What Degree is Worth the Money? (In-Depth Guide)
Choosing a college major is an important life decision that involves weighing factors like your interests, career goals, and return on investment.
With rising tuition costs, students and families are understandably concerned about the financial payoff of different degree programs.
This guide examines degrees that are considered high-value based on employment demand, salary potential, and tuition costs.
We’ll provide tips on choosing a profitable and meaningful career path in today’s job market.
Assessing ROI of College Majors
When determining what degree is “worth it,” return on investment (ROI) is a key metric that compares career earnings to cost of education.
ROI factors to consider include:
Career salary potential – How much do graduates typically earn in this field? Higher earning potential means you can recoup college costs faster.
Employment demand – Are there ample job opportunities, or is the field highly competitive?
Degrees aligned to growing occupations have better hiring outlooks.
Cost of degree – What is the net tuition outlay after financial aid and scholarships? Less expensive public universities tend to have better ROI.
Student loan debt – Minimizing reliance on student loans results in less accrued interest and higher net earnings over your career.
High-ROI Degrees to Consider
Here are college majors that rank well across measures of career prospects and earnings potential relative to cost:
Computer Science
Computer science graduates are in extremely high demand with a wide range of technology career paths to pursue.
The field is growing rapidly with high pay both early and later in careers.
Career salary range: $67,300 – $114,600
Top employers: Software firms, financial services, consulting, government
Employment outlook: +22% growth over 10 years
Engineering
Engineering offers some of the highest starting and mid-career salaries of any major, with consistently low unemployment rates.
Petroleum and electrical engineering graduates see especially high lifetime earnings.
Career salary range: $64,200 – $115,500
Top employers: Manufacturing, construction, government
Employment outlook: +5% growth over 10 years
Business Administration & Management
Well-rounded business administration skills prepare graduates for diverse roles across industries.
Employers value business grads’ understanding of operations, marketing, accounting, human resources, and management.
Career salary range: $51,100 – $81,200
Top employers: Corporations, healthcare, finance, retail, government
Employment outlook: +7% growth over 10 years
Nursing
Nursing shortages have created high demand and competitive salaries for registered nurses in hospitals and private practices.
Nurses can also advance to high-paying nurse practitioner and other specialty roles.
Career salary range: $50,800 – $77,600
Top employers: Hospitals, physicians’ offices, home healthcare services
Employment outlook: +9% growth over 10 years
Finance & Accounting
Finance and accounting majors develop quantitative skills that prepare them for essential business functions like financial reporting, analysis, budgeting and auditing.
These skills are valued across nearly every industry.
Career salary range: $51,500 – $87,500
Top employers: Banks, corporations, government, education
Employment outlook: +5% growth over 10 years
Information Systems
Information systems connects business operations with computer technology.
Graduates assist with software selection, data analytics, security protocols and IT infrastructure – skills crucial to most organizations today.
Career salary range: $57,000 – $95,500
Top employers: Tech firms, retailers, healthcare, finance
Employment outlook: +11% growth over 10 years
Smart Strategies for Choosing a Major
Beyond weighing salary and job prospects, here are tips for picking a meaningful major aligned to your strengths:
Take career assessment tests
Career aptitude tests like the Strong Interest Inventory or Myers-Briggs Type Indicator (MBTI) can reveal your work style, interests, soft skills and motivations.
Understanding your natural tendencies can guide you towards satisfying career paths.
Talk to people in your desired field
Reach out to friends, family members or alumni working in your fields of interest.
Ask about their education path, job responsibilities and lifestyle factors like work-life balance, travel requirements or health impacts.
Complete internships
Internships let you test-drive careers firsthand. They build your resume, develop skills and expand professional connections. Over 50% of students receive job offers from their internship employers.
Double major or minor to expand options
Pairing technical degrees like engineering or computer science with business, communications or graphic design makes you more marketable.
Minors also demonstrate well-rounded capabilities.
Consider earning potential but don’t sacrifice passion
While lucrative degrees provide financial stability, don’t force yourself into an unsuitable career purely for money.
Job satisfaction declines when your work conflicts with values and interests. Prioritize majors aligned to your strengths.
Choosing an Affordable Path to Graduation
The cost of your degree plays a major role in its return on investment. Here’s how to reduce expenses:
Attend in-state public universities
In-state tuition and fees at public universities average just $10,338 compared to $27,020 for out-of-state. Private universities average $37,650 per year.
Complete general education credits at community college
Community college tuition averages only $3,770 per year. Maximizing lower-cost general requirements before transferring saves over $15,000.
Apply early for financial aid
File the FAFSA annually starting October 1st to qualify for need-based grants, work-study and low-interest federal loans.
Early filers get the most aid.
Seek undergraduate scholarships
Thousands of academic, athletic, community service and essay scholarships help offset tuition costs. Using niche scholarship search engines improves your odds.
Choosing a Graduate Degree
While bachelor’s degrees have the best overall ROI, some graduate degrees boost earnings substantially.
Carefully weigh costs against potential salary increases when considering grad school.
Master of Business Administration (MBA)
The flexible MBA provides leadership, marketing, finance and data analytics skills applicable across industries. Mid-career salary potential averages $100,000-150,000.
Master of Healthcare Administration (MHA)
This degree prepares students for administrative and managerial roles in the growing healthcare industry. The average MHA salary exceeds $100,000.
Master of Science in Nursing (MSN)
MSN-prepared nurses take on leadership and specialty roles with average salaries reaching $120,000. Nurse practitioners and nurse anesthetists are among the top-paid nursing careers.
Law Degree (JD)
Lawyers earn a median salary around $126,000, with experienced partners at large firms earning over $200,000.
However, the average law school debt exceeds $140,000. Carefully research school reputation and placement rates when applying.
Medical Degree (MD)
Medical school leads to highly lucrative careers for doctors and surgeons, but requires four years of expensive education beyond a bachelor’s degree.
With average medical school debt of $200,000, this path isn’t for the faint of heart.
Master’s in Computer Science & Engineering
Graduate engineering degrees open senior specialist and management careers with average salaries exceeding $110,000. This route offers excellent ROI but requires an undergrad foundation in math and technical skills.
Degrees to Approach with Caution
These popular college majors don’t always translate directly into career opportunities. Students drawn to these fields should develop specialized skills and experience to stand out.
Psychology
Psychology bachelor’s degrees don’t qualify graduates for psychology careers – you’ll need a doctorate for clinical work.
Instead, focus on research, statistics and assessment methodologies. Alternative paths like industrial-organizational psychology have better ROI.
Fine & Applied Arts
Fine arts majors like studio art, theater, music and graphic design are passion-driven fields with highly competitive job markets.
Supplement with business classes. Build a portfolio and professional network. Seek roles utilizing both your creative and business skills.
English Language & Literature
English programs teach valuable writing and analytical abilities, but don’t directly prepare students for in-demand communications roles like journalism, technical writing, marketing and content creation.
English majors should intern, freelance and self-publish to build applied experience.
Criminal Justice & Law Enforcement
While many criminal justice grads aspire to law enforcement careers, police and detective jobs typically require additional training plus physical and background checks.
Stronger employment prospects exist in social work, probation, courts administration and private security.
Political Science & Government
Government and politics roles in federal, state and local bureaucracies are highly competitive without a law degree or Master of Public Administration.
Pursue high GPAs and internships focused on policy analysis, fundraising, campaigning or lobbying.
Anthropology & Archaeology
Anthropology develops helpful critical thinking and research skills, but has restricted direct career pathways beyond academia.
Graduates should specialize in areas like medical anthropology, user experience research or cultural resource management.
Choosing What’s Right for YOU
With careful self-assessment and career planning, you can find a program aligned to your abilities, interests and professional ambitions.
The most profitable and meaningful path balances economic realities with your unique priorities.
Stay open to exploring new fields and opportunities. Seek experiential learning to confirm your major choice before committing. Design your college experience to open doors for satisfying work and financial security.
