Do Elite Colleges Equal Elite Salaries for Graduates? February 15, 2010
Ian Welham asks the question: Does graduating from an elite college translate into a big salary?
Payscale is an Internet site that collects salary data from 1.2 million college graduates based on their highest median mid-career salary (at least 10 years after graduation), highest median starting salary (5 years or less after graduation), and professions. This data is based only on graduates with a bachelor’s degree and begs the question, Does an elite college equal an elite salary?
Over the past year, Payscale’s highest ranked schools by median mid-career salary are as follows: Dartmouth College was first with salaries in the $130,000 range . . . Massachusetts Institute of Technology (MIT) in second . . . and Harvard University in third.
The starting median salary saw Loma Linda University in first, Massachusetts Institute of Technology (MIT) in second and Harvey Mudd College taking third. Perhaps you’re wondering how Loma Linda University, a college not nearly as well known as Harvard could take number one in the rankings. Located in Southern California, Loma Linda has strong programs in nursing, dental and allied health, and many of these professions have a high starting salary (but level off mid-career, as opposed to Ivy League schools who still have a healthy starting salary but tend to peak during mid-career).
Choice of major also plays a huge part in salary amounts. Engineering, science, mathematics and economics filled most of the top 20 slots in both the starting and mid-career salaries, with a starting salary of $60,000 and a mid-career salary almost double at $115,000. The lowest salary majors continue to be the publicservice type jobs like social work, elementary education and theology with a starting salary around $35,000 and a mid-career salary of $45,000.
Although lists such as Payscale’s can help in your research, they do not represent the entire picture when looking for colleges. It is important to understand where you will fit in best. Understand that the most important kind of college is the one you feel comfortable at and thus will succeed in.
