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VCU Grads Lag in Earning Power

Study says VCU grads earn less than their peers from other Virginia universities. But the salary snapshot doesn't tell the whole story.

VCU Grads Lag in Earning Power



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James A. Bacon
Richmond.com
Wednesday, August 06, 2008

If maximizing earning power is your aim, then Washington and Lee University is the Virginia college you want to attend -- assuming you can afford the pricey private-school tuition! The liberal arts college in Lexington has the highest salary of seven Virginia institutions of higher education taking part in a study conducted by compensation company PayScale Inc.

Washington and Lee grads had the highest average starting salary, $53,600, of any of the six and the highest average mid-career salary, $104,000 -- edging out the University of Virginia.

Among local institutions surveyed, University of Richmond grads earned $48,600 to start and reached $94,600 by mid-career. Randolph Macon College alumni averaged $42,600 for starting salaries, while rising to $83,600 by mid-career. Bringing up the rear was Richmond's own Virginia Commonwealth University, with a starting $42,000 and the lowest mid-career salary, $68,400.

Ivy League grads rake in the most money, outperforming their non-Ivy peers by 32 percent. Alec Depcrynksi has the story over at Richmond BizSense.

Here's what I find interesting about the numbers in Depcrynski's story: While the top three performing schools showed a 95 percent increase between starting salary and mid-career salary, VCU showed only a 63 percent increase. In other words, not only are starting salaries for VCU grads the lowest of the seven, their wage-earning capacity increases at a slower rate.

To VCU critics, those numbers will confirm that VCU is a third-rate institution. But the numbers need to be studied more closely before definitive conclusions can be reached. First, does VCU have a large percentage of students who graduate from programs, like social work, that have inherently lower salary prospects? Second, this is a snapshot. What is VCU's performance over time? Are starting salaries closing the gap with the other schools? If they are, that's a sign that VCU is gaining ground. But the numbers won't be reflected in the "mid-career" numbers for roughly 20 years.


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7 comments.
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A major point this article and Payscale completely misses is what the net benefit of attending one school over the other really is. For example, W&L grads make the most, barely beating out UVa. W&L costs 36,312 for tuition and fees per year, where as UVa cost 9,490. This is a difference of 107,288 over 4 years. The small increase in pay, less than 2K, that W&L grads enjoy is not nearly enough to make up for the 107K difference. Also, both this article and Payscale do not even propose reasons for the differences in pay. Could it be that it all comes down to the "people" and that those who go to top ranked schools are usually more motivated over-achievers who carry over that trait to the work place and consistantly rise in their fields, thus earning more by mid-career??? No offense, but there is a reason why some schools are much more difficult to gain admission to than others, ie. UVa Vs. VT....if an applicant has few extra-curriculars, a decent GPA, and middle of the road SATs, who is more likely to accept the student?

But what it really all boils down regarding the mid-career figures IMHO, is the desire, motivation, and interpersonal skills of the graduate once they are in the work place. Reputations of schools do help, but they are not everything.


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This confirms my theory of the old boys network here in Richmond. UVA, W&L and U of R alums will hire a graduate from their alma mater before they would even consider interviewing a graduate of a different institution. If you plan on working here in Richmond (and making enough money to survive) the only way you will ever fit in is by going to one of these overpriced "yuppie" institutions. Hmmmmmm, I think I may have just confirmed my other theory about why everybody dresses and looks the same here....


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VCU also produces a large number of artists, musicians, and dancers...a few of whom will make the big bucks, but many will not enrich their pockets, but will enrich our lives. Is money really the only measure of the success of a school? How sad!


Ron - Email this User
8/12/2008 at 3:18:34 PM
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The majority of VCU graduates are from blue collar worker families rather than the more professional family units that can afford these other higher priced schools and thereby also have better opportunities to gain higher paying positions immediately upon graduation. Also, a high number of VCU graduates specialize in some of the lower paying vocations like social work, etc. The figures don't surprise me at all.


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The schools that are prouducing the highest money earners typically have wealthy students anyway-- who have connections, whose family has connections, who have the money to go on far away job interviews and dress the part for job interviews, who are more comfortable around wealthy people and make wealthy people feel comfortable around them. That's my take on it. They are also good schools, but it's still no surprise.


VCU alumni - Email this User
8/9/2008 at 9:34:00 AM
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Are you serious? those numbers will confirm that VCU is a third-rate institution! Look at all the great things VCU has done for the downtown area and how can it be THE largest institution in Virginia if it is third rate.


Richmond.com Article Feedback - Leave your comment today!

Come on - everyone knows that the W&L kid's daddies get them jobs. It is the reason why they are such drunks - they don't have to worry about getting a job so they drink heavily to forget that they could not get into an ivy league school.



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