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15 DEC 2022
Getting a job upon graduation is one of the most important aspects of university life. And as university fees and student loan debt continue to rise, it is more important than ever to have a bankable degree. Georgetown University’s Center on Education and the Workforce released a list of 34 degrees with the highest returns on investment, US News & World Report has reported. And Engineering tops the list, with median monthly earnings of $6,000, or $72,200 per year, after debt payments.
“STEM careers continue to offer highly competitive salaries in the job market," Jackson Gruver, a data analyst at online salary database Payscale, wrote in an email. "These 'hot' jobs rely on specialized skill sets that are hard to come by. Such talent scarcity drives up the demand for these workers along with their pay. Whether it’s engineering, medical or data sciences – these laborers will see an abundance of opportunities in the job market that compensate well." For example, engineering technologies/technicians ranks fourth, with median earnings of $5,100 per month or $61,800 per year, after median monthly debt payments.
The area seeing the most growth, however, is the health-care field. Health professions and related clinical sciences ranks third on the CEW's list with median monthly earnings of $5,200 and median monthly debt of $230. Median annual pay net of debt is $61,900 with a median debt of $22,400. Overall employment in health-care occupations is projected to grow 13% from 2021 to 2031, according to the U.S. Bureau of Labor Statistics. This is much faster than the average for other professions and is expected to result in about two million new jobs over the decade.
"Health-care practitioners tend to have some of the lowest unemployment rates, and wages for these occupations are very competitive," Gruver says. "Those with specialized skills in this field, such as anesthesia or advanced nursing certificates, will find further job security, high pay and pay increases."
Mechanic and Repair Technologies/Technicians rank second with median earnings of $5,200 per month. Along with engineering technologies ranking fourth for ROI, computer and information sciences and support services ranks eighth, with median earnings of $4,400 per month, or $52,600 per year, after median monthly debt payments of $410. Transportation and Materials Moving rounds out the top 5 with median earnings of $4,900.