College Degrees: Where the Money Is (and Isn't)
Not all degrees lead to diamonds and Bentleys.
by Paul Richlovsky
What most people forget about degrees and salaries is that what you make in the beginning may not matter compared to what you make later. Basically, what you make in the first year is not as important as what you might make after five years or the accumulation of a lifetime's worth of earnings. As
a recent article in Forbes reminds the college class of 2010, certain degrees (e.g. film majors) lend themselves more easily to long-term cash flow, while others (nursing) start strong but fizzle later in comparison.
Professional science master's degrees
Increased attention to economic value in higher education can also be seen from the academy itself. There is a relatively new player on the scene: professional science master's (P.S.M.) degrees. These courses start with a foundation of intensive science or mathematics work for hot career fields. To this foundation they add the most valued skills (e.g. project management or ethics) according to specific advice from employers of science professionals. A paid internship, usually in summer, and an employer-influenced capstone project are also commonly included. In the spirit of improving America's global competitiveness, the programs aim to produce technically trained leaders who play integral roles in a knowledge-based economy. What's more, these technically trained leaders are in high demand despite the down economy.
10 hot jobs that keep getting hotter
As for broader education-required jobs, the fastest-growing jobs that need degrees tell us a lot about what fields appear to be ripe with opportunity over the next decade.
One glance at this infographic reveals two clear growth themes: Best bachelor's degrees by salary
Still not convinced? Look at the best bachelor's degrees by salary—where the top ten mid-career annual earnings go exclusively to engineering- and science-related fields. Either way you look at it, in terms of lifetime salary (science) or widest opportunities (healthcare), if you are interested in working in one (or both) of these fields, you can't go wrong in terms of the economic assist. It's also clear jobs linked to these two themes tend to pay the bills by where you don't see them: among the worst-paying degrees like drama, music, and social work.
So, go out and find the degree that brings you the dollars while letting you do what you love.