It’s prime season for college applications, and students are busy trying to weight their prospects in higher education.
With technology changing the way industries do work, professions have evolved significantly. There are so many options now within disciplines. Up and coming individuals have a myriad of options in terms of which career path to pursue.
But with the growing prospects also come the growing competition. There are more and more people entering the workforce, and the impact of globalization has enabled companies to hire remotely. All of these impact a student’s future career.
Indeed, even though individuals have different reasons for pursuing degrees, one big factor to consider is if that major has prime job prospects. Of course, for some students, financial potential is the most important factor. Others meanwhile, may have a specific career in mind modeled after family members (family of doctors, lawyers, etc.). And for some, the biggest draw is personal interest.
The good news is, choosing a major that incites passion and at the same time has a robust job career path is entirely possible.
Whatever major you decide on, just be sure to consider more than one aspect of your choice. It’s not all about money after all!
If you are still undecided on what to pursue in college, here are 10 of the most in-demand and highest paying majors in 2020 you can consider. You might find one that ticks all the items on your checklist.
Actuarial Science
BankRate conducted a study on which college majors bring the most value career-wise, and topping the list is actuarial science.
Degree holders earn more on average than their peers, with over a hundred thousand dollars average annual salary. What’s more, they faced quite low unemployment rates at just 2.3%.
So what type of work is involved in such a top paying major?
Actuaries are the ones who analyze premiums set by insurance companies. Pricing plans to enable maximum profits and secure markets are determined by these professionals. Hence, it is suitable for people inclined in math and computer programs. Anything analytical required in a specific business setting is part of the field.
Aside from making the most money and experiencing low unemployment rates, actuarial science majors rarely have to take on more schooling to find employment. Only 22% of majors pursue a master’s degree or doctorate degree, which means that there will be less debt incurred relating to schooling.
All of these make actuarial science one of the top degrees in demand.
Computer Science
Don’t assume that when you study computer science, you’ll just be limited to programming. Nowadays, computer scientists are responsible for developing sophisticated tools and systems to manage just about everything in the modern world. Some notable aspects include artificial intelligence, robotics, and cybersecurity. Seen as one of the key majors for the future, you will enjoy a steady demand in the coming years if you choose the field. Organizations have and will continue to embrace technology to drive efficiency in the work process. In fact, according to the Bureau of Labor Statistics, jobs in computing and IT are predicted to grow nearly twice as fast as other careers until year 2026. Because of its interdisciplinary nature, computer science applies to all fields, from health care, consumer products, to politics and education. That means graduates can be involved in these industries bringing their computing expertise with them. Aside from demand, the major also brings a hefty earning potential. Starting salaries for graduates in management information systems, programming, and information security systems have consistently been higher compared to other careers, with more than $50,000 average earnings awaiting those entering the workforce.
Business Management
A degree in business opens you to a broad spectrum of sub-fields, and in business management, you can hone your talents for problem solving, communication, and leadership skills. Whether you are aiming to embark on a startup or join multi-million dollar organizations, your expertise on budgets, management, and planning will be sought after in the corporate realm. Aside from the numbers, majoring in business will also expose you to relevant issues like ethics, politics, diversity, and sustainability that all matter in every work environment. As a business management degree is flexible enough to be applied across industries, real-world potential is limitless. Depending on what industry you enter, individuals in management positions can generally earn a healthy rate of close to $100,000. Of course, some industries are more lucrative than others, so it’s best to strike a balance between what you are interested in and what could provide you the ideal salary. The main takeaway is that more companies are going global, so it’s all the more important for them to have someone who can navigate standard business practices and align that with custom solutions.
Zoology
According to Forbes review of data from the US Census Bureau and Bankrate survey, majors within STEM – Science, Technology, Engineering, and Math – are those that are among the most lucrative majors. This is not a surprise, given that STEM innovators bring about most modern solutions. What’s interesting is how science majors like biology is becoming a key player in the drive for making lifestyles sustainable. And under biology, zoology will be one of the fastest burgeoning fields, with about 8% average growth until 2026. And the potential income isn’t shabby either: these experts earn more than $100,000 on average. Having a degree in zoology focuses on the study of animals, with emphasis on how they exist within the current ecosystem and how humans affect wildlife. There will be more demand for zoologists who will study population growth and its implications on the ecosystem. Hence, you could have prospective positions in federal government agencies, labs, nonprofits, and centers for education, to name a few.
Engineering
Engineering degrees are among the top and most stable college majors to pursue for those who have an aptitude for math and strong problem-solving skills. Some of the most lucrative majors include aerospace engineering, computer engineering, and mechanical engineering. Nuclear engineering is also up there in terms of making the most money and enjoying a strong demand, as many industries now are developing high-tech equipment and systems focused on nuclear power. Another popular field is systems engineering. It focuses on creating and managing complex physical structures and processes for organizations. So you could be involved in logistics and manufacturing. The only possible drawback is the smaller demand. Compared to math or science-driven majors, engineering is only expected to grow by 4%. And even though it may not be as lucrative as other careers, even the lowest earning engineer garners more than $50,000 on average. So it’s still pretty rewarding as a profession.
Health and medical preparatory programs
Careers in medical and health preparatory science are all about preparing for entry into the medical professions. You could pursue medical school, nursing, or explore other related job opportunities. These programs generally explore a variety of science subjects that serve as foundations of medicine. If you’re inclined to study a combination of math, physics, chemistry and biology, then this might be a suitable college major for your future employment. One of the most popular college majors is nursing. A four-year degree not only builds your expertise on evaluating and treating health problems, you also become updated with ever-evolving health care technology. Plus, there are diverse fields available, from pediatrics, neurology, oncology, and obstetrics. And the best part? Nursing and other health care programs are not decreasing in demand even amidst technological innovations. It’s really a worthwhile occupation that builds theoretical expertise and hands-on skills.
Pharmaceutical Science
This is another major where the human aspect will remain strong. It makes sense, because people prefer consulting with their pharmacists and knowing first hand about certain medications. Undergraduate programs will expose you to technical positions in development, production, and sales of drug companies. As health care continues to be a dominant and essential industry, your expertise in chemistry of medicines and regulatory standards will prove to be relevant now and in the coming years. Future job market continues to be strong for careers as a pharmacist or pharmaceutical researcher. And with a median salary of over a hundred thousand annually, those who major in pharmaceutical science rank among the highest paying degrees in 2019.
Human Resources
Even with all the automation – think chatbots and artificial intelligence mechanisms, it’s unlikely that the human in human resources will be replaced. These are the professionals who handle hiring, training, and other employee relations processes for organizations. Of course, working in a tech-driven HR field means you have to keep abreast with the latest analytics systems. Coursework includes organizational behavior, applied social psychology, and employment law, among others. Like many college majors on this list, HR is a prime field because of its relevance across industries, sectors, and locations. No organization will be able to grow at its optimal level if there is no efficient HR unit in place to recruit and engage the best employees. According to data from Brigham Young University Marriott School of Business, 97% of HR management majors are able to gain jobs within just three months after graduation.
Multimedia and Design
Starving artists? More like successful professionals!
There is no shortage of businesses seeking creative types that will actualize branding and storytelling in a way that resonates with consumers.
Graphic designers are usually tasked with visual imagery, conceptualizing marketing materials, and packaging. Meanwhile, multimedia experts cover a wide range of areas including TV, journalism, computer animation, and video production.
With majority of brands bolstering their media campaigns in social media, print, and other media forms, design undergraduates will likely be in high demand in the professional space. The average base salary for these individuals is about $50,000 making it a good college major to pursue right now.
Mathematics and Statistics
STEM majors truly provide the highest paying degrees in 2019 and the coming years. Because of opportunities in finance, tech, and other industries, math and statistics majors can bring their analytical expertise to solve actual sector problems. Even an entry-level statistician can earn a comfortable income, with an average of about $80,000. The bottom 10% of the career is still able to gain close to $50,000 a year, which is a great prospect career-wise. And of note is the high growth prediction for the field: about 34% growth is expected for math and statistics professions! Indeed, with something as wide-encompassing as math, you can be involved in building complex programs, trading and investment analytics, or even develop breakthroughs in science fields.
The Bottom Line
Many college students plan to pursue a bachelor’s degree that can bring a satisfying paycheck. This is understandable, as college is a significant investment for any family. Being able to repay your education loans while living a comfortable life means weighing your options and interests when choosing a college major. From what we’ve learned, backgrounds in science, technology, engineering and mathematics are among the most promising bachelor degrees for the future. These garner impressive starting salaries, and are predicted to be in demand for a long time. Of course, there is still a place for creative professionals. Marketing and design specialists will always figure in different creative projects. While you may not necessarily earn as high as a health professional at the start, gaining years of experience will likely bring you six figures after a few years. Whether your interests lie in tech solutions, or you have a knack for personal connections, remember that choosing a college major is more than picking a top-paying job. It’s about finding a degree that showcases your talents and interests, and gives you room for more learning and discovery. After all, if it works to your financial advantage and you find the profession fulfilling, all the investment now will surely be worth it.