Top 10 Highest Paying College Majors: STEM Continues to Dominate

College education is always cost-effective, but the return on investment depends largely on your choice of major.

College graduates earn 37% more than those with only a high school diploma, according to a new report from Payscale. But as the cost of a degree rises, it’s increasingly important to consider both your major and your future earning potential before taking out student loans to pay for your education, most experts say.

Often a good rule of thumb is to not borrow more than you expect to earn as a starting salary.

More information on personal finance:
Nearly Half of Student Loan Borrowers Expect Debt Forgiveness
The asking price at some colleges is now close to $100,000 a year
More and more of the nation’s top universities are implementing no-loan policies

“The fact remains that a college degree has a significant impact on purchasing power,” said Amy Stewart, director of research and insights at Payscale.

“Choosing a school or major with high earning potential could cut your student loan repayment time in half, so it’s essential to consider all your options, especially for those who are unsure about the value of a formal education.”

To that end, Payscale ranked the most financially rewarding majors, after factoring in entry-level salaries and median earnings in subsequent years.

Students who major specifically in science, technology, engineering or mathematics — collectively known as STEM disciplines — are expected to earn the most overall, according to Payscale’s college salary report.

For the second year in a row, petroleum engineering ranks first among the highest-paying bachelor’s degrees in 2024. Graduates in this field earn slightly less than the starting numbers and more than $200,000 with 10 or more years of experience.

After petroleum engineering, operations research and industrial engineering, followed by electrical engineering and computer science, are the highest-paying majors overall, both with higher starting salaries – over $100,000 – but lower mid-career salaries.

Payscale’s College Salary Report is based on alumni salary data from 3.1 million respondents nationwide.

Subscribe to CNBC on YouTube.