Many students weigh up the pros and cons of going to university due to sky high tuition fees and many more hope to choose a degree that can pay off in the long run. So with that in mind, here is a list of degrees commonly studied by millionaires:
7 Degrees making the most Millionaires:
1. Engineering
2. Economics/Finance
3. Politics
4. Mathematics
5. Computer Science
6. Law
7. MBA
1. Engineering
The degree provides the opportunity to gain and develop many of the necessary skills and traits to have a successful career such as problem solving, innovative thinking and perseverance. Many engineering degrees also have some of the highest salaries in the world with the median engineer in the United States earning $99,000 a year, compared to the median of $46,000 across all workers.
The demand for engineering skills across various industries, including technology, energy, and manufacturing, ensures a steady influx of opportunities and many engineers also leverage these technical skills to innovate and create, which leads some to pursue entrepreneurial ventures. Exemplifying this, engineering is a subject that has been studied by some of the wealthiest people on the planet, including Jeff Bezos, Bill Gates and Bernard Arnault all studying this coveted subject.
2. Economics and Finance
Economics and finance are some unsurprising degrees to make it to the list of most millionaires produced. Finance is a global industry, and professionals in this field often deal with international markets, currencies, and investments. The ability to navigate the complexities of the global financial landscape is highly valued and can lead to higher compensation. Graduates in this field often find opportunities in high-paying roles such as financial analysts, investment bankers, and financial consultants.
Networking opportunities within the finance sector also play a crucial role in career advancement and access to lucrative opportunities. Overall, a degree in economics and finance puts individuals strategically for financial success in roles that navigate the complexities of global markets and economic landscapes.
3. Politics
A degree in politics offers valuable skills and insights that can lead to lucrative career paths and above all can give highly transferable skills to careers other than politics. Critical thinking, effective communication, and policy analysis skills acquired through a politics degree are highly transferable to various sectors and graduates may find success in many other industries such as government and public administration, law, business, consulting, entrepreneurship, international relations, media, and journalism.
While the degree itself may not guarantee millionaire status, the diverse skill set and knowledge acquired can pave the way for successful and financially rewarding careers across a spectrum of industries.
4. Mathematics
A degree in mathematics is favored by many millionaires due to its emphasis on analytical and problem-solving skills. Mathematics graduates possess versatile expertise applicable across diverse sectors, including finance, technology, and data science. The ability to analyze risks and make informed decisions makes maths graduates particularly sought-after in fields such as quantitative finance.
The scarcity of individuals with strong mathematical skills elevates the demand for maths graduates and some go on to have very lucrative careers. Some CEOs who studied maths include Microsoft’s Steve Ballmer, Google’s Sergey Brin and Netflix’s Reed Hastings, to name just a few.
5. Computer Science
Computer science is a popular degree among millionaires for its emphasis on programming and data analysis skills, highly sought-after in the rapidly growing tech industry. Graduates often find success in high-paying roles, and the entrepreneurial mindset fostered by computer science programs can lead to innovative ventures with substantial financial gains. The global applicability of these skills allows graduates to engage in diverse industries, amplifying their earning potential. As technology advances, the adaptability of computer science graduates positions them at the forefront of lucrative opportunities.
Some noteworthy billionaires who studied Computer Science include Mark Zuckerberg and David Siegel.
6. Law
Law is a proven avenue to financial success for several reasons. Corporate law, in particular, presents lucrative opportunities with high-value transactions and complex cases. Entrepreneurship is common in the legal field, with many attorneys establishing profitable practices. The prestige associated with legal expertise opens doors to influential networks and high-profile clients, contributing to financial success.
Legal knowledge is crucial across various sectors, allowing lawyers to diversify their practice areas and increase earning potential. While law alone may not guarantee millionaire status, the combination of legal expertise, business acumen, and networking, positions many lawyers for substantial financial achievement.
7. MBA
An MBA, or Master of Business Administration, is a postgraduate degree that equips individuals with advanced business and management skills.
People who studied an MBA often go into very successful and high paid careers due to its strategic advantages. The MBA curriculum provides a comprehensive understanding of business principles, strategic management, and leadership, preparing graduates for executive roles. The networking opportunities within MBA programs expose individuals to influential connections and potential business ventures. The practical knowledge gained in areas such as finance, marketing, and entrepreneurship positions MBA holders for leadership roles in diverse industries, enhancing their potential for financial success.
The versatility and prestige associated with an MBA often lead to lucrative career advancements, making it a strategic choice for those aiming to achieve significant financial milestones. Some billionaires that have studied an MBA include Phil Knight, Nike’s founder, Michael Bloomberg, Bloomberg’s founder, and Mukesh Ambani, Chairman of Reliance Industries.
