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If you ask the average person what the “best” degree is, in terms of which one has the highest salary, then they will most likely immediately respond with “doctor”. While becoming a physician is a fine decision, this is not the most profitable degree to obtain right now. There are others who might answer that same question with “business” or “accounting” instead. While those are good professions to get degrees in as well, there are other degrees that will probably pay more in the long run than those.
So Which One is Most Profitable?
Right now, the most profitable degree to obtain would be one in engineering. There are a wide variety of specialties to choose from when deciding upon an engineering degree. Depending on the exact field that their degree is in, engineers make an average of around $100,000 per year. Compare this to just $87,000 average for someone with a financial degree. Engineering graduates are also in extremely high demand, with some fields recruiting students for post-graduation jobs before they have even officially obtained their degree.
Degrees to Suit a Variety of Tastes
Engineering is, of course, divided into several different degrees on its own. Depending on who you ask, the most profitable engineering degree might be biomedical engineering. It could be aerospace engineering. Or it could be petroleum engineering. All three degrees offer an average of $97-120,000 per year. This obviously depends on what sort of experience you have, what university you graduated from and what part of the country you end up working in.
Biomedical Engineers
Biomedical engineers are those who help design and refine the technology used in various medical applications. It is a relatively new field, so there is a large potential for growth. A biomedical engineer may work on the next generation of sonogram machines or they may help refine medical implants and prostheses or they could work on something entirely different. Their salary averages between $54-97,000, depending on experience.
Aerospace Engineers
It is probably obvious what aerospace engineers do; they design planes, rockets and other aircraft. This field has been around for some time, but is still in demand and highly paid. The next generation of more fuel-efficient jets are just waiting to take off from the drawing board. An aerospace engineer looks forward to a similar salary as a biomedical engineer, though an experienced aerospace engineer can earn an average of $101,000 per year.
Petroleum Engineers
The field of petroleum engineering is extremely hot right now. A petroleum engineer studies the data and finds the best place to start drilling for the next oil well. This may lead the engineer to more exotic locales such as the arctic or the middle of the ocean. Due to demand and the wide variety of knowledge needed, a graduate can look forward to an average salary of $100-120,000 per year, averaging approximately $200,000 per year with experience.
In Summary
The lucrative salaries offered, combined with a lower education cost, make engineering degrees the most profitable degrees to obtain. All things being equal, an engineer will likely graduate with less debt and a higher average salary than a doctor who went to the same university. This makes engineering degrees an extremely wise choice when considering future career options.