Are you considering chasing after the highest paying degree with the expectation of having a lucrative and successful career? Having goals can be critically important when reflecting on your self worth and being honest with yourself about accomplishments. Is your goal to pursue a degree that will help you earn the most money? Or, is your goal to maximize your earning potential based on your current education? Regardless of which way you may be leaning, incorporating a cost/benefit analysis will help you make a more informed decision of which path to choose.
In doing a little research on the highest paying degree, you will notice that the most lucrative corresponding careers, when considering the average annual compensation, are medical doctors specializing in one form of health care or another. Yet, what is the cost of going to school, both in terms of time as well as financial commitments? Does a career in health care align with your values and integrity? Does a total of 12 years of post high school education interest you?
Although the average doctor makes a very comfortable living, the wealthiest people in our nation have business experience. Take a look at Fortune 500 CEO’s, with annual compensation that dwarfs the average medical professional, and you will find they generally have advanced business degrees. Of course, you will find plenty of bankrupt or incarcerated individuals with advanced business degrees as well. This time investment varies by school and program, with executive MBA programs averaging just over two years.
Take a look at the average political leader in our nation. The majority of our Senators and Congressmen has law degrees and are financially set up quite well for post retirement life. There are many attorneys who can make a case for the highest paying degree being the Juris Doctor.
With all of these options, it can be hard to choose. Instead of thinking about generally pursuing the highest paying degree for your career choice, one may be better off considering the highest paying degree based on individual personality, career objectives and life needs and goals. This country holds the opportunity for us to choose our own path. We are not mandated into indentured servitude nor do we have any doors closed to us because we did not perform on an exam the way that was expected. If considering returning to school to enhance your career options, conduct a cost/benefit analysis to ensure satisfaction in your choice.
{ 2 comments… read them below or add one }
Sean,
I am looking for the highest paying job while still having a flexible schedule so I can spend time with my family. How can I capitalize on that? I’m not going to be a doctor or a laywer, and the job I am currently in keeps me away from home weeks at a time. I’m looking for a job where I can feel good about myself, make a lot of money, and spend time with my family. (Not in this order) Although opening my own business appeals to me; I think a lot of times that your business owns you, not the other way around.
Each of us battles with finding harmony or balance within our lives. As individuals, we have many interests, obligations and responsibilities that require our time. Since we know that our time is finite, we have to make choices. The answer to your question is going to be unique to you because it is a very personal choice. How do you want to be defined? What are your priorities? What you are learning at this moment in time is that you do not want to sacrifice time away from home to pursue your career. Sometimes highest paying isn’t always measured by dollars and cents and you have to determine that for yourself.