“The value of a college degree has traditionally been pegged to the prestige of the college itself. But new research suggests that choosing the right program of study can matter more than a prestigious diploma when it comes to good starting salaries…” writes Lisa Ward for The Wall Street Journal, 5/27/20.
According to Anthony Carnevale, director of the Georgetown University Center on Education and and Workforce, focus on a specific program at a particular university, NOT on the schools prestige. Depending on the program, students at less well known colleges with specific majors can out earn graduates of prestigious universities.
Examples:
Median earnings for all schools: English majors: $26,600
Columbia University English grads: $41,500
Monmouth College English grads: $42,400
Cal State Fresno: $13,400
Median earnings for all schools: Civil Engineering majors: $58,200
Stevens Institute of Technology: $72,700
Virginia Military Institute: $40,400
Main points:
Specific programs matter more than the institution.
Subject area can matter more than a school’s reputation when it comes to earnings.
Lesser degrees and certificates can be rewarding, depending on the field.
- In certain fields, it’s not uncommon for associate degree graduates and vocational certificates earn higher starting salaries than bachelor’s degree holders. Nursing is one example.
Source: Financial Planning for Women