A college degree comes with many benefits. Doing four years of "hard time" can bring an increase in knowledge, respect and pay. According to the Bureau of Labor Statistics, college graduates make on average $31,000 more per year than those without schooling. However, what is not factored in is the cost of obtaining the degree. Is the expense worth the outcome? It may depend on the profession or industry pursued.
While there are many careers in which a degree yields immediate financial rewards, there are just as many that either do not, or take their time – time which might be spent trying to pay off costs and eliminate debt. Many of these careers are considered a "passion profession," and despite the low pay they remain in high demand among those they inspire. A cost/benefit analysis is imperative when deciding a career path, helping to put things in perspective and allowing consideration towards flexible online education or financial aid. Below are five careers with immediate pay-off and five that could keep you paying out, according to recent salary reports from Payscale.com.
Choosing Your Major
The High Five
Computer Engineering
Technology has integrated itself into most aspects of our daily lives, creating a digital dependence that has resulted in rapid growth within the computer systems design industry. To stay ahead of the competition, businesses are continually looking to improve and innovate; as such, they're also looking to employ skilled engineering managers. Those with a computer engineering degree and knowledge of programming and systems analysis are poised for success, with many earning $100K or more.
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Economics
From analyst to advisor, those with financial finesse in business economics will find themselves in demand upon graduation. With an average salary of just over $70K and the potential to make more, a degree in business economics can be very lucrative. In addition to providing a healthy paycheck, this degree allows for specialization in various industries, including law, medicine, education, government, non-profits, and international economics.
[Analyze your options for a degree in economics.]
Information Systems
Job prospects are excellent in this fast-growing field, with salaries ranging from $55K to almost $100K. Computer and information systems managers, often referred to as IT or Information Technology, are vital to the implementation and administration of technology within their organization. Their planning, coordination and direction of all things tech-related make them invaluable in the ever-changing, computer-focused workplace.
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Marketing
Whereas some careers reside within a specific field, individuals with a marketing degree will find a world of opportunities, as virtually every industry needs those with marketing know-how. Although competition for positions can be keen, employment is expected to continue to grow, with salaries ranging from approximately $45K to just over $75K. Marketing managers can expect to build their career while building up their company's marketing research, strategy, advertising, promotions and public relations endeavors.
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Psychiatry
A growing and aging population has resulted in open positions outnumbering applicants, providing ample opportunities for would-be psychiatrists. Those that enter the profession will specialize in the physical causes and effects of mental illness; while some will focus on talk therapy, others will concentrate on treatment through medication. No matter the preferred method, psychiatrists can expect to earn over $150K per year.
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The Down Low
Family Counseling
Although employment opportunities are favorable, salaries for those interested in family or child counseling start at just around $30K. Because of the relatively low pay, it is imperative that those entering the counseling profession possess a passion for helping, inspiring and treating others. Counselors can become licensed, which provides the potential to earn significantly more; however, every state requires a master's degree to obtain this distinction.
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Education
From elementary to high school, pay for beginners averages just over $35K. The potential to earn more comes with time and tenure; however it could take 10 years just to crack the $50K ceiling without moving up by obtaining an advanced degree. While good benefits and significant vacation time are definite advantages, for most the real benefit of a degree in education is the knowledge that they are helping to shape young minds. An education vocation may not make one rich, but it does provide the opportunity to enrich the lives of others.
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Liberal Arts
A degree in liberal arts provides many options and career versatility; what it does not provide is a big paycheck right out of the gate. This degree provides holders with an "in," but lack of specialty can initially hinder income goals. Those with a liberal arts degree should continue to explore, take advantage of on-the-job training, and perhaps take their schooling farther to advance their career once a desired goal has been established.
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Social Work
With a yearly salary beginning at just $25K, those entering into the field of social work must forgo dreams of wealth and forge paths to success for the people whose needs they oversee. While employment is projected to grow faster than the average for all occupations, the best opportunities will be found within the healthcare industries. A master's degree could increase potential earnings, or lead to leadership opportunities.
[Learn more about careers in social work.]
Special Education
Entry-level special education teachers, whether specializing in younger or older children, should expect wages to range from $29K to $39K. Working with children who have a variety of disabilities – cognitive, emotional and physical – can be challenging, but it is also rewarding for those with patience and understanding. All 50 states require licensing for special education teachers, with a bachelor's degree being mandatory; some states even require a master's degree.
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