PayScale.com did a study on potential future earnings and the fields and degree programs that drive those earnings projections.
As college costs continue to rise, incoming students may find themselves working to strike a balance between personal interests and potential earnings upon graduation.
For business majors, selecting the right field – and the appropriate degree to promote it – can prove critical for ensuring that an educational capital investment pays off down the road.
In an effort to help incoming college students gauge their potential earnings versus the level and costs of the degree required, researchers from PayScale.com sat down and crunched the numbers related to such topics as the top two- and four-year colleges and universities in regard to potential future earnings and the fields and degree programs that drive those earnings projections.
When all was said and done, PayScale released its College Salary Report, which sheds light on schools whose students tend to earn the most and the majors and fields that pay the most.
Top Schools
In its report, PayScale ranked top colleges and universities based on the salaries graduates can anticipate earning. Here’s a look at the top 3 in each category:
- 2-Year Colleges – CUNY, Fashion Institute of Technology and De Anza College
- 4-Year Colleges and Universities – SUNY Maritime and Harvey Mudd College earned the first two positions. Harvard University and the United States Naval Academy tied in third place.
Business Fields That Pay Big
For students with a passion for business and management, PayScale broke out top paying majors by degree level.
The analysis for business students covers the spectrum from the best-paying degree at the associate’s level all the way through the top-earning doctorate degree in the concentration:
- Associate’s – Students interested in the biggest bang for the buck with a degree at this level may find a construction management degree suits their needs. The median pay, according to PayScale, is $75,100. Professionals in this arena are tasked with overseeing construction projects big and small and the crews that work the jobs.
- Bachelor’s – Students seeking a four-year degree will find risk management and insurance tends to fetch the highest potential earnings. PayScale reported a median pay of $126,000 for professionals who specialize in insurance risk management.
- Master’s – An international business degree and the career potential it tends to unlock provides students at this level with the greatest financial opportunity, PayScale found. The maximum median salary in the field was $144,000.
- MBA – For those seeking a pure master’s of business administration degree, PayScale points to a concentration in business strategy as the way to go. Degree holders in this field earned a median pay of $180,000, according to the financial website.
- Ph.D. – A straight business administration degree at this level can fetch a median annual pay of $107,000, PayScale found.
Students interested in pursuing a college education are urged to conduct their own research. Degree requirements and potential earnings may vary based on the specific job, employer and geographical region.
