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The Financial Wisdom of Investing in a CCNY Degree

In an insightful study released by Lightcast, the value of a college degree from The City College of New York (CCNY) has been sharply illuminated. Drawing inspiration from Benjamin Franklin’s adage that “an investment in knowledge pays the best interest,” the findings reveal a striking return on investment for graduates.

Analyzing the Returns

The study, which evaluates data from the fiscal year 2023-24, found that students investing in their education at CCNY enjoy an impressive average annual return of 20.9%. This not only surpasses the stock market's 30-year average return of 10.9% but also emphasizes the long-term financial viability of attaining higher education. Specifically, for every dollar spent on education during this fiscal year, graduates stand to earn an astonishing $7.90 in higher lifetime earnings.

Beyond individual gains, the benefits extend to taxpayers, who can expect an additional $1.60 in tax revenue and public sector savings. The impact on society is even broader, contributing $9.80 in added income and social savings.

Earnings by Educational Attainment

Lightcast leveraged comprehensive data from the U.S. Bureau of Labor Statistics and the U.S. Census Bureau to illustrate the correlation between educational attainment and earnings. At the midpoint of their careers, individuals can anticipate the following average earnings based on their highest degree:

• - High School: $45,500
• - Certificate: $49,900
• - Associate: $57,300
• - Bachelor's: $92,400
• - Master's: $114,800
• - Doctorate: $135,100
• - Professional: $182,000

The statistics tell a compelling story. A typical graduate holding a bachelor’s degree from CCNY can expect to earn around $46,900 more annually compared to peers with only a high school diploma when working in New York. Over their career, this translates to a remarkable present value of $406,200 in additional earnings for each CCNY bachelor's degree recipient.

Payback Period Insight

What’s particularly noteworthy is the payback period for CCNY bachelor’s degree holders, which stands at just 7.6 years. In other words, within less than a decade after investing in their education, these graduates will have recaptured their expenses through increased earnings. This rapid return is underscored by the comprehensive assessment of costs (tuition, student loan interest, lost earnings) against anticipated lifetime income.

Methodology of the Study

This landmark study incorporated a myriad of data sources, including:

• - Academic and financial reports from CCNY over the past three years;
• - Employment outcome data from CCNY alumni;
• - Outcomes derived from Lightcast's advanced impact model;
• - Existing literature linking education to enhanced earning potential.

Lightcast's examination not only reveals the individual financial return of a degree from CCNY but also positions it within the broader economic context of New York City. The analytical firm asserts that the overall economic contribution of CCNY to the local economy is an impressive $3.7 billion for the fiscal year 2023-24.

A Partnership for Progress

The collaboration between Lightcast and CCNY spans almost a decade, focusing on regional workforce needs and how CCNY can best align with industry demands.