Top 10 Most Common Majors for Millionaires
They all started somewhere - but just over one percent of the world’s millionaires dropped out or did not attend college. So, the odds of making millions without a college degree are slim to none.
August 19, 2013
Who wants to be a millionaire? Well, most people probably. Money shouldn’t be the ultimate factor in your academic pursuits, however, if you’re dying to be a millionaire, there’s a reference study that may make you rethink your chosen field.
According to WealthInsight, the world’s top millionaires had college majors in common.
According to the study, the following majors are the ten most popular degrees held by millionaires, in both graduate and undergraduate studies, from around the globe. The study conducted an analysis of the world’s millionaires and their academic histories, finding the commonalities within their most studied subjects.
If you’re debating on whether or not a college degree is worth it at all, please note that just over one percent of the world’s millionaires dropped out or did not attend college. So, the odds of making millions without a college degree are slim to none.
It’s important to note, however, that even if a millionaire has an engineering degree, for example, he or she has likely applied entrepreneurial and business skills to his or her career as well. Most of the wealthiest in the world would actually classify themselves as entrepreneurs, regardless of what their degree states.
In other words, take these with a grain of salt because a major doesn’t guarantee millionaire status.
Check out the top ten degrees that millionaires hold, compiling both undergraduate and graduate level degrees:
Millions usually don’t come with being a politician – it’s the private investments within the financial sector that account for the large sums earned.
Having a background in finance obviously aids those successful within the field to make smart investments within the financial sector.
8. Computer Sciences
As technology continues to evolve and produce millionaires amongst the ranks of well-known innovators, like Facebook’s Mark Zuckerberg, experts predict that computer science is likely to rise in rank on the list.
Understanding the economy and systemic processes involved aids entrepreneurs to make successful business decisions.
5. Business Administration
A background in business certainly aids the world’s millionaires in being successful in their entrepreneurial endeavors, many of which are the reason for their financial success.
Most lawyers who also happen to be millionaires don’t owe their bank accounts to the practice of law but, rather, smart practices within the financial sector.
A strong background in economics likely helps entrepreneurs to make smarter business and investment decisions.
Interestingly, and of note, when only graduate degrees were examined MBA’s actually topped the list, which 12.8 percent of the millionaires looked at holding an MBA.
Engineering topped the list when both undergraduate and graduate degrees were combined as the most common major of the world’s millionaires. That’s easy to understand, considering there are so many different areas the general “engineering” term falls under.
How does this list affect your career decisions, if at all?
Need money to pay for college?
Every semester, Fastweb helps thousands of students pay for school by matching them to scholarships, grants and awards for which they actually qualify. Sign up today to get started. You'll find scholarships like the $2,000 "No Essay" Scholarship from Niche, a scholarship open to all U.S. students and those planning on enrolling within 12 months.