RAPID CITY, S.D. (June 27, 2013) - The South Dakota School of Mines & Technology has been ranked fourth in the nation for colleges and universities whose graduates make millions.
The new "Million Dollar ROI (Return on Investment)" rankings for 2013 was released Thursday by AffordableCollegesOnline.org (ACO) and includes a new list of public universities whose graduates out-earn non-degree holders by at least $1 million during their careers. Institutions on the list make up the top 1 percent of U.S. colleges as measured by return on investment (ROI).
"This is yet another confirmation that the South Dakota School of Mines & Technology prepares leaders in science and engineering at a price families can afford," said Heather Wilson, new president of the university. "Our graduates go on to great careers leading and building some of the best companies in America."
The most recent placement figures from the university's Career & Professional Development Center show the average starting salary for 2011-2012 graduates was $62,696, with 98 percent landing jobs in the field for which they studied or going on to graduate school.
The field with the highest average starting salary for Mines grads was geological engineering with $72,333, with the next highest at $70,087 for metallurgical engineering.
According to AffordableCollegesOnline.org, the 30-year net return on investment for School of Mines graduates is $1.23 million.
SUNY Maritime College in New York was ranked first with a 30-year net ROI of $1.59 million; Colorado School of Mines was second at $1.57 million; the Georgia Institute of Technology was third at $1.39 million.
Each school's return on investment figure derives from a three-tiered calculation: estimated 30-year earnings of graduates minus both projected earnings without a degree and four years of tuition and fees.
"It's important to recognize these are public universities that require a lower upfront tuition investment than their private counterparts, yet still provide students with the skills necessary for a higher paying career," ACO founder Dan Schuessler said the organization's news release. "ACO is dedicated to promoting affordability, and Ivy League schools are not the only ones with great ROI. These public colleges provide significant value to their students."
Founded in 1885, the South Dakota School of Mines & Technology is a science and engineering research university located in Rapid City, S.D., offering bachelor's, master's and doctoral degrees. The university enrolls more than 2,400 students from 32 countries, with a student-to-faculty ratio of 14:1. The average starting salary for 2012 graduates was $62,696 with a 98 percent placement rate. Find us online at www.sdsmt.edu.