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This year’s college graduates are seeing slightly lower hiring projections compared to 2023, according to the National Association of Colleges and Employers (NACE). However, projected salaries for bachelor’s degree holders are higher across all majors.
Still, college is expensive, and not all careers offer the same financial return. Many students take on debt to cover costs, making it important to assess the salary and job outlook for your chosen major. This helps determine how much it makes sense to invest in your education, especially if you’re borrowing money to pay for it.
Key Takeaways
- Average Starting Salary: $68,516, according to analysis of NACE data.
- Hiring Projections: Overall hiring for the class of 2024 is expected to drop by 5.8% compared to last year.
- Top Salaries by Major:
- Engineering Majors: $76,736 (highest projected salary).
- Computer Science Majors: $74,778.
- Humanities Salary Growth: Projected to increase by 28.9%, from $52,938 in 2023 to $68,227 in 2024.
Median Earnings by Educational Attainment
| Education Level | Median Weekly Earnings | Median Annual Salary |
|---|---|---|
| Doctoral Degree | $2,109 | $109,668 |
| Professional Degree | $2,206 | $114,712 |
| Master’s Degree | $1,737 | $90,324 |
| Bachelor’s Degree | $1,493 | $77,636 |
| Associate Degree | $1,058 | $55,016 |
| Some College, No Degree | $992 | $51,584 |
| High School Diploma, No College | $899 | $46,748 |
| Less Than a High School Diploma | $708 | $36,816 |
- Professional and Doctoral Degrees lead to the highest earnings, with annual median salaries of $114,712 and $109,668, respectively.
- Master’s Degree holders earn a median annual salary of $90,324, which is notably higher than those with a Bachelor’s Degree, who earn $77,636 according to BLS.
- For those with an Associate Degree, the median salary drops to $55,016, indicating a substantial gap compared to bachelor’s and higher degrees.
- High School Graduates without college education earn a median of $46,748 per year, while those with Some College but No Degree earn slightly more at $51,584.
- Individuals with Less Than a High School Diploma earn the least, with a median annual salary of $36,816.
Average Salary by Age
| Age Group | Median Annual Salary |
|---|---|
| 20 to 24 | $39,364 |
| 25 to 34 | $54,912 |
| 35 to 44 | $64,116 |
| 45 to 54 | $67,756 |
| 55 to 64 | $65,208 |
| 65 and Older | $61,100 |
Systematic Inequalities
These disparities are evident even when focusing on full-time, year-round workers, indicating that these gaps are not simply due to part-time or seasonal employment differences. Addressing these systemic inequalities is crucial to creating a more equitable job market, but progress remains slow and uneven.
Average Salary by Gender (Age 25 to 34)
| Gender | Associate Degree Median Annual Earnings | Bachelor’s Degree Median Annual Earnings | Master’s Degree or Higher Median Annual Earnings |
|---|---|---|---|
| Male | $54,160 | $75,080 | $89,200 |
| Female | $43,070 | $60,850 | $75,670 |
- Associate Degree: Women earn $11,090 (22.8%) less than men.
- Bachelor’s Degree: Women earn $14,230 (20.9%) less than men.
- Master’s Degree or Higher: Women earn $13,530 (16.4%) less than men.
Average Salary by Race and Ethnicity (Age 25 to 34)
| Race/Ethnicity | Associate Degree Median Annual Earnings | Bachelor’s Degree Median Annual Earnings | Master’s Degree or Higher Median Annual Earnings |
|---|---|---|---|
| Asian | $52,170 | $81,420 | $107,290 |
| Black | $46,950 | $56,030 | $68,970 |
| Hispanic | $45,770 | $57,100 | $62,290 |
| White | $50,930 | $70,250 | $78,700 |
The largest disparity is at the Master’s Degree or Higher level, where Asian workers earn a median income of $107,290, compared to just $62,290 for Hispanic workers — a 53% difference.
We know that the gender pay gap and the racial pay gap — and intersections of those — are still a feature broadly of our labor market. It is important for students to really work hard on preparing for salary negotiations. Working with their career centers and their colleges to help them navigate salary negotiations with employers. Obviously, we have to continue to work on closing the pay gap across race and gender on the employer side as well and through public policy.
— Mary Gatta, director of Research and Public Policy, NACE
Median Salary by College Major
| College Major | Median Salary |
|---|---|
| Electrical Engineering | $110,000 |
| Computer Engineering | $104,000 |
| Pharmacy, Pharmaceutical Sciences, and Administration | $100,000 |
| Chemical Engineering | $100,000 |
| Computer Science | $100,000 |
| Aerospace Engineering | $100,000 |
| Materials Engineering and Materials Science | $98,500 |
| Engineering Mechanics, Physics, and Science | $95,000 |
| Mechanical Engineering | $95,000 |
| Industrial and Manufacturing Engineering | $90,000 |
The table shows that engineering and STEM majors tend to have the highest median salaries across all fields of study. Most of these majors, such as Electrical Engineering ($110,000) and Computer Engineering ($104,000), command median salaries of $90,000 or more.
Average Salary Projections for the Class of 2024
| Major (Broad Category) | 2024 Starting Salary Projections | Change from 2023 Salary Projections |
|---|---|---|
| Engineering | $76,736 | 3.1% |
| Computer Sciences | $74,778 | 2.7% |
| Math and Sciences | $71,076 | 5.8% |
| Social Sciences | $69,802 | 16.1% |
| Humanities | $68,227 | 28.9% |
| Business | $63,907 | 3.0% |
| Communications | $62,205 | 7.1% |
| Agriculture and Natural Resources | $61,399 | 3.6% |
The class of 2024 is expected to see higher starting salaries compared to the previous year across all majors.
- Humanities majors are projected to have the highest increase in starting salary, with a 28.9% rise, reaching $68,227 according to a NACE survey.
- Social Sciences majors will also see a significant salary boost, with an increase of 16.1%, bringing their projected salary to $69,802.
- Engineering ($76,736) and Computer Sciences ($74,778) continue to have the highest projected starting salaries, though with more modest growth rates of 3.1% and 2.7%, respectively.
