With the cost of a college education and the burden of student loans, many students are considering their return on investment when choosing a degree.
Salary, job availability and the need for higher education are a big factor in what makes some degrees more valuable than others.
To determine the most valuable majors, personal finance site Bankrate analyzed data from the U.S. Census Bureau American Community Survey. They looked at what bachelor's degree graduates who were either employed or unemployed entered as their first major. They also looked at their income for the past 12 months, as well as how many college graduates had obtained a higher degree such as a master's or doctoral degree.
Based on Bankrate's analysis, here are the most valuable college degrees.
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1. Actuarial Science
Field: Business
Degree: Actuarial Science
Average Income: $108,658
Unemployment: 2.3%
Higher Degree Holders: 22%
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions. Actuaries help insurance companies set premium rates based on the risk factors.
Actuarial science got the highest ranking because degree holders earned more on average than their peers and faced lower unemployment. Plus, only 22% of actuarial science majors held a master's or doctoral degree, indicating the majority of them did not need to invest in more schooling, according to Bankrate.
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2. Zoology
Field: Biology and Life Sciences
Degree: Zoology
Average Income (Weighted): $111,889
Unemployment: 1.4%
Higher Degree Holders: 68%
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3. Nuclear Engineering
Field: Engineering
Degree: Nuclear Engineering
Average Income: $108,591
Unemployment: 1.8%
Higher Degree Holders: 48%
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4. Health and Medical Preparatory Programs
Field: Medical and Health Sciences and Services
Degree: Health and Medical Preparatory Programs
Average Income: $130,308
Unemployment: 2.3%
Higher Degree Holders: 78%
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5. Applied Mathematics
Field: Mathematics and Statistics
Degree: Applied Mathematics
Average Income: $105,679
Unemployment: 2.0%
Higher Degree Holders: 51%
Applied mathematics is the application of mathematical methods by different fields such as science, engineering, business, computer science, and industry.
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6. Pharmacy, Pharmaceutical Sciences, and Administration
Field: Medical and Health Sciences and Services
Degree: Pharmacy, Pharmaceutical Sciences, and Administration
Average Income: $103,350
Unemployment: 1.8%
Higher Degree Holders: 57%
Photo: Shutterstock
7. Molecular Biology
Field: Biology and Life Sciences
Degree: Molecular Biology
Average Income: $105,849
Unemployment: 2.1%
Higher Degree Holders: 64%
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8. Mechanical Engineering
Field: Engineering
Degree: Mechanical Engineering
Average Income: $101,590
Unemployment: 2.4%
Higher Degree Holders: 39%
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9. Civil Engineering
Field: Engineering
Degree: Civil Engineering
Average Income: $96,405
Unemployment: 2.2%
Higher Degree Holders: 36%
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10. Finance
Field: Business
Degree: Finance
Average Income: $100,448
Unemployment: 2.7%
Higher Degree Holders: 30%
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11. Chemical Engineering
Field: Engineering
Degree: Chemical Engineering
Average Income: $111,018
Unemployment: 2.9%
Higher Degree Holders: 48%
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12. Electrical Engineering
Field: Engineering
Degree: Electrical Engineering
Average Income: $106,187
Unemployment: 2.9%
Higher Degree Holders: 43%
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13. Biochemical Sciences
Field: Biology and Life Sciences
Degree: Biochemical Sciences
Average Income: $109,301
Unemployment: 2.6%
Higher Degree Holders: 65%
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14. Computer Engineering
Field: Engineering
Degree: Computer Engineering
Average Income: $99,587
Unemployment: 2.5%
Higher Degree Holders: 36%
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15. Public Policy
Field: Public Affairs, Policy, and Social Work
Degree: Public Policy
Average Income: $97,721
Unemployment: 1.9%
Higher Degree Holders: 56%
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16. Genetics
Field: Biology and Life Sciences
Degree: Genetics
Average Income: $95,954
Unemployment: 1.3%
Higher Degree Holders: 64%
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17. Economics
Field: Social Sciences
Degree: Economics
Average Income: $108,824
Unemployment: 3.4%
Higher Degree Holders: 42%
Above, Janet Yellen, right, an economist and former chair of the Federal Reserve, talks with Christine Lagarde, the managing director of the International Monetary Fund, at a 2014 event.
Photo: Federal Reserve/Wikipedia
18. Petroleum Engineering
Field: Engineering
Degree: Petroleum Engineering
Average Income: $153,743
Unemployment: 7.9%
Higher Degree Holders: 24%
Photo: think4photop / Shutterstock
19. Miscellaneous Engineering
Field: Engineering
Degree: Miscellaneous Engineering
Average Income: $89,704
Unemployment: 2.0%
Higher Degree Holders: 29%
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20. Architectural Engineering
Field: Engineering
Degree: Architectural Engineering
Average Income: $86,622
Unemployment: 1.9%
Higher Degree Holders: 29%
Above, construction at the World Trade Center site in New York in 2013.
Photo: Frank Romeo / Shutterstock
21. Agricultural Economics
Field: Agriculture
Degree: Agricultural Economics
Average Income: $84,356
Unemployment: 0.4%
Higher Degree Holders: 35%
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22. Mechanical Engineering Related Technologies
Field: Engineering Technologies
Degree: Mechanical Engineering Related Technologies
Average Income: $ 82,386
Unemployment: 1.2%
Higher Degree Holders: 20%
Photo: Shutterstock
23. Mathematics and Computer Science
Field: Interdisciplinary and Multi-Disciplinary Studies (General)
Degree: Mathematics and Computer Science
Average Income: $93,961
Unemployment: 2.4%
Higher Degree Holders: 40%
Photo: Shutterstock
24. Physics
Field: Physical Sciences
Degree: Physics
Average Income: $100,383
Unemployment: 2.5%
Higher Degree Holders: 67%
Photo: Shutterstock
25. Chemistry
Field: Physical Sciences
Degree: Chemistry
Average Income: $102,338
Unemployment: 2.9%
Higher Degree Holders: 63%
Photo: Shutterstock
26. Transportation Sciences and Technologies
Field: Transportation Sciences and Technologies
Degree: Transportation Sciences and Technologies
Average Income: $90,394
Unemployment: 3.0%
Higher Degree Holders: 19%
Photo: Shutterstock
27. Industrial and Manufacturing Engineering
Field: Engineering
Degree: Industrial and Manufacturing Engineering
Average Income: $100,252
Unemployment: 3.3%
Higher Degree Holders: 41%
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28. Aerospace Engineering
Field: Engineering
Degree: Aerospace Engineering
Average Income: $105,536
Unemployment: 3.4%
Higher Degree Holders: 52%
Above, Chris Randall, an aerospace engineer at NASA.
Photo: NASA
29. Geosciences
Field: Physical Sciences
Degree: Geosciences
Average Income: $112,162
Unemployment: 3.9%
Higher Degree Holders: 59%
Geoscience is the study of the Earth. This image taken by NASA shows the changing landscape in the heart of Madagascar - an estuary drains into the sea due to decimation of rainforests and coastal mangroves.
Photo: NASA
30. Computer Science
Field: Computer and Information Sciences
Degree: Computer Science
Average Income: $94,204
Unemployment: 3.1%
Higher Degree Holders: 32%
Curious about the least valuable degrees? They were: fine arts, composition/speech, clinical psychology, cosmetology/culinary arts and visual and performing arts. See the full ranking here.
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