The skyrocketing price of going to college is enough to make one wonder if it's worth the cost. The National Bureau of Economic Research has attempted to answer that question by looking at factors that affect the pay that graduates in different disciplines can expect to earn. They used information from the Census Bureau to illustrate average wages.
First to those rising costs. According to the College Board, the average in-state tuition at a public university was $8,244 (more than double that if you include room and board and other fees) for the 2011-'12 academic year. For those who come from out of state, the figure rises to $20,770 ($29,657 total). For private, not-for-profit colleges the average was $28,500 ($38,589 total).
With those costs in mind, the Economic Research Bureau's study, authored by Joseph G. Altonji, Erica Blom and Costas Meghir, could be seen as a guide for college students when choosing a career. Of course, there are more prosaic reasons for choosing a line of work, such as finding something you love to do. With the report, at the least, students will know what to expect once they hit the job market.
(Check out 30 Best Paying College Majors: 2013 on ThinkAdvisor.)
One interesting highlight of the report is the monetary benefit gained by earning an advanced degree. In some fields the benefit of extra course work is huge. Biological science majors, for instance, earn 51% more than those with a four-year degree. On the other end of the spectrum, communications majors earn just a 4% premium for a higher degree. AdvisorOne also looked at the study for earnings of those in the top 10% in that degree's field, which is not necessarily related to holding an advanced degree.
With that perspective, take a look at the Top 15 Best Paying College Degrees from lowest to highest.
———
Check out these other Top 10 lists at ThinkAdvisor:
- Top 30 Colleges for Highest Starting Salaries
- 30 Worst Paying College Majors: 2013
- Top 25 Best Value Colleges: 2013
15. Letters
Average Hourly Pay: $27.41
Pay for Top 10%: $46.35
Letters is a broad discipline and graduates often find their own career paths. Graduates can boost their pay by an average of 13% by adding an advanced degree to their resumes.
14. Biological Science
Average Hourly Pay: $27.26
Pay for Top 10%: $46.08
As noted in the intro, those earning biological science degrees can increase their wages by a whopping 51%, to an average of $41.27, by spending extra time in the classroom. 
13. Communications
Average Hourly Pay: $28.17
Pay for Top 10%: $49.02
Most journalists don't get into the business to make money, and the average wage in this category proves them right. PR professionals are also in this category. An advanced degree, as noted on the first page, won't bring much of a pay bump, just 4%. 
12. History
Average Hourly Pay: $29.52
Pay for Top 10%: $49.02
Graduate studies provide a nice pay hike of 22% in this field. That's mostly because the most sought after, higher-end jobs, like museum curators and professorial work, require more than a bachelor's. 
11. Nursing
Average Hourly Pay: $31.12
Pay for Top 10%: $46.08
With the aging population, this is a field that is expected to be generating more jobs than candidates. And the pay is decent, although more schooling will only add about 8% to the paycheck. 
10. Business Management and Administration
Average Hourly Pay: $31.56
Pay for Top 10%: $51.96
This is another category for which studying more has debatable benefits. Average wages rise 6% with an advanced degree. 
9. Marketing:
Average Hourly Pay: $32.90
Pay for Top 10%: $57.29
Marketing is another discipline probably best studied for just four years. A higher degree adds 4% to the average salary. 
8. Political Science
Average Hourly Pay: $33.32
