With college admissions season coming to a close, a lot of weight has been taken off soon-to-graduate seniors. Concord Academy students often feel intense pressure to get into college, specifically those schools considered to be elite. Among the most common reasons that students give for seeking admission to elite colleges is the assumption that degrees from these schools result in better career outcomes and higher earnings. However, according to two important studies, the prestige of the college one attends is more of a game-changer for certain groups, such as women and those from lower socioeconomic backgrounds.
In 1999, researchers Stacy Dale and Alan Krueger first proved that prestige does not matter for certain groups by looking at a pool of students who were accepted and rejected from similar institutions. Then they compared the earnings of those who chose to attend more selective colleges against those who got accepted to the same or similar institutions but chose to go to a less selective college instead. Surprisingly, those students who did not attend selective colleges still ended up earning as much income as the students who attended selective colleges. Thus, they concluded that for some, one’s earning potential is largely based on one’s own ability rather than the name of the school they attended.
In recent years, researchers have found that how much a college one attends matters, varying based on one’s background and identity. In a 2022 study by Suqin Ge, Elliott Isaac, and Amalia Miller, they concluded that women who attended more selective colleges had a higher probability of obtaining an advanced degree and increased their earning potential. They found that the selectivity of a college matters less for men, as it does not affect advanced degree obtainment for them. As a result, attending an elite college may be more important to a woman and her career, whereas it matters less for men.
Socioeconomic status should also be taken into consideration. Dale and Krueger found that attending an elite school highly impacted the earnings of those from disadvantaged backgrounds. The payoff was greater for these groups.
Thus, there is no definite answer for whether or not the selectivity of the college one attends impacts their future earnings. It depends on each individual, through differences such as gender, race, and family income. As a result, it is best to choose a college based on one’s own preferences and goals. Most importantly, you should select a school based on best fit and interests; it should be a place where you can best thrive. At the end of the day, motivation, ambition, and drive are what determine your success.