Which college majors offer the best long-term return on investment?

As college costs climb and skepticism about higher education grows, many Americans are asking whether a bachelor’s degree is still worth the price.

A new analysis of Texas public college students shows graduates generally earn far more than non-degree holders, even in liberal arts.

The analysis, by the Postsecondary Commission, a nonprofit education group, tracked about 29,000 students who enrolled in bachelor’s degree programs in the 2008-09 academic year. Researchers then tracked the graduates’ “cumulative net value-added earnings” over the next 15 years. 

That metric compares grads’ total earnings over a period of time with those of workers without bachelor’s degrees, while also subtracting educational expenses such as tuition, room and board and income lost while attending college.

On average, college graduates outearned high school graduates by almost $87,000 over that 15-year period, even after accounting for college costs. 

Engineering and architecture majors enjoyed the highest returns. But even liberal arts majors, whose degrees can translate into lower earnings, outperformed their peers without bachelor’s degrees by about $35,000, the study found.

“Those pursuing a bachelor’s degree — regardless of field of study — are likely making a wise investment,” Michael Itzkowitz, president of higher education consulting firm HEA Group, told CBS News of the findings. “That’s a financial gain that will likely grow even more over time, as these learners and earners progress throughout their careers.”

The Postsecondary Commission study is limited to Texas students, and results may vary in other states where regional economic differences can require different levels of employment training, Itzkowitz noted. But the analysis shows that even lower-paying fields of study tend to offer economic benefits for college grads, he said.

“This study is quite rigorous, as it takes opportunity costs into account, meaning it includes the foregone costs of spending time in college in comparison to those who begin working straight out of high school,” he said.

Earning a bachelor’s degree isn’t the only way to boost earnings, with the analysis also assessing the long-term earnings boost for students who received associate’s degrees and other certificates.

Most associate’s degrees generated positive returns. The construction trades provided the strongest payoff at roughly $72,000 over 15 years after earning the credentials. 

By contrast, some two-year programs, including culinary services and logistics, resulted in net losses of about $13,000 and $15,000, respectively.

Certificates also showed mixed results. Construction trade certificates generated the highest return, at roughly $48,000 over 15 years. But seven certificate fields, including social sciences and information technology, resulted in net losses during that period.