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Tuesday, July 26, 2016

Top Colleges that produce the highest-earning Grads
by Lara Fishbane
There is a laundry list of factors that prospective students have to consider when applying to college: the ever-increasing price tag, student loan packages, college rankings, public reputation, and more. When considering whether a college is worth it or not, though, one of the most important factors is salary. How much recent graduates are earning as well as alumni well into their careers. This isn’t about the net worth of outlier and University of Nebraska–Lincoln alum Warren Buffett, but how much real students are making after graduation. We looked at Payscale data for graduates from FORBES Top 100 Colleges, and this is what we found:

Although you might think Stanford or Princeton, ranking No. 1 and No. 3 on the overall list, would be the top-earners, or perhaps the nation’s top tech incubators, Massachusetts Institute of Technology and California Institute of Technology, it’s Harvey Mudd College, No. 59 in the U.S., that is the highest earning college. Graduates from the small STEM-centric liberal arts college in Claremont, CA, are earning mid-career median salaries of $133,000.
Here’s how 15 FORBES Top 100 Colleges stack up (graphic by: Uyen Cao).

Though CalTech (No. 4), MIT (No. 5), Stanford (No. 6), and Princeton (No. 8) all come close behind, with grads earning over $120,000, Harvey Mudd graduates come out on top. So, what’s the college’s trick? According to Harvey Mudd Director of Admission Peter Osgood, it’s the way the school and its students approach learning.

 “Our core curriculum ensures that students see between disciplines, and that’s a really valuable skill,” Osgood says. “Our graduates are trained to anticipate connections, and frankly, it’s where most innovation occurs, on the borders between disciplines”.

 Unlike other cut throat competitive universities, Harvey Mudd encourages collaboration between students, which later helps them work more effectively in teams, according to Osgood. The college also prioritizes learning and grappling with material over grades, which fosters a solutions-oriented mindset in its students.

Traditional research universities, however, are not the only colleges that produce graduates with high salaries. Graduates from the United States Naval Academy (No. 2) and the United States Air Force Academy (No. 15) are earning $126,000 and $115,000, respectively, with 10 years of experience.

Liberal Arts universities also make the top 25, with graduates from Washington and Lee University (No. 11) earning $118,000 and graduates from Tufts University (No. 15), Colgate University (No. 16), and Swarthmore College (No. 17) all earning $115,000, despite conventional wisdom that you’re better off at a research university.

 The myth of the disenfranchised liberal arts graduate comes from the data that shows that graduates from research universities significantly outearn graduates from liberal arts colleges in their first 5 years in the workforce. When we ranked the colleges by early career pay (less than 5 years of experience), only Amherst and Harvey Mudd cracked the top 25. The other liberal arts schools sat mostly in the bottom half.

Though students from Georgia Tech and Occidental both earn $112,000 with more than 10 years of experience, Occidental graduates’ early pay of $46,200 pales in comparison to the Georgia Tech graduates’ pay of $62,500.

Occidental graduates saw the highest increase in pay from early to mid-career earnings of any other top 100 school, with a 142% increase. Liberal arts schools Oberlin, Carleton, and Whitman all followed close behind with increases of over 130% from early to mid-career pay.

According to Assistant Director for Employer Relations at Occidental College Courtney Stricklin, “A liberal arts education is preparing students to be leaders when they graduate. Maybe they’re entering at an entry level position, like anyone else, but because of their other interpersonal skills and problem solving skills, they’re rising into leadership roles.”

Another advantage of the liberal arts education is that the student body is so small, Stricklin said. Occidental has a student body of just over 2,000, but over 100 student organizations on campus. “Our students are incredibly involved, so it’s rare for students to not be in a leadership role while they’re here,” she says. The opportunity to take on leadership positions while in college gives students the training and experience they need to rise in their companies once they enter the workforce.

Although all FORBES Top 100 graduates out-earn those without degrees, graduates from all-women’s colleges tend reap disproportionate benefits. Colleges ranked between 30-40 on the Top Colleges list earned on average $57,730 early-career, and $104,110 mid-career. Though ranked 32, Wellesley graduates earned $49,900 early-career and $83,700.00 mid-career. Barnard, ranked 37 on the top colleges list, graduates earned $49,300 early-career and $81,000.00 mid-career. The three all-women’s colleges that we had data for in the Top 100 all fell in the bottom six of colleges with the highest mid-career earnings.

“We have found that the gender wage gap begins right after graduation,” Senior Researcher at the American Association of University Women Kevin Miller says. He explained that the gap persists into mid-career because “women are less likely to be promoted or hired into leadership positions.”

Miller explained that even when controlling for a large number of variable, including education, field, and experience, women earned 7% less than their male counterpart. Furthermore, all-women’s colleges offer a different distribution of majors, which tend to be less lucrative.

See the 25 Top Earning Colleges below:
  1. Harvey Mudd College
  2. United States Naval Academy
  3. Harvard University
  4. California Institute of Technology
  5. Massachusetts Institute of Technology
  6. Stanford University
  7. Duke University
  8. Princeton University
  9. United States Military Academy
  10. University of Pennsylvania
  11. Washington and Lee University
  12. Carnegie Mellon University
  13. Georgetown University
  14. United States Air Force Academy
  15. Tufts University
  16. Colgate University
  17. Swarthmore College
  18. Rice University
  19. Cooper Union
  20. Cornell University
  21. University of California, Berkeley
  22. Brown University
  23. Santa Clara University
  24. Washington University in St. Louis
  25. Georgia Institute of Technology
Source: Forbes

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