Highest Paying Job in the World: Top 5 Bachelor’s Degrees in America

Choosing the right bachelor’s degree is a crucial step for anyone aiming to land the highest paying job in the world. In America, certain fields stand out due to their impressive median annual salaries as of May 2020, highlighting the importance of educational decisions in pursuing best paying jobs. Among these, Petroleum Engineering, Aeronautics and Astronautics, Actuarial Mathematics, and Computer Science offer significant financial rewards, making them highly sought after by ambitious students.

This article explores the top 5 bachelor’s degrees that lead to the highest paying jobs in the world, including specialized roles such as CEO and data engineer. By delving into each field, from Petroleum Engineering to Actuarial Science, readers will gain insights into how these disciplines pave the way for lucrative careers and what makes them the foundation for the highest paying jobs in America.

Petroleum Engineering

Petroleum Engineering stands as a pivotal degree for those aiming to secure some of the highest paying jobs in the world, particularly in the energy sector. In 2022, the median salary for Petroleum Engineers was a notable $131,800, with the top 25% earning upwards of $169,230, and the bottom 25% still making a substantial $101,080. Entry-level positions also offer promising compensation, with an average starting salary of $97,457 in the US as of March 2024.

Salary Breakdown for Entry-Level Petroleum Engineers

• 10th Percentile: $83,057
• 25th Percentile: $89,920
• Median (50th Percentile): $97,457
• 75th Percentile: $107,042
• 90th Percentile: $115,768

Geographical location plays a significant role in salary variations. For instance, New York City tops the chart for the best-paying cities with an impressive average salary of $212,050 for Petroleum Engineers. Other notable cities include Austin, Texas ($167,350), and Oxnard, California ($162,690). Similarly, New Jersey emerges as the highest paying state with an average salary of $208,980, followed closely by Texas and Alaska.

The financial prospects in Petroleum Engineering are further highlighted by its comparison with other engineering fields. In 2022, the average pay for Petroleum Engineers was $142,800, significantly higher than that for Environmental Engineers ($101,670) and Mechanical Engineers ($100,820). This lucrative earning potential is complemented by a projected job growth of 2%, indicating stable future opportunities in this field. Early career salaries average around $96,742, with mid-career earnings potentially reaching $172,000, reflecting the substantial return on investment in this degree.

Electrical Engineering

Electrical Engineering emerges as a strong contender for students aiming to secure some of the highest paying jobs in the world, especially in sectors like technology and energy. As of April 2024, the average annual salary for a Bachelor’s degree in Electrical Engineering in New York is $112,319, which translates to about $54.00 per hour. This field not only offers impressive starting salaries but also shows a wide salary range, indicating significant growth potential based on skill level, location, and years of experience.

Salary and Job Market Overview

• Average Annual Salary (New York, 2024): $112,319
• Hourly Rate: $54.00
• Weekly Earnings: $2,159
• Monthly Earnings: $9,359
• Salary Range: $90,800 (25th percentile) to $144,400 (75th percentile)
• Top Earners: Up to $182,703 annually
• Job Market Activity: Low; New York ranks 13th out of 50 states

Electrical engineers with a bachelor’s degree can expect varied earnings as they progress in their careers. Entry-level engineers earn around $79,978 per year, while those with 1-3 years of experience see an increase to $85,057. Mid-level engineers with 4-6 years of experience earn $93,622, and senior-level engineers with 7-9 years can make up to $102,052 annually. For those pursuing managerial or specialized academic roles, such as electrical engineering managers or engineering professors, salaries can soar to an average of $152,350 and $133,676 per year, respectively.

Advancement and Specializations

• Entry-Level Engineers: $79,978 per year
• Junior Engineers: $85,057 per year
• Mid-Level Engineers: $93,622 per year
• Senior Engineers: $102,052 per year
• Engineering Managers: $152,350 per year
• Engineering Professors: $133,676 per year

Further enhancing one’s qualifications through online courses, certifications, or obtaining a higher degree can significantly boost earning potential, particularly for senior-level or management roles. The projected job growth in this field is about 4%, reflecting steady demand for these professionals. Pursuing specializations and continuous education in Electrical Engineering not only secures a lucrative career but also positions professionals at the forefront of technological innovation.

Computer Science

Computer Science stands as a cornerstone in the realm of technology, offering lucrative career opportunities and impressive salary potentials. With a Bachelor’s degree in Computer Science, graduates can expect to earn an average annual salary of $66,180, which breaks down to approximately $31.82 per hour. Within just five years after graduation, the salary can rise to about $75,000, and mid-career professionals can see earnings around $93,000 annually. This field not only promises a robust start but also significant growth potential, with salary advancements as high as $46,000.

The job market for Computer Science graduates is particularly vibrant in areas like Chicago, IL, with Illinois ranking number one out of 50 states for salaries in this field. The highest paying cities include San Francisco, CA, and Fremont, CA, where annual earnings can reach up to $142,355. This reflects the high demand and valuation of skills in software development, data analysis, and system management across various sectors.

Career Opportunities and Growth

• Early Career Salary: $88,150
• Mid-Career Salary: $114,000
• Top Earners: Up to $104,000 annually

Computer Science graduates have a plethora of career paths to choose from. Roles such as Computer and Information Systems Managers, Software Development Engineers, and Data Scientists not only offer high salaries but also demonstrate a projected job growth of 11% from 2019 to 2029, significantly higher than the average for all occupations. This growth is driven by the ongoing need for advanced technology solutions and cybersecurity measures across all industries, ensuring that the field remains both dynamic and financially rewarding.

Aeronautics and Astronautics

Aeronautics and Astronautics degrees offer graduates entry into specialized engineering roles with impressive salary potentials. The median annual salary for aerospace engineers stands at $126,880, with entry-level positions such as Aerospace Engineer I earning between $80,991 and $84,596. This field not only offers high starting salaries but also significant advancement potential, with mid-career salaries averaging $114,000.

Salary and Career Progression

• Entry-Level Aerospace Engineer I: $80,991 – $84,596
• Early Career (5 years after graduation): $70,000
• Mid-Career (Experienced): $114,000
• Specialized Roles:
  • Thermodynamics Engineer: $115,864
  • Aeronautical Engineer: $130,258
  • Aircraft Design Engineer: $152,999
  • Airframe Design Engineer: $120,241
  • Spacecraft Systems Engineer: $124,441
  • Propulsion Systems Engineer: $122,519
  • Flight Test Engineer: $134,885

The salary range is influenced by factors such as the engineer’s education level, experience, and geographical location. With a projected job growth of 6% from 2022 to 2032, the field promises about 3,800 job openings annually, highlighting stable career opportunities for graduates. This growth is driven by continuous advancements in aerospace technology and the increasing demand for innovative aerospace solutions.

Pursuing a Bachelor’s degree in Aeronautics and Astronautics not only sets the foundation for a lucrative career but also positions graduates at the forefront of cutting-edge technological advancements in aerospace engineering. Continuous education and specialization in areas like spacecraft systems or flight testing can further enhance career prospects and salary potential.

Actuarial Science

Actuarial Science graduates step into a profession known for its robust salary scale and significant growth potential. In 2022, the median salary for actuaries was $113,990, with the top quartile earning $155,670, and the lowest quartile making $84,800. The field not only promises lucrative initial salaries but also offers substantial increments as professionals gain experience. For instance, senior actuaries with over ten years of experience can earn an average of $134,880 annually.

Salary Advancement and Geographic Variations

1. Early Career vs. Mid-Career: The most substantial salary increase occurs between early career and mid-career stages, where actuaries see an average salary jump of $29,000.
2. Educational Impact: Actuaries holding a bachelor’s degree start with an average salary of about $71,000, which can increase to $74,000 with a master’s degree. Further, obtaining certification can elevate an actuary’s earning potential to over $90,000 annually.
3. Top Paying Locations: Actuaries in North Carolina enjoy some of the highest salaries, averaging $129,350 per year, while those in Michigan earn around $88,440. The highest paying cities for this profession include San Jose, Oakland, and Hayward in California, with salaries ranging from $112,019 to $119,883.

The actuarial field is not only financially rewarding but also in high demand. The projected job growth is an impressive 24% from 2020 to 2030, significantly higher than the average for all occupations. This growth underscores the increasing need for skilled actuaries capable of managing financial risk and uncertainty in various sectors. Additionally, the active job market for Actuarial Science in areas like Chicago, IL, indicates a continuous demand for these professionals, further enhancing their career stability and financial prospects.

Conclusion

Through an in-depth exploration of the top 5 bachelor’s degrees leading to the highest paying jobs in America, it’s evident that fields such as Petroleum Engineering, Electrical Engineering, Computer Science, Aeronautics and Astronautics, and Actuarial Science offer substantial financial rewards alongside promising career prospects. These disciplines not only pave the way for lucrative employment opportunities but also stand at the forefront of technological and scientific advancement, reflecting their critical importance to both the economy and innovation. As we have discussed, each field comes with its own set of opportunities, challenges, and earning potentials, catering to a diverse range of interests and skills among aspiring professionals.

The broader implications of our findings highlight the significance of making informed educational choices in pursuit of high-paying careers. In addition to this, the projected job growth across these fields underscores an enduring demand for specialized skills and knowledge, further emphasizing the value of investment in higher education. For those standing at the educational and career crossroads, these insights serve not only as a guide to potential financial success but also as an invitation to contribute to the critical industries shaping our world’s future. Moving forward, we encourage students and professionals alike to consider how advancements within these fields could impact their career trajectories and the broader societal landscape.