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Sorry, Gen Z grads: Ritzy college degrees just aren’t the golden ticket to big paychecks that they perhaps used to be. New data shows that even those studying at Ivy League schools aren’t guaranteed a six-figure salary.
The Department of Education’s College Scorecard tracked the median earnings, average annual cost, and median debt for former Ivy League students who received federal financial aid.
According to the research, only two of the eight Ivy League schools landed students with jobs paying more than $100,000 a whole decade after studying there: the University of Pennsylvania and Princeton University.
Those who studied at the University of Pennsylvania (and had financial aid) had the highest salary 10 years after tossing their graduation caps in the air at $112,761. Meanwhile, at $87,811, Brown University students had the lowest median earnings 10 years after graduating.
Despite being world-renowned, Harvard came in second to last when ranking the wages of former Ivy League students who received federal financial aid.
Median salaries of former Ivy League students 10 years later
1. The University of Pennsylvania: $112,7612. Princeton University: $110,433
3. Cornell University: $98,321
4. Columbia University: $97,540
5. Yale University: $95,961
6. Dartmouth College: $95,540
7. Harvard University: $95,114
8. Brown University: $87,811
Nearly half of master’s degree programs leave students financially worse off
Of course, not everyone gets financial aid to help with the eye-wateringly high costs associated with going to college. In reality, the Ivy League is known for enrolling students from wealthy families who are likely to secure lucrative careers no matter where they go to college. However, separate studies have also shown that despite being previously seen as prestigious qualifications, degrees generally have lost their charm.Across the board, 23% of bachelor’s programs yield a negative financial return on investment according to the Foundation for Research on Equal Opportunity; this nearly doubles to 43% for master’s degrees.
“Even the MBA, one of America’s most popular master’s degrees, frequently has a low or negative payoff,” the report warned.
It comes as college fees keep skyrocketing. Many major employers have dropped their long-held degree requirements, and recruiters globally are significantly more likely to search for new hires by skills over higher education.
Even LinkedIn has concluded that the hottest skills to land a job right now can’t be learned in a textbook and that in 90% of cases grads could have gotten a job without the once-lauded qualification.
Only 2 Ivy League schools land grads a six-figure salary 10 years out—and almost half of MBAs are a waste of money, data suggests
New data shows that studying at an Ivy League schools won’t guarantee a six-figure salary.
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