In an era where student debt is a pressing national concern and economic volatility has graduates unsettled about their future careers, choosing the right major has become critical. Your choice of degree can influence not only your first job but the trajectory of your career, financial well-being, and social mobility. While passion and personal interests are still vital components of long-term career satisfaction, potential salary and job security are increasingly being weighed in college decisions. In this guide, we’ll explore the majors that pave the way to wealth while exploring Historically Black Colleges and Universities (HBCUs) that students may be considering.
What Degree Makes The Most Millionaires?
All degrees are not created equal when it comes to becoming a millionaire. While attaining such wealth does not always correlate to majors or schooling at all, there are some degrees that consistently result in rich professionals. According to Edvoy, engineering degrees consistently top the list for producing wealthy graduates. In fact, a staggering 22% of the world’s top billionaires have studied some form of engineering.
Whether that’s electrical, civil or computer engineering, the technical skillset and problem-solving skills required in these programs are highly transferable. Many of the skills instilled with these majors are used for business innovation or entrepreneurship. Plus, engineers often enter fields that are in high demand and related to wealthy industries, like technology, energy and infrastructure. For example, Jeff Bezos (Amazon), Larry Page (Google) and Carlos Slim (Telmex) all started out with engineering degrees.
While engineering seems to be leading the way, there are other degrees that are lucrative. Majors including computer science, economics and business are generally considered to be high-paying majors. These majors are also popular with wealthy people thanks to their adaptability and high demand in global markets. And what is pretty striking is that in an Edvoy study, over 50% of engineers believed they would become millionaires at some point. So, there is a certain level of confidence in the field.
What Degree Do Most CEOs Have?
The path to becoming a CEO does not solely depend on your major, but it can be influenced by it. So, data shows that certain degrees provide a strong foundation for potential CEOs. Some of the most common degrees held by Fortune 500 CEOs are engineering, economics and business administration, per Edvoy. Business administration in particular stands out due to its direct relation to leadership, strategy and financial management skills. These skills are all relevant to managing large corporations because they show students how to think on macro and micro levels, which is ideal for future executives.
Economics, on the other hand, is another popular degree for CEOs because the program pushes students to think in terms of efficiency and analytics. These skills are highly transferable for navigating corporate challenges and steering an organization through change, so it’s no wonder that economics is a common denominator among leaders in many different industries. Engineering, on the other hand, has a lot to do with scalability and technological possibilities, which may help CEOs see market and innovation opportunities.
Which Degree Is Best For The Future?
If you’re choosing a degree today with a significant desire for earning power and job security, a few fields stand out. Research.com’s data shows that computer science, finance, economics and health care administration are great for salary potential and career longevity. Computer science is a clear frontrunner due to the popularity of artificial intelligence and the rise of tech companies. It has a growth projection of 23% through 2032 and offers many different career paths. These factors make it a top choice for students looking for the highest-paying majors. Finance and economics translate and interpret insights into strategic business decisions, which is necessary in an oversaturated corporate market. That is why they have above-average median salaries, which are $96,220 and $113,940, respectively.
Health care administration is on the rise due to steadily increasing public health concerns, which makes room for rapid career advancement. In fact, per Research.com’s data, it sits at third in the list of best majors to pick for the future. With a $113,940 median salary and 28% growth projection into 2032, it’s clear that this major is not going anywhere.
But selecting a high-paying major is not just about what’s popular right now. It’s really about positioning yourself for industries that will thrive in 10, 20 or even 30 years from now. The world is moving toward automation, digital transformation, sustainability and advanced healthcare. So, with these things in mind, some degrees can equip you to adapt and innovate in those areas that carry the most long-term value.
What Are The Highest Paying Majors At HBCUs?
HBCUs have a long history of producing leaders, innovators and high achievers across various industries. So, HBCUs have plenty of options for students looking for an academic option that leads to a bright future. While the same market influences salary outcomes for HBCU graduates as all institutions, certain majors consistently lead to higher-than-average paychecks. Many popular HBCUs offer these high-paying majors, so we’ve rounded up some top options.
Engineering
Engineering remains one of the highest-paying majors in the United States. So whether or not students specialize in the most popular types of engineering, like civil, mechanical or electrical engineering, they are pretty much set up. Graduates often begin their careers with salaries over the $70,000–$80,000 range, per Think Impact. Basically, with this starting point, graduates have a higher long-term earning potential that is well into six figures. Engineering alumni from HBCUs are making major waves in the sectors of aerospace, energy, construction and tech.
Recommended HBCUs: North Carolina A&T, Howard University and Florida A&M
Computer Science
Computer science programs prepare graduates for careers in software development, data analytics and even tech entrepreneurship. Given the growth of the tech industry in particular, CS graduates from HBCUs often find themselves competing successfully with peers from other top-ranked schools. Early salaries for computer science average around $74,000, per Research.com. Plus, there is rapid progression in pay for skilled developers, so it is a high-value degree choice.
Recommended HBCUs: Howard, Morehouse and Spelman
Finance & Economics
There are many HBCUs with strong programs in finance and economics. These programs produce graduates who go on to work in banking, asset management, consulting and even government policy. These majors have some pretty high mid-career salaries. In addition to this, alumni often move into executive or entrepreneurial roles at some point in their careers, which increases their earning potential.
Recommended HBCUs: Howard University, Xavier University
Business Administration
Business administration is one of the most popular majors due to its versatility. Graduates of this high-paying major can go into marketing, operations, project management, or human resources. Many of them go on to earn their MBA, so this, paired with industry experience, can spike annual earnings. In leadership positions, there is the potential for HBCU graduates to earn over $150,000 annually, per Intelligent.
Recommended HBCUs: Hampton University, Clark Atlanta University
Health & Pre-Med
Some HBCUs are nationally recognized for producing high numbers of African American graduates who go on to become doctors. Pre-med students often find that they have a variety of career options to choose from. Some of the most popular directions are the medical field, dentistry or pharmacy industries. All of these options offer six-figure salaries. Alternatively, graduates can pursue other health-related degrees like nursing or public health. Nursing in particular has a relatively high starting salary of around $65,000 and plenty of opportunities for rapid advancement.
Recommended HBCUs: Xavier University of Louisiana
Frequently Asked Questions
What is the lowest-paid major?
According to Fortune, one of the worst-paying majors is foreign language, which reportedly brings in $40,000 a year on average.
What is the hardest major to earn?
As Oxford reports, medicine is one of the hardest majors to earn a degree in due to its intensity and length of study.
What is the most underpaid major?
According to Indeed, theology is the most underpaid major, with an average yearly income of $40,000. However, the fine and performing arts are also well known for being underpaid majors.
