College Degrees and Majors that Promise Quick Salary Growth in Ten YearsBy Julio Cachila, UniversityHerald Reporter
For students who are hoping to pay off their student loans quickly after graduation, choosing a career that has a fast salary growth would be a good thing to do. Thankfully, a new report shows what careers have the fastest and the slowest salary progression.
The report, based on a study conducted by Expert Market, looked into over 200 majors that promised the fastest rise in salary over a ten-year period after graduating from college. These majors were broken down into subjects to determine which career has higher salary growth potentials.
The Expert Market study found that although certain careers have a high amount of lifetime earnings, some careers have faster salary progression during the first ten years and are thus better choices for students who are looking for a faster way to pay off student debt, and start doing many other things.
"As a result of having more disposable income in their early career years, they are better prepared to tackle their student loans in their twenties, which is something that appeals to many students with tuition fees that grow each year," Karla McDougall, lead researcher for the Expert Market study, told Fast Company.
"In their twenties, students who major in degrees that top this list could also be better prepared to buy their first home or start a family, based on these results," she adds.
According to the study, the top ten college degrees with the fastest salary progression are Mathematics (80%), Media & Communications (79%), Engineering (63%), Social Science (62%), Science (61%), Business (61%), Art (59%), Humanities (59%), Law (58%), Computer Science (56%), Education (46%), and Medicine (39%). These salary increases are expected by 2026.
When broken down into majors, the results are even more surprising. Here are the top five college majors with the quickest salary growth: Aviation Management (114%), Telecommunications (113%), Biochemistry & Molecular Biology (112%), Government (112%), and Marketing & International Business (109%).
For comparison, here the top five majors with the slowest salary growth: Dental Hygiene (14%), Early Childhood & Elementary Education (20%), Physician Assistant Studies (21%), Early Childhood Education (22%), and Nuclear Medicine Technology (23%).