Have you ever wondered which university degrees provide the best opportunities for financial success? Well a study by the wealth consultancy WealthInsight may have the answer. A ranking was produced by gathering together the academic histories of millionaires around the world. The top field of study is Engineering.
- 1. Engineering
- 2. MBA
- 3. Economics
- 4. Law
- 5. (Bachelor’s) Business Administration (BBA)
- 6. Commerce
- 7. Accounting
- 8. Computer Science
- 9. Finance
- 10. Politics
Note: This list contains both graduate and undergraduate degrees.
I happen to work with some engineers and I can say most of them are in fact doing quite well financially. Petroleum engineers can easily make six-figures a year straight out of university if they’re willing to work in the oil fields. Software, materials, and industrial engineers, all make above average incomes too.
The personal finance blogging community also shows categorical evidence that engineers are indeed a financially savvy bunch 😉 Tim from Canadian Dream is in his 30s and reveals he makes six-figures a year working as an engineer for a crown corporation. 34 year old Frugal Trader from Million Dollar Journey recently reached a household net worth of a million dollars. Both him and his wife are full time engineers. And Phil, one of the most knowledgeable commentators who read my blog, met his wife in their engineering class at university. He retired in his 40s after reaching millionaire status and is now doing lots of volunteering work.
Of course at the end of the day it takes more than just a degree to become a millionaire. Having certain soft skills and personality traits are important as well. This means we should be efficient, personable, seize opportunities when they arise, and know when to take risks (both professionally and financially.) The point of a degree, above anything else, is about showing an ability and willingness to learn.
Here are what random denizens of the internet had to say about the wealth study.
“Most millionaires I know drive around in old Ford trucks and have jeans with holes in them; not sitting in a park wearing a tux with a top hat.”
“The only real way to become truly wealthy is to engage in something with substantial risk, though often you can substitute some of that risk by exploiting people. And even so, your chances are pretty good that you will lose your pants instead.”
“One of my best friends growing up got kicked out of high school during his junior year. He worked as a plumber’s helper and now owns three plumbing companies and retired eight years ago at age 45.”
Although there are many ways to become a millionaire and retire early, earning a degree in engineering, MBA, or economics seems to be a popular way to do it! However I have tried to go down that path and failed miserably, so it’s not the right strategy for everyone.
Random Useless Fact:
Dilemma is a difficult choice between just 2 options. Trilemma, quadrilemma, and so forth exist for more options.