These colleges and majors can earn you the highest salaries
If you're seeking to get the most bang for your buck out of college, consider these schools — and majors — that generally yield the highest salaries for graduates, according to a new report from salary data provider Payscale.
For its College Salary Report, Payscale analyzed data, including education and employment histories, of more than 3 million college graduates to rank schools and majors based on future salaries degree-holders earn. The new ranking demonstrates that graduates of certain institutions command higher pay on average than those of others.
Bachelor's degree holders from Massachusetts Institute of Technology (MIT) and Princeton University command the highest salaries, according to the report. MIT grads earn an average mid-career salary of $196,900, while Princeton grads command average paychecks of $194,100. In third place, United States Naval Academy graduates earn $187,800 on average. Four Ivy League schools made the top 10.
One's area of focus in school can also have a big effect on future pay, the report shows. Students who choose to study science, engineering and mathematics generally outearn those who study liberal arts after graduation.
"We consistently see year over year that STEM degrees in science, tech, engineering and mathematics tend to earn the highest salaries upon leaving schools and at the mid-career check," Payscale's Amy Stewart, one of the report's authors, told CBS MoneyWatch. "That's not surprising because there is higher demand for highly skilled individuals in technical careers, so those are the ones we see ranking at the top."
Petroleum engineering majors, who work to improve oil and gas extraction and production methods, earn the highest average salary among college grads, $212,100 at the mid-career mark, according to the report. History majors rank 414, by contrast, and earn an average salary of $95,600 by the time they are established in a career.
College enrollment has dipped as more Americans question the value of a college degree amid rising tuition costs. No longer a guaranteed pathway to a steady career, college can saddle graduates with substantial student loan debt. As employers increasingly embrace skills-based hiring approaches, some are even ditching college degree requirements in their job postings.
Payscale's college salary report aims to help guide students toward the best institutions and courses of study that make attending a four-year college or university worth the expense.
"We know the cost of college has been going up over time and enrollment in college has been going down," Stewart said. "So one of the benefits of this research is it helps consumers plan strategically for a career that can help offload the college debt they take on by attending one of these institutions."
For the full rankings, click here.