The 10 most valuable college degrees, with the exception of 1, enable graduates to earn six figures.

There are a number of factors to consider when choosing a college major.

Studying something you're passionate about can motivate you to work harder and potentially lead to a fulfilling career. Alternatively, you may be seeking a more adaptable field of study that provides a range of applicable skills.

It's wise to evaluate the potential earning potential of different majors, in addition to considering the high cost of college education.

A new study by Bankrate examined median salaries, unemployment rates, and the percentage of graduates with advanced degrees to determine the most valuable college majors.

Bankrate analyzed American Community Survey data from the Census Bureau, focusing on the salaries and unemployment rates of individuals with a bachelor's degree who are either employed or actively searching for work.

According to Bankrate, while salaries were the primary factor considered in the study, a high unemployment rate or a high rate of advanced degree holders may negatively impact a major's ranking, suggesting that it may take longer or require more effort for a bachelor's degree to pay off.

High reported salaries may not necessarily indicate an abundance of jobs in a particular field.

According to Bankrate, the 10 most valuable college majors in 2024 are:

1. Electrical engineering

• Median salary: $115,000
• Unemployment rate: 1.9%
• Percentage of workers with advanced degrees: 47.6%

2. Computer engineering

• Median salary: $112,000
• Unemployment rate: 2.1%
• Percentage of workers with advanced degrees: 38.8%

3. Petroleum engineering

• Median salary: $100,000
• Unemployment rate: 0.9%
• Percentage of workers with advanced degrees: 39.2%

4. Aerospace engineering

• Median salary: $105,000
• Unemployment rate: 1.9%
• Percentage of workers with advanced degrees: 48.9%

5. Materials science

• Median salary: $100,000
• Unemployment rate: 1.1%
• Percentage of workers with advanced degrees: 63.7%

6. Mechanical engineering

• Median salary: $100,000
• Unemployment rate: 1.9%
• Percentage of workers with advanced degrees: 38.9%

7. Electrical engineering technology

• Median salary: $100,000
• Unemployment rate: 2.3%
• Percentage of workers with advanced degrees: 31.7%

8. Engineering mechanics, physics and science

• Median salary: $100,000
• Unemployment rate: 1.5%
• Percentage of workers with advanced degrees: 59.1%

9. Chemical engineering

• Median salary: $100,000
• Unemployment rate: 2.1%
• Percentage of workers with advanced degrees: 46.7%

10. Actuarial science

• Median salary: $95,000
• Unemployment rate: 1.9%
• Percentage of workers with advanced degrees: 20%

According to Bankrate, electrical engineering has the highest median pay of $115,000 among those with a bachelor's degree. These engineers work in various industries, including designing, developing, and maintaining electronic equipment, as stated by the Bureau of Labor Statistics.

The job field is expected to experience a 9% growth in employment over the next decade, which is significantly higher than the 4% growth forecast for all occupations, according to the BLS.

If you want a degree that can lead to a high-paying job, engineering is a great choice. All of the top 10 most valuable degrees are related to science, technology, engineering, and mathematics, with eight of them being in engineering-specific fields.

Materials science is sometimes referred to as "materials science and engineering," but actuarial science is the only non-engineering degree among the 10 most valuable.

Insurance companies and firms in other industries rely on actuaries to determine, assess, and predict the costs of risks such as natural disasters and uncertain events. Due to the significant impact of climate change on the home insurance industry, actuaries are in high demand and well compensated. According to BLS, the actuary profession is projected to experience a 22% growth rate over the next decade.

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