Many so-called "Millennials" grew up hearing that they should study what they love. While that's a nice sentiment, it's also landed countless recent grads in quagmires of student debt and unemployment. Mark Lamkin from Lamkin Wealth Management says in today's tough economic climate, some college majors simply offer better prospects than others-and savvy students should want to know the difference.
That's why I came up with my list of the FIVE best college majors for your career. I analyzed the unemployment rates and salaries for graduates of the 100 most popular college majors, using data from Georgetown University's Center on Education and the Workforce and Payscale.com.
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What did I look for? Fields of study with grads-both recent grads within the past five years and those well into their careers-who enjoy an attractive combination of big paychecks and abundant employment opportunities. The undergraduate programs that we ranked can take from two to five years to complete.
Take a peek at our list of the FIVE best college majors for your career.
1. Pharmacy and Pharmacology
Unemployment rate: 3.2%
Unemployment rate for recent grads: 5.4%
Median salary: $105,000
Median salary for recent grads: $51,200
Projected job growth for this field, 2010-2020: 25%
A pharmacy major can be a bit of an investment, since most states require students to earn a post-grad degree to work as a pharmacist. However, pharmacologists, who don't necessarily require graduate training, can land jobs right out of college. Public and private labs hire recent grads to research drugs and drug interactions. But whether pharmacy undergrads go on to med school, research or some related field, they can expect to earn big salaries fast. Pharmacists stand to make six figures working in hospitals and stores. Both programs involve pharmacology, toxicology and ethics classes-and promise plenty of jobs when class lets out. Even among recent grads, unemployment is a low 5.4%.
2. Nursing
Unemployment rate: 2.2%
Unemployment rate for recent grads: 4.0%
Median salary: $60,000
Median salary for recent grads: $48,000
Projected job growth for this field, 2010-2020: 26%
Nursing has always made for a steady, well-paid career, but it's looking especially good as baby-boomers age. Demand for nurses is way up, so unemployment, even among new grads, is down. Nursing majors study a predictable list of health care subjects including anatomy, physiology and biology. While you can score an R.N. certification after two years, nurses with bachelor's degrees generally enjoy better salaries, earning potential and advancement opportunities than their less-educated peers.
3. Chemical Engineering
Unemployment rate: 3.8%
Unemployment rate for recent grads: 7.5%
Median salary: $86,000
Median salary for recent grads: $64,500
Projected job growth for this field, 2010-2020: 6%
Chemical engineering majors make more money out of school than any other major on our list. If that's not enough to send you running for the chem lab, consider the fact that, a few years in, the average chemical engineer will make over $30,000 more than his friends in other fields. The work isn't easy. Chemical engineers study chemistry, physics and biology in school. But after graduation, these engineers stand to enjoy high five-figure salaries in labs and offices and a very low unemployment rate.
4. Medical Technologies
Unemployment rate: 1.4%
Unemployment rate for recent grads: 5.4%
Median salary: $58,000
Median salary for recent grads: $45,100
Projected job growth for this field, 2010-2020: 13%
Medical technologists are in serious demand-so serious, in fact, that some hospitals try to tempt recent grads with perks such as sign-on bonuses. In addition to the abundance of employment opportunities, medical-technologies majors can look forward to above-average starting salaries. In school, majors study chemistry, biology and clinical laboratory skills; after graduation, they work in hospitals, doctors' offices and diagnostic labs analyzing patient samples.
5. Management Information Systems
Unemployment rate: 4.2%
Unemployment rate for recent grads: 7.4%
Median salary: $71,000
Median salary for recent grads: $51,000
Projected job growth for this field, 2010-2020: 18%
Not all computer majors are created equal, contrary to rumor and admissions-office hype. Computer-networking majors, for instance, see 8.2% unemployment and a $37,300 salary upon graduation. But management information systems majors can expect high starting salaries right out of school, and strong job and salary growth after that. The major prepares students to work in IT for big organizations-helping clueless technophobes fix their e-mail, sure, but also building, securing and maintaining a network for an entire company.
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