The College Majors Earning the Most in 2022

By Kyle Sullender, Executive Director of Focus NJ  On May 9, 2024

A recent analysis from the Federal Reserve Bank of New York shows that college graduates who majored in an engineering field outearned all other graduates in 2022. 

Chemical engineers lead the pack, according to the Fed, with median mid-career earnings of $133,000. The first non-engineering fields on the list (ranked sixth and seventh, respectively) were computer science ($110,000) and finance ($104,000).

But before you rush to change your major, it’s worth highlighting that more than 40% of graduates in six of the 10 highest-earning majors had also obtained a graduate degree, so these figures are not necessarily indicative of earnings potential after attainment of a bachelor’s degree alone.

This isn’t to say that every student needs a STEM major either. While the specifics can vary based on occupation, industry, and other factors, New Jersey residents with a college degree earn significantly more on average than their counterparts whose education ends after high school. 

A Focus NJ analysis of data from the American Community Survey shows that mid-career New Jersey workers (defined by the Fed as individuals between the ages of 35 and 45 and not currently enrolled in school) with an associate degree earned approximately $47,000 on average in 2022 compared to $34,000 for high school graduates. Bachelor’s degree holders of the same cohort earned an average of $78,000. 

Of course, there are many factors students should consider when choosing a major other than the expected salary. For instance, the Fed’s analysis shows that although art history majors have a median mid-career wage of $72,000, recent graduates of the major have the highest unemployment rate of all majors, at 8.0% nationwide. They also have one of the highest underemployment rates – defined as working in a job that typically does not require a college degree – at 65.9%, second only to criminal justice (71.5%).

One important note regarding the Fed’s analysis is that it does not include associate degree or professional credential holders, despite the fact that, as referenced previously, both can boost the career and earnings potential of countless workers without necessitating additional education. 

Lifelong learning and continuing education can be critical to career advancement or job changes. For more information on workforce development programs and providers across New Jersey, be sure to check out Focus NJ’s workforce development database and mapping tool at focusnj.org. 

To access more business news, visit NJB News Now.

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