Forbes recently came out with a story on the most lucrative college majors. 

Forbes considered salaries right out of school as well as salaries at various time periods after graduation.  I believe they ordered the top 20 majors by salary at 10-20 years after graduation.  Below I’ve listed the starting salary in parentheses (that’s why the salaries aren’t in descending order). 

Here’s the rundown:

1.  Computer Engineering ($60,500)
2.  Economics ($48,100)
3.  Electrical Engineering ($59,900)
4.  Computer Science ($54,200)
5.  Mechanical Engineering ($56,900)
6.  Finance ($46,900)
7.  Mathematics ($43,500)
8.  Civil Engineering ($52,600)
9.  Political Science ($39,400)
10.  Marketing ($39,400)
11.  Accounting ($44,600)
12.  History ($37,600)
13.  Business Management ($40,900)
14.  Communications ($36,400)
15.  English ($36,700)
16.  Biology ($37,900)
17.  Sociology ($35,700)
18. Graphic Design ($34,700)
19.  Psychology ($34,700)
20.  Criminal Justice ($34,200)

It is always nice to see the various branches of engineering near the top.  It makes all those late nights in college seem a little more worthwhile.  Not that it matters to me now as I haven’t been a practicing engineer for several years!

It’s not a surprise to see engineering near the top of this list year after year.  Low labor supply means high labor prices. 

Why is there a low labor supply for engineers?  The branches of engineering are tough majors, they take brainpower and dedication, and they have a reputation that scares away many high school seniors and college freshmen. 

As Forbes puts it:

If you’re looking for a big paycheck straight out of school, think about an engineering degree. The four highest paid majors for people with less than five years’ experience were all engineering-based, with computer engineering leading the way. “It is a matter of supply and demand,” says Lee, adding, “Engineers tend to stay at their jobs longer, so getting the good people right out of college is important.” Despite the high pay, the number of engineering degrees issued has barely budged the past 10 years; 67,000 degrees were handed out in 2006, the latest year available.

One reason the number of engineering degrees has not grown much is that the programs tend to be very rigorous. This benefits the engineering students who can complete the coursework, though–employers know they’re typically getting competent people straight out of school, and therefore are willing to dole out generous salaries.

An engineering degree also helps wayward engineers (like me).  I’m often asked whether I feel like I wasted my engineering degree by going to law school.  The answer is a resounding no.

I will never know with certainty, but I’ve always assumed my degree helped me get into the law school of my choice.  It also opened up doors when it came time to interview for summer associate positions.

If my kids wants to go to law school, I will encourage them to consider engineering as an undergraduate degree.