What is the likelihood that your academic degree will make you a millionaire? There are many reasons we seek higher education.
For some, we seek higher education because we are passionate about learning. Others want a career that requires an individual educations path.
Still, many people go because that is what their parents or friends want them to do. And for some, they go to college because they dream of being wealthy.
Do you want to be a millionaire someday? Is your field the right one if you are interested in becoming a millionaire?
According to a study from WealthInsight, the top millionaires had ten college majors in common.
The study analyzed the world’s top capitalists; what they studied and their academic histories, finding the commonalities in both their undergraduate and graduate degrees.
Here is an interesting fact if you are wondering whether a college degree is essential to becoming a millionaire or whether you should drop out.
Only around one percent of the millionaires in the world dropped out or did not attend college, so staying the course and getting your degree is the wiser course.
In fact, 80% of millionaires have a college degree.
If you are looking to emulate the millionaires in this study, most also had entrepreneurial and business skills in addition to one of these top ten degrees.
Interestingly, most of the richest people in the world identify as entrepreneurs and don’t mention their college degree. It is often a combination of mindset, education, and a little bit of good luck.
Top ten degrees that millionaires hold:
Engineers top the list. Engineering is the most common major of the world’s millionaires, and it is because of the purpose of the study of engineering.
Think about it; engineering studies center around envisioning a design and making it work in the real world.
It requires fortitude and focus and enables an engineering student for the realities of the world and sets them up for success because their brains are trained to see an opportunity and create.
All the traits of an entrepreneurial spirit that define millionaires.
Michael Bloomberg was a three-term mayor of New York City and majored in electrical engineering. He is also worth $31 billion.
2. MBA (Any Field)
12.8% of the millionaires hold an MBA degree. An MBA stands for Master’s of Business Administration, and many MBA graduates study business, business administration, or economics in undergrad, but the advanced degree is where the success lies.
An MBA education helps students identify deficits and how to overcome them. Are you noticing the trend of seeing the big picture and finding unique answers to an issue or need?
Indra Nooyi grew up in India, studying science in undergrad and going on for her MBA. She is now the CEO of PepsiCo and earns about $20 million a year.
George W. Bush former, two-term President of the United States, studied and received his MBA. His estimated worth is approximate $20 million.
Many of the millionaires in this study, majored in economics. This degree probably helps them make better investment and business decisions.
Studying economics helps you see the puzzle of business and economics and how to fit the pieces together within the intricacies of a global economy.
Sheryl Sandberg is the COO of Facebook, and her net worth is estimated at $1.17 billion.
If that doesn’t keep him busy enough, he also produced Iron Man 2. His net worth is $13 billion.
Lawyers are number four on the list of majors. When you consider what it means to be a lawyer, it overlays with what it takes to be a millionaire.
Lawyers learn the art of negotiation and critical thinking skills. They put in long hours and are deadline driven. These skills serve them well in making sound business and financial decisions.
Jerry Springer earned his law degree and ended up entering politics for a short time, including serving on Robert Kennedy’s presidential campaign.
He landed a radio show in the 1980’s and now the Jerry Springer Show. His net worth is $75 million.
Steve Young, a former NFL star, returned to school and earned his JD after retiring from football. His current net worth is $40 million.
5. Business Administration
The BBA (Bachelor’s in Business Administration) is the undergraduate equivalent of the MBA. A business background is crucial for many of the world’s millionaires, laying the groundwork for successful entrepreneurship.
One BBA educated millionaire told GoodCall, one of his keys to success was learning to take calculated risks, including saving money by attending a state school instead of the pricier universities.
Warren Buffett studied business administration and went on to a net worth of $66 billion, and one of the most famous billionaires alive!
Kevin Costner received his BBA and began a career in marketing before quitting to pursue his marketing degree. His current net worth is about $150 million.
The understanding of the economy and systemic processes involved helps entrepreneurs to make significant business decisions.
This degree also provides students with courses designed to develop their managerial skills. Most millionaires manage people and money, so it is no surprise this shows up number six on the list!
Lakshmi Mittal, an Indian steel magnate, based out of the UK. He is worth $12.3 billion according to Forbes.
Accounting aids those who are successful in making smart investments in the financial sector, but accounting majors also learn basic business skills.
This assists them in making both sound financial and business decisions, and it is a recipe for wealth.
Nikki Haley is the governor of South Carolina, but first, she studied accounting. Her worth is estimated around $1.6 million.
He studied accounting before going on to change the face of home improvement in America. His net worth hovers around $2.6 billion.
Vito Fossella is a former US Congressman from New York, and he also studied accounting. His net worth is $1 million.
8. Computer Sciences
Computer sciences are not at the top of the list, but with the ever-changing world of technology, it is very likely it will top the list in coming years.
It is not surprising to understand why this degree would make the top ten when you consider some of the most successful companies right now include Google, Amazon, and Facebook.
Each center around the use of information technology and computer science at the core of their success.
He chooses not to know his net worth or the valuation of his company. But Basecamp is highly successful.
His current net worth is approximate $52.7 billion, one of the top ten richest people in the world.
It is pretty obvious that having a background in finance can help you become successful in any field and giving you the know how to make smart investments in the financial sector through investments.
Studying finance gives you a firm grounding in mathematics, statistics, business, and accounting.
Mark Shuttleworth studied finance at the University of Cape Town. He is an entrepreneur and founded Canonical Ltd. He also was the first space tourist. His net worth is around $23 million.
10. Politics (political science)
You don’t enter politics for the money but to change the world. But many politicians learn how to make sound financial investments in other sectors providing them with their wealth.
If you are still undecided about your college major, one of these ten are ones to consider. Each of these majors teach you specific skills helping you make wise financial choices. But what they all have in common — they teach you critical thinking skills that goes beyond understanding a theory or principle. Instead of sighing and giving up when a problem seems insurmountable, these courses of study train you to find new ways of doing things and build tenacity.
Whatever you choose, pursue your dreams and find joy in what you are doing!