Power to the Philosophy Majors

Date: 7/31/2008

At last, someone has taken a shot at measuring income outcomes for colleges; see this article in the Wall Street Journal today:

Ivy Leaguers' Big Edge: Starting Pay

Where people go to college can make a big difference in starting pay, and that difference is largely sustained into midcareer, according to a large study of global compensation.
Continued at the Wall Street Journal

There are many things to which I could respond (and I’m sure there will be a spirited discussion of this study once it hits the education press) but just off the bat I’d like to address the following statement:

“Liberal-arts-school graduates see their median total compensation grow by 95% after about 10 years, to $89,379 from $45,747. Meanwhile, graduates of "party schools" (as defined by the 2008 Princeton Review College Guide) aren't that far behind, with their incomes increasing 85% during that time to $84,685 from $45,715.”

What this affirms is that liberal arts majors can do as well or better financially as those with “career” degrees. For instance, 10 years post graduation, philosophy and math majors’ salaries increase by 103.5%, on average, while nurses (sadly) start out at higher salaries but see only 23.5% increases over 10 years, on average.

We have conducted comparative alumni research for the CIC and other associations which complements these salary findings with all the intangibles that private-college alums recall so fondly—small classes, values formation, preparation for leadership, and so on. Read more about our Alumni Research findings...