Getting a degree in America is getting more and more expensive.
Going to a private four-year school costs an average of $ 53,949 per year, according to the Education Data Initiative, a research team that publishes facts about education. Even a two-year degree from a public school costs an average of $ 16,037 per year. This means that you could spend anywhere from $ 32,074 to $ 215,796 in total for your college education.
To make sure you’re getting what you pay for, here are the most valuable college majors, according to research from Bankrate, a publisher and provider of financial product comparison tools.
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When benchmarking its rankings, Bankrate looked at three main factors:
- Median income (70% weight)
- Unemployment rate (20% weight)
- Percentage of people with a graduate degree, i.e. whether or not you would need more education after college (10% by weight)
Here are the results for the most valuable majors:
1. Architectural engineering
With a median salary of $ 90,000, an unemployment rate of 1.3%, and a top graduation rate of 29.3%, architectural engineering was the most valuable major. According to Penn State Engineering, architectural engineers end up designing buildings and complex systems that are durable, resilient and safe. The major consists of interdisciplinary skills in structural, mechanical, electrical, lighting, acoustics and design engineering. If you like the challenge of building large systems and combining interdisciplinary skills, this might be a good option for you.
2. Construction services
With a median income of $ 80,000, a low unemployment rate of 1.0%, and a higher graduation rate of 12.1%, construction services top the list. According to TalentDesk, a contractor and freelance hiring platform, construction service majors can continue to work as construction managers, cost estimators, and civil engineers on large-scale construction projects. One of the main attractions of this major is that most people can earn a high salary without the need for a graduate degree.
3. Computer engineering
Computer engineering makes the highest median salary on the list at $ 101,000. It has an unemployment rate of 2.3% and 39.7% of graduates continue their education to remain relevant in the industry, which may contribute to its lower ranking despite its high salary. College Board, which manages higher education tests like SATs, says computer engineering majors study math, physics, and computer science and then use that information to develop computer hardware and software in industry.
4. Aerospace engineering
Aerospace engineers earn a median income of $ 100,000 and have an unemployment rate of 1.9%. About 50.7% end up getting a higher degree beyond college. If you dream of building and flying planes or someday going to space, this is the main thing for you, according to Georgia Tech.
5. Transport science and technology
Last on the list is the study of transportation science, with an average salary of $ 86,000, an unemployment rate of 1.8%, and a graduate rate of 21.1%. As cities increasingly urbanize and build transportation networks, transportation engineers are needed to determine how people move in urban settings, says the University of Florida.
General trends for secure, high-paying college majors
Overall, engineering majors tend to offer the most value for college degrees, according to Bankrate. Many of them focus on building large and complex systems such as buildings and transportation networks.
Interest in federal funding and private investment in these types of projects is also increasing. President Joe Biden is pushing forward an infrastructure bill to modernize roads, bridges and transit systems while expanding high-speed internet systems and the nation’s network of electric vehicle charging stations. Companies like GM and Tesla are also investing in the development of electric vehicles and charging station networks.
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For this study, Bankrate used data from the US Census Bureau’s American Community Survey of over 2 million Americans, as well as 2019 data from IPUMS USA, the hosted census data clearinghouse. by the University of Minnesota, to identify 159 majors.
Michelle Shen is Money & Tech digital reporter for USA TODAY. You can reach her @ michelle_shen10 on Twitter.