The rising cost of college tuition and the burden of student debt mean salary and employment prospects may enter into the equation when deciding on a major.
WIth that in mind, Bankrate.com has issued a report that takes a look at college majors and rates their value in terms of the job prospects and starting they offer new graduates.
Bankrate.com researched 162 degrees comparing salaries, employment rates and how many professionals sought advanced studies. On average, the majors had an income of $72,616 and an unemployment rate of 2.9 percent.
But the Bankrate.com report also cautioned students to not over emphasize the importance of the major they choose. Every major should give students a foundation in important skills such as communication, work ethic, creative thinking, teamwork, the report noted.
“Essentially all a major does is say, ‘Hey, I studied a little bit more classes in this area than opposed to others,’” Harry Twyman, director of the Major Experience program at the University of Connecticut, told Bankrate.com. “Those big skills, for the most part, are built in any major.”
The following college majors, in ascending order, were deemed the most valuable by Bankrate.com:
10. Finance
Average Income: $100,448
Unemployment: 2.7%
Higher Degree Holders: 30%
9. Civil Engineering
Average Income: $96,405
Unemployment: 2.2%
Higher Degree Holdings: 36%
8. Mechanical Engineering
Average Income: $101,590
Unemployment: 2.4%
Higher Degree Holders: 39%
7. Molecular Biology
Average Income: $105, 849
Unemployment: 2.1%
Higher Degree Holders: 39%
6. Pharmacy, Pharmaceutical Sciences and Administration
Average Income: $103,350
Unemployment: 1.8%
Higher Degree Holders: 57%
5. Applied Mathematics
Average Income: $105,679
Unemployment: 2.0%
Higher Degree Holders: 51%
4. Health And Medical Preparatory Programs
Average Income: $130,308
Unemployment: 2.3%
Higher Degree Holders: 78%
3. Nuclear Engineering
Average Income: $108, 591
Unemployment: 1.8%
Higher Degree Holders: 48%
2. Zoology
Average Income: $111,889
Unemployment: 1.4%
Higher Degree Holders: 68%
1. Actuarial Science
Average Income: $108, 658
Unemployment: 2.3%
Higher Degree Holders: 22%
The full report can be viewed here.