Reply to Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]If you want to compare like for like student, Dunn and Kruger is no longer the most recent large scale study (much to the dismay of mediocre schools everywhere).

"Using a new research design that isolates idiosyncratic variation in admissions decisions for waitlisted applicants, we show that attending an Ivy-Plus college instead of the average highly selective public flagship institution increases students’ chances of reaching the top 1% of the earnings distribution by 60%, nearly doubles their chances of attending an elite graduate school, and triples their chances of working at a prestigious firm."

...

"Using this design, we find that being admitted to an Ivy-Plus college increases students’ chances of
achieving upper-tail success on both monetary and non-monetary dimensions. Relative to those rejected
from the waitlist, applicants admitted from the waitlist are significantly more likely to reach the top 1% of the income distribution, attend an elite graduate school, and work at a prestigious firm. In contrast, we find a small and statistically insignificant impact of admission from the waitlist on mean earning ranks and the
probability of reaching the top quartile of the income distribution; the causal impacts of Ivy-Plus colleges are concentrated entirely in reaching the upper tail of the distribution, consistent with the predominance of students from such colleges in positions of leadership that motivated this study"

https://opportunityinsights.org/wp-content/uploads/2023/07/CollegeAdmissions_Paper.pdf

You can do ok with a degree from a state flagship, but if you want to be really successful, the school matters  [/quote]

The real world is laughing at this.

Work at a F200. 90+% of senior leadership from C-suite down to the MDs and SVPs and VPS did not go to Ivy schools. Many went to utter no name schools. You'd be shocked.

--Double Ivy grad. [/quote]

THIS^^^^

Partner is a CEO, has been at 3 companies.  At all 3 companies, only 1 person at each had an Ivy degree or a T25 degree.  Majority went to no name or their state schools, so not even 25-50 ranked.  So how did they get to their positions?  By hard work, drive and determination.  It's what you do with your knowledge and degree and the relationships you build over time in the workforce  that enable you to be successful---it's not attending Harvard or Yale.  [/quote]

The example of CEOs and even VPs is pretty pointless. Most people, even most Ivy grads, are not CEOs. More useful is comparing salaries for the same major at various schools.

For example, salary at age 45 for economics major:
Harvard: $181k
Yale: $210k
Amherst: $180k
Ohio State: $79k
Penn State: $99k
UVA: $127k
W&M: $98k

Significant difference between (Ivy or elite SLAC) and (state flagship or good in-state school).[/quote]

Unlike you, I went to an Ivy and also have a professional degree from another Ivy. I know where my classmates ended up.

These surveys are meaningless. Comparing Harvard to Ohio state is meaningless because the range of student capabilities is apples and oranges. But if you compare the top 5% of Ohio state econ grads to Harvard econ grads, then you get a very different set of numbers.

Some of the best and brightest kids in the country do go to Harvard and the other elite colleges. Which is not surprising. And they will do extremely well. And they will still have done extremely well had they gone to Ohio state. [/quote]

THIS^^^

You have to compare the "Harvard qualified students" from Ohio State, not the 1200/3.4 UW/1 AP kid at Ohio state.  Also, not everyone has a goal of making the most money they possibly can, many choose a job for what they enjoy---so they might take a less prestigious/less paying career path with economics in order to make themselves happy.  Also the Ohio state grad is more likely to be living in the midwest/ohio, not NYC or Boston or DC, so salary will be commensurate with location.

My kid is in finance yet has no desire to work Hedge funds or Private Equity.  Doesn't mean they are not successful or happy.[/quote]

Healthy perspective.  I get so tired of the roi obsessed people.  And, before anyone accuses, we are not well off. I am in the arts, and juggle a lot to make ends meet but happy to not be at a desk job all day. Will be fine with my kids' choices. We've saved since they were 5, and they will need FA (need and/or merit) at some schools, but they will be able to get a good education debt free somewhere and hopefully do something meaningful to them.[/quote]

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