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Sorry Gen Z grads: Ritzy college degrees just aren\u2019t the golden to big paychecks that they perhaps used to be. New data shows that even those studying at Ivy League schools aren\u2019t guaranteed a six-figure salary.<\/p>\n
The Department of Education\u2019s College Scorecard<\/a> tracked the median earnings, average annual cost and median debt for former Ivy League students who received federal financial aid.<\/p>\n According to their research, only two of the eight Ivy Leage schools landed students with jobs paying more than $100,000 a whole decade after studying there: The University of Pennsylvania and Princeton University.<\/p>\n Those who studied at The University of Pennsylvania (and had financial aid) had the highest salary 10 years after tossing their graduation caps in the air at $112,761. Meanwhile, at $87,811, Brown University students had the lowest median earnings 10 years after graduating.\u00a0<\/p>\n Despite being world-renowned, Harvard came second to last when ranking the wages of former Ivy League students who received federal financial aid.\u00a0<\/p>\n 1. The University of Pennsylvania: $112,761 Of course, not everyone gets financial aid to help with the eye-wateringly high costs associated with going to college. In reality, the Ivy League is known for enrolling students from wealthy families who are likely to secure lucrative careers no matter where they go to college.<\/p>\n However, separate studies have also shown that despite being previously seen as prestigious qualifications, degrees generally have lost their charm.<\/p>\n Across the board, 23% of bachelor\u2019s programs yield a negative financial return on investment according to the Foundation for Research on Equal Opportunity\u2014this nearly doubles to 43% for master\u2019s degrees.<\/a><\/p>\n \u201cEven the MBA, one of America\u2019s most popular master\u2019s degrees, frequently has a low or negative payoff,\u201d the report warned.<\/p>\n It comes as college fees keep skyrocketing<\/a>, many major employers have dropped their long-held degree requirements<\/a>, and recruiters globally are significantly more likely to search for new hires by skills over higher education<\/a>.\u00a0<\/p>\n Even LinkedIn<\/a> has concluded that the hottest skills to land a job right now can\u2019t be learned in a textbook<\/a> and that in 90% of cases grads could have gotten a job without the once-lauded qualification<\/a>.<\/p>\n If you want proof, look no further than the fastest-growing job in the U.S. right now<\/a>\u2014wind turbine service technician\u2014which pays up to $103,000 a year and doesn\u2019t require a college degree.<\/p>\n A massive survey of Gen Z workers<\/a> found that 40% of people aged between 16 and 26 did not believe they needed a university degree to have a successful career.\u00a0<\/p>\n It perhaps explains why the youngest generation of workers are shunning college (and with it, the prospect of a corporate career) to take up traditional trades like welding, plumbing, and carpentry.<\/p>\n Enrollment in vocational-focused community colleges rose 16% last year <\/a>to its highest level since the National Student Clearinghouse began tracking such data in 2018.\u00a0Meanwhile, the same data shows a 23% surge in students studying construction trades in 2023 compared to the year before.<\/p>\n \u201cPeople are starting to smell a rat,\u201d Mike Rowe, the CEO of MikeRoweWorks Foundation, commented on the shift, adding that blue-collar jobs \u201care a straight path to a six-figure job\u201d without the burden of debt.\u00a0\u00a0<\/p>\n Take Chase Gallagher, for example: The 23-year-old started his lawn mowing side hustle as a teenager and it\u2019s now generating more than $1 million in revenue.<\/a><\/p>\n \u201cI just didn\u2019t see the ROI in going to university,\u201d the Gen Zer told Fortune<\/em>. \u201cYou can still be a 1% income earner here in America and be a trades business owner.\u201d<\/p>\n<\/div>\nMedian salaries of former Ivy League students 10 years later<\/h2>\n
2. Princeton University: $110,433
3. Cornell University: $98,321
4. Columbia University: $97,540
5. Yale University: $95,961
6. Dartmouth College: $95,540
7. Harvard University: $95,114
8. Brown University: $87,811<\/p>\nNearly half of master\u2019s degree programs leave students financially worse off<\/h2>\n
\u2018People are starting to smell a rat\u2019<\/h2>\n