 The best college degrees for entrepreneurs, that's what we're going to be talking about today, but before we get into that, let's go ahead and gently tap the like button in order to defeat the evil YouTube algorithm. On this channel, we talk about personal finance, college degrees, careers, and opportunities that are going to lead you to success. And we also go over some of the common traps that so many people fall for. If you're new here, and that sounds like something that would interest you and you haven't done it already, go ahead and smash the subscribe button and ring the notification bell so you never miss an opportunity. With that out of the way, let's jump right into it. This is going to be the best college degrees, the best college majors for entrepreneurs. Now, of course, you don't have to get a college degree in order to become an entrepreneur. However, most business owners do have a college degree. Studies have shown that about 80% of millionaires have a college degree as well as 90% of billionaires. However, there are some college degrees that definitely lead towards more success when it comes to becoming an entrepreneur later on. A lot of the time, people are going to want to get some business experience, some real life experience, build up their skills before they go out on their own and start a business. And there are some degrees that are going to teach you more of those skills. There's also some degrees that will lead you towards getting careers that are going to teach you more of those skills and get you some really good experience. These are the degrees that we're going to be going over today on this list. And the very first one is probably going to surprise quite a few people. It's going to be engineering. So engineering degrees are known for being really well paying. I've talked about this before on the channel. If you look at pay scale, for instance, eight out of the top 20 degrees listed on there are engineering or engineering related. But let's take computer engineering, for instance, you're going to start off in your first five years making around $74,000 a year. And then after 10 years, which is also known as your mid-career pay, you're going to be making around $123,000 a year. BLS shows that the average computer hardware engineer makes around $117,000 a year. There's 71,000 jobs available. Unfortunately, it's only growing at 2%, which is slower than average. Now, those are all really good statistics. But what makes engineering so good that it's pretty much universally respected? The truth is a lot of the time people who graduate with engineering degrees end up not even working as an engineer, because there are so many other opportunities out there for them that aren't necessarily in a engineering career. And to illustrate this, using data from a census report that was taken in 2011, you can see that engineering graduates in all different types of occupations earn about $3.5 million in a lifetime versus $2.4 million, which is the average. That is a whopping 45% difference. But looking into this a little more closely, engineers earn more down the line no matter what career they end up going into. So for instance, if an engineer ends up becoming a professional artist, they're going to make around $3 million in a lifetime compared to $2.3 million. This is going to be a 30% difference. If they go into community service or a legal profession, they're going to make around $3.2 million in a lifetime compared to $1.8 million, which is a whopping 77% difference. Now it is hard to say whether this is correlation or causation. It could be that people who are smart enough to graduate as engineers are probably going to be people who would have been successful no matter what they did. Or you could say that graduating with an engineering degree will prepare you to do just about anything. Nobody really knows and honestly, it's probably a little bit of both. Interestingly enough though, engineering degrees came in as the number one career on the video I did, which is the top 10 degrees that create the most millionaires. They were better than any other type of degree. So engineering is one of those degrees that is going to teach you the technical, you know, nitty gritty mathematical side of things, but it teaches you in such a way where you can apply it to real world problems. And at the end of the day, entrepreneurship is all about problem solving. So that's why this makes such a good combination when an engineer decides to go out and become an entrepreneur. Next one on the list is going to be an accounting degree. Now with this degree, you're going to make around $51,000 a year in your first five years. And then mid career pay is going to be $88,000. According to BLS, the average accountant or auditor makes around $71,000 a year. There's 1.4 million jobs available and it's growing about as fast as average, which is 4%. So one thing you're going to notice is that there are a lot of business related degrees on here. Accountants are almost to the business world, what nurses are to the medical world. There's so many of them because a normal business needs a lot of them in order to function. A lot of the time, accountants are going to have the choice where they can rise up within a company to the highest level if they want to. Sometimes they'll go into tax accounting. They'll discover a really good business opportunity because they're doing taxes for all kinds of different businesses. And then they can see how much everyone's making and capitalize on opportunities that pop up. They can start their own business and they'll have a much better chance of being successful because they have that business background and they've built those skills. A lot of the time they'll get experience in the business world, which you can almost consider like training wheels for becoming an entrepreneur. And this is why accounting came in as number seven on the list of the top 10 degrees that create the most millionaires because quite a bit of them end up becoming entrepreneurs and starting their own business. Next one on the list is going to be information technology. Now this one of course is a technology related career and they kind of focus on the day to day tasks that need to be done within a company that involve technology and information systems. They make around $56,000 a year at the beginning of their career and mid-career pay is around $93,000. There's a bunch of different careers that you can go into. One of them would be really good would be a network and computer systems administrator. They make around $83,000 a year. There's 373,000 jobs available and it's growing at 4% which is as fast as average. Now one thing that when it comes to technology related degrees and careers in general is there's just a ton of opportunity here. The age of automation is coming. Technology is basically disrupting or completely taking over just about every industry out there. And so technology related skills are very highly coveted especially right now. So if you can gain a lot of skills here you can recognize good opportunities and take advantage of them. Your background working in the technology industry will probably help you quite a bit when it comes to starting a business. You can have a lot better idea what business needs are out there as well as customer needs. It also doesn't hurt to be tech savvy in general when it comes to starting a business because let's be honest you do have to use quite a bit of technology in this day and age in order to stay competitive. The next one on the list is going to be an economics degree. Now economics is going to be the study of how money and value flows through a country and sometimes in between different countries. And with an economics degree you can expect to make around $58,000 a year in your first few years and then $109,000 a year in mid-career pay. Now this one it can be a little bit hard for you to get your first job. This is something that I have realized when I was researching this. It can be a little bit difficult to get your first job so that you can get that experience but once you get your foot in the door you get your first job. Everything after that is going to be pretty much smooth sailing. Now there are a ton of different careers that you can go into. One of them might be a financial manager. Financial managers make around $129,000 a year. There are 697,000 jobs available and they're growing at 15% which is much faster than average. So an economics degree is technically speaking not a business degree however they end up competing for a lot of the same jobs that people who graduate with business degrees go for and so I tend to lump them together. Economics is pretty flexible similar to a business degree so there's a lot of different industries and businesses and careers that you can work in. It's also going to give you a very good understanding of what industries and businesses are going to have the most opportunity in them and so you're going to be much more likely to succeed if you decide to open your own business after getting a few years of experience in different industries or at the very least even if you don't open your own business you'll know which industries are best for you to go into so that you don't waste your time. I've talked about this before but if you go into a booming industry versus going into a dying industry just about everything is going to be so much better in the booming industry. You're going to get paid more, you're going to have more opportunity, your job satisfaction is going to be higher. Of course you're going to have more career growth, you're going to have you know more options when it comes to going to different companies. Pretty much everything is going to be better so I always recommend trying to go into an industry that has more opportunity if you have the choice and same goes for working for different businesses although I would say less so. Economics did come in as the number three degree when it comes to the degrees that created the most millionaires and I think that has a lot to do with the fact that they're more likely to start a successful business and then also probably has quite a bit to do with investing as well. Next one on the list is going to be management information systems also known as MIS. Now this one is kind of like a business and management related degree mixed in with an information technology related degree with an emphasis on information systems and data. So this one you're going to be making around $61,000 a year in your first few years and then mid-career pay is going to be 107,000. Now there's a ton of different careers and I'm being totally serious when I say this there's seriously like a ton of different careers that you could go into with an MIS degree it's extremely flexible however one of them you could go into would be a computer information systems manager. If you went into this career you'd make around $146,000 a year there's 461,000 jobs available and it's growing at 10% which is much faster than average. This one is kind of a new kid on the block it came out pretty recently it's one of my favorite degrees. That killer combination of being business and management oriented and also you know having that technology background it's just really good and there's so many different companies that need people that have this skill set. Now on top of the fact that you have a ton of different options in terms of careers that you can go for you can work in just about any industry for just about any business out there. First of all right off the bat just out of school you're going to have some very valuable skill sets but after you get a few years of experience you're going to know things that are even more valuable especially if you recognize an opportunity later on and you decide to start your own business. You can technically work in any industry out there but you'll likely be working in either the technology industry or the finance industry and both of those are excellent they have tons of opportunities so you'll get a few years of working experience you'll recognize an opportunity and then you'll be able to capitalize on it. Because of the fact that you have that business background and that technology background you're probably going to be even more likely to succeed than if you just had a business background. Next one on the list is going to be a finance degree. Now accounting tends to be a little bit more backwards looking so you're basically going to be kind of like looking back in time and keeping track of a company's numbers. Finance is a little bit more forward looking so yes you will be looking back in time but you're also going to be trying to project what things are going to happen in the future. With a finance degree you're going to make around $56,000 a year starting out in your first five years mid-career pay is going to be around $99,000. There are a ton of different careers that you can go into another extremely flexible degree but one of them that I'm going to talk about is becoming a financial analyst. As a financial analyst you'll make around $81,000 a year there's 487,000 jobs available and it's growing at 5% which is faster than average. This is another really good one and a lot of the time people get this one mixed up with accounting and to be fair they do end up competing for a lot of the same jobs. This is another business related career and it's a little bit more forward looking and you're going to learn a lot of skills that would be extremely valuable when it comes to starting your own business. This one came in as number nine on the list of the degrees that create the most millionaires so it's definitely one of the better ones. I would also say that this is kind of a high risk high reward type of degree in terms of the jobs and the careers that you could potentially get into. When I was doing my research on different careers that are most likely to make you a millionaire finance was pretty high up there but actually when you really looked down deep into the detail you discovered that the top 99.9th percentile a lot of those people that are in that very very tip top percentile are people in the finance industry so there is a ton of opportunity within the finance industry it's pretty cutthroat. It's going to be one of those high risk high reward type of careers especially if you open up a business but there's a ton of opportunity there. Next one on the list is going to be a computer science degree. This is one that you see all the time on this channel because it's definitely one of the better degrees out there. With this degree you're going to be making around $70,000 a year in your first five years and then mid-career pay is going to be $116,000 a year. Now there's a ton of different directions you can go with this one. One thing you could get into is becoming a software developer. They make around $107,000 a year. There's a 1.4 million jobs available and it's growing at an insane 22% which is much faster than average. That means over the next 10 years you are going to see 316,000 new jobs popping up. This is definitely one of the better degrees you can get. It's also in general just one of the best skills that you can learn especially at this particular time in history. Ziprecruiter for instance released a skill index where they ranked different types of skills and how valuable they are and how much you can get paid for them and no surprise that software engineering came in as the number one skill out of any possible skill that you can learn out there. Now a lot of people on YouTube especially will say that you don't have to get a degree in order to become a software developer and get your foot in the door in order to break into this field and that's technically true. You don't have to get a computer science degree. There are many stories out there of people who have broken into this field and become software developers either with another degree or in some rare cases people who didn't have any degree at all. But the truth is a lot of people out there aren't autodidacts. They can teach themselves coding and a lot of people probably don't have that much experience in coding already. They're not like a child prodigy so if you're just a normal person who is thinking about getting into this a computer science degree is a great idea. I also think that part of the reason why you can break into this field without a computer science degree is because of the fact that there's so much opportunity and companies are kind of just taking whatever they can get. I think in the future a computer science degree will actually become more valuable as this gets a little bit less under saturated. Now technology and particularly software is disrupting just about any industry that you see out there. So at this degree you know you'll probably end up working in the technology industry but you can technically you know start a business or work in just about any industry out there. You can also combine this one with just about any other subject out there and it makes a really good combo. This one came in as the number eight degree on the degrees that create the most millionaires and honestly I think it's going to be a lot higher than that if we look at this list again like five or ten years from now. This is a great one to get into so much opportunity in the technology industry in general. You get this degree get a few years of experience to the point where you have like really good skills and you can recognize opportunities and then at that point you can probably go ahead and either start a business on the side or just straight up quit your job and start a business. Now the next one on the list is going to be basically any normal degree plus a business related degree or just any business related degree in general. As you probably notice there are a ton of business degrees on this list and if you look at that list of degrees that created the most millionaires I think six or seven out of ten of them are business related and I think there's a reason for that going into business will teach you a lot about starting your own business. It's almost like having training wheels for entrepreneurship and so when you do end up going out and starting your own business you're probably much more likely to succeed. Now contrary to popular belief a lot of YouTubers on here will say that oh you should just skip college and just start in a business right away going to college is a total waste of time but most people who start these really successful businesses actually do go to college first they get a few years of experience and then they realize there's a huge opportunity for them and they end up quitting their job in order to pursue that opportunity. Getting that experience can be extremely valuably. First of all you're going to be learning a lot of extremely valuable skills and you're going to be familiarizing yourself with whatever industry you're in. So when a really good opportunity pops up they've gained a lot of skill and they're able to jump on it. Chances are if you've taken business classes you're going to know how to do really basic stuff like doing research on a market you know keeping basic accounting making sure that your finances are good so you're going to have a huge leg up on all the people who don't know how to do that basic business stuff. If you haven't done it already make sure to gently tap the like button hit the subscribe button ring the notification bell and comment down below any thoughts comments criticisms etc that you have on the video and before you leave make sure to check out my other videos right here I made them just for you