If you're like most Gen Zers, you've probably observed how unstable the global economy and job market is, and you're most likely anxious to start your career and finances on the right foot. Deciding where and what to study—if you choose to even pursue higher education at all—is one of the most critical first steps to take as you embark on your career.
Priorities are shifting. You might have been able to get by on $50,000 a year, five or maybe 10 years ago.
But that is barely enough with inflation today, considering choices you need to make such as buying a house and a car, paying off student debt, bills, and credit cards, and the cost of everyday living expenses.
Now, at the outset of your career, you're forced to make some tough decisions. You need to ensure that if you pursue a three or four-year degree, it's actually worth the cost. You need a degree that provides you with a significant return on investment—a high-paying career—enabling you to easily pay off your student debt, and any other debts, and live comfortably.
How To Choose A Bachelor's Degree
When deciding on what to study, it's essential to not underestimate the importance of where you study. The educational institution providing your undergraduate course is equally critical as the subject you're majoring in.
Consider their success record for employment prospects. Of course they will boast on their website about their results, but you can also talk to alumni or current students to understand the full breadth of career development, job and entrepreneurship preparation/opportunities, and training that is on offer.
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Conduct thorough research to understand the employment rate for your desired college, and how long it takes for one of their graduates on your chosen course to land a job within the same field.
Not only should you assess average salaries, but you should also remember to take into consideration entrepreneurship success stories. This is because you'll need to ensure that you have more than just a job; you need to be able to launch your own business venture if necessary, so that your career is future-proofed against layoffs and other negative changes within your industry and job market.
All these are essential factors to consider when planning your career and professional development and choosing your bachelor's degree.
Five Highest-Paying Bachelor's Degrees
As Coursera well noted, not all bachelor's degrees are equal in terms of pay. If you thought that bachelor's degrees within STEM fields unmistakeably have a tendency to pay more, earlier in your career, than those within the liberal arts, then you're absolutely right.
According to research and analysis conducted in October 2023 by BestColleges.com, alongside up-to-date salary data from the U.S. Bureau of Labor Statistics, five of the highest-paying bachelor's degrees you should consider in 2024, include:
1. Petroleum Engineering
The average salary for a petroleum engineer is $131,800. This job involves not only extracting oil and natural resources such as gas, but also developing new processes and tools for their extraction from underground reservoirs.
2. Aeronautics and Astronautics
Roles within aeronautics and astronautics include avionics and aerospace engineering, aircraft maintenance technician, space mission planner, and satellite engineer. The average salary for roles within this field is $126,880, with a projected 6% job growth rate—faster than average.
3. Actuarial Mathematics
Actuaries focus on analyzing risk and the financial costs associated with them, using their in-depth expertise within mathematics and statistics, and financial modelling. This role is critical to industries such as insurance, real estate, and the administration of government benefits.
Actuaries are one of the most in-demand roles currently, with a much faster than average 23% increase forecasted up to 2032, according to the U.S. Bureau of Labor Statistics. The average salary for this type of role is $113,990.
4. Computer Science
High-paying jobs that you can land with a bachelor's degree in computer science include web developer, software developer, app developer, and senior software developer. You can also specialize and progress further within machine learning, data science, and/or artificial intelligence for even higher earning potential.
There is a projected 25% surge in demand for computer science roles—which can be understandable, due to the AI boom—and you can expect to make $124,200 on average.
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5. Business Computing
A bachelor's degree in business computing typically tends to merge computer science fundamentals from a commercial perspective, and a business administration or management degree.
This "best of both worlds" approach is particularly useful if you have a keen interest in both business and technology, but are not certain on your career path yet. Or perhaps, you wish to be a tech entrepreneur, and want to learn technology as well as business management and technology applications in the business context.
One example of a high-paying job that could benefit from a bachelor's degree in business computing is that of an information security analyst, with a projected 32% increase in job demand and boasting average salaries of $112,000.
Most importantly, when evaluating which degree to pursue, remember that there is no magic in pursuing a particular course of study, although some obviously pay more than others, as noted above.
There is hardly any tangible benefit in a paper or letters after your name.
The real tangible benefit comes through the experiences you gain while studying, and the transferable skills you develop as a result, such as communication, leadership, problem-solving, adaptability, critical thinking, and emotional intelligence. These are the factors that propel your career and influence your salary.
