The independent economic-impact analysis, conducted by The Cicero Group for DeVry Inc., tracked wage growth from 2003 to 2010 for graduates from the three DeVry Inc. schools in seven states, as well as a control group of individuals who expressed interest in DeVry University, Chamberlain College of Nursing or Carrington College California, but ultimately did not pursue a college degree. Both groups had statistically similar starting salaries of $25,000-$27,000 in 2003. But by the end of the seven-year period, graduates from the three DeVry Inc. schools out-earned those in the control group by significant margins in all degree categories. Specifically, graduates who earned a bachelor’s degree from a DeVry Inc. school increased their earnings by 65 percent to an average $44,262 at the end of the seven year period, compared to the control group’s average final earnings of 18 percent, or $29,224. Associate degree earners saw wage growth of 42 percent to an average $39,478; and certificate holders increased their wages 22 percent to an average $31,782. Graduates of all the DeVry schools studied experienced significant growth in their earnings over the seven-year period. Graduates of Chamberlain College of Nursing saw the greatest earnings increase—64 percent. Those who graduated from DeVry University averaged wage growth of 60 percent. And graduates of Carrington College California saw their wages increase by 22 percent. In addition to wage growth, graduates from the three DeVry schools reported greater job security, were more likely to be employed in salaried positions, and more likely to have a job with benefits like health insurance. And because 85 to 90 percent of graduates from the DeVry Inc. schools remain in their communities five years after graduation (compared with 64 to 67 percent for typical college graduates), the economic benefits associated with higher college degree completion rates are more likely to be felt within the community. “DeVry’s primary focus has always been the success of our students. This research confirms that our graduates are succeeding in their careers and earning a significant return on their educational investment,” said Daniel Hamburger, DeVry Inc. president and chief executive officer. The research also found that minority students and those who are the first in their family to attend college saw significant increases in income after earning a degree from DeVry University, Carrington College California or Chamberlain College of Nursing. Minorities earning a degree from a DeVry Inc. school saw wage growth of 49 percent, while first-generation college students saw growth of 42 percent. This compares to 18 percent and 17 percent growth rates, respectively, for similar individuals in the control group. Economic Impact Beyond Graduate Wages Beyond increases in graduate earnings, the study also analyzed the overall economic impact DeVry Inc. schools have on seven state and local economies. In California, Florida, Illinois, New Jersey, New York, Ohio and Texas, DeVry Inc. schools had a total economic impact of $822 million in FY2010, including $324 million in direct spending, which led to an additional $497 million in indirect and induced spending. This overall impact is an increase of $135 million from the previous fiscal year. DeVry Inc. and the three schools directly or indirectly responsible for supporting 7,251 jobs in the seven states in FY2010. In fact, DeVry added 895 jobs to its payroll in those locations from FY2009 to FY2010, during a period of significant employment contraction throughout the country. Included in the FY2010 economic impact figures for the seven key states is more than $88 million in federal, state and local taxes attributable to DeVry Inc.’s schools, an increase of 60 percent from the previous year. DeVry Inc.’s school operations in the state of California alone were responsible for more than $32 million in total taxes. “This research is yet one more example of DeVry’s commitment to transparency and accountability. We want students, prospective students and taxpayers to have objective information to evaluate the impact of a DeVry education,” Hamburger said. “By quantifying the ways in which our schools positively impact the careers of our students, as well as contribute to local and state economies, I hope people gain a better understanding of DeVry’s overall value and our role in higher education in America.” Research Methodology This study conducted by The Cicero Group is unique in its methodology. Researchers surveyed actual graduates from the three DeVry Inc. schools – DeVry University, Chamberlain College of Nursing and Carrington College California – for pre-degree and post-degree earnings, and compared those with a closely matched control group of individuals who considered a DeVry Inc. school but did not attend, as opposed to simply using national averages, which are often used in studies of this nature. This approach provides compelling evidence of the effect of a DeVry education while minimizing other variables. A copy of the complete report,DeVry Inc. FY2010 Societal and Individual Economic Impact, is available for download at DeVry’s websitehttp://bit.ly/DVimpact. About DeVry Inc. DeVry's purpose is to empower its students to achieve their educational and career goals. DeVry (NYSE:DV-News) is a global provider of educational services and the parent organization of Advanced Academics, American University of the Caribbean School of Medicine, Becker Professional Education, Carrington College, Carrington College California, Chamberlain College of Nursing, DeVry Brasil, DeVry University, and Ross University Schools of Medicine and Veterinary Medicine. These institutions offer a wide array of programs in business, healthcare and technology. DeVry’s institutions serve students in secondary through postsecondary education and professionals in accounting and finance. For more information, visithttp://www.devryinc.com
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