LEXINGTON (WSLS 10) - A report from the Brookings Institute says two of Virginia 4-year higher education institutions are good investments based on mid-career salaries of graduates.
The report titled "
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Beyond College Rankings: A Value-Added Approach to Assessing Two- and Four-Year Schools
" names Virginia Military Institute (VMI) and Washington and Lee University, both in Lexington, on a list of "four-year colleges with the highest value-added with respect to mid-career earnings."
In the report, "value-added" refers to more than a graduate's salary. The Institute used other factors like graduation rates, market value of skills a college teaches, as well as measurable economic outcomes like salary, employment benefits and loan repayment rates.
To give schools a numbered score for value-added, researchers calculated the difference between the predicted, average, mid-career income of a graduate and the actual, average, mid-career income of graduates.
Based on this method, VMI received a value-added percentage of 38, with a predicted graduate income of $78,444 and an actual average, mid-career income of $115,000.
Washington and Lee University scored even higher, with a value-added percentage of 42, predicted graduate income of $81,281 and an actual average, mid-career income of $124,300.