College and Salary: "With Whom" You Study Matters as Much as "What" You Study
The topic of how attending a "good college" relates to getting a "good job" came up in a recent conversation I was having with my high school-aged son, whom I am encouraging to give serious consideration to both what he enjoys doing and what type of lifestyle he wants to have after he graduates from college.
Using the popular U.S. News & World Report ranking of universities and salary data from Payscale.com, we can take a look at the correlation between university attended and resulting mid-career median salary. The table below shows the top 30 U.S. universities and the mid-career median salary of their graduates.
As might be expected, Ivy League schools (Harvard, Princeton, Yale, University of Pennsylvania, Columbia, Dartmouth, Cornell and Brown) figure prominently on the list, along with the well-known science and engineering schools (Caltech, MIT) and the so-called non-Ivy Ivies (Stanford, University of Chicago, Duke, etc.).
The relationship between university attended and salary can be seen in the graph below.
The regression line is:
Mid-Career Median Salary = $121,400 - $900 x (Ranking of University Attended),
giving a decrement of about $9,000 in annual salary for each 10 spots in university ranking. For example, a graduate of a university with a ranking of about 5 might expect to have a mid-career salary of about $9,000 more per year than a graduate of a university with a ranking of about 15. The numbers actually show more scatter and skew than is captured by the linear regression, as evident in the following examples of ranking-university-salary:
4. Caltech, $115,000
5. MIT, $126,000
6. Stanford, $124,000
14. Johns Hopkins, $94,900
15. Cornell, $106,000
16. Brown, $107,000
24. UCLA, $97,000
25. University of Virginia, $97,200
26. USC, $103,000.
The general trend of higher ranking (smaller number) correlated to higher salary (correlation of .63) is clear. While there are, of course, many individual exceptions to the rule, one of the tell-tale indicators for predicting lifetime earnings and net worth is the college one attends.
As I tell my son, the college one attends (i.e., with whom one studies) is just as important as what one studies in college. Choice of a college typically has a lifelong impact on one's social circle, which in turn often influences whom one does business with throughout one's career.
Using the popular U.S. News & World Report ranking of universities and salary data from Payscale.com, we can take a look at the correlation between university attended and resulting mid-career median salary. The table below shows the top 30 U.S. universities and the mid-career median salary of their graduates.
As might be expected, Ivy League schools (Harvard, Princeton, Yale, University of Pennsylvania, Columbia, Dartmouth, Cornell and Brown) figure prominently on the list, along with the well-known science and engineering schools (Caltech, MIT) and the so-called non-Ivy Ivies (Stanford, University of Chicago, Duke, etc.).
The relationship between university attended and salary can be seen in the graph below.
The regression line is:
Mid-Career Median Salary = $121,400 - $900 x (Ranking of University Attended),
giving a decrement of about $9,000 in annual salary for each 10 spots in university ranking. For example, a graduate of a university with a ranking of about 5 might expect to have a mid-career salary of about $9,000 more per year than a graduate of a university with a ranking of about 15. The numbers actually show more scatter and skew than is captured by the linear regression, as evident in the following examples of ranking-university-salary:
4. Caltech, $115,000
5. MIT, $126,000
6. Stanford, $124,000
14. Johns Hopkins, $94,900
15. Cornell, $106,000
16. Brown, $107,000
24. UCLA, $97,000
25. University of Virginia, $97,200
26. USC, $103,000.
The general trend of higher ranking (smaller number) correlated to higher salary (correlation of .63) is clear. While there are, of course, many individual exceptions to the rule, one of the tell-tale indicators for predicting lifetime earnings and net worth is the college one attends.
As I tell my son, the college one attends (i.e., with whom one studies) is just as important as what one studies in college. Choice of a college typically has a lifelong impact on one's social circle, which in turn often influences whom one does business with throughout one's career.
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It is a well know fact that studying from Ivy leagues for example leads to much better starting salaries no matter what your industry is. Yes it does matter where you graduate from, maybe more than what it should.
While I'd always suspected as much, I've never seen the hard data. Would nice to see the correlation between increased income versus the higher tuition costs.
At a certain point, your school would matter at the point of entry of your employee life. First, because the school gives you the foundation of the skills and competencies that you would need and apply in the job you choose. Second, the name of the school adds to your goodwill. However, the attitude, qualifications and characteristics of the student/applicant would greatly matter over the school. It would not be the school who will become the employee it would be the student right?
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I believe that study does matters with whom we are doing that.
I think that choosing a college is something that you need to think about. It does give you benefit by just the name of the institute. Thanks for sharing
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I have a web site where I give advise on penny stocks and stocks under five dollars. I have many years of experience with these type of stocks. If their is anyone that is interested in these type of stocks you can check out my web site by just clicking my name. I would like to comment about the average salaries that students from Ivy league schools earn compared to non Ivy league schools. This is an elitist system although their are many talented students from Ivy league schools their are also many talented students from non Ivy league schools yet anyone that graduates from one of these schools gets a ticket to a top job. What I would love to see for example is the bottom 10% of the graduating class of harvard yale and princeton and compare their salaries to the top 10% of the gratuating class of the non Ivy league schools that are considered very good but maybe just below Ivy league level. Now compare their salaries and see if the Ivy leaguers in the bottom 10% of their class still make more money than the non Ivy leaguers that graduated in the top 10% of their class. If they do this proves what I said in the beginning of my comment. Its an elitist system.
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