What Are The Most Lucrative Degrees?

Post-secondary education can sometimes be a must, depending on what you want to do in your career. However, what are some of the most lucrative degrees on average? This question has bounced around in my mind quite a bit. Therefore, I thought id take the liberty of finding out this information for you, the readers. This is information I wish I researched prior to me going to university. However, someone who is more diligent will search for this information and find what they’re looking for.

With that being said, let’s take a look at whether you should get a degree, how much money you can make learning trades and what some of the most lucrative degrees are!

 

Should You Get A Degree?

Getting a degree used to make a lot of sense in previous years. However, there are many ways that you can make money. You can make so much money that getting a degree is no longer integral for “success”. However, for those who want to get into a certain field, getting a degree is absolutely necessary. In law, for example, you need a degree to practice law, along with other prerequisites.

Going to school can also be a good source of knowledge in a particular field. You don’t need to get a degree to be an exceptional coder. However, the knowledge you can from going to school is very valuable. Schools can offer guidance in these situations.

Many skills are vast. Therefore, starting can be a daunting task if you don’t know where to begin. School should be an option is if it necessary in your own personal path of success. If you go to school to please someone other than yourself, there is a possibility that you may unhappy. However, this can be applied to almost anything.

If you’re choosing to go to post-secondary school for the first time or maybe you’re going back after taking a break, here are some lucrative degrees.

 

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6. Chemical Engineer

I’ll admit, when someone first told me that they’re an engineer, I had no idea what it was. I just knew that it was a difficult career path but was very rewarding. How rewarding remained a mystery for some time. However, we are going to take a look and see just how much money chemical engineers earn.

First, let’s see what a chemical engineer does. According to the job bank Canada,

 

 

As you can see, engineers have a lot on their plate. This is why their schooling is intense. However, how does their compensation look when compared to the amount of schooling and duties they have to fulfill?

 

 

According to Neuvoo.ca, chemical engineers earn around $58,000 a year as a median income. Their lows can reach $38 with a higher salary of $99,000. The lower earners can be comparable to an entry-level job. Therefore, those who’re earning $38,000 a year are most likely just starting their careers or are in a coop position. However, as tenure and experience come, so will the pay raises.

 

Schooling

Engineering is expensive. However, chemical engineering, especially in its first year can burn a huge hole in your pocket. Chemical engineering is competitive and there are schools that’ll have cheaper tuition fees. However, schools like the University of Toronto charge, what they feel is an adequate amount for this field of study.

 

 

First-year chemical engineering at UofT is a whopping $14,000. This is not including residency, meal plans or supplies. However, this is justified by the idea that once you’ve left school, you’ll be equipped with the tools that’ll help you earn a job that can pay off your initial school investment within a few years.

If you want to become a chemical engineer and don’t want to spend this much money, you can always search for a school with a cheaper fee. There is nothing wrong with that and it is still possible to acquire a high earning job.

Average Hourly Wage/Salary: $19/h – $51+/h OR $38,000/y – $99,000+/y

Tuition First Year: $8,000+

 

5. Civil Engineer

Civil engineering is a spectacular path to follow. Although it takes a considerable amount of schooling, it may be worth it in the end. Before we get into how much you can earn as a civil engineer, let’s define it for those who may be unclear on what they do.

To put it simply, civil engineers design, supervise and build infrastructure projects and systems. These projects include but are not limited to roads, airports, buildings and water supply systems. Civil engineers play an integral role in society. The crazy part is that many people don’t know the names of any civil engineer who has changed society in a major way.

For example, Henry Bessemer. Henry was responsible for the first mass-producing steel process. An important achievement that led to the eventual development of modern skyscrapers. If you’ve been to any major city than you’ve seen a skyscraper, especially if you live near Toronto.

The compensation can be quite high. Even the lower earnings are still considerably high than in many other professions. Newer civil engineers can earn as low as $20 – $25 dollars an hour. However, more seasoned workers can earn over $60 per hour. Toronto, for example, has a low of $22/h, a high of $61/h and a median of $38/h, in Toronto. Therefore, you can see why this job is compelling to many people, aside from the fact that they play an important role in society.

 

 

Schooling

The degree can be quite expensive but for good reason, as you can see. Furthermore, you may have to do co-op (paid) to complete your degree. The tuition, on the other hand, can vary in price. This ultimately depends on the school. Many people believe that degrees from a particular school are more prestigious. Therefore, schools with that prestige can cost more. However, it seems that the average price is $8,000+. I’ll display a few tuition fees below.

 

 

Next is the fee for the University of Waterloo.

 

 

When making your decision, you need to think of many factors like distance and price. Therefore, check out other universities because their costs and other important information will be on their website!

Average Hourly Wage/Salary: $20/h – $60+/h OR $39,000/y – $117,000+/y

Tuition First Year: $8,000+

 

4. Nursing

Nursing is a long journey. However, it is extremely worth it. It is one of the most rewarding fields that you can be in. Helping people and being the difference between someone living or dying and being comfortable. Nurses are truly admirable. Due to the fact that nursing is in the medical field, education is extensive. However, they do get compensated well.

 

 

As a nurse in Canada, you earn, on average $75,000 a year. For many, that’s a fortune. $75,000 is well above the poverty line and can buy you quite a comfortable life. If you’re a double income household, then you’ll be in an even better situation. However, this is the median.

Nurses, especially new ones, will probably make less than this median amount. It is only when you gain experience and tenure does your pay increases. To the opposite effect, you’ll have the ability to earn well over six figures with the top earners making $128,000.

 

Schooling

Schooling for nursing can take 2 – 4 years and can be relatively expensive. Schools like Ryerson offer a four-year collaborative degree where you can gain all the knowledge you need to know. However, many schools offer nursing programs that start from $7,000 and up depending on various factors. These factors are parking, housing, meal plans, and further education.

 

 

Once you’ve completed your bachelor’s degree, you’ll need to pass a test called the National Council Licensure Examination (NCLEX). Once this is passed, all you need to do is apply to the College of Nurses of Ontario and you can begin your career as a nurse

Average Hourly Wage/Salary: $21/h – $65+/h OR $41,000/y – $128,000+/y

Tuition First Year: $7,000+

 

3. Software Engineer

Here we are, about to discuss another engineering position. If you haven’t noticed already, being an engineer is a great choice. This one differs from a civil engineer because it focuses on technology rather than infrastructure. A software engineer focuses on building software.

This software can be built through coding languages such as  Python and Javascript. Furthermore, software engineers can develop computer games and applications. These are some of the many things that software engineers create.

Software engineers have a high median income of $92,000. However, the low-income earners are sitting at around $45,000. Whereas the highest earners are reeling in almost $160,000 per year.

 

 

This is a rather large jump from the civil engineer. The skills that are required to become a software engineer are difficult to find and are very much in demand. Technology is advancing at a rapid rate with no sign of slowing down. Therefore, if you’re looking to develop a skill so that you can earn a lot of money, I’d suggest software development. However, it’s not a field for everyone as a lot of people can find their duties to be boring, tedious and confusing.

 

Schooling

For schooling, the average amount that you’ll have to pay is going to be close to other engineering programs. It’s a four-year program that costs approximately $8,000+. However, this can vary depending on the school and the competitive nature of the program. I’ll display the picture again to show you how much you may have to pay when choosing to become a software engineer.

 

 

Feel free to click the picture. It’ll direct you (in a different tab) to the Canadian government’s website where they display the average tuition fees for various degrees.

Average Hourly Wage/Salary: $23/h – $80+/h OR $45,000/y – $157,000+/y

Tuition First Year: $8,000+

 

2. Finance/Accounting

Finance is a broad category. There are many jobs that you can venture into. Some of these jobs pay an average amount. However, there are jobs that’ll pay you an extremely high amount. The caveat is that in order to reach this milestone, you’ll have to do a lot more than getting a degree.

There are many certifications that people in the finance world can achieve. The CSC and CFA are a few examples. We will use the average salary of a finance director to give you an idea of the heights that those in this field can reach.

The finance director, simply put, is a person(s) that is in charge of the success of a companies finance department. Most major companies have one of these people or a team. They’re responsible for all financial activities, training the company’s accounting staff, budgeting and more. It is a vast role that comes with a lot of responsibility. Therefore, they get compensated quite nicely, depending on the company.

 

 

Finance directors have a fairly high range of wealth with the lowest being $60,000 a year and the highest $172,000 a year. Fortunately, the median is $113,000. Therefore, if you happen to reach this level, you’ll be earning more most than most people in Canada and the United States. However, much like the other fields, you can go into various different roles. Some pay less and others will earn you more.

 

Schooling

The schooling for a finance degree is a 4-year bachelor’s degree. If you want to become more qualified, you may achieve an MBA. The price of admission is relatively average with some Universities, like Ryerson, only charging $7,000 – $8,500 for the first year.

 

 

Furthermore, depending on if you want to get into the accounting side, wealth management or investing side, you will need to get certain certificates. For example, CSC is a certification that allows you to perform certain financial transactions. There are other, more prestigious certifications like the CFA that cost thousands of dollars and take multiple exams to acquire. However, once you’ve acquired this certification, you’ll garner more trust and credibility.

Average Hourly Wage/Salary: $30/h – $88+/h OR $60,000/y – $172,000+/y

Tuition First Year: $7,000+

 

1. Business Administration

Business is different from the other degrees on this list. it’s a degree where you can take the knowledge you’ve learned and create something of your own. You can do this with many other professions. However, business focuses on the foundations and fundamentals. Taking a business can help you understand how to operate a company. You’ll be able to make things more efficient.

You, as a business expert, will be able to hire the right talent and have the vision of what you want your business to me. Although, you will have to develop other talents. For example, if you wanted to create an electrician business, you may know how to own and operate it. However, if you don’t know how to do fundamental aspects of the day to day jobs, the quality of service may not be up to par. Customers trust those who know what they’re doing from a business and service providing aspect.

If you’re looking to be an entrepreneur, having a business degree can help. However, it is not necessary. Some notable people who have business degrees are among the richest in the world. People like Warren Buffet and Michael Bloomberg both whose net worth is in the billions. Having a business degree can help you move into a business general manager position as well.

 

 

In the Toronto region alone, business general managers can achieve up to $123/h. This equates to $239,000 per year. However, they are the ones who make sure that a business is operating at an acceptable level. Whether they’re operating their own business or working for a company, the stakes are high. If they’re operating their own business they will also have to carry a lot of the risk.

 

Schooling

The schooling for business administration and management services is about average as well. Many people do an undergrad and follow that up with an MBA.

 

 

These are the average undergrad tuition fees for 2019/2020 and business is sitting just under $10,000. Although more than nursing and other fields, it is significantly less than law and dentistry.

 

 

Business administration, however, is the most one of the most expensive fields for people doing post-graduate studies. Costing around $30,000 for a regular MBA and $50,000 for an executive MBA (Average graduate tuition fees for Canadian full-time students, by field of study, 2018/2019). Therefore, this is one of the degrees that I’d say is the most worth-it, to me. However, what “worth-it” differs from person to person.

Getting a degree is an amazing option and is necessary for a lot of fields and career paths. Therefore, make the decision that you believe will be right for your chosen path in life.

Average Hourly Wage/Salary: $18/h – $123+/h OR $35,000/y – $239,000+/y

Tuition First Year: $6,000 – $10,000+

 

That’s All… For Now!

That was part one of the most lucrative degrees. We will be releasing part two in the following weeks. For that article, we will be discussing the most profitable trades that you can go into. University is not for everyone. Therefore, we will explore options for those who’re looking to venture off into the trade industry.

Until next time!