A lot of things come into play when you want to get a PhD. Even though learning new things and making a difference in your field are important, you can’t ignore the money side of things. This article will talk about the 12 highest-paying PhD degrees in 2024. Not only do these degrees offer good earning potential, but they also offer a bright job outlook. This article is for you if you want to make sure you can build immense wealth after getting your PhD.
Factors that determine high-paying PhD degrees
Several things make it possible for people with certain PhDs to make a lot of money. One of the main reasons is the need for experts in the field. Industries that need a lot of specialized knowledge and skills tend to pay more to get and keep good workers. How much you can earn also depends on how much education you need for these jobs. The highest level of education you can get is a PhD. Getting a PhD often means taking on more responsibility and leadership roles, which means higher pay. The location and type of work that people with these degrees do also have an effect on their salaries.
Current trends and job outlook for high-paying PhD degrees
Before getting into the specific degrees, it’s important to know what the job market is like for high-paying PhDs right now. Computer science and engineering are two fields that are growing very quickly thanks to how quickly technology is changing. In the years to come, this trend is likely to keep going, making these degrees very popular. There will also be a lot of growth in the healthcare industry, which will create jobs for people with PhDs in medicine and related fields. Because global markets are getting more complicated, there will also be more need for economists and finance professionals. Overall, the job outlook for people with high-paying PhDs is good, as many fields are actively looking for qualified people.
Top 12 Highest-Paying PhD Degrees in 2024
Here are the top 12 highest-paying PhDs in 2024 based on data collected by the Bureau of Labor Statistics (BLS).
1. PhD in finance
Median Salary: $139,790 per year
Job Outlook: 16% (2022-2032)
At the time of the writing of this article, the highest-paying PhD degree in 2024 is in the field of finance. In today’s complicated financial world, finance professionals are in high demand, just like economists. A PhD in finance gives people the in-depth knowledge and analytical skills they need to work in corporate finance, investment banking, and asset management. According to estimates, the average salary for someone with a PhD in finance is be $139,790 per year. You can make even more money if you specialize in things like quantitative finance and financial engineering. Thus, this makes a PhD in finance the one of the most lucrative PhDs.
2. PhD in physics
Median Salary: $139,220 per year
Job Outlook: 5% (2022-2032)
On of the top doctorate degrees in terms of popularity is none other than physics. One of the reasons why is scientists are still interested in and challenged by the field of physics. People with a PhD in physics can work in a lot of different fields, such as research, academia, and business. There will be a median salary of $139,220 a year for physicists with a PhD, making it one of the highest-paying doctorate degrees out there. People with a graduate degree in physics can find exciting work in fields like astrophysics, quantum mechanics, and materials science.
3. PhD in computer science
Median Salary: $136,620 per year
Job Outlook: 23% (2022-2032)
One of the highest-paying PhD degrees is a PhD in computer science. Technology is becoming more and more important, so people who work in this field are in high demand. An average person with a PhD in computer science will make $136,620 a year, according to estimates. As for jobs, they range from research positions in universities to executive positions in tech companies. People with a PhD in computer science can make a lot of money in fields like artificial intelligence, data science, and cybersecurity.
4. PhD in law
Median Salary: $135,740 per year
Job Outlook: 8% (2022-2032)
Most people think of research and academia when they hear the word “PhD,” but people with advanced degrees can also find work in the legal field. People with a PhD in law can focus on constitutional law, international law, or intellectual property law, among other areas. The average salary for someone with a PhD in law will be $135,740 per year, making it one of the best-paid PhDs out there. Legal academia, research institutions, and consulting firms are all possible career paths.
5. PhD in economics
Median Salary: $113,940 per year
Job Outlook: 6% (2022-2032)
To help policymakers make decisions, economists are very important when it comes to looking at and making sense of economic data. Because global markets are getting more complicated, more and more people need economists. A PhD in economics can lead to many job opportunities in academia, government, and research institutions. There will be a median salary of $113,940 a year for economists with a PhD. People who know a lot about econometrics, financial economics, and international economics will have a lot of job opportunities.
6. PhD in chemistry
Median Salary: $106,260 per year
Job Outlook: 8% (2022-2032)
Chemistry is a basic science that has an impact on many fields, such as materials, energy, and pharmaceuticals. Ph.D. holders in chemistry can make important contributions to cutting edge research and development. There will be a median salary of $106,260 a year for chemists with a PhD. There are a lot of great job opportunities in specialties like medicinal chemistry, organic synthesis, and analytical chemistry.
7. PhD in engineering
Median Salary: $104,610 per year
Job Outlook: 5% (2022-2032)
Professionals with a PhD can also make a lot of money in the field of engineering. There is a strong need for highly skilled engineers in all fields, whether it’s civil engineering, mechanical engineering, or electrical engineering. There will be a median salary of $104,610 a year for engineers with a PhD. As technology keeps getting better, engineers are very important for coming up with and using new ideas. Engineers with a PhD can make a lot of money in fields like aerospace, renewable energy, and telecommunications.
8. PhD in statistics
Median Salary: $103,500 per year
Job Outlook: 35% (2022-2032)
Statistics is an important part of analyzing data and making decisions in all kinds of fields. People who have a PhD in statistics know how to look at large sets of complex data and draw conclusions that make sense. Based on projections, the median salary for statisticians with a PhD will be $103,500 per year, making it one of the highest-paying PhD degrees in 2024. Some career paths are in academia, research institutions, and companies that use data.
9. PhD in mathematics
Median Salary: $99,960 per year
Job Outlook: 30% (2022-2032)
Math is the basis for a lot of scientific and technological progress. People who have a PhD in mathematics can help with cutting edge research and project development. As of 2022, mathematicians with a PhD should make an average of $99,960 a year. There are a lot of job opportunities in specializations like applied mathematics, mathematical modeling, and cryptography.
10. PhD in medicine
Median Salary: $99,930 per year
Job Outlook: 10% (2022-2032)
Many jobs in healthcare and research are open to people with a PhD in medicine. People with a PhD in medicine make important contributions to the field, whether they’re running clinical trials, coming up with new treatments, or teaching future doctors and nurses. There will be a median salary of $99930 a year for people with a PhD in medicine. Specializations like epidemiology, genomics, and public health can open up a lot of doors for people with advanced medical degrees.
11. PhD in business administration
Median Salary: $95,290 per year
Job Outlook: 10% (2022-2032)
People with a PhD in business administration are ready to be leaders in the business world. People with a PhD in business administration know how to make an organization successful in any area, such as strategic management, marketing, or starting their own business. This means that the average salary for someone with a PhD in business administration will be $95,290 per year. Some career paths are teaching, working as a consultant, or becoming an executive in a company.
12. PhD in psychology
Median Salary: $85,330 per year
Job Outlook: 6% (2022-2032)
Psychology is a subject that has gotten a lot more attention lately. More and more people are paying attention to mental health and well-being, so the need for psychologists is growing. People who get a PhD in psychology have the knowledge and research skills to make a real difference in the field. We expect psychologists with a PhD to make an average of $85,330 a year. There are lots of job opportunities in fields of psychology like clinical psychology, neuropsychology, and industrial-organizational psychology.
FAQs on the highest-paying PhD degrees in 2024
1. How much do PhDs make?
PhD holders make different amounts of money depending on their field and company. On average, people with PhDs can expect to make more money than people with less education. Depending on the things we already talked about, the potential income can range from $80,000 to over $150,000 per year.
2. What is the most prestigious doctoral degree?
Experts agree that the Doctor of Philosophy (PhD) is the most prestigious doctoral degree. This degree shows that you have done very well in school and are an expert in a certain field.
3. What is the most prestigious PhD Program?
The “most prestigious” Ph.D. programs really depends on the field and personal preference. However, some top institutions globally that offer prestigious PhD programs include Harvard, MIT, Stanford, Cambridge, Oxford, Caltech, Princeton, Yale, UC Berkeley, and ETH Zurich. Be sure to research and choose programs based on your specific interests and goals.
4. Who has the most PhD degrees in the world?
Right now, Dr. Benjamin Bradley Bolger holds the record for the most PhD degrees ever earned by a single person, with 14 total PhD degrees.
5. Which PhD is most in demand?
People usually look to get PhDs in computer science, engineering, and data analytics as of now. There are a lot of job opportunities in these fields, and they are growing quickly.
6. What is the hardest PhD to get?
Getting a PhD can be easy or hard, depending on the person and the field of study. There are, however, PhD programs in math, physics, and philosophy that are known for being particularly hard.
Conclusion on the highest-paying phd degrees
Finally, getting a PhD can lead to satisfying and well-paying jobs. The 12 best-paying PhDs in 2024 come from a wide range of fields, such as engineering, economics, statistics, and computer science. Professionals with advanced knowledge and skills in these areas will continue to be in high demand, which means that job prospects are very good. If you’re thinking about getting a PhD, think about what you’re passionate about, what you’re interested in, and how much money you could make. You can start a rewarding and well-paying career if you get the right degree and specialize.
Did you find this article helpful? Check out our other article on The Easiest High-Paying Degrees That Anyone Can Pursue. Thank you for reading!
