According to the United States Bureau of Labor Statistics, Mining, Quarrying& Oil & Gas Extraction is the best paying industry for new graduates. Based on the statistics published by the government, this field pays new graduate entrants with the highest starting median salary. New employees in it could expect an average starting salary of $84,182. The second best starting salary can be expected from Management of Companies and Enterprises which has an average starting pay of $56,955.
One reason why Mining, Quarrying& Oil & Gas Extraction pays so well is because there are few who join in. There are only 1,100 newly graduate entrants in it as compared with 51,200 for Management of Companies and Enterprises. This infographic was brought to you by Open Colleges.
The Best Paying College Major
The Petroleum industry is really a top paying field even when measured by other indicators. When the top paying college majors are ranked according to the payscale compensation, Petroleum Engineering a college major that is aimed at supplying the Petroleum industry with competent people is at the top of the list.
These figures still come from the United States Bureau of Labor Statistics:
- Petroleum Engineering (Starting Median Pay $97.9K)
- Computer Science (Starting Median Pay $56.6K )
- Biomedical Engineering (Starting Median Pay $53.8K)
- Software Engineering (Starting Median Pay $54.9K)
- Civil Engineering (Starting Median Pay $53.1K)
- Applied Mathematics (Starting Median Pay $52.6K )
- Environmental Engineering (Starting Median Pay $51.7K)
- Management Information Systems (Starting Median Pay $51K)
- Geology (Starting Median Pay $45.3K)
- Biochemistry (Starting Median Pay $41.7K)
That’s just the starting median pay for those fields. After a few years, the pay of the individual would increase. Even when the pay increases, Petroleum Engineering is still the top choice. It still gets a Mid-Career Median pay of $155K.
The statistics shown might give the impression that college graduates are not having a hard time finding work. The truth is that some are finding it difficult to get the kind of work that they have studied and trained for. The unemployment rate for holders of Bachelor’s degree is now at 7.5% which is higher than the 4.51% back in 2008. Then there is the fact that 24.6%, or almost 1 in every four of all college graduates are finding work in retail sales. They are making an annual medial salary of $21,010, which is a very far cry from what college grads from the top paying majors are making.