Hoboken, N.J. – Stevens Institute of Technology is a college well worth the investment, a new study on the value of higher education by PayScale reveals. In fact, Stevens ranks 9th among all colleges and universities nationally for 30-year net return on investment, with graduates grossing $1.46 million in cumulative earnings above the cost of their bachelor’s degree after 30 years in the workforce. The university jumped to 9th from 24th on the 2012 PayScale college education ROI rankings.
“This impressive progress, combined with the September 2012 U.S. News & World Report college rankings of national universities, in which Stevens was the fastest-rising university in the top 100 schools, is confirmation that a Stevens education is a pathway to success and that Stevens is on the move,” said Stevens President Nariman Farvardin.
Stevens, a premier, private research university renowned for its science, engineering and technology programs, excelled in all categories of the PayScale rankings. The university ranks 4th among Northeast schools, 5th among research schools, and 7th among engineering schools. When factoring in students who paid for their degree with the help of financial aid, Stevens places 8th nationally with a 30-year net ROI with aid of $1.57 million.
For its report, PayScale evaluated more than 1,500 colleges and universities across the United States and compared costs to median alumni lifetime earnings. It identified which schools helped students earn back their tuition and then some.
Following trends from previous years, engineering and research universities sat firmly at the top of the list. Workforce projections indicate this trend will continue for some time, with science, technology, engineering and mathematics (STEM) positions expected to both increase in the proportion of jobs available and pay higher wages than jobs in other sectors, according to a 2011 Georgetown University Center for Education and the Workforce study.
With the latest Payscale ranking, Stevens joins an elite group in the top ten, including California Institute of Technology and Massachusetts Institute of Technology, and the placement puts Stevens ahead of prestigious institutions like Stanford University, Harvard University and Princeton University.
Combining highly-regarded academic programs and research experiences with leading internship and professional work experiences for students, Stevens – which draws more than 300 employers annually to recruit its students on campus – consistently earns top marks for ROI, internships and salaries. After rising 13 spots from the 2012 to 2013 U.S. News & World Report ranking of best national universities, Stevens recently made the U.S. News & World Report ranking of the top ten national universities that produce the most interns and placed 12th nationally on a survey reported by CNNMoney.com on a ranking of universities whose graduates earn the highest mid-career salaries.
Recent student outcomes reflect the longstanding quality and value of a Stevens education. According to the Stevens Class of 2012 Student Outcomes Report, which is based on survey data collected from new alumni by the Stevens Office of Career Development, just six months after graduation 94 percent of the Class of 2012 had secured post-graduation outcomes as follows: employment (69 percent), admission to graduate, law or medical school (18 percent), entered the military (1 percent), returned to home country or traveled (6 percent).
The job opportunities accepted by 2012 graduates also carried top salaries; the average starting salary was $62,850. Graduates accepted positions at top global corporations like Morgan Stanley, Johnson & Johnson, ExxonMobil, IBM, Con Edison and Verizon or entered graduated school at renowned institutions like Harvard, MIT, Columbia University, Johns Hopkins University and Yale University.
Learn more about the Stevens difference at /sit/roi.
About Stevens Institute of Technology
Stevens Institute of Technology, The Innovation University®, is a premier, private research university situated in Hoboken, N.J. overlooking the Manhattan skyline. Founded in 1870, technological innovation has been the hallmark and legacy of Stevens’ education and research programs for more than 140 years. Within the university’s three schools and one college, more than 6,100 undergraduate and graduate students collaborate with more than 350 faculty members in an interdisciplinary, student-centric, entrepreneurial environment to advance the frontiers of science and leverage technology to confront global challenges. Stevens is home to three national research centers of excellence, as well as joint research programs focused on critical industries such as healthcare, energy, finance, defense and STEM education. The university is the fastest-rising college in the U.S. News & World Report ranking of the best national universities, and it is consistently ranked among the nation’s elite for return on investment for students, career services programs, and mid-career salaries of alumni. Stevens is in the midst of a 10-year strategic plan, The Future. Ours to Create., designed to further extend the Stevens legacy to create a forward-looking and far-reaching institution with global impact.