Money Magazine Ranks Stevens 58th in US for ‘Most Bang for Your Tuition Buck’
The value of a Stevens education continues to receive national recognition. Out of roughly 1,500 four-year colleges in the United States, Money magazine ranked Stevens Institute of Technology 58th in the nation on MONEY’s newest list of best colleges.
After weeding out institutions with below average graduation rates, Money ranked 665 schools based on a three-pronged methodology measuring educational quality, affordability and career outcomes to determine which four-year colleges and universities offer the best value for the money.
Among the factors in determining the quality of education, Money considered “peer quality.” Stating that “decades of research have shown that undergraduates have a major impact on their peers,” Money analyzed the overall relationship between test scores and grade point averages of accepted students for schools reporting both data points.
Using the latest data available from the U.S. Department of Education, which was for the 2012-13 academic year, Money determined that the average high school G.P.A. of students accepted at Stevens is 3.8. Based on SAT and ACT scores, the incoming class of 2018 is the most competitive group of students in the history of Stevens. The middle 50 percent range of SAT scores (combined critical reading and math) of new freshmen is 1260-1410, a significant jump from the 2013 range of 1220-1380. The middle 50 percent range of composite ACT scores rose as well to 29-32 from a range of 27-32 of last year.
In measuring career outcomes, Money looked at alumni earnings information from PayScale, which ranked Stevens 5th in the nation for ROI earlier this year. PayScale provided Money with aggregated data based on responses from more than 1.4 million people to questions asking what their job is, what their salary is, where they went to college, what they majored in, and when they graduated. According to the data, the average annual salary of Stevens alumni who graduated within the past five years is $64,900. Although weighted less than early career earnings, Money also took into account mid-career earnings of alumni who graduated 15 years ago. PayScale, which classifies anyone with at least 10 years’ work experience as “mid-career,” ranked Stevens third in the nation for mid-career salary in its 2013-2014 College Salary Report.
Adding up each of the factors used, Money used a five-point scale to come up with a total score for each school. According to Money’s calculation, Stevens received a ranking score of 3.53 and a value grade of B+.
According to Lynn Insley, director of Career Development, Stevens students are prepared for success in a wide range of industry sectors.
“A Stevens education is broad-based and incorporates experiential learning opportunities, producing high potential employees for future leadership roles and long term value,” said Insley. “We’re very proud of the accomplishments of Stevens graduates.”