College Pays

Lucrative college degrees - Jul. 14, 2006

Still deciding whether you want to go to college? Want to know what's in it for you? Well, among other things (happiness, career and life choices, health insurance, homeownership, vacations), you can earn lots of cold, hard cash.

Lucrative college degrees Some majors are raking in big increases in starting salaries. But the initial offers on others haven't kept pace with inflation.

This was the headline of Jeanne Sahadi's CNNMoney.com July 14, 2006 article. Sahadi reported that a survey by the National Association of Colleges and Employers (NACE) showed that certain career fields were experiencing significant growth in salaries.

Fields with the greatest growth in salary:

Hospitality services management: Up nearly 10% percent to $36,480

Business administration/management: Up 6.3 percent to $42,048

Accounting: Up 5.5 percent to $45,656

Economics/finance: Up 5.1 percent to $45,112

Information sciences and systems: Up 8.5 percent to $48,593

Civil engineering: Up 5.4 percent to $46,023

Chemical engineering:
Up 4.7 percent to $56,335

Geology and related sciences: Up 12.3 percent to $44,191

Who's making these offers?

• Hospitality: Casinos, facility and concession management firms, resorts
• Business Admin: Investment banks
• Accounting: Large corporations needing help with Sarbanes-Oxley regulations
• Economics/Finance: Investment banking and financial services firms
• Information systems:
• Civil Engineering: Construction firms and city/state governments
• Chemical Engineering: Petroleum and coal products manufacturers
• Geology: Petroleum and coal products manufacturers

So what does it all mean?
Well, first that you need the degree if you want to take advantage of these trends. But also, that by getting the degree, you are opening up a wealth of lucrative career choices.

What this article and the NACE survey do not mean is that you should run out and major in something you don't love in order to get a paycheck. While it seems like a good strategy now, trust me you'll regret it. Money's great, but you'll make more of it and enjoy making it if you are doing what you love.

Finally, the majors/careers above are not the only ones experiencing growth. Other careers/majors experiencing salary growth:

Computer engineering: Up 2.3 percent to $53,651

Electrical engineering: Up 3.2 percent to $53,552

Mechanical engineering: Up 3 percent to $51,732

History: Up 3.1 percent to $32,697

Psychology: Up 1.2 percent to $30,218

Source: NACE Job Outlook Report 2006