Is a College Degree Worth the Cost? Here Are the Majors Offering the Best Return on Investment
Each year, the Bureau of Labor Statistics (BLS) updates its Occupational Outlook Handbook, which highlights jobs expected to grow in the next decade, the education required for these positions, and the corresponding salaries. For those still deciding on a major, this tool offers valuable insights into high-paying career paths that are forecasted to grow as you enter the workforce.
The 2024 update to the handbook reveals eight professions that require a bachelor’s degree, boast a median salary of over $100,000, and are projected to experience “much faster than average growth” in the coming years. These in-demand fields include:
- Computer and Information Systems Managers
- Financial Managers
- Software Developers
- Information Security Analysts
- Medical and Health Services Managers
- Data Scientists
- Computer Systems Analysts
- Management Analysts
The BLS estimates that over 50,000 new jobs will be created in these professions in the next decade. But what college majors open the door to these lucrative careers?
Degrees Leading to Prosperous Careers
While some specialized fields require specific degrees, many employers are flexible about the academic backgrounds of potential candidates. Yes, certain degrees tend to lead to higher-paying jobs, but it’s crucial to consider whether these fields align with your personal interests. Choosing a career path solely based on salary without considering your passions can lead to dissatisfaction in the long run. As you decide on a major, weigh your professional prospects alongside your interests.
Interestingly, two professions on this list—Medical and Health Services Manager and Management Analyst—do not specify a particular degree, though a bachelor’s degree is still required. For example, Financial Managers also need a bachelor’s degree, but the BLS notes that candidates will likely need at least five years of experience in accounting, securities sales, or financial analysis.
What Careers Can You Pursue with a Computer Science Degree?
For computer-related careers, the BLS highly recommends studying computer science. However, for roles like Computer Systems Analysts, a computer science or information systems degree isn’t always a must. Some companies are open to candidates with a business or liberal arts degree, provided they possess the relevant technical skills.
In conclusion, while a degree can be a powerful gateway to high-paying, high-growth careers, it’s important to select one that not only promises a strong return on investment but also aligns with your personal passions and goals.