An Ivy League Education Boosts Your Earnings by 29%
Research from Ezra, one of the leading global providers of digital coaching, has looked at the cost of an Ivy League education and to what extent it can increase your earning potential during your career.
When we think of an Ivy League school the first thing that comes to mind is sports. It is no secret that these particular schools originally stood out due to their regard and influence in the sporting world.
Nowadays though, although the athletic realm is still of major importance, Ivy League school’s have a reputation both athletically and academically; offering impressive career opportunities to the selected excellent candidates that are able to attend.
With these schools being so renowned, it is no surprise that the cost of attending is substantially higher compared to other educational paths.
The cost of an Ivy League education currently averages $52,634 a year for undergrad and graduate students, double that of a private school ($35,087).
When comparing education costs of Ivy League to public school, the difference is even more astronomical. An Ivy League education costs 148% more than a public out of state education ($21,184) and 443% more than the cost of opting for the public in state path ($9,687).
This huge disparity in the cost of an Ivy League education highlights the innate inequality of access to these institutions across the United States. Although a very small percentage of the student population will benefit from financial help, the vast majority remain impeded in terms of what school they can attend based on the financial foundation they have beneath them.
Of course, attending any Ivy League school is an accomplishment but for those looking for the most prestigious, the research by Ezra shows that Browns University sits at the top of the list based on attendance fees. The average cost of tuition and fees both for undergraduates and graduates at Brown comes in at a huge $60,529.
Although Browns is the most expensive overall, it is, in fact, Columbia University which has the highest average tuition and fees of any of the Ivy League school. Where education costs specifically for undergraduates are concerned, rates average $61,671.
The most affordable of all the Ivy League’s is Cornell University, with tuition and fees averaging $42,187 for both undergraduate and graduates.
So what does paying up to 443% more for tuition mean for your career? Ezra’s also analysed data on earnings across candidates to have received varying levels of education, both in their early and later careers.
The research shows that the average annual earnings for someone with an Ivy League school education averages an impressive $76,432 in their early career.
This is 13.3% higher than a private school graduate ($67,479) and 21.7% more than someone educated via the public school route ($62,821).
This difference in earnings is even more pronounced as their career progresses, with the average salary for an Ivy League attendee in their mid-career hitting $150,139. In contrast, private school students earn 14.3% less ($131,407) and those with public school educations take home $116.631, 28.7% less.
Founder of Ezra, Nick Goldberg, commented:
“There’s no doubt that the presence of an Ivy League education on your resume will help cut through the noise once you reach the working world and while it will cost you more to secure, the long-term financial benefits are also clear.
The importance of a good education is clear and those lucky enough to receive a better level of learning are more likely to find greater career success. However, that doesn’t mean you have to sit back and accept your lot in life.
Working on your personal and professional development can help you bridge the gap within the workplace and ensure you demonstrate the learning, growth and development that is required to climb through the ranks.”