Does a Computer Science Degree Really Boost Your Salary? I Crunched the Numbers to Find Out

As an experienced software developer and engineer, one of the most common questions I get from aspiring programmers is: "Is a computer science degree worth it? Will it really boost my salary?"

It‘s a crucial question. Earning a bachelor‘s degree in computer science is a major investment. According to the College Board, the average annual tuition and fees at a public 4-year college for computer science was $10,940 for in-state students and $27,650 for out-of-state students in 2021. At private non-profit 4-year colleges, it was even higher at $38,070.

Over four years, the sticker price of a CS bachelor‘s degree can easily exceed $100,000, not even counting living expenses or opportunity cost. Paying off that college debt could take a decade. And that‘s time you‘re not gaining real-world experience or earning money in this lucrative field.

So is pursuing a full-fledged CS degree still worth it from a pure monetary perspective? Does having a CS degree translate to a significantly higher salary as a programmer?

As a professional coder with over a decade in the tech industry, I wanted to know the real answer. Not just anecdotes or assumptions. So I dove deep into all the salary data and studies I could find to determine, as objectively as possible, how much a CS degree boosts compensation for software developers.

I analyzed data from the U.S Bureau of Labor Statistics, PayScale, Glassdoor, Dice, Stack Overflow, and other reputable sources. I broke down the CS degree salary premium by years of experience, job title, company size, location, and specialization. I also factored in the cost of earning the degree itself.

Here‘s what the numbers say about whether a CS degree really increases programmer pay in a meaningful way:

CS Degree Holders Earn More On Average, But Less Than Many Expect

The topline data is clear: software developers and engineers with computer science degrees earn more money than those without one. At almost every level of experience and job title, the median salary for CS graduates is 10-20% higher.

Let‘s look at the 2020 Stack Overflow Developer Survey. For U.S developers with a bachelor‘s degree, the median salary was:

• $120,000 with a CS degree
• $100,000 with a non-CS degree

Source: Stack Overflow Developer Survey 2020

We see a similar story for those with graduate degrees. The median salary was:

• $125,000 with a master‘s degree in CS

• $108,000 with a non-CS master‘s

• $145,000 with a doctoral degree in CS

• $122,000 with a non-CS doctoral degree

Data from other sources confirms this pattern. PayScale‘s College Salary Report, which includes data from over 3.5 million respondents, found that the median salary for computer science majors was $87,300, compared to $78,400 for all bachelor‘s degrees.

So at first glance, majoring in computer science indeed provides a significant earnings advantage – usually in the ballpark of $15,000 to $20,000 more per year. For a programmer with a long career, an extra $20K annually can add up to serious money.

However, this salary difference is perhaps not as dramatic as many would expect given the hype around elite computer science programs and the earning potential of tech. A $20K boost on a $100K salary is great, but a far cry from the guaranteed ticket to wealth that some assume a CS degree to be.

The CS Degree Wage Premium Is Concentrated Early-Career

A key factor to consider is that the salary advantage of a computer science degree is heavily concentrated in the early-to-mid career phase. The difference between what CS grads and non-CS grads earn is widest right out of college and then tends to converge over time.

PayScale‘s data illustrates this well. For software developers with a CS bachelor‘s degree, the median salary by years of experience is:

• 0-1 years: $78,400
• 1-4 years: $84,700
• 5-9 years: $100,900
• 10-19 years: $114,900
• 20+ years: $128,600

Compare that to software developers with a non-CS bachelor‘s degree:

• 0-1 years: $64,900
• 1-4 years: $75,100
• 5-9 years: $93,600
• 10-19 years: $109,500
• 20+ years: $122,100

Source: PayScale

The gap starts at nearly $14,000 right out of school. But by mid-career (10-19 years), it has shrunk to $5,400. And after 20+ years, it‘s down to $6,500.

This convergence makes sense. After a decade or two in the industry, what you‘ve actually built and shipped matters far more than your college major. A self-taught programmer with an epic GitHub portfolio and 10 years of experience will command top dollar regardless of degree. Companies care about what you can do, not just what you studied years ago.

So for those debating whether a CS degree is necessary to maximize long-term earnings, the financial value is largely about securing a high starting salary and setting your compensation on an upward trajectory for the first decade of your career. There‘s little evidence that it provides a lasting premium in your peak-earning years.

ROI: A CS Bachelor‘s Is Worth ~$300K in Extra Lifetime Earnings

Let‘s do a more rigorous estimate of the overall return on investment (ROI) in lifetime earnings for a computer science degree vs a non-CS one:

According to the Stack Overflow survey, the median salary for a CS grad is roughly $20,000 higher than for a non-CS grad ($120K vs $100K). If we assume this gap persists across a 40-year career (which as discussed, is likely an overestimate), then the total earnings difference is:

• *CS degree: $120,000 40 years = $4.8 million**
• *Other degree: $100,000 40 years = $4 million**
• Difference: $800,000

However, this doesn‘t account for the upfront cost of the CS degree itself. Using conservative estimates of $35,000 per year in tuition and fees (since many CS students attend pricey private universities or out-of-state public schools), and tacking on an extra $60,000 in room and board, books, transportation and other expenses, the 4-year cost comes to:

• *Tuition and fees: $35,000 4 = $140,000**
• Other expenses: $60,000
• Total: $200,000

So if we subtract this from the $800K lifetime earning difference, we arrive at around $600,000 in extra lifetime earnings for the CS grad, or $15,000 per year over a 40-year career. Still a great return for the average undergrad.

But remember, this estimate assumes the $20K salary gap stays constant throughout the career, which it likely doesn‘t. If we use PayScale‘s data showing the wage premium declining to just $5K after 20+ years, a more realistic estimate of the lifetime earnings boost is $10-12K per year, or $300,000 to $400,000 total after subtracting the degree cost.

Definitely not chump change. But a far cry from a one-way ticket to riches, especially after taxes. CS grads can usually pay off their student loans and enjoy a comfortably upper-middle class life. But plenty of them won‘t get wealthy from salary alone.

Alternative Paths to High-Earning Programming Careers Are Expanding

It‘s also critical to note that the analysis above compares CS degrees to other bachelor‘s degrees. But what about alternative educational paths like coding bootcamps, online courses, or even self-teaching?

In recent years, the number of developers without a formal 4-year degree has exploded, driven by the rise of coding bootcamps, MOOCs, and other accelerated training programs. These alternatives promise to impart employable programming skills in just a few months rather than years, and for a fraction of the cost of college.

The 2020 Stack Overflow survey found that 16% of professional developers globally did not have a bachelor‘s degree at all. And in the U.S, that group still had a formidable median salary of $90,000, not drastically lower than their college-educated peers.

Source: Stack Overflow Developer Survey 2020

The salary outcomes for coding bootcamp graduates are also impressive, especially considering the lower time and monetary investment. Major bootcamps like Hack Reactor, App Academy, and Flatiron School boast median starting salaries for their grads in the $90,000 to $105,000 range. Almost on par with CS programs.

Of course, there are major selection bias issues with bootcamp outcome data, since they tend to admit students with prior coding experience and not report on those who don‘t find jobs. The salaries for the top bootcamps likely overstate the average earnings of bootcamp grads as a whole.

Still, it‘s clear that in today‘s job market, you can break into a high-earning programming career without a formal 4-year CS degree. With the right skills, portfolio, and interview prep, talented developers from all backgrounds can land jobs at top tech companies and command impressive salaries.

The Biggest ROI of CS Degrees May Be for Specializations and Career Transitions

Perhaps the most compelling financial case for getting a CS degree is if you want to specialize in an advanced, highly-compensated area of computer science like artificial intelligence, machine learning, cybersecurity, or database design.

Glassdoor‘s list of the highest paying college majors for 2020 illustrates this trend well. While "Computer Science" has a median base salary of $92,046, more specialized CS-related majors boast even higher earning potential:

• Artificial Intelligence: $125,318
• Information Technology (IT): $96,517
• Information Sciences & Systems: $97,762
• Computer Software Engineering: $102,844
• Computer Engineering: $102,686

Source: Glassdoor

For these cutting-edge fields, a targeted CS degree program can provide a major early-career salary boost, since it‘s harder to pick up advanced skills on your own or in a short bootcamp. A rigorous degree from a top school signals you have the theoretical foundations to excel.

The CS degree premium also tends to be higher for "career transitioners" without prior programming experience. If you‘re switching into tech from a totally unrelated field in your mid-20s or 30s, investing in a structured 2-4 year CS degree program may have a bigger payoff than if you taught yourself to code after work.

Especially if you‘re gunning for competitive software engineering roles at FAANG companies right out of school. The CS degree provides a stronger credential and traditional recruiting path to compensate for your lack of professional experience.

Key Takeaways: CS Degrees Provide a Nice Salary Boost, But Not a Golden Ticket

After digging through the data and analyzing the career trajectories of thousands of developers, here are my key takeaways on the financial ROI of computer science degrees:

1. CS degrees do lead to significantly higher salaries on average, but the gap is more like $10-20K per year, not a life-changing difference. Over a long career, this can compound to an extra $300-$400K in lifetime earnings, but won‘t guarantee you get rich from salary alone.

2. The salary premium of a CS degree is heavily concentrated in the early-to-mid career years. By the time you‘re in your late 30s and 40s, experience and accomplishments matter far more than credentials. Don‘t expect a college degree to keep giving you a big advantage 20 years later.

3. Alternative paths to breaking into tech like coding bootcamps have made CS degrees less critical for earning a high programming salary. With strong projects and interview skills, you can absolutely earn an impressive wage in this field without a formal 4-year degree.

4. For specializing in an advanced domain like AI/ML or transitioning into tech from an unrelated career, a CS degree likely has a higher ROI. The structured learning and credential are more valuable if you need to build coding skills from scratch or dive into bleeding-edge topics.

5. From a pure financial ROI perspective, the value of a CS degree depends heavily on the specific school‘s costs and outcomes. Paying $250K for a degree makes little sense if you can land a solid $80-100K engineering job anyway. But an in-state CS degree with good financial aid can easily pay for itself.

At the end of the day, I don‘t think you can go wrong majoring in computer science if you want to maximize your odds of a high-paying career in tech. Every CS grad I know is doing quite well for themselves, even if they‘re not all millionaires.

But I also wouldn‘t assume it‘s the only path to a great living as a programmer, or that you‘ll be at an insurmountable disadvantage without it. With the rise of new training models and the constant demand for coding talent, you can forge a great career in this space with hard work and ingenuity as your foundation.