College Grads: Which Ones Earn the Most?
by Bridget Quigg, PayScale.com
Send
Buzz up!
Print
Have you ever wondered if Stanford grads really do make the big bucks, or if a "party school" degree can still land you a high-paying job?
Online salary database PayScale.com put together a 2009 College Salary Report that highlights which college graduates make the highest and lowest salaries right out of college and how that changes 10 years post-graduation.
While it may be no surprise that social work came in as the least well-paid major overall in PayScale's report, you may not know that Dartmouth's grads fare better financially 10 years after college than Harvard's.
Fascinating study!! My Son is going through this stuff right now. He wants to be an attorney and took the LSAT and scored high, in the top 5% with 167 but said he missed two or three easy questions that he should have got. At 167 with a 3.6 grade point average he can qualifyfor law schools which rank between 9th highest in the Country, Cornell, and Iowa, Illinois and Minnesota which are in the high teens or low 20's. Michigan which is # 13 or UCLA and USC run about 14 and 15. Cornell in Ithaca New York is the only Ivy league school he thinks he could make. He says if he had got two more questions correct he would have scored 169 and could have applied to UC Berkeley, around #5 with a good chance of being accepted.
What about starting salaries and mid careet salaries at blue collar type Universtities such as Cal State Northridge or schools such as San Jose State, Boise State, Eastern Michigan, Western Podunk, you know, just decent average universities for the common man or woman. What my Son has suggested is that the starting salaries are quite a bit lower, perhaps 25% to 30%, and not only that, but you will not get as many job offers but if you get into a company and do good work, you will make up the 25-30% salary gap and after 5 years or so you will make as much as someone from an elite school.
Of course, if you plan on going into business for yourself, the prestige of your school is not as important because you will sink or swim entirely based on how good of a service you provide. In the opening phases of your business, a big name school will allow you to charge more than a blue collar school and perhaps give you a better chance of succeeding but after a few years, the advantages of the big name school probably will not play a part.
Whether you went to a small, liberal arts college or graduated from an Ivy League school, take a look at the list below to see if your alma mater made a top 10 earners list.
School Name / Starting Median Salary / Mid-Career Median Salary
1. Dartmouth College: $58,200 / $129,000
2. Massachusetts Institute of Technology (MIT): $71,100 / $126,000
3. Harvard University: $60,000 / $126,000
4. Harvey Mudd College: $71,000 / $125,000
5. Stanford University: $67,500 / $124,000
6. Princeton University: $65,000 / $124,000
7. Colgate University: $51,900 / $122,000
8. University of Notre Dame: $55,300 / $121,000
9. Yale University: $56,000 / $120,000
10. University of Pennsylvania: $60,400 / $118,000
Maybe you didn't get to attend one of these top schools, but there's another factor that may contribute to a higher paycheck: your major.
According to Al Lee, PayScale's director of quantitative analysis, "Even more than where you go to school, the degree you get is a bigger influencer of your pay for the vast majority of Americans." Lee says that an English major from Harvard may end up making six figures, but that person is an exception among English majors.
Which degrees bring home the most bacon? "Ones involving numbers," says Lee. Seven of the 10 highest-earning undergraduate degrees in the report are in engineering, with economics, physics, and computer science filling out the rest.
Undergraduate Degree / Starting Median Salary / Mid-Career Median Salary
1. Aerospace Engineering: $59,600 / $109,000
2. Chemical Engineering: $65,700 / $107,000
3. Computer Engineering: $61,700 / $105,000
4. Electrical Engineering: $60,200 / $102,000
5. Economics: $50,200 / $101,000
6. Physics: $51,100 / $98,800
7. Mechanical Engineering: $58,900 / $98,300
8. Computer Science: $56,400 / $97,400
9. Industrial Engineering: $57,100 / $95,000
10. Environmental Engineering: $53,400 / $94,500
What other interesting facts did PayScale discover?
Philosophy majors earn more 10 years after college than business administration and nursing majors.
Two of the 10 most popular jobs held by Harvard University grads are executive director of a nonprofit organization and high school teacher.
Loma Linda University graduates have the highest median starting salaries at $71,400 per year. That's over $6,000 more per year than a Princeton grad.
The top paid English majors are technical writers.
The top paid political science majors are intelligence analysts.