Many high school graduates searching for the majors that offer the most perspective with future careers. We can’t blame them. After all, it’s important to make money with the career you go after, especially because higher education doesn’t come free of charge. But, some career fields offer more cash than the others. That said, if you’ve been looking for majors that have the potential to turn you into a millionaire, you’ve come to the right place.
Whether you want to accept it or not, a college degree is important. It’s the truth that some career options don’t require it, and that you can do a great job without it. But, college majors teach us more than just to study the field we want to work with. They give us important lessons about life and work while teaching us to nourish working habits.
Today, social media is filled with motivational and inspirational posts about millionaires and billionaires who dropped out of college to follow their dreams. It’s worth noting that those people were either already educated in a certain field, or received their college degree eventually.
What’s more important is that only 1% of millionaires in the world dropped out of college, which is enough to say that a college degree is important when making your fortune. Although not everything is about money, a prospective major is important when choosing a career field that you want to work in and sustain yourself.
Whether you want to become a millionaire or just earn a respectable amount of money that will make your life easier, here’s a list of degrees that are responsible for the most millionaires.
Before we start, more majors you may also like:
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Majors That Make The Most Millionaires
As we said, not everything is about money, but if you want to stand a chance to become a millionaire one day, the following majors could make your journey easier, or teach you enough to know what mindset it takes for one to become a millionaire.
Engineering is a broad field with many sub-fields that can make their graduates incredibly successful and wealthy if they know how to use their assets. Why did we list the engineering major on the top? Because most of the world’s richest people hold an engineering major or higher. What’s more, 22% of the world’s first 100 billionaires studied engineering.
Want to see some examples? Larry Page who co-founded Google studied computer engineering, as well as Jeff Bezos who holds a bachelor’s degree in electrical engineering. A study survey revealed on Recode revealed that 56% of engineers believe that they will become millionaires at some point in their life. Similarly, 69% of surveyed engineers stated that engineering is “recession-proof” making it a job of the future.
We’re not surprised to see biochemistry on this list, for simple reasons because the pharmaceutical industry is so powerful today. Many people attend biochemistry because they’re interested in how some medicines and therapies are made. Additionally, they’re driven by curiosity and will to discover solutions to the world’s most notorious diseases. Biochemistry is also applicable in other disciplines like marine biology, dentistry, agriculture, nutrition, veterinary and more.
One of the millionaire biochemists we know is Christine Poon who was the former chairman of Johnson & Johnson, which works on pharmaceutical products.
Keep in mind that a biochemistry degree is nowhere near easy to obtain. It requires years of study, research, and multiple graduate degrees to be considered to work in world-known labs. The undergraduate diploma is usually not enough, it’s just the beginning that will help you pave your way into a secure future.
That said, even though there’s a lot of money laying down behind this degree, it requires a lot of dedication and hard work for one to become a millionaire.
When it comes to the law, it’s a difficult discipline. Working in law and finding a job, in general, is challenging because it’s one of the rare disciplines where your career solely depends on your studying score. For some, studying law satisfies them, especially if that person has a good memory and good communication skills.
But for some, studying law is a nightmare. It’s a difficult journey that lasts long and sees a lot of theory that needs to be remembered both in the day and in the night. More importantly, the journey doesn’t end after you graduate or earn your specializations. That’s just the beginning.
Many successful law school graduates who found their respective jobs and made their fortune say that becoming a millionaire after law school is nowhere near easy. It can take up to 15 years for law school graduates before they break the ice towards becoming millionaires.
Some of the law school graduates who made it into the world of millions and billions include Oil baron Richard Kinder, Walmart heir Samuel Robson Walton, and many others.
No matter which majors we detailed in this list, it’d be pointless without mentioning the economic, business, and finance majors, which, after all, handle and learn about how to handle an exponentially raise their income. That’s why most people who are millionaires likely hold any of the three degrees we mentioned.
There are a lot of job opportunities for people who study and get finance or business degrees. Unless you become an entrepreneur and start your own business that will get money, which sounds the most sense for someone who studied business, working in various corporations in finance-oriented positions could lead to you becoming a millionaire.
Such positions include executives, accountants, workers at the bank, and others. But, the road you’re taking is nowhere near easy, and even less fast. Completing courses and graduating takes time, as well as finding a prospective job position that can propel you to heights.
A Wall Street report from 2018 states that financial analysts can earn as little as nearly $200,000 annually, and as much as several millions of dollars per year. Like you can see, building the portfolio and experience are responsible for the salary that reaches up to the heights.
5. Computer Science
Computer Science and IT continue blooming and they’re not stopping any time soon. That’s because the computer science sector, as well as software engineering, affects other fields too, like medicine, science, social media, business, and more.
The computer hardware and well-programmed, robust algorithms dictate how the internet works. After all, various social media is influenced by the tech. It’s also one of the careers that will hardly get out of style because the demand is rising faster than the new computer scientists are graduating.
That said, there will always be jobs available for aspiring computer scientists as soon as they graduate from the college. Furthermore, new disciplines will become available with colleges and boot camps preparing the future tech workers for them.
There are various ways for computer scientists to earn millions. More importantly, computer science is one of the rare fields where you can land a job without a university degree. Maybe not in academia, but in the industry, it’s more than possible, because employees are more interested in seeing your portfolio and what you can do than what your degree consists of.
Annual salaries at the tech giant companies like Microsoft, Google, Apple, and Facebook can well-exceed $100,000. That’s not close to becoming a millionaire, but that’s also because becoming a millionaire can never happen overnight.
A lot of successful computer scientists who have a strong portfolio and a rich work history enter the entrepreneurship waters and start making startups. Not just that, they start building their apps with little to no help and can earn thousands of dollars a day. If successful enough, one developer can get a million in no time.
Still, that requires a lot of sacrifices and giving up, as well as hard work and dedication.
Marketing is the modern art for selling. When people think that one form of marketing and advertising is over, the new one pops up and is better than the previous one. We can say that marketing is the modern shape of art, except that it’s the art of good sales.
There are many types of marketing like advertising and TV marketing, as well as digital marketing that has reached their peak in the previous years. Many marketing agencies are hired by tech giants to provide material that will make the consumers tick, and they can earn hundreds of thousands of dollars for that.
Writers who excel at marketing and sales, also known as copywriters can pitch an idea, slogan, or brochure and become a millionaire over a few years. A marketing degree likely won’t make you a millionaire if you work in another agency or corporation. However, marketing your ideas and bringing them to life could payout.
7. MBA (Master of Business Administration)
If you’re in the economics, business, finance, or some other social degree program, one of the smartest choices that you can do is to get a master’s degree in business administration. Master’s take between 1 and 2 years, but that depends on the degree program you took before, as well as the institution you’re studying at.
According to data, there’s a 50% leap in salary from working individuals who had their MBA as compared to those who didn’t. Due to more knowledge, expertise, or experience, employers prefer individuals who hold an MBA over others who don’t. Furthermore, MBA is more appreciated and valued compared to other Master’s degrees.