I happened upon this job placement data from Dakota State University's Career Services office—you know, the folks who help make sure we don't just sit around and think big thoughts after we get our degrees. Among the numbers of note for the 2008 grads DSU was able to track down:
- We kept 80% of them in South Dakota, at least for the first year. Not a bad return on investment.
- Average entry salary for all 2008 grads: $33,189. Not bad: by my calculations from state wage data, that puts these fresh faces just above the 25th percentile for South Dakota wages, not to mention making a bigger first-year paycheck than I've ever received from a single South Dakota job. (50th percentile is $38,406—keep working up the ladder, kids!)
- The 125 four-year degree holders who chose not to become teachers averaged $35,205 for their first annual salary.
- The 40 noble souls who did become teachers averaged $31,642. Three-quarters stayed in state (thank you!) and averaged $24,874. One quarter jumped the border and averaged $31,642.
- The 37 who took the associates degree route (respiratory care, health IT, network admin programs) all stayed in state (thank you!) and averaged $30,532.
Or look at it this way: suppose you and a friend just started at DSU this year. You both are taking student loans of $4000 a year. You take the associates route, finish in 2011 with $8000 in student debt, go straight to work. Your friend takes the bachelor of education route, finishes in 2013 with $16,000 in student debt, goes straight to work. Ignore possible raises, inflation, side jobs, layoffs, etc. All things being equal, by summer 2014, you will have earned $91,596. Your teacher friend will have earned $24,874. Subtract your student debts, and you are $83,596 to the good. Your friend is $8,874 to the good. Assume a really frugal $10,000 a year in living expenses: you're ready to walk into the bank and drop a 20% down payment on a nice house. Your friend has bupkis.
But don't worry, aspiring educators: you can still marry rich.
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Math Update 17:40 CDT: If you tinker the state's wage figures, you may come up with different averages and percentile breaks for the statewide workforce. I took straight averages of the given percentile figures; I did not weight my averages based on the number of workers in each occupation. Thus, my percentile figures are skewed high by the handfuls of really high-paying jobs, like doctors, psychiatrists, and advertising managers. Feel free to recalculate your own numbers (spreadsheets are such fun!) Read more >>

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