiring approaches, some are even willing to commit to higher education. drop college degree requirements in their job offers.
Payscale’s College Salary Report aims to help students navigate the best institutions and programs that make attending a four-year college or university worthwhile.
“We know that the cost of college has increased over time and enrollment has decreased,” Stewart said. “One of the benefits of this study is that it helps consumers strategically plan a career that can help them get rid of the debt they incurred by attending one of these institutions.”
For the full ranking, click here.
