Quote:
Originally Posted by troutman
Measuring the Value of a Harvard Degree
http://www.thecrimson.com/article/20...-of-a-harvard/
According to payscale.com, the median starting salary of emerging Harvard undergraduates who work full-time in the United States is $63,400; even without pursuing further schooling, they boast mid-career median salaries of $124,000. Compare these numbers to the median earnings of the average American male—$45,113 in 2007—and the evidence that a Harvard education increases one’s earning potential appears incontrovertible.
A Harvard degree remains a strong predictor of high earnings later in life—yet it cannot guarantee success. Attempts to place a dollar amount on human life offend our moral sensibilities; success, too, is insufficiently captured by the callousness of a quantity. Ultimately, it is the prerogative of each individual to secure success on her own terms, whether they be monetary or otherwise.
|
Playing devil's advocate here, but that sounds like confusing correlation with causation to me. Do Harvard grads enjoy higher salaries solely because they have a degree from a highly-prestigious university, or do they have higher salaries because they are typically more intelligent and driven than the average American, qualities that were necessary to get accepted into Harvard but also serve them well in their professional careers?
[Edit]
Reading the full article, the author makes exactly this point:
Quote:
|
Yet deducing the high monetary value of a Harvard education from the fact that Harvard graduates make lots of money is problematic. Without sufficient correction for the unique characteristics of Harvard students, the value added by a top-tier education may be drastically overstated. By examining the incomes of adults who were accepted by a highly selective college but who choose to enroll at a less prestigious institution, Princeton economist Alan Krueger attempted to correct for such lurking factors as students’ maturity, motivation, and ambition that result in admission to competitive schools but also correlate with high earnings potential. His finding—that the adults who turned down the offer of elite education earned slightly more than their peers who pursued it—gives credence to the conclusion that Harvard students, not Harvard itself, account for the differences in income.
|