Career Planning Based on Your School: Ivy or Not

Career planning, for many, is entwined with education. In high school, we work hard to attend the best college possible, and as college students, we work to attend a top-notch graduate program. When career planning the best of the best invariably encounter pressure from a three letter word: Ivy.

Unless you have a college fund, an Ivy League school means substantial debt. At around $40-$50K a year, you're taking a big financial step -- regardless of your socioeconomic background. The cost of attending a top-tier school is so substantial that we absolutely cannot discount it from our career planning objectives. In a society that is obsessed with rankings, awards, and lists, we need to take a step back and truly ask ourselves-- Is the cost worth it?

On November 30th, Martha O'Connell, executive director of Colleges That Change Lives,published an opinion piece in The New York Times. She titled it "Does It Matter Where You Go to College?" and answered her own question appropriately:

"A long-term study of 6,335 college graduates published by the National Bureau of Economic Research found that graduating from a college where entering students have higher SAT scores -- one marker of elite colleges -- didn't pay off in higher post-graduation income."

Instead, the study suggested that the key determinant for success was ambition--that is, students who applied to prestigious schools but declined or chose not to attend experienced the most substantial payoffs.

Success stems beyond academic ability, and anyone who is career planning should realize that fact. Sometimes, it makes sense to be practical, take the scholarship, or attend the less expensive school. And those who didn't attend the top schools? Reevaluate your job hunt, and push yourself towards the best experiences possible.

Given this information, a cost/benefit analysis would encourage us to attend the less expensive school, especially if we're considering financing our education with debt, especially since monthly payments for an expensive education can exceed $1,000 per month for nearly three decades. It may not seem like much, but those kinds of payments are nearly impossible to sustain on an entry-level salary, especially if you hope to own a home, start a family, buy a car, or retire when you're 65.

When career planning, considering graduate school, or choosing a college, it is important to think of concrete terms and value for your dollar spent. What will be the payoff form your program, and are you learning concrete skills that can help you thrive in the real world? Ultimately, the Ivy cannot and will not serve as a substitute for who you are.

What do you think? If you attended  a top private school, do you champion or regret your decision?

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