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PhD Salaries and Lifetime Earnings

PhDs employed across job sectors show impressive earning potential:

“…[T]here is strong evidence that advanced education levels continue to be associated with higher salaries. A study by the Georgetown Center on Education and the Workforce showed that across the fields examined, individuals with a graduate degree earned an average of 38.3% more than those with a bachelor’s degree in the same field. The expected lifetime earnings for someone without a high school degree is $973,000; with a high school diploma, $1.3 million; with a bachelor’s degree, $2.3 million; with a master’s degree, $2.7 million; and with a doctoral degree (excluding professional degrees), $3.3 million. Other data indicate that the overall unemployment rate for individuals who hold graduate degrees is far lower than for those who hold just an undergraduate degree.” - Pathways Through Graduate School and Into Careers , Council of Graduate Schools (CGS) and Educational Testing Service (ETS), pg. 3.

Average salaries by educational level and degree (data from the US Census Bureau, American Community Survey 2009-2011, courtesy of the Georgetown University Center on Education and the Workforce):

The Bureau of Labor and Statistics reports higher earnings and lower unemployment rates for doctoral degree holders in comparison to those with master’s and bachelor’s degrees:

According to national studies, more education translates not only to higher earnings, but also higher levels of job success and job satisfaction:

“Educational attainment – the number of years a person spends in school – strongly predicts adult earnings, and also predicts health and civic engagement. Moreover, individuals with higher levels of education appear to gain more knowledge and skills on the job than do those with lower levels of education and they are able, to some extent, to transfer what they learn across occupations.” - Education for Life and Work (2012), National Research Council of the National Academies, pg. 66.

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Doctorate (PhD) Degree

Doctorate (PhD) Jobs by Salary

Featured content, related degrees by salary.

Degrees in the same industry as Doctorate (PhD), ranked by salary

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Avg. Salary $88k — $137k

Years of Experience

Gender breakdown for doctorate (phd), job satisfaction, popular companies for doctorate (phd) degree s.

Pay ranges for people with a Doctorate (PhD) degree by employer.

Highest Paying Doctorate Degrees [2024 Guide]

We’ve identified the 25 highest paying doctorate degrees. Compare salaries and job prospects.

Completing a PhD may open up doors in terms of career advancement. Plus, it may not take as long as you think to complete if you enroll in the shortest doctoral programs.

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The following list contains the highest paying doctorate degrees along with career outlook and job growth statistics.

25 Highest Paying Doctorate Degrees

All career statistics and salary data are provided by the U.S. Bureau of Labor Statistics .

Click on the area of study you’re interested in to jump to that section.

Aerospace Engineering

Chemical engineering, pharmacology, business administration, cybersecurity, electrical engineering, data science, biochemistry, information security assurance, biomedical engineering, information technology and computer science, occupational therapy, criminal justice, engineering, organic chemistry.

While all of these industries are growing, some provide better job prospects than others.

• Annual Median Salary (Bureau of Labor Statistics): $208,000
• Job Growth: 4%

One of the more specialized high paying doctorate programs is in immunology. Immunology is the study of disease prevention and immunity. Due to the specialized nature of the study here, jobs are typically well paid and much more specific.

A person who has studied immunology may be expected to work in research or academia but is also likely to land high-paying roles within the medical industry and at hospitals. The demand for this area of expertise is also rising faster than the average job growth, meaning there should be plenty of opportunities for graduates.

A PhD in immunology is a lot of hard work and is, therefore, suited to someone who already has considerable experience working in the medical industry. Those with an academic background in medicine should consider applying for an immunology program.

• Annual Median Salary (Bureau of Labor Statistics): $129,850
• Job Growth: 7%

Of the three main sciences, physics can be the one that is the most fruitful for taking a doctorate. People who take a PhD in physics are likely to land themselves a position as either a researcher or a professor.

There are also several other high paying positions that are possible for someone who takes this career path, including more specialized roles or becoming lead physicists and consultants.

Physics is also one of the job markets that is predicted to see a considerable amount of growth for the next 10 years. Pursuing a physics doctorate can be perfect for someone who already has experience in physics or someone who already has either a bachelor’s or master’s degree in the subject combined with some practical experience.

• Annual Median Salary (Bureau of Labor Statistics): $118,610
• Job Growth: 3%

Aerospace engineering is a field that would likely attract those who already have a background in either science or engineering. It is one of the fastest growing industries in the world, and demand for jobs is expected to increase as the years roll by. So the length it takes to get a PhD should be taken into consideration so you can quickly enter this field during its booming growth.

The doctorate focuses on the engineering of various different types of spacecraft and can be incredibly demanding. According to the Bureau of Labor Statistics, the salary potential for this field is as high as $171,220.

• Annual Median Salary (Bureau of Labor Statistics): $110,860

Math may not be the glamorous subject to study at doctorate level, but it can open up a wide range of potentially lucrative career options.

Math can allow students to work in various sectors of the economy and business, and they may also work in research or as a math lecturer or professor at a top university.

• Annual Median Salary (Bureau of Labor Statistics): $109,760
• Job Growth: 5%

Taking a doctorate in management can be a logical step in the career of someone who has a history of working in business, project management, or the economy as well as several other sectors.

Earning this doctorate can open up chief executive roles within companies and roles like chief operations officer and supply chain management. It may also lead to regional and national management roles.

• Annual Median Salary (Bureau of Labor Statistics): $108,540

Another engineering-based field that presents doctorate students with some big money career options is chemical engineering. The field combines a number of different disciplines, including all of the sciences, math, and statistics, as well as engineering.

It is a complex doctorate to take, but the rewards may be worth the effort, with the Bureau of Labor Statistics showing salaries up to $168,960 available in this field.

• Annual Median Salary (Bureau of Labor Statistics): $108,350
• Job Growth: 14%

One of the most popular PhDs to take is in economics. Economics is a social science that studies and theories about the production and consumption of goods and the effect that this has on society and the economy.

Taking a PhD in economics may open up a lot of doors. Working in the financial sector is usually lucrative, and a doctorate in economics can help give you an edge over competitors in what is a notoriously feisty industry. Top earners can make around $198,230 per year.

Economics analysis is a skill that is highly sought after, especially in the medical, legal, and education sectors.

While on the face of it, some people may believe that studying economics leaves you consigned to an office for the majority of your working life, the reality is that it can open up a lot of doors in a lot of different sectors. It may also provide you with a lot of travel opportunities and chances to meet new people.

A doctorate in economics may be perfect for someone who already has some experience in the field or for someone who has studied economics, math, finance, or business to a higher level and wants to take the next step in their academic and professional career.

• Annual Median Salary (Bureau of Labor Statistics): $107,270
• Job Growth: 6%

Pharmacology is big business these days, and taking a doctorate in the subject may lead to some lucrative opportunities. It is expected that someone who wants to study pharmacology will have a background in the subject with a master’s degree being heavily preferred.

There are a lot of pre-requisites for getting onto a pharmacology doctorate program, but the Bureau of Labor Statistics is showing salaries going as high as $164,980.

• Annual Median Salary (Bureau of Labor Statistics): $103,650

Getting a doctorate in business administration can open up a lot of doors. Students who end up taking their doctorate in business administration often end up working as leading and chief executives as well as entrepreneurs and financial advisors.

According to the Bureau of Labor Statistics, salaries for someone with a doctorate in this field can be as high as $208,000. It can be ideal for someone who has a background in business or economics who wants to take the next step in their career.

• Annual Median Salary (Bureau of Labor Statistics): $103,590
• Job Growth: 31%

As the world of IT continues to grow, so does the demand for more and more cybersecurity. The field is one of the fastest-growing in the world, and getting a doctorate in the subject may land you a range of different high paying jobs.

According to the Bureau of Labor Statistics, roles like IT managers can offer doctorates a salary of up to $208,000. This sector is also constantly growing, and as such, the demand and the salaries should continue to grow as time passes.

• Annual Median Salary (Bureau of Labor Statistics): $100,830

When it comes to job demand, electrical engineering is one of the safest career paths to go down. Electrical engineering has a huge impact on our day-to-day lives.

Most of our day-to-day electrical appliances exist as a result of electrical engineering, and taking a doctorate in the field may open the door to some pretty lucrative research and project management positions. It is advised that someone who takes a PhD in electrical engineering already have practical experience in the field.

• Annual Median Salary (Bureau of Labor Statistics): $98,490

A doctorate in education can open up a lot of different career options in that sector. A lot of doctors of education end up working in either research or in top positions at schools as principals and superintendents.

According to the Bureau of Labor Statistics, the average salary for someone working in education administration with a doctorate is around the $199,400 mark. A number of doctor of education programs do not require a dissertation .

• Annual Median Salary (Bureau of Labor Statistics): $98,230

Data is quickly becoming the most valuable commodity on the planet, and as such, the demand for data specialists and researchers is growing at an impressive rate.

Data science doctorates offer a gateway into these positions, and they usually come with some pretty high salaries. According to the U.S. Bureau of Labor Statistics, salary for a data scientist can go as high as $165,230, and with this field ever-expanding, the demand for these positions should continue to increase.

• Annual Median Salary (Bureau of Labor Statistics): $94,270

Biochemists study the chemical and physical makeup of living organisms. Due to the specialized nature of the subject, research positions in this sector typically pay incredibly well.

According to the Bureau of Labor Statistics, biochemist doctorates can start out at around $67,710 but can increase up to $169,860 or more. This doctorate may suit someone with a background in chemistry or some other science discipline.

• Annual Median Salary (Bureau of Labor Statistics): $92,870

Information assurance is a new discipline that has been created as a result of the times we live in. Information assurance is effectively another type of cybersecurity that is designed to protect people’s data from third parties and other potentially dangerous sources.

A background in any sort of computer or data-related field can be ideal for getting onto an information assurance course. Due to the increasing demand for data protection, jobs in this sector can be particularly lucrative, and the demand for these jobs is expected to increase as time rolls on.

The demand for experts in this industry is very high and is only predicted to grow over the next decade.

• Annual Median Salary (Bureau of Labor Statistics): $92,620

Biomedical engineering is becoming an incredibly popular field of research. It is an ever-growing and developing industry, and as such, the demand for expertise in the area is on the rise.

Getting a PhD in biomedical engineering is likely to secure you a lucrative research job for a university or a job in a hospital or the medical industry. According to the Bureau of Labor Statistics, an average salary in this field for a senior position ranges from $127,980 to $169,860.

• Annual Median Salary (Bureau of Labor Statistics): $92,270
• Job Growth: 35%

Statistics is one of the most versatile doctorates available today. Statistics are used in a wide range of different sectors, including finance, research, business, health care, government, and many others.

A doctorate in statistics can be ideal for someone who has a background in math or business. According to the Bureau of Labor Statistics, the top salary for someone working in statistics can be as high as $150,840.

• Annual Median Salary (Bureau of Labor Statistics): $91,250
• Job Growth: 11%

The world of IT is constantly growing, and as it does, the demand for experts grows with it. Getting a doctorate in information technology and computer science can be an incredibly lucrative career move, with the Bureau of Labor Statistics showing top earners taking home as high as $208,00.

The jobs that can be accessed, such as chief technology officers or research roles within the industry, tend to be incredibly well-paid. This doctorate attracts people who have backgrounds in IT-related fields, such as computer science or computer programming.

• Annual Median Salary (Bureau of Labor Statistics): $86,280
• Job Growth: 16%

For someone who already has experience working in occupational therapy, earning a doctorate in the field can be a huge benefit. Not only can it open the door for them to move up in the industry, but it can also expand their knowledge of the subject area.

It can provide them with theory-based research while also working on their leadership and management skills. According to the Bureau of Labor Statistics, occupational therapists holding a doctorate degree may reach a salary as high as $122,670.

The job growth for this doctorate is also incredibly high, which means it may be an excellent career path to enter in terms of job security.

• Annual Median Salary (Bureau of Labor Statistics): $86,110

The number of career options that are available to someone who has a doctorate in criminal justice is typically vast. Working as a criminologist, a criminal justice researcher, or a federal law agency admin can earn graduates a lot of money.

This course of study is best suited for someone who already has real-world experience working in the criminal justice or law sector.

• Annual Median Salary (Bureau of Labor Statistics): $83,160

Engineering jobs are almost always in demand, and while there are a lot of high paying jobs available for those who have an undergraduate or master’s degree, taking a doctorate in the field can really help you advance your career.

An engineering degree is already one of the highest paying associate degrees, highest paying bachelor degrees, as well as one of the highest paying masters degrees, but the doctorate can be perfect for someone who already has experience working in engineering and wants to take that next step in their career.

A director of engineering job title and other project management positions may offer some very high salaries, about $208,000 or more, according to the Bureau of Labor Statistics.

• Annual Median Salary (Bureau of Labor Statistics): $82,180

With the stigma around mental health finally disappearing, the demand for jobs in psychology is on the rise. While a normal degree or masters in psychology may allow you to get jobs as a psychiatrist or a psychologist, higher-paying positions can become available following a doctorate.

It may also open up roles in research and as a university lecturer in the subject. The doctorate is suited to someone who already has their masters in psychology or who has a significant amount of experience working in the field.

• Annual Median Salary (Bureau of Labor Statistics): $80,790
• Job Growth: 9%

Getting a degree in philosophy can potentially lead to a surprisingly lucrative career in research or working as a lecturer. The doctorate is suited for someone who wants to work in research and who has a background in philosophy or religious studies.

According to the Bureau of Labor Statistics, salaries in this field are around $80,790 per year working in a research role, and up to $180,360 for college professors.

• Annual Median Salary (Bureau of Labor Statistics): $79,300

Organic chemistry, perhaps more than any of the other sciences, can open up a lot of different career options for doctorates. As well as research and academic positions, someone who studies organic chemistry may be able to land a job in a number of different areas, including geology, the pharmaceutical industry, and engineering.

Organic chemistry is a notoriously difficult subject to study, though, so it is vital that you have a solid background in chemistry and some work experience before attempting to join the program. According to the Bureau of Labor Statistics, salaries can go as high as $139,650 in this field.

• Annual Median Salary (Bureau of Labor Statistics): $69,000
• Job Growth: 2%

A doctorate in English can open a range of different academic doors for potential students. A PhD in English may be perfect for someone who already has an academic background in the subject and can also be perfect for qualified teachers and writers looking to take the next step in their career.

According to the Bureau of Labor Statistics, a doctorate in English may qualify you for a potential career in a lecturing position with salaries as high as $180,360, as well as positions within the publishing industry.

What Are the Different Types of Doctorate Degrees?

There are six common types of terminal degrees.

• Doctor of Philosophy (Ph.D.) – Traditionally reserved for those who want to remain in the world of academia, Ph.D. degrees focus on maximizing your ability to impart this advanced knowledge to incoming students. Outside of teaching, Ph.D. candidates also focus on pushing the limits of research and theoretical study within their chosen fields.
• Doctor of Business Administration (DBA) – The DBA experience is all about turning your terminal research in the areas of finance, marketing, accounting, and other related fields into applicable real-world skills. DBA graduates traditionally work in the corporate sector as executive officers and other ranking members of various managerial teams.
• Doctor of Psychology (PsyD) – PsyD students aim to provide clinical services within a wide range of settings, including group, familial, medical, scholastic, and even corporate environments. Earning this degree can give you the power to serve as a practicing clinician or specialized counselor.
• Doctor of Education (EdD) – Capturing an EdD degree is the first step toward a leadership role within the corporate and administrative side of the education field. Working as a principal, district supervisor, or even regional superintendent all fit into the professional path of this degree.
• Doctor of Social Work (DSW) – If you’re interested in educating others on the best practices and leading theories of modern social work and community interaction, then a DSW program could be your option. Holders of this degree research and educate others in the social work field via hands-on training in the classroom and the office, as well as provide answers and guidance in unique or exceptional social issue cases.
• Doctor of Public Health (DPH) – Like most of the other degrees in this review, earning a DPH is all about the desire to lead others in a chosen workplace environment. In this case, that means maintaining residency as an administrator or public health coordinator at a hospital or a similar clinical setting.

The type of doctorate degree you will want to earn depends on your career goals and primarily whether you want to teach the subject or continue working in your field.

Campus or Online: Which One Is Right for You?

It’s no big secret that whichever doctorate route you choose, you will most likely be rewarded for your hard work and research via ample compensation. However, you can make this process a little easier on yourself by focusing on a path – either online or on-campus – that suits your unique needs and daily requirements.

While the appeal of the traditional college experience is the major selling point for the on-campus approach, working on your degree from home is a flexible alternative that can shape and mold itself to your current personal and professional schedule by allowing you to work on your research and coursework at your own pace.

Adding in that these doctorate programs often waive Graduate Record Examination (GRE) minimum scores based on your GPA, as well as reduce or completely remove residency requirements, is further proof that this approach is at least worth your consideration as you plan out your academic future.

Questions Related to Earning a Doctorate

Here are our answers to a few more questions you might have.

How Much Do PhD Graduates Earn?

PhD Graduates make on average close to $100,000, with some job positions paying nearer the $70,000 mark and others going well about $208,000 (Bureau of Labor Statistics).

There may be some who question whether it is worth taking the time to invest in a PhD. Doctorate programs require a lot of time and effort, but studies suggest that PhD students typically earn more and find it easier to attract higher-paying jobs than those with just an undergraduate or a master’s degree.

What Are the Highest Paying Degrees?

A lot of degrees can lead to well-paying jobs. The more specialized a degree is in a certain field, the higher the chances are that it will be well paying. These degrees currently tend to be those in the engineering sector, as these are the ones that offer the most in-demand jobs.

What Is the Highest Paying PhD Degrees?

Once again, this one will depend on how specialized your PhD is and how in-demand that expertise is at a given time. Engineering PhDs tend to be evergreen, while there is an increasing demand for those with PhDs and knowledge in computer science and other IT related subjects.

PhDs usually provide those who have them with a lot of the highest paying jobs opportunities.

Are There Any Degrees Higher than a PhD?

No, there are no higher degrees than a PhD.

A PhD, also regularly referred to as just a doctorate, is as high as you can go academically. It is a specialized research doctorate that demonstrates a high level of expertise in a field. Most people who obtain their PhD tend to stay on at universities as either a member of a research team or as a lecturer.

Do you need a masters to get a PhD ? While many PhD programs require you to earn a masters first, it is possible to earn your PhD without having earned a masters. These are the direct entry bachelor’s to PhD programs offered by some universities.

Getting Your Doctorate Degree

It is important that you take the time to do your research into what doctorate will help your career the most. Once you have done this, you can begin to find the right university and program for you and begin the next step in your academic and professional career.

Now that you understand your career prospects and doctorate opportunities, it’s time to lay out the blueprint for a successful future.

Outside of conducting research on each of the areas that interest you, feel free to use the search tool below to find accredited universities that offer online doctoral programs in your chosen field.

When paired up with the rest of what you’ve learned here, there’s nothing that can stop you from finding the right school – and program of study – to fit your personal and professional goals moving forward.

PhD, Professor, and Postdoc Salaries in the United States

The United States is home to several of the world’s best universities making it a top destination for international researchers. Here’s a breakdown of the most common American job titles and their associated average annual salaries. All salary statistics in this article are in American Dollars (USD) and are pre-tax.

PhD Student

A Master’s degree is not always required to do a PhD in the US. Several top universities offer direct entry PhD programs. An American PhD begins with two to three years of coursework in order to pass qualifying exams. During this time doctoral students are able to develop their research interests and hone in on their thesis topic. They will then write a thesis proposal which must be approved before they can start their dissertation. Most programs require PhD students to gain two to three years of teaching experience as well, either by leading their own class or as teaching assistants for a professor. It takes an average of six years to earn a PhD in the US.

Unlike some European countries, there is no mandated minimum salary or national salary scale for PhD students in the US. PhD students ear n between $ 15,000 and $30,000 a year depending on their institution, field of study, and location. This stipend can be tax-free (if it is a fellowship award) or taxable (if it is a salary e.g from a teaching position). American PhD students are usually only paid for nine months of the year but many programs offer summer funding opportunities. A PhD funding package will also include a full or partial tuition waiver.

After earning a PhD, many researchers go on to a postdoc. A postdoc is a continuation of the researcher’s training that allows them to further specialize in a particular field and learn new techniques. Postdoc positions are usually two to three years and it is not unusual to do more than one postdoc. There is no limit on the number of years you can be a postdoc in the US. The average salary (2023 ) for postdocs in the US is $61,143 per year.

A lecturer is a non-tenure-track teaching position. They often have a higher teaching load than tenure track-faculty and no research obligations. These positions are more common in the humanities or as foreign language instructors. Lecturers hold advanced degrees, though not always PhDs. The average salary for a full time lecturer in 2021-2022 according to the American Association of University Professors was $69,499.

Assistant Professor

This is the start of the tenure track. An assistant professor is responsible for teaching, research, and service to the institution (committee membership). Assistant professors typically teach two to four courses per semester while also supervising graduate students. They are also expected to be active researchers and publish books, monographs, papers, and journal articles to meet their tenure requirements. The average salary for assistant professors in 2021-2022 was $85,063 according to the American Association of University Professors . 

Associate Professor

An assistant professor who has been granted tenure is then promoted to an associate professor. An associate professor often has a national reputation and is involved in service activities beyond their university. The average salary for associate professors in 2021-2022 was $97,734 according to the American Association of University Professors . 

This is the final destination of the tenure track. Five to seven years after receiving tenure, associate professors go through another review. If they are successful, they are promoted to the rank of professor (sometimes called full professor). Professors usually have a record of accomplishment that has established them as an international or national leader in their field. The average salary for professors in 2021-2022 according to the American Association of University Professors was $143,823. 

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What do graduates do and earn?

Have a look at what you can do and earn after graduation..

What do graduates do?

What do graduates earn.

For many prospective university students, graduate prospects and salaries are top priorities when it comes to choosing a degree.

We've compiled data to help you understand the world of work after graduation – from job prospects to starting salaries. We also have data on the graduate gender pay gap .

We’ve broken down the destinations of graduates from over 100 subject areas into four categories – employed, self employed, in further study and unemployed.  To see a guide to studying the subject, simply click on the link.

*Prosthetics currently has no data due to having too few respondents.

Money shouldn't be the only factor to consider when choosing a degree. However, with universities charging up to £9,250 per year, it's worth thinking about potential starting salaries.

Use the table below to see the average starting salaries for graduates from more than 100 subject areas.

It shows shows the average salaries of undergraduate students from each subject area entering employment. The three skill levels – high, medium and low – reflect the UK's Standard Occupational Classification's major groups 1–3, 4–6 and 7–9 respectively.

Full table of average graduate salaries

Data source for all tables: HESA 2019–20, published July 2022.

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Average College Graduate Salaries by Career Field

Set your starting salary expectations

What Salaries Do College Graduates Expect?

• Average College Graduate Salaries

Early Career Majors That Pay the Most

Early career majors that pay the least, average salaries by age, gender, and race, how to improve your salary prospects after college, the bottom line, frequently asked questions (faqs).

If you’re a soon-to-be or recent college graduate, you’ve probably wondered how much your degree is worth in terms of future income . Most college students place a high priority on salary and benefits as they anticipate employment, and with good reason; more than half of recent graduates have large debts (plus interest) to pay back.

Key Takeaways

• The average starting salary for college graduates is $55,260, with a wide range of variance across majors and fields.
• Undergraduate students overestimate their starting salaries by nearly twice that much, expecting to make nearly $104,000 in their first job.
• In addition to salary, recent graduates value flexibility, including remote work and reasonable hours, as well as workplace culture.

According to a recent survey conducted by real estate data company Clever, the average starting salary for college graduates in 2022 stood at $55,260, the highest so far on record. Recent graduates, however, overestimate their own starting salaries by nearly twice that much. The survey of 1,000 undergraduate students found that current college students expect to make nearly $104,000 in their first job.

Students aren't only hoping for high salaries, though. They also value:

• Flexibility
• Work-life balance

In one College Pulse survey of undergraduates, 9 out of 10 favored a four-day work week, preferring to work four 9-hour days, rather than five 8-hour days, in order to have a three-day weekend. Two-thirds of respondents (66%) also said it was not okay for employers to expect employees to work more than 40 hours per week.

A separate College Pulse survey found that college graduates have strong feelings about workplace culture. Around 77% of students said they were less willing than previous generations to put up with a toxic workplace in exchange for a paycheck.

Previous surveys by College Pulse had also found that recent graduates place a high value on benefits packages, in addition to salary. A 2019 survey of 2,000 undergraduates (graduating 2019-2023) found that more than half (56%) of students said that a high-quality health plan was the best perk a company could offer to offset a lower-than-expected salary. Almost a quarter (24%) said that extra paid vacation time was a worthwhile counterbalance to below-average pay, and just 4% said they'd take stock options in lieu of a bigger paycheck.

The same survey revealed that a majority (58%) of the polled students would choose a $60,000 annual salary with no stock options over a $50,000 annual salary with stock options. Male students were split evenly, while 63% of female students said they would take the higher salary.

Surveyed students largely viewed stock options as a gamble compared with health benefits, a positive work/life balance, and a fair salary.

Average Starting Salary Out of College by Field

The National Association of Colleges and Employers (NACE) projects that in 2022, starting salary will vary sharply by major and field. Those with science, technology, engineering, and mathematics (STEM) degrees will continue to earn the highest starting salaries. At $75,900, the average starting salary for computer science majors is more than 5% higher than the previous year's salary projection. The projection for the average starting salary of a humanities major, by contrast, was down nearly 15% from 2021.

Based on data analyzed by NACE, the average salaries by bachelor's degree are:

• Computer sciences: $75,900
• Engineering: $73,922
• Math and sciences: $66,760
• Social sciences: $61,173
• Business: $60,695
• Agriculture and natural resources: $57,807
• Communications: $55,455
• Humanities: $50,681

A good salary out of college will depend on the cost of living where you live, as well as any debts you have, such as student loans. In 2020, the real median salary of U.S. workers over age 15 was $41,535.

Your choice of major can have an even bigger impact on future earnings than your choice of school. The majors with the highest earnings for college alumni early in their career (less than five years of work experience) are:

• Electrical engineering and computer science: $108,500
• Physician assistant studies: $95,900
• Petroleum engineering: $93,200
• Operations research and industrial engineering: $84,800
• Operations research: $83,500
• Nuclear engineering technology: $83,500
• Metallurgical engineering: $81,800
• Computer science and business: $81,100
• Electronic systems technology (EST): $81,000
• Welding engineering: $81,000
• Marine engineering: $79,900

Average salaries for graduates with associates degrees also vary greatly by major. If you have a two-year degree, the highest-paid degrees for graduates are:

• Dental hygiene: $69,400
• Nuclear medicine: $66,000
• Radiation therapy: $65,300
• Nuclear medicine technology: $63,600
• Instrumentation and control: $61,100

These rankings do not stay the same in later career stages. After 10 years of experience, the highest-paid major is a bachelor's degree in petroleum engineering, with an average pay of $187,300.

According to the same report, the majors with the lowest earning for college alumni early in their career (less than five years of work experience) are:

• Child and family studies: $36,400
• Biblical studies and practical ministries: $36,400
• Early childhood education: $36,100
• Mental health counseling: $36,100
• Medical assisting: $36,000
• Rehabilitation services: $35,800
• Equine studies: $35,700
• Psychology and human services: $35,600
• Painting and printmaking: $34,700
• Voice and opera: $34,500

Whatever your field of study, having a college degree automatically increases your chances of earning more. The average salary for someone with a four-year degree is more than double that of someone who didn’t graduate from high school.

The exception to that rule, though, is graduates of trade and vocational schools. Plumbers, electricians, and other trade specialists earn generous hourly wages after completing their apprenticeships.

In general, wages tend to rise as you get older, peaking around age 55. After that, they begin to drop off. For all workers, not just those with a bachelor's degree, average salaries by age are:

• 20-24 years: $35,568
• 25-34 years: $50,700
• 35-44 years: $60,060
• 45-54 years: $60,944
• 55-64 years: $58,968
• 65 years and older: $55,484

Wages also vary by gender and race. On average, male graduates outearn female graduates by $10,980 if both have a bachelor's degree. And for 24 to 35-year-olds with a bachelor's degree, Asian graduates tend to be the highest earners ($69,490), followed by White ($59,970), Black ($50,030), and Hispanic ($49,910).

No matter what your field, you can improve your chances of getting a higher salary at your first job out of college if you start your job search with research and preparation.

Get Salary Information

It’s important to know what you’re worth, whether you're searching for your first job or you have years of experience. With more information, you will have a better sense of whether a job is offering a reasonable salary range for the area where you will be located. Knowing what others in your field are making will also put you in a position to negotiate your salary with potential employers.

There are free online salary calculators you can use to get estimates, and PayScale offers a  free personalized salary report . You can also use a paycheck calculator to estimate your take-home pay.

Your college’s career office can help you research salaries in your field and give you an idea of what to expect in the job market. You can also connect with alumni in your field to gain a better perspective on what's to come.

Prepare Your Materials

If you have work or internship experience to complement a skill set that employers are seeking in college grads, you may be able to boost your total compensation by driving a hard bargain during your job search.

The more you do in college to prepare for the workplace, the higher your paycheck will be. Be sure to include everything applicable on your resume, so the hiring manager can see how well-qualified you are. Take advantage of your college's career office to have someone look over your resume and cover letter. They'll be able to see places for improvement that you, as an early-career applicant, might miss.

Consider Your Compensation Package

Salary isn’t everything, even though it can easily seem like the most important variable when you have student loans that are collecting interest . Total compensation accounts for more than what you see on your paycheck. This includes stock options, retirement planning, and other employer-provided benefits and perks.

Some common items to look for in a total compensation statement are:

• Salary/hourly rate
• Medical benefits coverage, including the amount paid by employee and employer
• Flexible spending account information
• Paid leave, including vacation, sick leave, parental and family leave, paid time off, holiday pay, bereavement, military pay, and jury duty
• Disability insurance
• Life insurance
• Employee assistance program
• Retirement benefits, including 401(k)/403(b) and pension plans
• Educational assistance programs
• Relocation expenses
• Learning and development offerings
• Career-advancement opportunities

To make a critical decision when evaluating offers for your first job after college, it’s also important to consider factors like potential for personal advancement within the company, your general excitement about the day-to-day job responsibilities, and the overall work/life balance that employees enjoy. While interviewing, be sure to note how long each of your potential coworkers has been with the company, and ask them about their own motivations for joining (and staying with) the team.

What is the average salary for someone without a college diploma?

Those who don't complete college make $21,000 per year less than their graduating peers, on average.

Why would a student care about the average salary for college graduates?

There are many ways incoming college students can use average salary data. It can help you calculate the likelihood of being able to quickly repay student loans for example. It can also help you plan for your lifestyle in adulthood and whether your ideal career will support that lifestyle.

How can college graduates negotiate their starting salary?

Researching average salaries for your career and education level is a great starting point for your negotiations. From there, look to highlight any special skills or talents you bring to the table that may make up for your lack of on-the-job experience. Speak confidently, and don't be afraid to ask for a higher figure. The worst they can do is say no.

Real Estate Witch Powered by Clever. " 2022 Data: College Students Overestimate Starting Salary by $50,000 ."

College Pulse. " 9 in 10 College Students Support the Four-Day Work Week ."

College Pulse. " 9 in 10 College Students Believe U.S. Work Culture Is Toxic ."

College Pulse. " College Students Want High-Quality Health Care Over Stock Options in Job Offers ."

National Association of Colleges and Employers. " Salary Projections for Class of 2022 Bachelor's Grads a Mixed Bag ."

United States Census Bureau. " Income and Poverty in the United States: 2020 ."

PayScale. " Highest Paying Jobs with a Bachelor’s Degree ."

PayScale. " Highest-Paying 2-Year Degrees ."

U.S. Bureau of Labor Statistics. " Median Usual Weekly Earnings of Full-Time Wage and Salary Workers by Age and Sex ."

National Center for Education Statistics. " Table 502.30 Median Annual Earnings of Full-Time Year-Round Workers 24 to 35 Years Old and Full-Time Year-Round Workers As a Percentage of the Labor Force by Age, Sex, Race/Ethnicity, and Educational Attainment: Selected Years 1995 through 2020 ."

College Atlas. " U.S. College Dropout Rate and Dropout Statistics ."

Average college graduate salaries: 2024 projections

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This year’s college graduates face slightly lower hiring projections compared to 2023, according to the National Association of Colleges and Employers (NACE). But average college graduate salary projections are higher for all majors at the bachelor’s degree level.

Data shows that college remains one of the best paths to well-paying jobs. Bachelor’s degree holders earn 50 percent more, on average, than high school graduates. This may be one reason why over a third of U.S. adults (35 percent) consider getting a college degree part of the American Dream, according to Bankrate’s Home Affordability Survey .

But college is expensive, and not all careers are equally profitable. Many students take on student loan debt to afford the cost. It’s important to evaluate the salary and job prospects for your major of choice. This will give you a better idea of how much you can afford to invest in your education — especially if you’re borrowing money for school .

In this article

Average salary in the U.S. by highest level of education

Age and career earnings, systemic inequalities within the u.s. job market, median salary by college major, average salary projections for the class of 2024, job outlook projections for college graduates, handling college debt after graduation, methodology, key insights: college graduate salaries.

• The average projected starting salary in the U.S. for the class of 2024 at the bachelor’s degree level is $68,516, according to a Bankrate analysis of NACE data .
• Overall hiring projections for the class of 2024 are down 5.8% from last year.
• Engineering majors have the highest projected salary for the class of 2024 at $76,736, followed by computer science majors with a projected salary of $74,778.
• Humanities majors have the highest projected salary jump (28.9%), going from $52,938 in 2023 to $68,227 in 2024.
• Despite higher salaries this year, college affordability remains an issue. According to  Bankrate’s Financial Regret Survey , more than half of Americans (56%) agree that the cost of higher education has gotten out of hand, with close to a third (32%) saying student loan debt has become a national crisis.

Careers that call for higher skill and education levels pay significantly more than jobs that do not. U.S. Bureau of Labor Statistics data show those with a bachelor’s degree average 50 percent more earnings per week than those with just a high school diploma. Those with a professional degree, on the other hand, earn about 39 percent more than bachelor’s degree holders.

The table of the most recent data on median earnings by educational attainment shows the difference.

Source: U.S. Bureau of Labor Statistics

Salary typically increases with age and experience up to a point. Median salaries tend to rise until age 54, when they start to drop.

Average salary by age

Legislation like the Equal Pay Act aims to reduce systemic inequalities within the U.S. job market. However, the racial and gender pay gaps persist. Both women and minorities — particularly Hispanic and Black graduates — earn less than their peers.

The gaps exist even if you control for seasonal and part-time labor. The salary numbers below are for full-time, year-round workers.

Average salary by gender

On average, female graduates earn less than their male counterparts. The difference is $11,090 (22.8 percent) for associate degree graduates, $14,230 (20.9 percent) for bachelor’s degree graduates and $13,530 (16.4 percent) for graduates with a master’s degree or higher.

Source: National Center for Education Statistics

Average salary by race and ethnicity

Racial salary disparities have also persisted in the U.S. economy. White and Asian workers earn significantly more than Black and Hispanic workers across all levels of education.

The gap is particularly large between Asian and Hispanic full-time workers with a master’s degree or higher. Asian workers earn a median income of $107,290, while Hispanic workers earn a median of just $62,290 — a 53 percent difference.

We know that the gender pay gap and the racial pay gap — and intersections of those — are still a feature broadly of our labor market. It is important for students to really work hard on preparing for salary negotiations. Working with their career centers and their colleges to help them navigate salary negotiations with employers. Obviously, we have to continue to work on closing the pay gap across race and gender on the employer side as well and through public policy. — Mary Gatta, director of Research and Public Policy, NACE

Your field of study also plays a big factor in determining career earnings. In general, the more specialized a major, the higher its salary potential in the job market.

STEM majors also tend to earn more than fine arts and humanities majors. They command six-figure salaries in many cases. Note that the below salaries are not starting salaries; they cover ages 18 to 77.

Degrees with the highest median salaries

Source: Bankrate Top Paying College Degree Study

Degrees with the lowest median salaries

A college degree is akin to an investment that can pay dividends in knowledge, growth, and employment opportunity. But is it also not a guarantee amid the many variables that influence work, careers and life more broadly. The data on return is instructive and useful, but as the saying goes, your results may vary. The institution, the alumni network and an individual student’s performance and industriousness also play key roles. Because there is not a guarantee on this return, students should proceed cautiously on the question of borrowing for their education costs. — Mark Hamrick, Bankrate Senior Economic Analyst

Bachelor’s degree earners in the class of 2024 will enjoy higher starting salaries across the board, according to NACE data. Humanities and social sciences majors will experience the highest salary jump, with a projected increase of 28.9 percent and 16.1 percent, respectively.

Source: NACE salary survey

While salaries for the class of 2024 are expected to increase from previous years, hiring projections are slightly down, according to NACE .

More than half of surveyed U.S. employers (57.7 percent) expect to maintain the number of college graduate hires steady, while close to a quarter (24.9 percent) will increase hires. Only a small percentage (17.4 percent) expect to reduce hires compared to previous years. However, these cuts result in a 5.8 percent dip in hiring projections.

That said, Gatta stresses that this decrease comes after two years of “record high” projections and that hiring projections vary by sector. For instance, chemical (pharmaceutical) manufacturers expect to decrease their hiring for the class of 2024 by almost 13 percent, while miscellaneous manufacturers will increase their hires by 20.3 percent.

With college affordability still an issue for millions of Americans, many turn to student loans when other aid falls short. In fact, 54 percent of college undergraduates leave college with student loan debt .

Bankrate’s Money and Mental Health Survey found money negatively impacts the mental health of close to half of U.S. adults (47 percent), causing issues like increased stress, depression, sleep loss and anxiety. If you borrowed money to pay for school, there are a few ways to manage your debt effectively to avoid it from negatively impacting your life and finances.

“Don’t delay beginning to make payments on your student loan debt. Along with retirement savings and emergency savings, factor in the required student loan payments from your very first paycheck. Don’t tie yourself to a lifestyle and try to fit in savings and debt repayment around that. Instead, factor in savings and debt repayment first and build your lifestyle around what is left over.” – Greg McBride, Bankrate’s chief financial analyst

Apply for income-driven repayment

If you have federal student loans , applying for an income-driven repayment (IDR) plan is one way you can make your monthly bill more affordable. These plans base your payment amount on your household size and income. In some cases, payments can be as low as $0.

Employer assistance programs

Employers are allowed to offer up to $5,250 a year in student loan repayment assistance to qualifying employees. Though not every company offers this, it’s worth asking your HR or benefits department whether yours does.

State assistance programs

Depending on your career and where you live, you may be eligible for repayment assistance from your state . Your state may forgive part of your balance or help you with a portion of your payments.

Student loan refinancing

Though you can refinance both private and federal student loans, this option is best suited for the latter. When you refinance federal student loans, they turn into private loans, so you lose access to IDR plans, administrative forbearance and federal forgiveness programs .

Refinancing private student loans could lower your interest rate, monthly payments — or both — depending on your credit score and income, making your debt more manageable.

• Bankrate’s 2024 Home Affordability Survey. This survey was conducted using an online interview administered to members of the YouGov Plc panel of individuals who have agreed to take part in surveys. Emails are sent to panelists selected at random from the base sample. Total sample size was 2,317 adults. Fieldwork was undertaken March 6-8, 2024. The survey was carried out online. The figures have been weighted and are representative of all US adults (aged 18 and older).
• Bankrate’s 2023 Financial Regrets Survey. Bankrate commissioned YouGov Plc to conduct the survey. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 3,684 U.S. adults, of whom 1,400 have ever had a student loan and 588 currently have student loan debt. Fieldwork was undertaken on June 12-15, 2023. The survey was carried out online and meets rigorous quality standards. It employed a non-probability-based sample using both quotas upfront during collection and then a weighting scheme on the back end designed and proven to provide nationally representative results.
• Bankrate’s 2024 Money and Mental Health Survey. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2364 adults, of whom 1,109 have concerns over money which impact their mental health. Fieldwork was undertaken between 18th – 20th March 2024. The survey was carried out online and meets rigorous quality standards. It employed a non-probability-based sample using both quotas upfront during collection and then a weighting scheme on the back end designed and proven to provide nationally representative results.

Article sources

We use primary sources to support our work. Bankrate’s authors, reporters and editors are subject-matter experts who thoroughly fact-check editorial content to ensure the information you’re reading is accurate, timely and relevant.

“ Projections Point to Salary Increases for Class of 2024 Bachelor’s Grads ,”National Association of Colleges and Employers. Accessed on May 14, 2024.

“ Winter 2024 NACE Salary Survey ,”National Association of Colleges and Employers. Accessed on May 14, 2024.

“ Education Pays, 2023 ,” U.S. Bureau of Labor Statistics. Accessed on May 14, 2024.

“ Median usual weekly earnings of full-time wage and salary workers by age and sex ,” U.S. Bureau of Labor Statistics. Accessed on May 14, 2024.

“ Median annual earnings of full-time year-round workers 25 to 34 years old and full-time year-round workers as a percentage of the labor force, by sex, race/ethnicity, and educational attainment: Selected years, 2005 through 2022 ,” National Center for Education Statistics. Accessed on May 14, 2024.

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Interactive Outcomes Report

An interactive, customized career tool to explore the first destinations of graduates after Penn!

Explore outcomes by Class Year , School , and Major or Concentration . Includes information on employers, job titles, graduate schools, continuing education programs, and more. Current through the Class of 2023.

Interactive Employer Industry & Job Functions Report

When do seniors start to get job offers? What employers have hired Penn students? What job titles did students have after graduation? What is the median salary for a role?

Explore insights and trends by Employer Industry and Job Function , including: hiring timelines, employers, job titles, salaries, and more. Current through the Class of 2022.

Outcome Reports by School

Post-graduation reports by school, including historical reports.

Graduate Students

Outcomes reports by school.

Explore reports on where graduate students went after Penn, including outcomes, employers, job titles, salary data, and more by Class Year , School , and Program .

Additional Reports

U.s. employers hiring international students.

This tool provides information on which U.S. employers have previously hired international Penn students after graduation.

The First Destination Survey (FDS) is standardized by the National Association of Colleges and Employers (NACE) to capture information on recent graduates destinations within six months of graduation. The annual initiative aims to provide clear, concise, and consistent data on the outcomes associated with a college education on a national scale. For more information on national statistics and survey best practices, see the resources available on their website.

First Destination Report: 2018-2019 Undergraduate Degree Recipients: Salary details for employed graduates

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Christian Bettstetter

Professor, institute of networked and embedded systems, klagenfurt, “what salary can i expect in industry after my phd”.

For many young researchers, the PhD graduation marks the end of an era of standardized salaries. They now have to negotiate their salary when entering the industry or moving to a non-university research organization. Below are some tips on how to approach these negotiations. An Austrian-German perspective.

By Christian Bettstetter. Published in May 2016.

D octoral students in electrical and computer engineering often ask me what salary to expect in the industry after graduation. “From 45.000 € to 75.000 € gross per year in Austria or Germany” could be an answer, but this is a vague statement that does not help much. In fact, there is no general answer to this question, as the salary depends on many factors, such as personal profile, position, company type, the current situation in the job market, and company location. Let me thus redefine the above question and give some hints for negotiating a salary and other factors to consider. These hints are from an Austrian-German perspective, but many of them are of general validity.

“What salary should I propose?”

Many companies do not give room for salary negotiations but have their fixed rates for university graduates. Sometimes, however, the human resources department asks applicants about their salary expectations . If this happens, you should be well prepared: have a clear idea about your expectations and give a reasonable, transparent, and understandable argumentation.

Different argumentations are possible. One of them is the following:

Your salary suggestion to the company is thus S + M % + B with a brief explanation. Beware of the fact that this line of argumentation works well in some countries but might be inappropriate in others, e.g., in those with low university salaries .

Besides this, you might want to consider the following additional monetary aspects in order to tune your calculations, but do not overemphasize them as an entrant:

“Is my salary good?”

So let’s assume you get an offer with an annual gross salary of 60.000 €. Is this a good salary in that country or not? You can ask public databases: According to an income pyramid by a tax consultant , this salary will put you in the top 10 % in Austria. That’s good, isn’t it?

Is it an excellent salary? No. “But why not? I studied for ten years, got a bachelor, a master, a PhD; I published five journal articles and spent six months at MIT. I’m an expert on the job they offer. Why don’t they pay more?” Relax! For most people in the industry, you are a freshman with no “real” work experience. You will need training, have to socialize and integrate, gain experience, and prove your skills and knowledge. The company first has to invest in you. It will take some time — maybe several years — before you become profitable.

Let me give an example: With an annual gross salary of 60.000 €, the salary cost for an Austrian company is at least 78.500 € in 2016. If you add the costs for your office space, hardware and software, management and administrative overheads of at least 30 %, you will cost about 100.000 € at minimum per year. This is about 450 € per day in Austria, not considering days of absence due to sickness or other reasons. Are you worth more than 450 € per day? If yes, fine, then you have an argument to ask for a higher salary. Or start your own company.

“Is salary important?”

A hackneyed statement is that “salary is not so important.” Some people may agree and others not — it basically depends on your personal situation, lifestyle, and attitude. But one thing should be clear: Never choose your job based solely on monetary aspects! Choose it mainly based on the job description and, even more important, based on your personal impression during the job interview — the impression you get about your future colleagues and boss. Are you on the same wavelength? Do you fit into the team? Do you enrich the team? Do they enrich you? Will you be able to develop further in this job? Will you learn something new?

Besides job issues, be sure that you want to live in that city: compare the quality of living, including climate, political system, leisure and cultural activities, safety, transport, acceptance of human rights and minorities, distance to friends and family. Ask yourself how well these issues match your current wishes and plans for the future, maybe including family planning.

The decision in favor or against a certain job offer is a very individual decision, which will affect your future in many ways. I hope the above is of use in your decision-making process.

Update from late 2019: The figures mentioned in this article are from early 2016. During the last four years, there has been strong competition in Austria and Germany for the best people in engineering and computer science, which has led to a significant rise in the industry’s salaries for PhD graduates, according to my experience with doctoral graduates from my group.

This article is the most popular post on my Website. It was also published at Medium , where you can leave comments and show whether you appreciate my story.

Average graduate salaries by university and subject: Where to go and what to study to earn top dollar

By: William Turvill

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Going to university at Oxford or Cambridge pays. But it doesn’t pay as much as the London School of Economics or City University London. But it pays a lot more than going to Cardiff Metropolitan University.

And if you want to earn top dollar as a graduate it’s also worth aiming for an economics degree rather than fine arts and design.

Salary benchmarking site Emolument.com has compiled a ranking of 84 UK universities by analysing 2,400 salaries from graduates (defined as those with less than two years of experience in the workplace) with bachelor degree.

It marks the latest in a long line of graduate pay studies undertaken by Emolument, including research into which universities produce the most business leaders and which MBA courses are best for pay .

London School of Economics grads can expect to earn an average of £38,000, slightly above £36,000 at City University. Cambridge (£35,000) pips Oxford to third place (£34,000). Bath, Edinburgh and Durham, with £33,000, £32,000 and £31,000, come next in the ranking.

Cardiff Metropolitan props up the table, with an average graduate salary of £18,000, slightly behind Liverpool John Moores, Goldsmiths, Anglia Ruskin, University of Central Lancashire, Queen’s University Belfast and Aberystwyth on £19,000.

As for degree subjects, economics pays £33,000, ahead of engineering in second with £28,000. Fine arts and design is at the bottom of the table, with £19,000, just behind English literature and media, marketing and communication, both of £21,000.

Read more : Three-quarters of millennials will never pay off their student loan

And here is what you need to study…

Economics: £33,000

Engineering: £28,000

Management & Strategy: £27,000

Mathematics & Statistics: £27,000

Computer Sciences: £27,000

Accounting, Business & Finance: £27,000

Physics, Life Sciences & Healthcare: £27,000

Law: £26,000

Modern Languages: £26,000

Humanities (History, Geography, Politics…): £25,000

Chemistry & Natural Sciences: £23,000

Psychology: £23,000

Media, Marketing & Communication: £21,000

English Literature: £21,000

Fine Arts & Design: £19,000

Read more : This PE firm's slashed grad salaries – it's buying them houses instead

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