The New York Federal Reserve has recently released its 2022, annual study. Proof that engineering fields lord over the top median salaries for grads under five years out from their degree. This brief draws on the most recent U.S. Census data, from 2023. It’s a further demonstration that highly specialized engineering graduates see the highest starting salaries of any college major, period.
The results are consistent with the last few years’ worth of data, confirming yet again the lasting worth of engineering degrees in a modern economy. In addition to being one of the top-paying majors, computer engineering, chemical engineering, and computer science all have a median early-career salary of $80,000. This huge figure underscores the money-making potential afforded to grads in these areas immediately upon joining the workforce.
Additionally, the report further goes on to highlight that all of the engineering fields sampled in the study are enjoying median-early-career salaries over $70,000. This immediately frames engineering as one of the most desirable pathways for students to pursue given their future career aspirations. In addition, majors in the technology and engineering fields have a strong earning potential. This is largely attributed to the increasing need for trained specialists in these areas.
The study points to worse median early-career salaries in even non-Hispanic STEM fields. Meanwhile, foreign language majors go on to earn a median salary of $40,000. Graduates holding degrees in early childhood education experience a better median wage of $49,000. These numbers highlight the major gap in earning potential between engineering and non-engineering majors early on in their careers.
The New York Fed’s study is an extremely important resource for students. It encourages them to reflect on their course selections and their post-college work decisions. There is an undeniable correlation between choice of degree and the potential to earn income. If prospective students seek higher starting salaries, then they should be highly encouraged to study in engineering fields.