Rankings Unveil How Much Central MA College Grads Earn
Friday, November 06, 2015
The rankings, published by the Economist, compare colleges based on a new type of ranking system. They compare the amount students at each institution earn after graduation with the amount they can be expected to earn.
Holy Cross ranked the highest of all the Central Mass schools. It scored 36th in the country with a net benefit of $7,347. Clark University finished with the lowest benefit. It ranked #1,275 in the U.S. with a net cost of $-8,120.
“In the Economist rankings, Holy Cross students match up quite well economically against all other schools, whether public, private, or research institutions,” says Amy Murphy, director of the Center for Career Development.
The top schools in the Economist’s rankings were the ones with the highest positive difference between actual and estimated earnings.
To calculate what a school’s expected earnings would be, data from the college scorecard recently released by the Department of Education, including average SAT scores, sex ratio, race breakdown, college size, whether a university was public or private, and the mix of subjects students chose to study, among other factors to determine an estimate for each college of how much money its alumni would make.
“At Holy Cross, we ask students to reflect on their strengths, interests, talents and values and then challenge them to consider where those things intersect with the needs of the world. Students are encouraged to apply their knowledge and skills outside the classroom through internships, research, study abroad and community-based learning to clarify where they are most fulfilled and can best make an impact. We want our students to be successful, but success is not wholly defined by a certain salary, said Murphy.”
SEE SLIDES BELOW: The Econoimist Ranks Central Massachusetts Colleges By Earnings
The results were much different ranking than observers typically see. Washington and Lee University in Virginia finished at the top of the Economist’s rankings, followed by Babson College and Villanova University. Harvard University, ranked 4th, was the top-ranked Ivy League college and Bentley University in Massachusetts finished fifth.
Focusing on Outcomes
Dan Preston, Vice President of Enrollment at Linfield College in Oregon, told GoLocal that he believes that while the Economist’s rankings are limited, they provide important information about what students get out of their time at college.
“I think you’ll see families and students ask more questions about outcomes and studies like these,” Preston said. “Obviously there are more reasons to go to college than just a paycheck, but that has to be an important part of the decisions. If you are going to spend that kind of money, energy and time you need to know what you are getting out of it.”
“The fact that this data did not exist before now means they are going to exert some weight in the decision-making process,” Gais said. “The recession scared a lot of people, and that hasn’t changed. The cost of colleges also continues to rise, so people are depending more and more on loans, so these kind of studies that examine return on investment, I think, are going to have an impact.”
Limitations Exist
Gais said that while rankings like those by the Economist can shine a new light on the college search and decision process, there are limits to ranking colleges based on economic outcomes.
Chief among them, Gais said, is that most students who graduate from top-notch universities are destined for success, no matter they obtain a degree from.
“One of the big problems with this are selection effects,” Gais said. “Students that are accepted to top schools are very likely to do well and find success simply because of other characteristics. Most of those students do very well in school, are hard workers, have supportive families and are generally not poor and do not have other major disabilities. Those all have an effect on how successful someone is.”
“Rankings are a good starting point and should only be used as one of the many tools available to evaluate colleges and universities,” says Murphy. “Most important in the college search is to take the time to really learn about colleges, to talk to current students, graduates, and faculty members and visit the campus.”
Related Slideshow: Economist Ranks the Best and Worst MA Colleges
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