It’s common knowledge that a good college will land you a good job, but is that the case? Recent studies have shown that while getting into a good college will set you up for a higher education, the major you go into and the degree you go for will vastly impact your starting salary.
First, if we look at salaries by major, we can see the salaries by major distributions. If the first graph goes more in-depth, the key point is that up-and-coming fields that involve new technology will be in the highest demand, followed by majors in traditionally academic subjects like math and science. Following that are finance majors and last are arts and humanities.
(Source: Visual Capitalist)
The graphs below show the direct comparison of Ivy League schools vs non-Ivy schools and we can see some striking patterns. In both early career and mid-career, there are significant gaps in the median salary between the 2 groups and it shows that graduating from Ivy League is perhaps the way to go. But if we refer to the graph from Wells Fargo that starting salaries in majors in computer science and engineering come close to the Ivy League numbers. Also, the gap in earnings between the lowest paid major (education) and highest paid major (chemical engineering) is greater than the gap between Ivy and Non-Ivy graduates.
(Source: Wells Fargo)
However, how many years you study is also a vital factor in your starting salary. The graph below from the Minnesota Office of Higher Education shows that the salaries after you graduate are also very dependent on the amount of years you study. The graph below shows that an early career salary with a degree higher than a bachelor’s degree is slightly less than the median salary of Ivy League graduates.
(Source: Minnesota Office of Higher Education)
Other college groups like the Big 10 are shown to not be too far in contrast to the Ivy Leagues, as schools like Northwestern push the 60k mark with UIUC, Maryland, and U of M trailing closely behind.
(Source: The Diamondback)
While going into whatever school and major you feel like would be the best for you is the top priority, there is a significant impact on your choices regarding salary. While these do not account for external factors such as performance, the general best way to guarantee yourself the best possible starting salary is to go to an Ivy League school while majoring in Chemical Engineering. However, with acceptance decisions for seniors coming out recently, do not be disappointed that you did not get into your first choice school, as in the end, the major and study period have bigger impacts on future salaries than school names.
-Sean Choi
Works Cited
“College Graduate Outcomes.” Minnesota Office of Higher Education, https://www.ohe.state.mn.us/mPg.cfm?pageID=2119. Accessed 21 January 2025.
“College majors and their average salaries.” CollegeSTEPS, 24 May 2023, https://collegesteps.wf.com/your-major-your-earning-potential/. Accessed 21 January 2025.
Desjardins, Jeff. “Chart: Which College Degrees Get the Highest Salaries?” Visual Capitalist, 25 July 2018, https://www.visualcapitalist.com/visualizing-salaries-college-degrees/. Accessed 21 January 2025.
The Diamondback. “University of Maryland alumni earn second-highest salaries in Big Ten.” The Diamondback, 15 9 2015, https://dbknews.com/2015/09/15/article_e7c99314-5bf5-11e5-9e87-63fa3761da5c-html/. Accessed 21 1 2025.
“Median Income Earned By Ivy League Graduates: Unimpressive At First.” Financial Samurai, https://www.financialsamurai.com/median-income-earned-by-ivy-league-graduates/. Accessed 21 January 2025.
