Choosing a college major is an important step for students aiming to build a successful career. While wealth and success can be achieved in any field with effort and innovation, certain majors are more commonly linked to producing millionaires. Though a major doesn’t set one’s future in stone, it can influence post-college earning potential.
Many prominent business figures, such as Mark Cuban and Warren Buffett, studied business and later attended top business schools. However, tech leaders like Mark Zuckerberg and Bill Gates did not complete college, though this is not typical.Here’s a look at some of the undergraduate majors most often associated with millionaires, as highlighted by Edvoy.
Engineering
Engineering leads the list of degrees that generate the most millionaires. This field offers a broad range of opportunities across various industries, contributing to its appeal. Engineers often take on roles that play a significant part in shaping industries, and many prominent figures in business hold engineering degrees.
Carlos Slim, a Mexican entrepreneur worth approximately $73.3 billion, holds a degree in Civil Engineering. Larry Page, co-founder of Google, earned a Bachelor’s degree in Computer Engineering and a Master’s in Computer Science, and his net worth currently stands at $125 billion. Jeff Bezos, founder of Amazon, studied Electrical Engineering and Computer Science at Princeton University and is valued at over $200 billion.
A 2014 study showed that 56% of engineers believe they will eventually become millionaires, and 69% view their profession as “recession-proof.” This combination of job security and financial potential places engineering at the top of the list.
Economics/Finance
Economics and finance degrees also feature prominently among millionaire-producing programs. Understanding how financial systems operate offers graduates an advantage in various sectors. While these degrees are often seen as theoretical, they provide foundational knowledge that is applicable in real-world business and finance settings.
Careers in finance, such as investment banking and wealth management, are common pathways for graduates of these disciplines. The financial world’s inner workings are critical for anyone looking to navigate it successfully, making these degrees highly valuable.
Politics
Political science is one of the oldest professions, with roots tracing back to Ancient Greece and the birth of democracy. Today, political science degrees provide pathways not only into government but also into roles as political strategists, consultants, and public figures. Politicians often transition into lucrative careers after their time in office. secure deals for books, television appearances, and public speaking engagements.
Mathematics
Mathematics degrees open doors to a variety of career paths, including finance, engineering, and public service. This versatility is a key factor in the degree’s ability to produce millionaires. Graduates with a background in mathematics can pursue high-paying roles in industries that rely heavily on data analysis, statistical modelling, and problem-solving. The practical application of mathematical skills across different sectors positions graduates to build successful, financially rewarding careers.
Computer Science
The demand for computer science graduates has surged over the last decade, driven by the growth of technology, social media, and the development of algorithms. This demand far exceeds the available supply, creating high starting salaries for graduates.
Computer science graduates often enter well-paying roles soon after graduation. For example, software developers at companies like Google or Facebook can earn up to $120,000 annually. As technology continues to evolve, the need for skilled computer scientists will likely grow, further increasing the financial prospects of those in this field.
Law
Law is one of the more traditional degrees on the list. While pursuing a law degree involves a long and often challenging process, it can lead to significant financial rewards.
Newly qualified lawyers in the UK typically earn between £30,000 and £54,000 during their first five years. As lawyers gain experience and move up within firms, their earning potential increases substantially. Although it is not a path to quick wealth, the law remains a reliable route to financial success for those willing to put in the time and effort.
MBA (Master’s in Business Administration)
An MBA differs from the other degrees on this list as it is often pursued after earning another degree. However, it has the potential to significantly boost earning power. MBAs are versatile and can be applied across many industries, making them valuable for those looking to advance into higher-paying roles. While obtaining an MBA can be expensive, costs for studying abroad range from $50,000 to $80,000—the return on investment is typically high, with graduates moving into leadership positions that offer substantial salaries.
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