The degree you get is crucial because it will control your salary trajectory for the rest of your career. Some degrees might not be worth the paper the diploma is printed on.
According to a New York Federal Reserve study, liberal and performing arts, theology, and hospitality majors earn the lowest salary.
These four majors have a median starting salary of less than $40,000 annually, making it challenging for early-career professionals to build wealth.
And this is especially true if student loans are in the picture.
Here’s a look at the lowest-paying 12 majors.
| Major | Salary |
|---|---|
| Liberal arts | $38,000 |
| Performing arts | $38,000 |
| Theology and Religion | $38,000 |
| Leisure and Hospitality | $39,700 |
| Anthropology | $40,000 |
| Early Childhood Education | $40,000 |
| Family and Consumer Sciences | $40,000 |
| Fine arts | $40,000 |
| General Social Sciences | $40,000 |
| History | $40,000 |
| Misc Biological Science | $40,000 |
| Nutrition Science | $40,000 |
The lack of demand for arts and “creative” majors makes these 12 among the lowest-paid college degrees. While jobs in many of these majors have additional benefits (like summers off for school teachers), building wealth with low starting salaries will be tough.
The income numbers for these majors don’t look much better for mid-career earnings.
For example, early childhood education majors between 35 and 45 earn a median salary of just $48,000. Theology and religion reached $56,000. The numbers fared a little better for liberal arts, with a median mid-career salary of $65,000.
These numbers are especially stark when compared to higher-paying starting salaries in science and technology. Majors like computer engineering ($80,000), aerospace engineering ($74,000), and Finance ($66,000) were among the top in 2022.
By mid-career, chemical engineers earn $133,000. Mechanical engineers earn $111,000, and finance majors earn over $100,000.
Why High-Income Majors Are Important
Choosing a high-income major can be important if you want to build wealth. When you pick a college major, you’re choosing what kind of job you’ll likely have in the future.
Some majors lead to jobs that pay a lot more money than others.
Think about it like this: if you have a job that pays more, you’ll have more to save and invest. This can help you build wealth faster because you’ll have more money working for you over time.
High-income majors often lead to careers in fields like engineering, computer science, medicine, or business. These jobs usually pay well because they require specialized skills or knowledge that are in high demand.
You have more opportunities to save, invest, and grow your wealth when making more money. You might also have more job security because these fields are less likely to be affected by economic downturns.
Choosing a high-income major is important for building wealth because it can help you pay off student loans more quickly. You can afford to make larger loan payments if you have a high-paying job after graduation. Paying off your loans faster means you’ll pay less in interest over time, which leaves you with more money to save and invest for your future.
Want to make college cheaper? Here’s a great way to do that.
