College Degrees That Can Earn the Biggest Salaries

Salary, job availability and the need for higher education are a big factor in what makes some degrees more valuable than others.

Author:: TheStreet Staff
Publish date:: Oct 9, 2018 6:59 AM EDT

Salary, job availability and the need for higher education are a big factor in what makes some degrees more valuable than others.

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.

Photo: Shutterstock

This article was written by a staff member of TheStreet.

1. Actuarial ScienceField: BusinessDegree: Actuarial ScienceAverage Income: $108,658Unemployment: 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.Photo: Shutterstock

2. ZoologyField: Biology and Life SciencesDegree: ZoologyAverage Income (Weighted): $111,889Unemployment: 1.4%Higher Degree Holders: 68%Photo: Shutterstock

3. Nuclear EngineeringField: EngineeringDegree: Nuclear EngineeringAverage Income: $108,591Unemployment: 1.8%Higher Degree Holders: 48%Photo: Shutterstock

4. Health and Medical Preparatory ProgramsField: Medical and Health Sciences and ServicesDegree: Health and Medical Preparatory ProgramsAverage Income: $130,308Unemployment: 2.3%Higher Degree Holders: 78%Photo: Shutterstock

5. Applied MathematicsField: Mathematics and StatisticsDegree: Applied MathematicsAverage Income: $105,679Unemployment: 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.Photo: Shutterstock

6. Pharmacy, Pharmaceutical Sciences, and AdministrationField: Medical and Health Sciences and ServicesDegree: Pharmacy, Pharmaceutical Sciences, and AdministrationAverage Income: $103,350Unemployment: 1.8%Higher Degree Holders: 57%Photo: Shutterstock

7. Molecular BiologyField: Biology and Life SciencesDegree: Molecular BiologyAverage Income: $105,849Unemployment: 2.1%Higher Degree Holders: 64%Photo: Shutterstock

8. Mechanical EngineeringField: EngineeringDegree: Mechanical EngineeringAverage Income: $101,590Unemployment: 2.4%Higher Degree Holders: 39%Photo: Shutterstock

9. Civil EngineeringField: EngineeringDegree: Civil EngineeringAverage Income: $96,405Unemployment: 2.2%Higher Degree Holders: 36%Photo: Shutterstock

10. FinanceField: BusinessDegree: FinanceAverage Income: $100,448Unemployment: 2.7%Higher Degree Holders: 30%Photo: Shutterstock

11. Chemical EngineeringField: EngineeringDegree: Chemical EngineeringAverage Income: $111,018Unemployment: 2.9%Higher Degree Holders: 48%Photo: Shutterstock

12. Electrical EngineeringField: EngineeringDegree: Electrical EngineeringAverage Income: $106,187Unemployment: 2.9%Higher Degree Holders: 43%Photo: Shutterstock

13. Biochemical SciencesField: Biology and Life SciencesDegree: Biochemical SciencesAverage Income: $109,301Unemployment: 2.6%Higher Degree Holders: 65%Photo: Shutterstock

14. Computer EngineeringField: EngineeringDegree: Computer EngineeringAverage Income: $99,587Unemployment: 2.5%Higher Degree Holders: 36%Photo: Shutterstock

15. Public PolicyField: Public Affairs, Policy, and Social WorkDegree: Public PolicyAverage Income: $97,721Unemployment: 1.9%Higher Degree Holders: 56%Photo: Jannis Tobias Werner / Shutterstock

16. GeneticsField: Biology and Life SciencesDegree: GeneticsAverage Income: $95,954Unemployment: 1.3%Higher Degree Holders: 64%Photo: Shutterstock

17. EconomicsField: Social SciencesDegree: EconomicsAverage Income: $108,824Unemployment: 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 EngineeringField: EngineeringDegree: Petroleum EngineeringAverage Income: $153,743Unemployment: 7.9%Higher Degree Holders: 24%Photo: think4photop / Shutterstock

19. Miscellaneous EngineeringField: EngineeringDegree: Miscellaneous EngineeringAverage Income: $89,704Unemployment: 2.0%Higher Degree Holders: 29%Photo: Shutterstock

20. Architectural EngineeringField: EngineeringDegree: Architectural EngineeringAverage Income: $86,622Unemployment: 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 EconomicsField: AgricultureDegree: Agricultural EconomicsAverage Income: $84,356Unemployment: 0.4%Higher Degree Holders: 35%Photo: Shutterstock

22. Mechanical Engineering Related TechnologiesField: Engineering TechnologiesDegree: Mechanical Engineering Related TechnologiesAverage Income: $ 82,386Unemployment: 1.2%Higher Degree Holders: 20%Photo: Shutterstock

23. Mathematics and Computer ScienceField: Interdisciplinary and Multi-Disciplinary Studies (General)Degree: Mathematics and Computer ScienceAverage Income: $93,961Unemployment: 2.4%Higher Degree Holders: 40%Photo: Shutterstock

24. PhysicsField: Physical SciencesDegree: PhysicsAverage Income: $100,383Unemployment: 2.5%Higher Degree Holders: 67%Photo: Shutterstock

25. ChemistryField: Physical SciencesDegree: ChemistryAverage Income: $102,338Unemployment: 2.9%Higher Degree Holders: 63%Photo: Shutterstock

26. Transportation Sciences and TechnologiesField: Transportation Sciences and TechnologiesDegree: Transportation Sciences and TechnologiesAverage Income: $90,394Unemployment: 3.0%Higher Degree Holders: 19%Photo: Shutterstock

27. Industrial and Manufacturing EngineeringField: EngineeringDegree: Industrial and Manufacturing EngineeringAverage Income: $100,252Unemployment: 3.3%Higher Degree Holders: 41%Photo: Shutterstock

28. Aerospace EngineeringField: EngineeringDegree: Aerospace EngineeringAverage Income: $105,536Unemployment: 3.4%Higher Degree Holders: 52%Above, Chris Randall, an aerospace engineer at NASA.Photo: NASA

29. GeosciencesField: Physical SciencesDegree: GeosciencesAverage Income: $112,162Unemployment: 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 ScienceField: Computer and Information SciencesDegree: Computer ScienceAverage Income: $94,204Unemployment: 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.Photo: Shutterstock

1. Actuarial Science

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.

Photo: Shutterstock