College graduates on average earn more than those without a four-year degree — but where you go to school may influence your earning potential.
Young men (ages 25 to 34) earned a median annual income of $77,000 in 2023, compared with $45,000 for those in the same age group who only completed high school, Pew Research Center data shows. Young women who graduated college earned $65,000, while their degreeless counterparts earned about $36,000.
But even bachelor’s degree holders who received identical degrees in the same field of study can earn vastly different salaries depending on which school they attended, according to a new report from salary data provider Payscale.
Its findings, published on Sept. 4, note that mid-career earnings for the same degree can vary by as much as $130,000.
For its report, Payscale looked at the education and employment histories of more than 3 million college graduates, then ranked colleges according to alumni’s median salaries in the first five years of their career (“early career pay”) and what alumni with 10 or more years of work experience were earning (“mid-career pay”).
No school’s graduates have better financial prospects than the Massachusetts Institute of Technology, Payscale found. Former MIT attendees earn a median income of $196,900 a decade after graduating, making them the highest earners among the nearly 1,500 colleges ranked.
If you want to get the most bang for your buck out of college, consider these 10 schools that yield the highest salaries for graduates, according to Payscale:
1. Massachusetts Institute of Technology— Cambridge, Massachusetts
- Early career pay: $110,200
- Mid-career pay: $196,900
2. Princeton University — Princeton, New Jersey
- Early career pay: $95,600
- Mid-career pay: $194,100
3. United States Naval Academy — Annapolis, Maryland
- Early career pay: $96,700
- Mid-career pay: $187,800
4. Harvey Mudd College — Claremont, California
- Early career pay: $115,000
- Mid-career pay: $185,900
5. Babson College — Wellesley, Massachusetts
- Early career pay: $90,600
- Mid-career pay: $181,400
6. Stanford University — Stanford, California
- Early career pay: $102,300
- Mid-career pay: $181,200
7. Santa Clara University — Santa Clara, California
- Early career pay: $91,000
- Mid-career pay: $179,500
8. Dartmouth College — Hanover, New Hampshire
- Early career pay: $92,300
- Mid-career pay: $178,700
9. University of Pennsylvania — Philadelphia, Pennsylvania
- Early career pay: $92,500
- Mid-career pay: $178,300
10. Harvard University — Cambridge, Massachusetts
- Early career pay: $95,600
- Mid-career pay: $177,400
Four Ivy League schools — Dartmouth College, Princeton University, the University of Pennsylvania and Harvard University — made the top 10.
While Ivy League alumni frequently go on to land high-paying jobs or launch their own businesses, data is inconclusive as to whether attending one of these elite institutions has a tangible impact on future career earnings.
In fact, one 2023 study by a group of Harvard and Brown University-based economists found that attending an Ivy League college has a “statistically insignificant impact” on earnings.
Beyond the Ivies, colleges and universities with robust STEM programs finished strong: MIT claimed the top spot on Payscale’s ranking, The United States Naval Academy landed third, Harvey Mudd College fourth and the California Institute of Technology 13th.
Of course, the field you major in and the job you can get after college can also affect your income.
Students who choose to study science, engineering and mathematics generally outearn those who study liberal arts after graduation, Payscale found. Petroleum engineering is the highest-paying major overall, with graduates in that field earning an average $212,000 after working for 10 or more years.
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