While salaries don’t necessarily even out across majors, many gaps narrow by mid-career. Graduates in STEM fields have the best outcomes by college major, according to research by the Federal Reserve Bank of New York. Engineering majors ranked the highest, with an early career salary of $76,000 or more and a mid-career salary of $120,000 or more. Computer science, finance, economics, physics and mathematics majors all broke into the six-figure salary range on average by mid-career as well.
This may be the expected result for many, but data shows that humanities majors can achieve comparable salaries or significant increases in salary by mid-career. For example, journalism graduates had a starting salary of $50,000 on average, which is 37.5 percent lower than computer science grads. By mid-career, people with journalism degrees earn about $85,000 on average, shrinking the difference in pay between majors to just 26.1 percent.
When comparing your student loan options — and your repayment timeline — keep both your starting and mid-career salaries in mind. Salary should not be your only measure of what degree to pursue, but it can be a useful way to determine if the debt you need to take on for your degree will be manageable throughout your career.
Pay doesn’t even out, but gap narrows by mid-career
Recently published data from 2023 shows how the gap narrows between STEM and humanities. While graduates in the humanities and social sciences had lower early-career salaries on average than their STEM major counterparts, many made it to the $80,000 to $90,000 range by mid-career.
If the full retirement age is 66 or 67, then the difference in wages between STEM and non-STEM graduates could be even less by the end of careers.
Graduate salaries by college major
The most recent starting and mid-career salary from 2023 defines early career graduates as those aged 22 to 27 and mid-career as 35 to 45 years old.
| Major | Starting Salary | Mid-Career Salary | Salary Increase (%) |
| Accounting | $60,000 | $88,000 | 47% |
| Chemical Engineering | $80,000 | $122,000 | 53% |
| Chemistry | $55,000 | $90,000 | 64% |
| Communications | $52,000 | $85,000 | 64% |
| Computer Engineering | $80,000 | $122,000 | 53% |
| Computer Science | $80,000 | $115,000 | 44% |
| Economics | $70,000 | $110,000 | 57% |
| Elementary Education | $43,000 | $53,000 | 23% |
| English language | $45,000 | $70,000 | 56% |
| Ethnic Studies | $45,000 | $83,000 | 84% |
| Finance | $70,000 | $110,000 | 57% |
| General Business | $60,000 | $90,000 | 50% |
| History | $45,000 | $77,000 | 71% |
| International Affairs | $60,000 | $100,000 | 67% |
| Journalism | $50,000 | $85,000 | 70% |
| Marketing | $57,000 | $90,000 | 58% |
| Mathematics | $65,000 | $100,000 | 54% |
| Nursing | $65,000 | $84,000 | 29% |
| Physics | $70,000 | $100,000 | 44% |
| Political Science | $54,000 | $90,000 | 67% |
| Psychology | $45,000 | $70,000 | 56% |
| Source: Federal Reserve Bank of New York |
Underemployment rate and unemployment rate
In addition to pay, there are other factors to consider when choosing a college major, such as the underemployment rate and the unemployment rate. These will vary greatly by field. For example, elementary education majors had an average underemployment rate of 16 percent whereas finance majors had double that at nearly 32 percent.
Nursing majors had the lowest rate of underemployment at 9.7 percent, meaning most nursing graduates secure jobs that fully utilize their degree. While elementary education majors had one of the lowest starting salaries, their underemployment rates were one of the lowest at 16.1 percent.
Computer engineering graduates had one of the highest early career salaries with $80,000, but it also had one of the highest unemployment rates at 8 percent — higher than most liberal arts majors, including sociology.
Underemployment and unemployment rates by college major
| Major | Underemployment rate | Unemployment rate |
| Accounting | 17.9% | 1.9% |
| Chemical Engineering | 16.5% | 2.0% |
| Chemistry | 40.6% | 6.1% |
| Communications | 52.3% | 4.5% |
| Computer Engineering | 17.0% | 7.5% |
| Computer Science | 16.5% | 6.1% |
| Economics | 31.9% | 4.9% |
| Elementary Education | 16.1% | 1.8% |
| English language | 48.6% | 4.9% |
| Ethnic Studies | 47.7% | 2.6% |
| Finance | 31.5% | 3.7% |
| General Business | 52.8% | 3.7% |
| History | 51.2% | 4.6% |
| International Affairs | 38.5% | 4.9% |
| Journalism | 35.7% | 4.4% |
| Marketing | 44.8% | 3.7% |
| Mathematics | 24.3% | 3.7% |
| Nursing | 9.7% | 1.4% |
| Physics | 35.0% | 7.8% |
| Political Science | 50.6% | 4.7% |
| Psychology | 45.4% | 3.6% |
| Source: Federal Reserve Bank of New York |
Experts in education weigh in on the ROI of a college degree
Experts in education not only say that salaries are not the best indicator of the return of investment (ROI) of a college degree, but that liberal arts graduates often experience more promising career trajectories in the long term. They argue that liberal arts majors equip graduates with skills that enhance their ability to learn on the job.
These interviews have been edited for length and clarity.
What is your advice to students when choosing their major?
My advice is to pursue a liberal arts education, and political science, properly taught, leads liberal arts education. Job skills can be gained on the job, in internships or in minor programs. But a liberal arts education is a foundation from which a student can learn anything.
— Forrest Nabors, Ph.D. Associate professor and chair, University of Alaska Anchorage Department of Political Science
Education is valuable for education’s sake. Getting a bachelor’s will put you in a good position to make ends meet economically. I wouldn’t have students base the decision for their major based on ROI. It’s way down on the list of things. Ask yourself: What are you passionate about? It’s going to be a more enjoyable life and you’re going to do better.
— Mark D. Brewer, Ph.D. Professor and chair, University of Maine Department of Political Science
What do you tell students in regards to salary expectations?
When it comes to salary expectations, both confess that neither discuss it much with their students. However, it doesn’t come as much of a problem to either academic.
STEM graduates can find high-paying work more quickly. But the salary ceiling is higher for a graduate with a political science degree. They might begin their careers at a lower-income level, but over the long-term, if the graduate has been taught properly, they can rise higher. Go for the best liberal arts education and become a truly educated person. If you master Aristotle, learning finance or coding software is a snap, and you will be better prepared to think independently, solve new problems and lead others.
— Forrest Nabors, Ph.D. Associate professor and chair, University of Alaska Anchorage Department of Political Science
Salary range comes up a lot less [in conversation]. Students don’t regularly ask about it [nor do] faculty bring it up. We know everyone needs to make money, but that’s not the most important thing. Make sure you major in something you enjoy, and the finance part will work itself out.
— Mark D. Brewer, Ph.D. Professor and chair, University of Maine Department of Political Science
Brewer adds that his department has a high success rate for internship placement and currently offers the longest continuously running congressional internship in the country.
“You go out and get a legislative assistant job, you’re not going to be making a lot,” Brewers acknowledges. “Over time, the curve is steeper and the salary moves up faster.”
Based on the mid-career salary averages published by the Federal Reserve Bank of New York, Brewers isn’t wrong. There may still be gaps between majors, but liberal arts degrees see much higher percent increases between early career and mid-career salaries.
Insights from non-stem majors: Real stories
When it comes to the cost of college and choosing a major, people have mixed feelings. The sentiment about putting college costs in the rearview is not shared by all. Whether or not a degree is useful — and gives a good ROI throughout your career — depends on the amount of debt you take on and the field you go into. You may have better luck securing a position with a degree, but if it isn’t a requirement, it can be an expensive burden while finding employment after graduation.
Communications degree
Bankrate managing editor Suzanne De Vita’s bachelor’s degree in communications cost her roughly $280,000 when she graduated in 2012. Despite the significant investment, she struggled to secure employment after.
“I couldn’t find a job for a year and a half, at which point I settled for a part-time internship that paid $37,000 a year,” she says. Even after making it full-time, it was another four years before she made enough money to move out of her parents’ home.
“Looking back on it today, I’m almost certain my degree wasn’t worth the cost. When I look at job postings in my field now, many of them list a degree as a plus, not a necessary qualification.”
— Suzanne De Vita, Bankrate Managing Editor, Home Lending
English degree
Brittany Howard, a staff writer for Bankrate, graduated in 2008 with a degree in English. Like many, she experienced difficulties finding employment.
“Twice I was hired, and then right before I started, the company went under a hiring freeze and my contract was canceled.”
Howard went on to work in retail for minimum wage and as a part-time nanny. She then decided on graduate school, hoping to ride out the bad economy. She isn’t alone. Nearly 48 percent of English majors go onto pair their bachelor’s with a graduate degree.
Right out of her master’s program, she went into teaching and made $40,000 a year. It was after she left education, however, that she started to make a more comfortable living wage as a freelancer. Across her contracts, her salary amounted to $70,000 a year before benefits.
A lot of skills I learned as an English major were transferable. People think as an English major you sit around reading books, but books are just the tool you use to learn real skills like analytical thinking, organizing ideas, evaluating audiences [and] communicating information.
— Brittany Howard, Bankrate Staff Writer, Loans
Skills, she argues, are less replaceable in a world of AI. Howard also emphasizes that she isn’t an outlier case. She explains, “Most of my friends with humanities degrees are doing just fine. One friend started as a middle school teacher, moved into higher education, then got into technical communication. Now she’s making really good money working in UX.”
Journalism degree
Several other respondents shared similar experiences with low starting salaries that eventually matched or exceeded mid-career career earnings in the long term. Andrew Pentis, a principal writer for Bankrate, graduated from college in 2010 with a journalism degree. When asked about starting salary, Pentis responded that he was making $20 an hour as an editorial producer for his first job after college.
Then I went to work full-time for an NFL team and made a base salary of $36,000 that went up to $60,000-plus with overtime working on the weekends and traveling with the team. My first full-time job in more of a traditional setting paid $40,000 at a digital media startup in NYC. I knew it wasn’t much, but I was so happy to move to NYC — and use my journalism degree — that I went for it.
— Andrew Pentis, Bankrate Writer and Consumer Lending Analyst
Marketing degree
Grant Bauer, a senior analyst at Bankrate, graduated with a degree in marketing in 2018.
“Salary-wise, my first job paid something like $42,000, so pretty much exactly what I expected,” shares Bauer. He adds that the lack of job security became quickly apparent, and that pushed him to get a master’s degree in a STEM field soon after. As of now, he believes he makes a comparable salary as his friends who have pursued careers with large corporations.
How to maximize ROI of your college degree
As with all aspects of student loans, it is important to consider your federal student loan options before comparing private student loan rates. Borrowing a smaller amount for a low-cost program will help keep your payments manageable while you are in the early stages of your career.
“Whatever academic path you choose, it’s critical to pay — and borrow — as little as possible for it,” says Pentis, who is also a certified student loan counselor.“I always recommend the community college route to students, whether they’re sure or unsure about their future path. It’s the single-biggest way to cut your college expenses.”
This is smart advice considering that nearly 44 million Americans have an average federal student loan debt amount of $38,000. This comes out to a balance of over $1.7 trillion in total. Further, millions of Americans carry their student debt into retirement age. Approximately 3.6 million federal student loan borrowers are aged 60 and older.
Pentis continues, “Before you borrow student loans for a non-STEM program that may not lead to a high-paying career, you have to check yourself: Will you be able to realistically afford repaying your education debt with your prospective career’s salary? If not, look for a cheaper way to get the education or training you need for the career you want.”
Bottom line
From the data, graduates of several non-STEM fields can expect large salary increases over time with gaps in pay narrowing by mid-career. Before you choose a major, determine if you will be able to handle the student loan debt that often comes with a degree. The return on your investment will largely depend on your career prospects and potential salary band.
Keep in mind:
In addition to strategically planning out your finances, you can take proactive steps to align your education with your career goals. Even if you decide to pursue a major that doesn’t have a high-paying starting salary, you can apply for internships, co-op programs and networking opportunities to increase your chances of a promising career trajectory.
You may also ask yourself a few guiding questions. What are the pros and cons of pairing your degree with a graduate degree? How can you enhance your qualifications and marketability to employers? By strategically planning your educational journey and actively investing in your career growth, you can optimize the ROI of your college degree in any major.
Read the full article here
