RAPID CITY, S.D. (Oct. 1, 2012) – South Dakota School of Mines and Technology graduates enter the job market earning more than Harvard University graduates on average, and a news story touting this fact has been republished nationwide numerous times since it first appeared on Bloomberg.com
on Sept. 17.
The impetus of the story is a shortage of mining industry engineers due to a dearth of graduates nationwide. Starting salary figures quoted from PayScale’s data from 2011-2012, however, include a more general figure for all graduates: $56,700 for South Dakota School of Mines and Technology graduates vs. $54,100 for Harvard University.
Joe Richter’s story highlights return on investment, citing the vast difference in tuition costs: $10,530 for out-of-state tuition costs for the School of Mines compared to Harvard’s approximately $40,000 for undergraduates. He also quotes a Mines senior who has already been offered a job at Freeport McMoRan Copper & Gold Inc. paying more than $60,000 a year upon graduation this May.
The South Dakota School of Mines and Technology, founded in 1885 as a mining engineering institution during the heyday of the Black Hills gold rush, is one of just 14 universities in the nation to offer mining engineering degrees.
A shortage of industry workforce managers is one reason the School of Mines this year has begun offering a master’s degree in mining engineering.
Bloomberg’s story has gone viral since it was originally published. A handful of the many additional media outlets where the story, or parts of it, can be found are Time magazine
, the Today show, the Los Angeles Times
, Yahoo! Finance
, Asbury Park Press
, The New York Observer
, the San Francisco Chronicle
, The Atlantic Wire
and American Public Media’s Marketplace