Higher Education Compared to Salaries

Objective

The purpose of this project was to determine if attending a private vs. non-private university/college could result in a higher income after graduating. We used Python as our primary programming language, Microsoft Excel for data clean-up, and Pandas for data analysis/manipulation in Jupyter Notebook.

Technologies

• Microsoft Excel
• Python
• Pandas
• Jupyter Notebook

Write-up of Findings

• What’s the best university to attend for a higher starting & mid-career salary?

We found that the best university to attend for the highest starting salary was California Institute of Technology (CIT) with the average entry-level being $75,500 and cost of being $58,755. The lowest starting salary was from Villanova with an expected entry-level salary of $55,800 and the cost of tuition being $58,736. `

• Which private & non-private universities have the highest earning potential?

  • Early Career Salary (0-5 Years):
    • Private
      • Massachusetts Institute of Technology (MIT) - $81,500
      • Harvey Mudd College - $81,000
      • California Institute of Technology (CIT) - $78,800
    • Non-private
      • Colorado School of Mines - $71,900
      • UC Berkeley - $65,400
      • Virginia Military Institute - $62,200

  • Mid-Career Salary (5+ Years):
    • Private
      • $62,200 - $155,800
      • Princeton University - $147,800
      • Massachusetts Institute of Technology (MIT) - $147,000
    • Non-private
      • Colorado School of Mines - $136,100
      • UC Berkeley - $130,100
      • UC San Diego - $124,900

• Would it be more beneficial to attend a private vs. a non-private university to earn more down the line?

Based on our findings related to private and non-private colleges/universities, there was no direct correlation between mid-career salary and investment (undergrad tuition/4-year degree).

• What specific field/major gives you the best long-term earning potential?

We found that there was a significant difference between the pay scale of the top ten and bottom ten majors in 2015. The earnings for the top 10 majors were $175k-125k. The range for the bottom 10 were $40k-50k. The highest earning undergraduate degree was Petroleum Engineering ($175k). The lowest was Early Childhood Education ($40k).

• Does a higher tuition cost guarantee a greater ROI?

Lastly, based on our return on investment (ROI) data, we’ve come to the conclusion that even if you attend a college/university with a higher earning entry-level salary, doesn’t mean you’ll have a higher ROI in the long-run. This is also true for private and ivy-league universities.