A new study reveals the most common college degrees among millionaires.
If you're trying to decide on a college major, you could do worse
than pick one that's popular among millionaires. After all, college is
an investment - one you hope will pay off. And a million times or more
would be nice.
So you may be interested to know that a new study by an international
wealth consultancy group, WealthInsight, in association with Spear's
magazine, assessed roughly 70,000 millionaires worldwide (people with a
net worth over $1 million) to see what college degrees they held.
Surprisingly, college dropouts, like Mark Zuckerberg or Steve Jobs,
didn't skew the data as much as one might think - only about one percent
of millionaires in the study did not obtain a college degree.
Of course, you'll want to keep in mind that while the study found
these degrees to be most common among millionaires, that doesn't mean
just anyone who studies one of these majors will get the same result.
All that said, without further ado, we present the degrees most earned by millionaires.
Degree #1: Bachelor's in Engineering
An engineering degree, according to the WealthInsight study, has
resulted in more millionaires worldwide than any other. If you believe
in making the world a better place through innovation, you might be
interested in pursuing this degree as well.
Why It Could Pay Off: Engineering majors could
make a very good salary right out of college, says Anthony P. Carnevale,
director of Georgetown University's Center on Education and the
Workforce. In addition, he says, engineers are innovators, which means
they have the ability to create new and valuable products that, if
combined with an entrepreneurial spirit, can result in a lot of success.
Next step: Click to Find the Right Engineering Program.
Potential Career Path:* Mechanical Engineer.
These engineers design, build, and test mechanical devices like tools,
machines, and engines, says the U.S. Department of Labor. Mechanical
engineers have a median annual salary of $80,580, according to the
Department of Labor. Not millionaire status, but certainly not bad.
Degree #2: Master in Business Administration (MBA)
The objective of business is to make money, so it would make
sense that an MBA is number two on the millionaire degree list,
according to the WealthInsight study. It's also the top graduate degree
among millionaires. So if you'd like to refine your business smarts,
then you might want to add an MBA to your roster, too.
Why It Could Pay Off: Carnevale says that if you
are already in business and pursue an MBA, it has the most potential
for payoff. He adds that those who concentrate on finance, business
economics, or accounting will gain the most from this degree. "This
degree is designed to help people lead companies," he says, "and that
usually pays off."
Next step: Click to Find the Right MBA Program.
Potential Career Path:* Financial Manager.
These professionals plan and direct the financial arm of organizations
to ensure they remain successful and healthy, says the U.S. Department
of Labor. And while this occupation may not have you sitting upon
millions of dollars yourself, you may still be able to make a
substantial pile of green. Financial managers have a median annual
salary of $109,740, reports the Department of Labor.
Degree #3: Bachelor's in Economics
With economics coming in third on the WealthInsight list, these
majors do indeed make great millionaires. If studying the trade of goods
and services in our economy appeals to you, then you might want to
consider majoring in economics - you'd be in good company.
Why It Could Pay Off: "Economics is a powerful
degree, because it's very practical and flexible. It arms you with a
deep knowledge of how buying and selling works. With it, someone can go
into any number of businesses or can start their own with confidence,"
says Lisa Adams, career management coach and founder of Fresh Air
Careers, a career coaching firm.
Potential Career Path:* Budget Analyst. These
professionals help both public and private organizations organize their
finances by analyzing and strategizing budgets, says the U.S. Department
of Labor. While this role is all about the flow of money, don't assume
you'll be getting your millionaire membership card. Budget analysts have
a median annual salary of $69,280, notes the Department of Labor.
Degree #4: Juris Doctor in Law
With the high cost of legal services, it might not come as a
surprise that a law degree is ranked fourth on the WealthInsight list.
If you find the legal system fascinating, you may also want to study in
the field of law.
Why It Could Pay Off: Graduates of law school
commonly make a tremendous salary right out of the school gates, says
Nancy Tetreaux, a communication and career coach with 20 years
experience in human resources management.
Potential Career Path:* Lawyer. Lawyers advise
and represent clients on legal issues and disputes, says the U.S.
Department of Labor. They research and analyze legal problems as well as
prepare and file legal documents, such as contracts, deeds, and
lawsuits. According to the Department of Labor, lawyers have a median
annual salary of $113,530. Not exactly a million, but six-figures is
definitely a nice number.
Degree #5: Bachelor's in Business Administration
Another win for business administration - this time at the
bachelor's level. Sure enough, this major ranks fifth on WealthInsight's
list of most popular degrees earned by millionaires. And if you'd like
to learn the fundamentals of business, this may be the right degree for
you, too.
Why It Could Pay Off: People with business
administration degrees tend to be highly successful, because they're
usually very driven and have a true entrepreneurial spirit, says Susan
Heathfield, a management consultant and author of About.com's Guide to
Human Resources. "And a business degree gives them a good, broad
understanding of the basics of business and how to build successful
companies. It's a good base for branching out into any industry," she
says.
Potential Career Path:* Human Resources Manager.
These professionals oversee such things as an organization's
recruiting, hiring, and training of employees, says the U.S. Department
of Labor. And while this career wouldn't realistically make you a
millionaire, it still has the potential to pay pretty well. The
Department of Labor reports that human resources managers have a median
annual salary of $99,720.
Degree #6: Bachelor's in Accounting**
The major of commerce ranked sixth in the WealthInsight study,
but it's mostly offered at universities outside of the U.S. So if you
don't plan on studying abroad anytime soon, you may be more interested
in the next degree on the list - accounting - which came in at seventh.
Why It Could Pay Off: Accounting is a major that
can result in ample personal wealth for some obvious reasons, says
Heathfield. She points to the fact that accounting at the college level
teaches individuals more than just number-crunching, but also about how
to build wealth, create greater profits at companies, and how to
negotiate complicated tax law.
Next step: Click to Find the Right Accounting Program.
Potential Career Path:* Accountant.
These whizzes prepare and examine financial records, make sure taxes
are prepared and paid, and help organizations run efficiently, says the
U.S. Department of Labor. Although your paychecks may be lacking those
extra zeros to make you a millionaire, this career still has the
potential to pay a pretty penny. Accountants have a median annual salary
of $63,550, according to the Department of Labor.
