A new report from PayScale, a research firm, calculates the returns to higher education in American universities. Its authors compare the career earnings of college graduates with the present-day cost of a degree at their alma maters, after taking account of financial aid.

Top universities may be growing ever more selective, but the returns on a college degree depend far more on field of study than the choosiness of the university itself, the report says. Engineering and computer-science students earn most, achieving an impressive 20-year annualised return of 12% (the S&P 500 managed just 7.8%). Engineers were also least dependent on institutional prestige: graduates from less-selective schools experienced only a slight decrease in average returns. Business and economics degrees also pay well, delivering a solid 8.7% average return. Courses in arts or the humanities may pay intellectual dividends but provide more mixed economic returns. Students concerned about their financial outlook should worry less about their school’s rank and spend more time brushing up on maths.

Questions for students:

• Which degrees tend to have the highest return on degree?
• Does the return vary significantly based on the selectivity of the school they attend?
• Overall, do you see a significant relationship between return on degree and selectivity? Why or why not?
• Does this surprise you? What is your one personal takeaway from this?
• Do you have any questions for Payscale about their research?