A ONE Institute
Mar 23, 2024
We’ll tell you the Early Career salary.
When choosing a major, you can’t ignore the salary ranking by major! The salary ranking by major not only affects your career path after graduation but also the admission competition rate! Let’s take a closer look.
Some blogs also post about the salary ranking by major, but we will explain based on the data released by official institutions. Outcome by Major
Federal Reserve Bank of New York
We will explain based on the data, Outcomes by Major, updated on February 10, 2023, by the New York FRB. We will look at the Median Wage Early Career in the data below
Median Wage Early Career ‘Average salary from the start of the career to about 4-5 years’ Some institutions base it on data from the start to 3 years, and others base it on data from the start to 5 years, so think of it as from the start of the career to 4-5 years depending on the field. The salaries by occupation announced by the mass media and media are the average values of all workers in that occupation, so there is a risk of misunderstanding due to the high salaries of high-career workers. So today, we will take a close look at the Median Wage Early Career item of the highly reliable Federal Reserve Bank of New York.
We will look at the ranking based on the Median wage Early Career. Chemical Engineering - $75,000 First place is Chemical Engineering! You might have expected Computer Science and Data Science, but the reason it’s Chemical Engineering is because of the high salaries received by personnel who refine or extract Petroleum. Because it’s a high salary, the salary is raised. The median is $75,000, making it first place. You might think that the oil-related industry is declining as renewable energy is currently being highlighted, but it is expected to be a high salary for the next few decades.
Personally, I think Chemical Engineering is a good value-for-money major.
Students with good grades go to the Medical-related industry. When you think of Pre-med, you mainly think of Bio Neuroscience, Bio-Medical Engineering, and Public Health majors. These departments are very difficult to enter, especially Asians are challenged a lot, so they are not easy majors to enter, Chemical Engineering is a major that is differentiated from students majoring in Pre-med, so it is true that it is easy to enter. It would be good to remember that if a student’s major is open to fields other than Medical, the salary can be determined high depending on the specific major.
Computer Science / Computer Engineering - $74,000 Given that we are in the AI era, the Early Career average salary for Computer Science and Computer Engineering ranks high at around $74,000.
Aerospace Engineering - $72,000 With the advancement of the space industry, the salary for Aerospace-related majors is also high, with an average salary of $72,000. Moreover, the number of students who want to study this field is increasing, making admission more difficult.
Industrial Engineering / Mechanical Engineering - $70,000 Industrial Engineers and Mechanical Engineers tend to do similar work related to machinery and equipment after graduation. They show an average salary of about $70,000.
Electronic Engineering / Miscellaneous Engineering Electronic Engineering also receives an Early Career salary of $70,000. Miscellaneous Engineering is listed as receiving an Early Career salary of $68,000. This is likely because relatively high-paying renewable energy engineering is included in this category.
Business Analytics - $66,000 Business Analytics involves tasks such as visualizing company data, financial statement analysis, and overall statistics to assist the decisions of CEOs and CFOs. At first glance, you might think that the word “Business” implies a Non-STEM field, but this field requires a foundation in Statistics and Computer Science, so it’s somewhat ambiguous to call it Non-STEM.
Finance - $60,000 If you go down a bit in the ranking, you can find Non-STEM majors like Finance, with an Early Career salary of $60,000.
Medical-related Median Pay Since the above data is based on undergraduate studies, medical school is excluded, so let’s take a separate look at Medical school.
The medical doctor profession has a high salary from the start of the Early career after the intern and resident stages, so they do not draw Early Career data and cover the average salary of all workers in the industry, it would be good to know that the criteria are different. In fact, since there is not much difference in salary, the ranking does not have much meaning, but if you look at the ranking, it seems that the ranking will be arranged in the order of Ophthalmologists, Physician, Radiologists, Psychiatrists, etc.
There is one thing that students overlook when thinking about salary. You should not divide the Gross Income by 12 as it is. You should remember that Tax is included in it. If the Annual Salary is $70,000, the amount you receive will be in the late $3,000s or early $4,000s. It would be good to remember that if you want to receive at least $5,000 as Net Income per month, your salary must exceed $90,000. When various media talk about salaries by occupation, it is an average amount that includes all people working in that occupation, so it is different from Early Career. It seems that it was meaningful today in that we looked at the salary ranking by major based on Early Career data.
We are inclined to share information while looking at parts that can help students in addition to academic parts, and we tried today’s posting to introduce useful information with updated data. We will come back with useful stories next time.
Thank you.