As May rolls around, many college seniors prepare to celebrate the graduation milestone marked by applause, diplomas, and the transition into adulthood. While some graduates already have jobs secured, others are still navigating the job market. A new report from the Federal Reserve Bank of New York sheds light on how the choice of college major can significantly impact employability and earning potential early in one’s career.
Top College Majors for Early-Career Salaries
For those aged 22 to 27 entering the workforce, certain majors stand out with impressive starting salaries, often nearing $80,000:
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Chemical Engineering - $80,000
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Computer Engineering - $80,000
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Computer Science - $80,000
These fields offer some of the strongest early financial returns, though it’s important to also consider unemployment statistics alongside salary figures.
Highest Mid-Career Salaries by Major
Looking further ahead, workers aged 35 to 45 with these degrees tend to earn six-figure salaries:
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Chemical Engineering - $120,000
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Electrical Engineering - $120,000
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Computer Engineering - $122,000
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Aerospace Engineering - $125,000
While aerospace engineering doesn’t top starting salaries, it boasts the highest median income mid-career among the majors analyzed.
Majors with the Best Job Prospects (Lowest Unemployment Rates)
If job security is a priority, these majors have some of the lowest unemployment rates, all at or below 1%:
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Special Education - 1%
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Civil Engineering - 1%
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Animal and Plant Sciences - 1%
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Construction Services - 0.7%
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Nutrition Services - 0.4%
Notably, construction services also offers a solid mid-career salary of about $100,000, making it a strong choice for stable employment and good income.
Majors with the Highest Unemployment Rates
Interestingly, a high salary doesn’t always mean an easy job placement. Some majors with strong paychecks also face notable unemployment challenges:
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Computer Engineering - 7.5%
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Physics - 7.8%
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Anthropology - 9.4%
Physics graduates often hold advanced degrees but still encounter tough job market conditions, while computer engineering, despite its lucrative pay, has one of the highest unemployment rates among these fields.
Majors with the Highest Underemployment Rates
Underemployment refers to graduates working in jobs that don’t require a college degree. Some majors have particularly high underemployment rates:
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Medical Technicians - 57.9%
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Performing Arts - 62.3%
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Criminal Justice - 67.2%
These fields often lead to roles that don’t necessarily demand a college education, which contributes to their elevated underemployment figures.