So your freshman has started college! Bankrate.com recently conducted a survey to rank the best and worst college majors for students. Certified Financial Planner Paul Fain, President of Asset Planning Corporation, talks about where the money is at for future graduates this week on WBIR.
BANKRATE LOOKED AT 162 COLLEGE MAJORS, BUT WHAT WAS THEIR CRITERIA FOR RANKING THEM?
- Annual Income (median)
- Unemployment rate
- Bachelor’s Degree
WHAT ARE THE BEST PAYING COLLEGE MAJORS?
$100,000 – Pharmaceutical Sciences and Administration (Sales)
$99,000 – Electrical Engineering
$98,000 – Nuclear Engineering
Naval Architecture/Marine Engineering and Genetics round out the top five. (STEM fields top the list)
WHAT WERE THE WORST PAYING MAJORS?
$32,000 – Visual and Performing Arts (painting, photography)
$35,500 – Drama and Theater Arts (screenplay, acting)
$37,800 – Composition and Rhetoric (writing)
People shouldn’t pick their major solely based on income, unemployment rate, and the amount of schooling required.
Pick a major that’s a good fit for their:
- Interests
- Strengths
- Goals
Some of these majors might require additional work to be a competitive candidate and achieve certain financial milestones.
FAST MARKET FACT: Bankrate Survey – Unemployment Data
Unemployment Rate: Worst Majors
5.2% Drama and Theater Arts
4.8% Fine Arts
4.4% Composition and Rhetoric
Best Majors: 1-2%
To see a full list of the best and worst paying majors, visit the link below:
https://www.bankrate.com/career/most-valuable-college-majors/
QUESTION FOR OUR MONEYMAN?
Want to learn more about the best and worst paying college majors? Do you have other general questions about financial planning? Send them to our Knoxville Certified financial planner Paul Fain or directly to Paul@assetplanningcorp.com!
