Do you love titles, or hate them? Many of us love them, because we feel like they’re great ways to easily explain to others a basic idea of what we do. On the other hand, many hate them because a basic idea isn’t the same as a good idea. How similar are the jobs of one “Manager” compared to another? How about a “Vice President of Sales” at a car dealership… versus a “Vice President of Sales” at steel company?
So what actually matters when comparing two jobs? The real question is: what matters to you? In the CareerNumbers survey, we do the heavy lifting to make sure people doing the same job are being compared, but allow you to drill into which career factors you’d like to compare, such as years of experience, hours worked, specialization and education. The survey asks specific questions that aim to identify the factors that differentiate people in your profession so that the results can compare apples- to- apples, not apples- to- pears.
The survey doesn’t just offer you an absolute average salary for people of similar careers, but rather the tools to compare your career to others who perhaps chose a different specialty, or a hold a different degree. The results provide insight into you career opportunities and allow you to make educated decisions about career planning.
Why is this knowledge necessary? For a number of reasons: On a basic level, accurate salary information can answer that frightening question- ‘Am I being underpaid?’ It can help in salary negotiations and increase your basic knowledge about your field. Career comparison tools can help you decide how much marginal value that extra degree will offer, or if you should get that specific certification. Such question can only be answered when specified facts and figures are presented.
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Imagine (for a terrifying moment) you’re a high school senior again, weighing college acceptance offers. You could go to the prestigious Ivy League school with its high-class education, reputation, and $200,000 bill for the four years. Or to the state school that might not be as prestigious, but is giving you a full ride — scholarships that pay for your entire education. Is the Ivy prestige worth the premium price? Aren’t the future earnings what make the Ivy League worth it?
Two researchers, Alan Krueger and Stacy Dale, studied this conundrum and challenged the answers we think of as obvious. They found that, in most cases, the students who were accepted to both the University of Pennsylvania (an Ivy) and Pennsylvania State (a state school) had no difference in their future earnings, regardless of which college they chose to attend.
This raises some questions. We’re taught that we need to study hard… so that we can get good grades… so that we can get into a good school… so that we can have a successful career. Does this study suggest, then, that the process is a lie? That good grades & good schools don’t contribute to getting good jobs? Not exactly. Students accepted to both universities were chosen based on their achievements & their intelligence. Academic, and later, professional success were based on their abilities, motivation, and study ethic. They were people who would excel in any environment.
But, we did say “in most cases”. One group of students did benefit from going to the Ivy school: those who could least afford it. Counter-intuitive, but the researchers explained that individuals from higher-income families don’t have to rely on college for networking or connections. Students from lower-income families, however, gain access to networks of people they otherwise wouldn’t have access to when they go to Ivy League schools.
We have so many assumptions about how people’s education provide value to them, but there’s so little data to be found. Universities struggle yearly to get donation commitments from alumni, because they don’t have facts to prove how their education is still making a difference in an individual’s success. And whether we’re a professional looking back at our decisions, or a student still making them, we’re always wondering: what’s the right choice?
Alan Krueger and Stacy Dale helped us answer that question for one decision. Check back soon or subscribe to our RSS feed to get more answers from CareerNumbers.
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