Myth: 3 Choice of major matters more than choice of college
“…those databases show that students who graduate from more selective schools tend to make more money. After all, the better the college, the better the professional network opportunities, through alumni, parents of classmates and eventually classmates themselves.”
The company my son interned for and now works at has Lehigh alumni in their top management. When he submitted his internship application he was quickly offered to come in for an interview. His salary is way over the industry averages. The higher salary paid for the extra expense to go to Lehigh in just the first couple of years. We found Lehigh to be well worth the investment.
I agree up to a point. There are certain professions that it does not matter if you go to Harvard or a state school. You will make the same money .
For instance, lets take accounting. My son wants to go into business, possibly accounting. He wants to pursue a CPA track eventually. The accounting profession is very structured. The big 4 accounting firms pay a set rate. I believe it is 57-65k to start depending on geography. You can go to Lehigh, Binghamton, Wharton, yes Wharton, and you will start out in that range. Yes, they may give you an interview faster, but there are many schools like Binghamton where the accounting firms flock to anyway, so why go to a school such as Lehigh or NYU where you will pay 70k per yr vs 25 per year. It does not make any sense.
Now, if you are going for engineering, yes, Lehigh may make a difference. I do not know alot about that field so the extra money you spend may be worth it. However, with accounting, it does not matter where you go, you will make the same money. Also, as you progress within a big 4 firm, they do not say, “hey you went to Wharton, we will promote you faster” It is all driven on performance, not where you went to school. But, that is the accounting field.