The escalating cost of a college education is causing some to question the wisdom of pursuing a degree, at least on purely economic terms. We wondered if choice of school makes a big difference.
The answer, according to data collected by payscale.com on 1,058 U.S. colleges is a resounding yes. Information was gathered through surveys of employees around the country. The number of schools included in the list account for 88% of colleges with an enrollment of at least 5,000 students. Confidence in the results is pegged at plus or minus 5 percentage points. (Payscale.com has a detailed explanation of its methodology on its site.)
We've looked at their data and compiled a list of 30 schools ranking them based on average starting salary a graduate of that school would make.
Maybe we shouldn't be surprised, but almost every school on the list is a private institution. Several are schools devoted to technology and engineering, and many do not have a high national profile. And, of course, graduates of the Ivies do well right after leaving school.
(Check out 30 Best Paying College Majors: 2013 on ThinkAdvisor.)
The career chosen can make a difference, too, as we detailed last year. Maybe you get what you pay for (think of the higher tuition costs), but much of that higher starting salary might go to paying off student loans.
Payscale.com, when conducting its surveys of employees, also gauged how meaningful jobs were by asking, "Does your work make the world a better place?"
Check out the Top 30 Colleges for Highest Starting Salaries:
30. UNIVERSITY OF PENNSYLVANIA
Location: Philadelphia
Starting Salary: $56,100
Mid-Career Salary: $102,000 (Overall ranking: 34th-tie)
% With High Job Meaning: 50%
29. MILWAUKEE SCHOOL OF ENGINEERING
Location: Milwaukee
Starting Salary: $56,200
Mid-Career Salary: $87,500 (128th-tie)
% With High Job Meaning: 49%
28. BABSON COLLEGE
Location: Wellesley, Mass.
Starting Salary: $56,700
Mid-Career Salary: $117,000 (8th-tie)
% With High Job Meaning: 36%
27. POLYTECHNIC INSTITUTE OF NEW YORK
Location: Brooklyn, N.Y.
Starting Salary: $56,800
Mid-Career Salary: $117,000 (8th-tie)
% With High Job Meaning: 58%
26. LEHIGH UNIVERSITY
Location: Bethlehem, Pa.
Starting Salary: $56,900
Mid-Career Salary: $118,000 (6th-tie)
% With High Job Meaning: 51%
25. SOUTH DAKOTA SCHOOL OF MINES & TECHNOLOGY
Location: Rapid City, S.D.
Starting Salary: $57,300
Mid-Career Salary: $99,500 (52nd)
% With High Job Meaning: 54%
24. MONTANA TECH of the UNIVERSITY OF MONTANA
Location: Butte, Mont.
Starting Salary: $57,400
Mid-Career Salary: $82,600 (213th-tie)
% With High Job Meaning: 68%
23. KETTERING UNIVERSITY
Location: Flint, Mich.
Starting Salary: $57,800
Mid-Career Salary: $88,800 (113th-tie)
% With High Job Meaning: 45%
22. STANFORD UNIVERSITY
Location: Stanford, Calif.
Starting Salary: $58,200
Mid-Career Salary: $114,000 (10th)
% With High Job Meaning: 59%
21. PRINCETON
Location: Princeton, N.J.
Starting Salary: $58,300
Mid-Career Salary: $137,000 (1st)
% With High Job Meaning: 49%
20. SUNY MARITIME COLLEGE
Location: Bronx, N.Y.
Starting Salary: $59,000
Mid-Career Salary: $109,000 (17th-tie)
% With High Job Meaning: 57%
19. GEORGIA INSTITUTE OF TECHNOLOGY
Location: Atlanta
Starting Salary: $59,000
Mid-Career Salary: $101,000 (34th-tie)
% With High Job Meaning: 52%
18. MISSOURI UNIVERSITY OF SCIENCE AND TECHNOLOGY
Location: Rolla, Mo.
Starting Salary: $59,000
Mid-Career Salary: $95,100 (70th-tie)
% With High Job Meaning: 54%
17. RENSSELAER POLYTECHNIC INSTITUTE
Location: Troy, N.Y.
Starting Salary: $59,500
Mid-Career Salary: $105,000 (22nd-tie)
% With High Job Meaning: 51%
16. COOPER UNION FOR THE ADVANCEMENT OF SCIENCE AND ART
Location: New York
