College graduates on average earn more than those without a degree, but you don’t need a bachelor’s to land a high-paying job.
In some cases, a two-year degree can be just as valuable. Dozens of associate degrees can lead to high five-figure and six-figure incomes, according to a new report from salary data provider Payscale.
Payscale looked at the education and employment histories of more than 3 million college graduates with either an associate or bachelor’s degree. Then it ranked colleges according to alumni median salaries in the first five years of their career (“early-career pay”) and the median salaries of alumni with 10 or more years of work experience (“mid-career pay”).
These findings, published on Sept. 4, note that associate degree holders can earn as much as $150,000 within 10 years of graduating.
Here are the five highest-paying associate degrees, according to Payscale:
1. Instrumentation technology
- Early-career median pay: $55,300
- Mid-career median pay: $116,300
2. Software engineering
- Early-career median pay: $67,200
- Mid-career median pay: $112,400
3. Radiation therapy
- Early-career median pay: $75,200
- Mid-career median pay: $109,500
4. Fire technology
- Early-career median pay: $50,600
- Mid-career median pay: $102,500
5. Instrumentation & control engineering
- Early-career median pay: $63,300
- Mid-career median pay: $101,900
Students who pursue an associate degree in science, technology, engineering or math are projected to earn the most overall, Payscale found.
Tech and health-care industries have struggled with talent shortages on and off for years. As a result, more employers in these fields are dropping the requirement for a bachelor’s degree for many middle-skill and even higher-skill roles to widen their talent pools. That creates new opportunities for students who decide to pursue a two-year degree.
Instrumentation technology topped the list of the highest-paying majors, with an average mid-career salary of $116,300, followed by software engineering at $112,400 and radiation therapy at $109,500.
Instrument technicians can work in chemical plants, food processing plants, petroleum refineries and other businesses to install, test and repair manufacturing equipment. This highly specialized role may involve working with hazardous materials and in potentially dangerous environments.
The top-earning two-year degrees came from schools with specialized training in nursing, engineering or other STEM-related professions, Payscale reported.
The Helene Fuld College of Nursing in New York City offers the most financially rewarding associate degrees, with mid-career pay of $106,200, followed by Pacific Union College in Angwin, California, at $100,900. Of the top 10 schools with the highest-earning graduates, many specialize in nursing and health care.
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