The New York Federal Reserve collated data on how much recent college graduates earned, between the ages of 22 to 27 in 2021. The analysis was published in February and explored the labor market according to each college major. The data took into account the salaries of full-time workers with a bachelor's degree, and excludes those currently enrolled in school.
Two types of salaries were included in the report: early-career, which refers to graduates between 22 and 27 years old, and mid-career, which refers to graduates between 35 and 35 years old.
The New York Federal Reserve found the seven highest-paying majors were in the STEM industries, specifically engineering and science majors. Notably, the lowest-paying majors were in the liberal arts and social sciences.
Out of the seven best-earning majors, six were in engineering fields, while one was in science. Two of the top three majors specialized in computers.
Check out how much the highest-paying majors are earning, per the New York Fed's data. Additionally, statistics for underemployment — which means working in jobs that typically don't require a college degree, per the report — and unemployment rates for each listed major were also detailed.
Entrants are arranged from the highest median salary to the lowest.
Median wage, early career: $70,000
Median wage, mid-career: $105,000
Underemployment rate: 15.8%
Unemployment rate: 5.3%
Mechanical engineers work with the design and development of mechanical devices and sensors.
The job market for mechanical engineers is expected to grow 2% from 2021 to 2031, with 17,900 job openings in this time period, per data by the BLS.
Median wage, early career: $70,000
Median wage, mid-career: $100,000
Underemployment rate: 18.3%
Unemployment rate: 4.6%
Industrial engineers work with machines, materials, information, data, and energy. They work in a variety of settings, including factories and offices.
The job market for industrial engineers is expected to grow 10% between 2021 to 2031, with around 22,400 job openings each year in this time span, per data by the BLS.
Median wage, early career: $70,000
Median wage, mid-career: $109,000
Underemployment rate: 15.4%
Unemployment rate: 3.2%
Electrical engineers typically design, develop, and test electrical equipment. They can work in a variety of industries, including manufacturing and telecommunications.
According to the BLS, the job market for electrical engineers is expected to grow 3% from 2021 to 2031, which means that there is slowing growth when it comes to employment. The BLS estimates that an average of 20,100 job openings are expected each year in this time period.
Median wage, early career: $72,000
Median wage, mid-career: $112,000
Underemployment rate: 27.7%
Unemployment rate: 6.6%
Aerospace engineers work with aircraft, spacecraft, satellites, and missiles. Their specializations include manufacturing, design, and research and development.
The job market for aerospace engineers is expected to grow 6% between 2021 and 2031, with an average of 3,700 job openings in these 10 years, per data by the BLS.
Median wage, early career: $73,000
Median wage, mid-career: $105,000
Underemployment rate: 19.1%
Unemployment rate: 4.8%
Computer scientists work on computing technology and information research.
The job market for computer scientists is expected to grow 21% from 2021 to 2031, with an average of 3,300 job openings every year in this time span, per data by the BLS.
Median wage, early career: $74,000
Median wage, mid-career: $114,000
Underemployment rate: 17.8%
Unemployment rate: 3.7%
Computer engineers, specifically those who work on hardware, specialize in skills like systems design services and manufacturing.
The job market for computer hardware engineers is expected to grow 5% from 2021 to 2031, with an average of 5,300 job openings every year in these 10 years, per data by the BLS.
Median wage, early career: $75,000
Median wage, mid-career: $120,000
Underemployment rate: 19.6%
Unemployment rate: 4.1%
Chemical engineers typically work in locations like industrial plants, refineries, and laboratories. They work in many industries, including fuel, pharmaceuticals, and food.
The job market is expected to grow 14% from 2021 to 2031, with an average of around 2,000 job openings each year in this time span, per data by the BLS.