Quincy Sun // Published December 26, 2019 // By Quincy Sun Staff
QUINCY — What is the return on investment for a two year college education? According to a new Georgetown University Center on Education and the Workforce (CEW) Report, Quincy College is Ranked #1 in Massachusetts across two-year public and community colleges in Massachusetts and the New England region. Quincy College offers long-term economic value with less debt compared to public baccalaureate and associate degree institutions.
The Georgetown University Report (CEW) entitled “A First Try at ROI: Ranking 4,500 Colleges” (Carnevale, Cheah, Van Der Werf, 2019) evaluates and compares earnings of institutions of higher education. As it may take many years for a college degree to pay off, the authors calculated return on investment (ROI) by the net present value (NPV), estimating what a student would expect to earn in the future based on today’s value, minus the investment. This metric includes costs, future earnings, and the length of time it would take to invest and earn a certain amount of money over a fixed horizon.
The CEW report used net present value (NPV) calculated at 10, 15, 20, 30 and 40 year intervals. As a general finding, certificates and associate degree programs have higher net present values in the short term because students take less time to graduate and join the workforce. Students graduating with bachelor’s degrees are more likely to demonstrate higher earnings in the long term because it takes longer to complete the degree and join the workforce.Georgetown University Report (CEW) Findings Include:
- Quincy College is #1 among two-year colleges in Massachusetts with the highest net present value (NPV) at 10, 15, 20, 30, and 40 years.
- Quincy College is #1 among community college in New England with the highest net present value (NPV) 10, 15, 20, 30, and 40 years.
- Quincy College is #2 among all Massachusetts public institutions (associate and bachelor-degree granting) in terms of net present value (NPV) at 10 years. Mass Maritime is #1 ($246,000) compared to Quincy College ($194,000).
- At the 40-year interval, Quincy College still shows strong value when compared to all Massachusetts public institutions, ranking #7 out of #14, ahead of Fitchburg State University, Westfield State University, Framingham State University, Bridgewater State University, Salem State University, Massachusetts College of Liberal Arts, and Massachusetts College of Art.
- At 40 years after graduation, Quincy College graduates demonstrate a net present value (NPV) of close to a million dollars ($977,000).
“Quincy College offers a foundation for student success that is unparalleled in Massachusetts and regionally., said Dr. Servet Yatin, MBA, PhD, Quincy College Senior Vice President for Academic Affairs. “ We are proud to be recognized as number one among the community colleges in the state. The Georgetown University Report reflects not only the strength of a Quincy College degree, but the caliber of our graduates. Their determination and success after graduation is a direct reflection of our investment to support and engage every student. Quincy College faculty and staff foster an educational foundation that both values lifelong learning and promotes a promising future for the students we serve. We take our responsibility to our students seriously, preparing them for the changing demands of the workforce with affordable programs. We are flexible in academic offerings and adaptable to trends in job market. From traditional college students to adult learners — the value of a two-year degree from Quincy College is that our graduates receive the highest economic value for their educational investment.”
Quincy College exceeds the national median salary for graduates. The median net present value (NPV) for all colleges is $107,000 in the short term, 10 years after enrollment. Nationwide, colleges that primarily award associate’s degrees have the highest short-term return, a median of $141,000 10 years after enrollment. Quincy College’s 10-year net median of $194,000 is higher than the national median for all colleges.
Comparing Quincy College with public, baccalaureate institutions in Massachusetts, at the 10-year interval, Quincy College is #2 after Mass Maritime in net present value (NPV). At this time, Quincy College’s terminal degree is an associate degree and not a bachelor’s degree ; this data shows that the Quincy College’s NPV remains high even ranked against 4-year institutions. This finding holds up over time; with Quincy College graduates having more in terms of net present value (NPV) at 15 years. At 20 years, however, Quincy College becomes number three in net present values after UMASS Lowell. At 40 years, Quincy College becomes number seven, ahead of most of the state universities.
“Students and their parents should take advantage of data by institution to make more informed financial decisions about where to attend college,” said Ban Cheah, co-author of the report and research professor and senior economist at Georgetown University Center on Education and the Workforce (CEW).
The report uses expanded U.S. Department of Education College Scorecard data, which also finds Quincy College students ranked #1 as top salary earners in Massachusetts across two-year public colleges, ten years after graduation. The Georgetown University Report net present value (NPV) is calculated from 4,500 colleges and higher educational institutions including traditional two-year and four-year public and private colleges, as well as for-profit colleges and training academies.