Average college graduate salaries: 2024 projections
This year’s college graduates face slightly lower hiring projections compared to 2023, according to the National Association of Colleges and Employers (NACE). But average college graduate salary projections are higher for all majors at the bachelor’s degree level.
Data shows that college remains one of the best paths to well-paying jobs. Bachelor’s degree holders earn 50 percent more, on average, than high school graduates. This may be one reason why over a third of U.S. adults (35 percent) consider getting a college degree part of the American Dream, according to Bankrate’s Home Affordability Survey.
But college is expensive, and not all careers are equally profitable. Many students take on student loan debt to afford the cost. It’s important to evaluate the salary and job prospects for your major of choice. This will give you a better idea of how much you can afford to invest in your education — especially if you’re borrowing money for school.
Key insights: College graduate salaries
- The average projected starting salary in the U.S. for the class of 2024 at the bachelor’s degree level is $68,516, according to a Bankrate analysis of NACE data.
- Overall hiring projections for the class of 2024 are down 5.8% from last year.
- Engineering majors have the highest projected salary for the class of 2024 at $76,736, followed by computer science majors with a projected salary of $74,778.
- Humanities majors have the highest projected salary jump (28.9%), going from $52,938 in 2023 to $68,227 in 2024.
- Despite higher salaries this year, college affordability remains an issue. According to Bankrate’s Financial Regret Survey, more than half of Americans (56%) agree that the cost of higher education has gotten out of hand, with close to a third (32%) saying student loan debt has become a national crisis.
Average salary in the U.S. by highest level of education
Careers that call for higher skill and education levels pay significantly more than jobs that do not. U.S. Bureau of Labor Statistics data show those with a bachelor’s degree average 50 percent more earnings per week than those with just a high school diploma. Those with a professional degree, on the other hand, earn about 39 percent more than bachelor’s degree holders.
The table of the most recent data on median earnings by educational attainment shows the difference.
| Education level | Median weekly earnings | Median annual salary |
|---|---|---|
| Doctoral degree | $2,109 | $109,668 |
| Professional degree | $2,206 | $114,712 |
| Master’s degree | $1,737 | $90,324 |
| Bachelor’s degree | $1,493 | $77,636 |
| Associate degree | $1,058 | $55,016 |
| Some college, no degree | $992 | $51,584 |
| High school diploma, no college | $899 | $46,748 |
| Less than a high school diploma | $708 | $36,816 |
Source: U.S. Bureau of Labor Statistics
Age and career earnings
Salary typically increases with age and experience up to a point. Median salaries tend to rise until age 54, when they start to drop.
Average salary by age
| Age | Median annual salary |
|---|---|
| 20 to 24 | $39,364 |
| 25 to 34 | $54,912 |
| 35 to 44 | $64,116 |
| 45 to 54 | $67,756 |
| 55 to 64 | $65,208 |
| 65 and older | $61,100 |
Source: U.S. Bureau of Labor Statistics
Systemic inequalities within the U.S. job market
Legislation like the Equal Pay Act aims to reduce systemic inequalities within the U.S. job market. However, the racial and gender pay gaps persist. Both women and minorities — particularly Hispanic and Black graduates — earn less than their peers.
The gaps exist even if you control for seasonal and part-time labor. The salary numbers below are for full-time, year-round workers.
Average salary by gender
On average, female graduates earn less than their male counterparts. The difference is $11,090 (22.8 percent) for associate degree graduates, $14,230 (20.9 percent) for bachelor’s degree graduates and $13,530 (16.4 percent) for graduates with a master’s degree or higher.
| Gender | Associate degree median annual earnings | Bachelor’s degree median annual earnings | Master’s degree or higher median annual earnings |
|---|---|---|---|
| Male (age 25 to 34) | $54,160 | $75,080 | $89,200 |
| Female (age 25 to 34) | $43,070 | $60,850 | $75,670 |
Source: National Center for Education Statistics
Average salary by race and ethnicity
Racial salary disparities have also persisted in the U.S. economy. White and Asian workers earn significantly more than Black and Hispanic workers across all levels of education.
The gap is particularly large between Asian and Hispanic full-time workers with a master’s degree or higher. Asian workers earn a median income of $107,290, while Hispanic workers earn a median of just $62,290 — a 53 percent difference.
| Race/ethnicity | Associate degree median annual earnings | Bachelor’s degree median annual earnings | Master’s degree or higher median annual earnings |
|---|---|---|---|
| Asian (age 25 to 34) | $52,170 | $81,420 | $107,290 |
| Black (age 25 to 34) | $46,950 | $56,030 | $68,970 |
| Hispanic (age 25 to 34) | $45,770 | $57,100 | $62,290 |
| White (age 25 to 34) | $50,930 | $70,250 | $78,700 |
Source: National Center for Education Statistics
We know that the gender pay gap and the racial pay gap — and intersections of those — are still a feature broadly of our labor market. It is important for students to really work hard on preparing for salary negotiations. Working with their career centers and their colleges to help them navigate salary negotiations with employers. Obviously, we have to continue to work on closing the pay gap across race and gender on the employer side as well and through public policy.— Mary Gatta, director of Research and Public Policy, NACE
Median salary by college major
Your field of study also plays a big factor in determining career earnings. In general, the more specialized a major, the higher its salary potential in the job market.
STEM majors also tend to earn more than fine arts and humanities majors. They command six-figure salaries in many cases. Note that the below salaries are not starting salaries; they cover ages 18 to 77.
Degrees with the highest median salaries
| College major | Median salary |
|---|---|
| Electrical engineering | $110,000 |
| Computer engineering | $104,000 |
| Pharmacy, Pharmaceutical Sciences, and Administration | $100,000 |
| Chemical engineering | $100,000 |
| Computer science | $100,000 |
| Aerospace engineering | $100,000 |
| Materials engineering and materials science | $98,500 |
| Engineering Mechanics, Physics, and Science | $95,000 |
| Mechanical Engineering | $95,000 |
| Industrial and manufacturing engineering | $90,000 |
Source: Bankrate Top Paying College Degree Study
Degrees with the lowest median salaries
| College major | Average salary |
|---|---|
| Early Childhood Education | $43,000 |
| Film, Video and Photographic Arts | $42,000 |
| Theology and Religious Vocations | $42,000 |
| Fine Arts | $41,000 |
| Miscellaneous fine arts | $40,000 |
| Music | $40,000 |
| Studio Arts | $38,000 |
| Drama and Theater Arts | $38,000 |
| Cosmetology Services and Culinary Arts | $37,550 |
| Visual and Performing Arts | $35,000 |
Source: Bankrate Top Paying College Degree Study
A college degree is akin to an investment that can pay dividends in knowledge, growth, and employment opportunity. But is it also not a guarantee amid the many variables that influence work, careers and life more broadly. The data on return is instructive and useful, but as the saying goes, your results may vary. The institution, the alumni network and an individual student’s performance and industriousness also play key roles. Because there is not a guarantee on this return, students should proceed cautiously on the question of borrowing for their education costs.— Mark Hamrick, Bankrate Senior Economic Analyst
Average salary projections for the class of 2024
Bachelor’s degree earners in the class of 2024 will enjoy higher starting salaries across the board, according to NACE data. Humanities and social sciences majors will experience the highest salary jump, with a projected increase of 28.9 percent and 16.1 percent, respectively.
| Major (broad category) | 2024 starting salary projections | Change from 2023 salary projections |
|---|---|---|
| Engineering | $76,736 | 3.1% |
| Computer sciences | $74,778 | 2.7% |
| Math and sciences | $71,076 | 5.8% |
| Social sciences | $69,802 | 16.1% |
| Humanities | $68,227 | 28.9% |
| Business | $63,907 | 3.0% |
| Communications | $62,205 | 7.1% |
| Agriculture and natural resources | $61,399 | 3.6% |
Source: NACE salary survey
Job outlook projections for college graduates
While salaries for the class of 2024 are expected to increase from previous years, hiring projections are slightly down, according to NACE.
More than half of surveyed U.S. employers (57.7 percent) expect to maintain the number of college graduate hires steady, while close to a quarter (24.9 percent) will increase hires. Only a small percentage (17.4 percent) expect to reduce hires compared to previous years. However, these cuts result in a 5.8 percent dip in hiring projections.
That said, Gatta stresses that this decrease comes after two years of “record high” projections and that hiring projections vary by sector. For instance, chemical (pharmaceutical) manufacturers expect to decrease their hiring for the class of 2024 by almost 13 percent, while miscellaneous manufacturers will increase their hires by 20.3 percent.
Handling college debt after graduation
With college affordability still an issue for millions of Americans, many turn to student loans when other aid falls short. In fact, 54 percent of college undergraduates leave college with student loan debt.
Bankrate’s Money and Mental Health Survey found money negatively impacts the mental health of close to half of U.S. adults (47 percent), causing issues like increased stress, depression, sleep loss and anxiety. If you borrowed money to pay for school, there are a few ways to manage your debt effectively to avoid it from negatively impacting your life and finances.
“Don’t delay beginning to make payments on your student loan debt. Along with retirement savings and emergency savings, factor in the required student loan payments from your very first paycheck. Don’t tie yourself to a lifestyle and try to fit in savings and debt repayment around that. Instead, factor in savings and debt repayment first and build your lifestyle around what is left over.” – Greg McBride, Bankrate’s chief financial analyst
Apply for income-driven repayment
If you have federal student loans, applying for an income-driven repayment (IDR) plan is one way you can make your monthly bill more affordable. These plans base your payment amount on your household size and income. In some cases, payments can be as low as $0.
Employer assistance programs
Employers are allowed to offer up to $5,250 a year in student loan repayment assistance to qualifying employees. Though not every company offers this, it’s worth asking your HR or benefits department whether yours does.
State assistance programs
Depending on your career and where you live, you may be eligible for repayment assistance from your state. Your state may forgive part of your balance or help you with a portion of your payments.
Student loan refinancing
Though you can refinance both private and federal student loans, this option is best suited for the latter. When you refinance federal student loans, they turn into private loans, so you lose access to IDR plans, administrative forbearance and federal forgiveness programs.
Refinancing private student loans could lower your interest rate, monthly payments — or both — depending on your credit score and income, making your debt more manageable.
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- Bankrate’s 2024 Home Affordability Survey. This survey was conducted using an online interview administered to members of the YouGov Plc panel of individuals who have agreed to take part in surveys. Emails are sent to panelists selected at random from the base sample. Total sample size was 2,317 adults. Fieldwork was undertaken March 6-8, 2024. The survey was carried out online. The figures have been weighted and are representative of all US adults (aged 18 and older).
- Bankrate’s 2023 Financial Regrets Survey. Bankrate commissioned YouGov Plc to conduct the survey. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 3,684 U.S. adults, of whom 1,400 have ever had a student loan and 588 currently have student loan debt. Fieldwork was undertaken on June 12-15, 2023. The survey was carried out online and meets rigorous quality standards. It employed a non-probability-based sample using both quotas upfront during collection and then a weighting scheme on the back end designed and proven to provide nationally representative results.
- Bankrate’s 2024 Money and Mental Health Survey. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2364 adults, of whom 1,109 have concerns over money which impact their mental health. Fieldwork was undertaken between 18th – 20th March 2024. The survey was carried out online and meets rigorous quality standards. It employed a non-probability-based sample using both quotas upfront during collection and then a weighting scheme on the back end designed and proven to provide nationally representative results.
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