The Quantity and Quality of Education and their Influence on Earnings: The Case of Chemical

Engineers
Author(s): Charles R. Link
Source: The Review of Economics and Statistics, Vol. 55, No. 2 (May, 1973), pp. 241-247
Published by: The MIT Press
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 THE QUANTITY AND QUALITY OF EDUCATION
AND THEIR INFLUENCE ON EARNINGS:
THE CASE OF CHEMICAL ENGINEERS
Charles R. Link *
IN this paperis examinedsomeof the deter- and the regression findings are discussed in
minants of earnings of males in a "high
powered" occupation, chemical engineering.
Models such as those developed here can be
useful to researchers interested in earnings
functions, the theory of occupational choice,
economic growth and returns to investments in
human capital. In addition, earnings models
can be help'ful to individuals who must make
promotion and salary decisions.
The impact of education on earnings has
received a great deal of attention in social,
political and economic circles. Previous studies
show that persons who obtain higher levels of
education earn higher incomes. However, com-
paring average incomes of individuals who
differ only in levels of educational attainment
may overstate the influence of education since
schooling and non-schooling factors other than
the amount of formal schooling cause differ-
ences in individual incomes. Such factors in-
clude socio-economicbackground, demographic
characteristics, innate ability and the quality
of formal education. Emphasis in this study
is on the quality of education and student
ability.
The author was able to find only two at-
tempts at simultaneously estimating the im-
pact of student ability and school quality on
the earnings of persons in professional occu-
pations.' This paper is viewed as an explora-
tory effort in this direction.
The basic earnings functions to be estimated
are described in section I. The data sources,
key proxy variables in the regression analysis
Received for publication July 20, 1972. Revision ac-
cepted for publication October 24, 1972.
* The author wishes to express his gratitude to W. Lee
Hansen and Glen Cain for their helpful comments and
suggestions on his dissertation, from which the present
paper is an extension. Thanks also go to Dick Campbell
for his invaluable aid in the data processing aspects of the
research. Finally, I wish to thank the referee editor for his
remarks and suggestions on an earlier draft of the paper.
Any errors or omissions are the sole responsibility of the
author.
'Hunt and Weisbrod and Karpoff (1968).
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section II. Section III is a summary of the
main findings.
I Modelsof EarningsDeterminants
In this section three potential earnings re-
gressions are set forth. As in other studies of
this nature the variables included are limited
to those provided by the data source. Although
results for formal and informal educational
variables are mentioned, attention is centered
on the impacts of the explanatory variables
that are proxies for college quality and student
ability.
The model which serves as the base for the
three earnings functions to be estimated in
section II includes variables indicating several
schooling, personal and socio-economic charac-
teristics but excludes specific variables for col-
lege and student quality.
This model does not consider the quality
aspects of a college education. A degree at one
university may imply "more education" (i.e.,
a higher quality of education) than the same
degree from another institution. Models I-II
include two different measures of institutional
quality.
The quality rating of a college is likely to
be positively correlatedwith the general ability
levels of the students who attend that institu-
tion. If so, the influence of the quality vari-
ables may be biased upwards. In an attempt
to account for this possibility, institutional
quality and student quality (ability) variables
are simultaneously entered in Model III.
II EmpiricalFormat
In this section the data are described, the
rationale for the key variables included in the
models is discussed and finally, the regression
findings are reported.
The Data
The Postcensal Survey of Professional and
[241]
242 THE REVIEW OF ECONOMICS AND STATISTICS
Technical Manpower, conducted in 1962, was
a special study of a large group of persons
included in the 1960 Census who had reported
themselves as college graduates or who were
last employed in a scientific or technical occu-
pation.2 The survey contains a wealth of in-
formation relevant to a study of earnings de-
terminants. The data for each respondent in-
clude earnings, highest degree attained, years
of education, the name of the institution where
the highest degree was attained, and several
socio-economic and demographic characteris-
tics. Knowledge of the institutions attended
meant that educational quality ratings could
be calculated for the graduates of different
schools.
Description of Variables
The dependent variable, 1961 earnings, de-
notes total salary and commissionsbefore taxes
and other deductions from the respondent's
major job.3
The variables common to each of the three
models described in section I represent the
level of educational attainment, quantity of
formal on-the-job training, quantity of infor-
mal job training, age, marital status, type of
employer (government, private business, or
self employed),4 employment status,5 current
region of residence, type of residence as a
youth, father's occupation, size of high school
graduating class, and publication status.6'7
Levels of educational attainment reported
in the data are classified as three years or less
2A more complete description of the survey is given in
Warkov and Marsh (1965) and Green and Kaplan (1963).
3Earnings from consulting are not included.
'The sample does not include professors. They form a
separate occupation in the Postcensal Survey.
'No unemployed chemical engineers appeared in the
Postcensal Survey.
6 Justifications for the inclusion of these variables in the
model can be found in Link (1971, pp. 13-28). Suffice it
to say at this point that the socio-economic and personal
traits influence earnings in a variety of ways since they
reflect such factors as motivation, obsolescence, informal
learning as a child, access to public services, employment
opportunities and the cost of living.
'Earnings differentials attributable to race could not
be isolated because the Postcensal Survey did not provide
information about racial characteristics of the respondents.
Results obtained should not be biased though as chemical
engineering is essentially a white occupation. In 1960 only
0.15 per cent of the chemical engineers were black. See U.S.
Bureau of the Census, 1964, p. 9.
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of college,8 four years of college but no degree,
the bachelor's degree, some graduate study, the
master's degree and the Ph.D. degree.
College quality variables were developed for
utilization in the regression analysis. The first
group of quality variables was created from
data on accreditation of specific engineering
departments provided by the Engineers' Coun-
cil for Professional Development (also referred
to as ECPD). It should be emphasized that
the ECPD accredits the curricula of specific
departments within an institution and not the
institution itself since, as the agency puts it,
"It is well recognized that curricula of quite
different qualities may sometimes be found at
the same institution." I Thus, a university may
have an accredited chemical engineering but
a non-accredited civil engineering department.
Before any particular curricula (e.g., chem-
ical engineering) is accredited by the ECPD
several aspects of the quality of the curricula
and the department are carefully examined.
Among these aspects are degrees conferred,
qualifications of the faculty, physical facilities,
requirementsfor admission of students, sources
of income and records of graduates in graduate
school and after graduation.10
One of the hypotheses to be tested for chem-
ical engineers is that those who acquire their
education in an ECPD accredited chemical
engineering program receive higher earnings,
ceteris paribus, than their colleagues who went
to institutions where ithe program was not ac-
credited.
Many people who classified themselves as
chemical engineers in the Postcensal Survey
had majored in areas other than chemical en-
gineering (e.g., civil engineering). This being
the case, an additional hypothesis is tested in
the regression analysis. Individuals who at-
tend accredited non-chemical engineering de-
partments earn more than those who attend
non-accredited departments.
This hypothesis is relevant for two basic
reasons. The quality of education may vary
among departments at the same institution.
8 of the chemical engineers in the study had obtained
at least some college education.
'See Engineers' Council for Professional Development,
1968, p. 1.
"0See Engineers' Council for Professional Development,
1968, pp. 4-5.
 INFLUENCE OF EDUCATION ON EARNINGS: CHEMICAL ENGINEERS 243
Also, the chemical engineer who received his desired to enroll at an institution as a percent-
education in an accredited chemical engineer- age of the number of entering freshmen in
ing department may receive a higher quality 1961.12
of education, at least in preparing him to be
Colleges that were high on Affluence (selectivity) tended
a chemical engineer, than a chemical engineer to have high per-student endowments, operating budgets,
who attended an accredited civil engineering scholarship funds, research funds, and capital incomes,
department. and relatively large libraries. They also tended to be
A measure of the strength of the whole en- highly selective, to have highly trained faculty and
gineering division was calculated for each in- high faculty-student ratios . . .13
stitution in the United States by assessing the Selectivity is viewed as a proxy for the overall
school's ECPD accreditation or non-accredi- quality and prestige of an institution.
tation in the four core areas of engineering: Intellectualism, developed by Astin through
civil, electrical, chemical and mechanical. For the use of factor analysis, brings together
instance, if all four of these areas of engineeringseventeen characteristics of entering freshmen
are accredited at a given institution, the total classes that are indicators of outstanding schol-
engineeringdivision is deemed accredited. Any arship and general intellectual achievement.
chemical engineer who attends this institution The student characteristics explaining most of
but does not major in chemical engineering the variation in intellectualism include mean
falls into the category "attended an ECPD SAT scores (verbal and mathematical), per
accredited engineering division."11 cent Merit Scholars, per cent planning Ph.D.
In summary, three categorical dummy vari- degrees, median high school grades, etc."4 As-
ables were developed to capture the influence tin standardized both intellectualism and se-
of ECPD quality on earnings and they repre- lectivity with a mean of 50 and a standard
sent the following classifications: chemical en- deviation of 10.15
gineering major in college at an ECPD ac- Intellectualism serves as a proxy for stu-
credited chemical engineeringdepartment, non- dent ability and motivation.'6 Of course, it
chemical engineering major at an accredited would have been desirable to have test scores,
total engineering college, and finally, chemical high school grades, or some other more direct
or non-chemical engineering major in a non- ability measure for each respondent but the
accredited program. The last dummy variable Postcensal Survey did not provide information
is reflected in the intercept term in the regres- of this nature. Intellectualism does not pro-
sion analysis. vide information regarding the variation in in-
The ECPD variables mirror school quality dividual abilities but it does give an indication
on the basis of the engineering curricula and of the variance in abilities between different
faculty at various institutions. Quality may
also reflect a school's prestige and the abilities 1
See Astin, 1965, p. 25.
of the students who attend the institution. Alex- "See Astin, 1965, p. 24.
See Astin, 1965, p. 17, for a list of the seventeen char-
14
ander Astin constructed thirteen variables to acteristics.
measure differencesin both student bodies and A list of institutions with selectivity and intellectualism
15

environmental characteristics at institutions of scores (shown in that order) is provided to give the reader
an idea of the scores of some representative institutions in
higher learning in the United States. Two of the United States. Examples include: Auburn (51,47),
these, selectivity and intellectualism, are uti- Arizona (56,52), Massachusetts Institute of Technology
lized in this paper. (79,81), Harvard (76,78), Oklahoma (55,54), Ohio State
(58,54), Syracuse (60,57), California at Berkeley (67,63),
An institution's selectivity score indicates Lafayette College (60,61), and the University of Georgia
the number of 1961 Merit Semifinalists and (52,48). See Astin, 1965, pp. 57-83 for a complete listing
recipients of the Letter of Commendationwho of institutions and their corresponding selectivity and in-
tellectualism scores.
" The ECPD provided accreditation data for separate 16 Actually, intellectualism and selectivity are highly
departments in the engineering division at different insti- correlated (The correlation coefficient is 0.78. See Astin,
tutions. In some cases when not all of the core areas were 1965, p. 30). However, intellectualism includes several
accredited or the school did not offer one or more of the generally accepted indicators of talent and thus seems to
core areas, arbitrary choices had to be made as to whether be both a more direct and more satisfactory indicator of
the engineering division should be considered accredited. ability and motivation.

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244 THE REVIEW OF ECONOMICS AND STATISTICS
institutions that could be helpful to potential TABLE 1.- REGRESSION RESULTS FOR EDUCATION,
TRAINING AND STUDENT ABILITY
entrants to these colleges.17
(ALL MALE CHEMICAL ENGINEERS (N = 759) a
Formal and informal training on-the-job,
through their influence on marketable skills, Model I II III
Variable b' b' b`
may be important determinants of earnings.
A dummy variable has been constructed to Educational attainment
13-15 years -695 -854 -778
signify the receipt of formal on-the-job train- (-1.04) (-1.30) (-1.17)
ing. Another variable measures field-related 16 years no degree 384 383 382
experience, learning by doing. (.77) (.77) (.77)
bachelor's 3 -2 -30
One's publication record is likely to be at (.01) (-.01) (-.12)
least a partial indicator of individual creativity, some graduate study b

motivation and innate ability. Two publica- master's 495 359 398
(1.59) (1.16) (1.27)
tion status classifications are designed: pub- Ph.D. 1860* 1708* 1762*
lished and not published. (4.00) (3.66) (3.79)
College quality
ECPD:
Regression Results nonaccredited b
The linear regression model of the form accredited chemical
n engineer department 759* 468
Yk = Bo + i=1
I biXik + is used to estimate de-
Uk (2.54) (1.46)
accredited total
terminants of earnings for 759 male chemical engineer college 386 - 145
engineers in the sample where Yk iS 1961 earn- (1.14) (.41)
Student quality
ings for individual k, and Xikare n explanatory Selectivity C - 47*
variables signifying personal characteristics for (3.41)
individual k in 1962. The error term, Uk, is Intellectualism e - 33*
(2.43)
assumed to be normally distributed with a Formal Training
mean zero and an unknown constant variance. status
The first task is to examine the impact of non trainee b
trainee 352 338 348
educational attainment on earnings. Then the (1.69) (1.63) (1.67)
effects of institutional and student quality are Informal training
discussed. years in present field e 126* 128* 123*
(6.08) (6.26) (5.91)
Table 1 presents estimated regression coeffi- Publication status
cients for the education, training, and student Non-publisher b

ability variables. Recall that the models usu- published 724* 702* 710*
(3.25) (3.17) (3.20)
ally reported in the literature exclude institu- intercept 3187* 1099 1574
tional and student quality variables while (3.37) (.91) (1.36)
models I-II incorporate ECPD quality and Rp .449 .452 .453
selectivity respectively (only one of the two a Each regression in table 1 includes variables denoting age,
marital status, type of employer, employment status, region, type of
appears in a single model). Model III includes residence when a youth, father's occupation and size of high school
graduating class. T-ratios are in parentheses below the partial re-
intellectualism and ECPD quality. gression coefficients.
b This category in the group enters the intercept. Within each
In spite of the fact that the level of educa- group of mutually exclusive dummy variables the regression coeffi-
cients should be interpreted as the difference between the category
tional attainment variables as a group are sta- in question and the term entering the intercept. For example (Model
I), persons attending college for one to three years earn $695 per year
tistically significant, of the individual coeffi- less than individuals with some graduate study.
c This is a continuous variable.
cients, only the Ph.D. degree is statistically * Indicates that the variable is significant at the 0.01 level.

significant.'8 The main implication is that the

Another problem which applies in the case of the
Astin variables utilized is that student quality differs among
departments at the same university. But schools with high
selectivity and intellectualism ratings undoubtedly have
better students in all departments.
18The statistical insignificance of the variable 13-15-
years-but-no-degree is probably due to the small number
of observations in this category.
returns to additional amounts of education are
small unless the Ph.D. degree is attained.'9
19 The additional yearly earnings, 1792 dollars, attrib-
utable to having the Ph.D. degree instead of the bachelor's
degree (Model III) give no indication as to whether such
an investment is economically sound. If it is assumed that
the earnings difference noted persists over the working
lifetime and that the Ph.D. degree holder graduates at age

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 INFLUENCE OF EDUCATION ON EARNINGS: CHEMICAL ENGINEERS
In analyzing these results, it must be remem-
bered that chemical engineers form a very
homogeneous sample. Seventy-five per cent of
the engineers fell in the categories no-degree-
but-four-years-of-college, bachelor's-degree-
and-no-graduate-work, and some-graduate-
work-but-no-advanced-degree.The quantity of
education received by individuals in these
groups is probably about the same. Hence we
should not be too surprised if the move from
one category to another does not cause large
increases in earnings.20
Researchers in education have been con-
cerned about the so-called "sheepskin effect."
This phenomenon occurs where people are re-
warded not for what they have "learned" (an
increase in potential productivity) but merely
because they have a degree. Comparingcoeffi-
cients of the variables denoting 16 years of
schooling with and without the bachelor's de-
gree (models I-III) gives evidence pertinent
to the discussion. Apparently no "sheepskin
effect is present since non-degree holders earn
as much, ceteris paribus, as their degree-hold-
ing colleagues.2'
The introduction of proxies for student and
institutional quality variables (models I-III)
in general leads to a narrowingof the earnings
differences between higher and lower levels of
educational attainment. This implies that part
of the earnings differentials ascribed to the
quantity of education is the consequence of
quality and ability factors. Actually, the effects
27 and retires at age 65, an estimate of the economic value
of the Ph.D. degree can be calculated by capitalizing the
1792 dollars of additional earnings over the expected work-
ing lifetime. The capitalized value is 22,633 dollars (5 per
cent) and 9874 dollars (10 per cent). When this is com-
pared to the yearly income foregone of new bachelor's
degree chemical engineers in 1961 of 6,000-10,000 dollars,
it becomes evident that the payoff to the Ph.D. chemical
engineers in the sample is low.
20The fact that more educated engineers tend to move
into high paying management jobs and no longer consider
themselves engineers (see Hansen 1967, p. 205) could
make the observed effects of education seem less than they
actually are. Obviously, if this unknown number of per-
sons who were actually chemical engineers classified them-
selves as being management personnel they would not
appear in our sample. If education qualified the erstwhile
chemical engineers for the high-paying management jobs
and had they classified themselves as chemical engineers
the effect would have been to boost the observed influence
of education.
21Hansen, Weisbrod and Scanlon (1970, pp. 415-416)
found a similar result for "low achievers."
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245
noted are rather small, which should be reas-
suring to researcherscalculating rates of return
to education but who are not able to control
for student and school quality.
The estimated effects of college and student
quality are found in table 1. Model I tests
the Engineers' Council for Professional Devel-
opment (ECPD) quality variables. The vari-
ables, as a group, are statistically significant.
Chemical engineers who majored in chemical
engineering at universities with an accredited
chemical engineering department clearly earn
more per year (759 dollars) than those who
attended non-accrediteddepartments. A slight
earnings advantage also exists for non-chemical
engineeringmajors who attended an accredited
total engineering college. The last result must
be qualified because the variable is statistically
significant at the 0.25 level of significance. In
the sample of chemical engineers, accreditation
is an important earnings determinant only to
chemical engineering majors.
Selectivity (Model II) has a positive and
statistically significant impact on earnings. At-
tendance at an institution with a selectivity
score of, for example, 51 versus 50 is asso-
ciated with an extra $47 in annual earnings.22
In a model not reported, the coefficient of
intellectualism is found to be statistically sig-
nificant and this indicates that choosing to
attend a college with an intellectual score one
point higher than an alternative school results
in an additional $40 in annual earnings.23 The
sign and magnitude of the coefficients in the
case of ECPD, selectivity and intellectualism
lend credence to the argument that institution-
al and student quality (ability) affect earnings.
Do institutions rank high in quality because
of outstanding curricula, distinguished faculty
or the intellectual abilities of the students?
Institutional quality undoubtedly arises from
all of these characteristics. A tentative state-
ment though can be made concerning the pos-
sible roles of student ability versus faculty
22 The Astin
variables have a mean of 50 and a standard
deviation of 10. A movement from 50 to 51 is a movement
from the 50th to the 54th percentile.
' The model is the same as Model II
except intellec-
tualism is substituted for selectivity. The coefficients of the
remaining variables in the equation are roughly the same
as those shown in Model I. The results can be obtained
from the author on request.
246 THE REVIEW OF ECONOMICS AND STATISTICS
and curricularquality by including ECPD and
intellectualism variables simultaneously in the
earnings equation (Model III). The results
of such an experiment would be meaningless
if the ECPD and intellectualism variables are
measuringexactly the same things. In a simple
regression of the ECPD variables on intellec-
tualism it was learned that ECPD explained
only eighteen per cent of the variation in in-
tellectualism. This finding and the fact that
intellectualism was developed from student
characteristics indicative of high intellectual
achievement implies that intellectualism, for
the purposesof this study, is a reasonableproxy
for student ability. Intellectualism remains
statistically significant with a relatively small
drop in the size of the coefficient from 40
(model not reported) to 33 (Model III). On
the other hand, the coefficients of the ECPD
variables drop precipitously and become statis-
tically insignificant. The finding is consistent
with the hypothesis that persons who attend
what have been labeled high quality institu-
tions earn more in later life not so much be-
cause of the high quality of education received
or the prestige of the institution but because
they are simply more able (and more highly
motivated) .24
The data in table 1 can be utilized to esti-
mate the lifetime gross payoffs associated with
attendance at accredited chemical engineering
departments and at institutions with different
intellectualism scores. On the assumption that
the payoffs to accreditation persist throughout
the working lifetime, ages twenty-one to sixty-
five, and utilizing discount rates of 5 per cent
and 10 per cent, the additional earnings, 468
dollars a year, are capitalized. The figures ar-
rived at are 8316 dollars (5 per cent) and
4615 dollars (10 per cent). Capitalizing the
additional yearly earnings of 330 dollars asso-
ciated with attending a school with an intel-
lectualism score of sixty instead of fifty, a
difference of one standard deviation, yields
5864 dollars (5 per cent) and 3254 dollars
(10 per cent). Therefore, attendance at an
institution with an accredited chemical engi-
neering departmentand an intellectualism score
of sixty is justified on economic grounds if the
2&Asimilar result was obtained by Hunt (1963, p. 340).
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present value of the additional costs is less
than 14,180 dollars (5 per cent) or 7869 dol-
lars (10 per cent).
Formal on-the-job training (see training
status in table 1) is not a significant deter-
minant of earnings. Training, at least for
chemical engineers, appears to be no substitute
for a formal college education. However, in-
formal training (years in present field of spe-
cialization) and publication status are statis-
tically significant and have the expected signs.
III Summary
This paper has estimated the determinants
of earnings for 759 chemical engineers. Vari-
ables representing numerous socio-economic,
personal and educational characteristics are
incorporatedin the earnings equations but spe-
cial emphasis has been placed on the influence
of the quantity and quality of college educa-
tion and student ability.
Earnings differentials associated with higher
levels of educational attainment narrow as
controls for institutional and student quality
(ability) are included but earnings advantages
remain for engineers with more education.
A group of college quality variables, reflect-
ing accreditationof curriculaby the Engineers'
Council for Professional Development is found
to be a statistically significant determinant of
earnings (Model I). Selectivity, a proxy for
college quality and prestige is next tested and
found statistically significant (Model II). In-
tellectualism an indicator of student ability at
different colleges, also is found to be a statis-
tically significant determinant of earnings.
Then, the Engineers' Council for Professional
Development and intellectualism variables are
included simultaneously (Model III) in the
earnings equation. The student ability proxy,
intellectualism, remains statistically significant
but the Engineers' Council for Professional De-
velopment variables do not. This suggests that
at least part of the earnings differentials pre-
viously credited to the quality of education
should be attributed to student ability (see
Models I and III).
The models estimated in table 1 do a re-
markable job, compared to past studies, in
explaining the variations in earnings as evi-
 INFLUENCE OF EDUCATION ON EARNINGS: CHEMICAL ENGINEERS
denced by the R2's of approximately0.45. The
level of educational attainment and the school
and student quality variables, although statis-
tically significant, explain only a small amount
of the earnings variation. The R2 iS 0.43 in
a model not reported that excludes level of
educational attainment, student ability and in-
stitutional quality variables. One reason for
the low explanatory power of the education
variables undoubtedly is the homogeneous na-
ture of the group being studied. Education,
amount and quality, and ability factors would
play a larger role if people from widely di-
verging occupations were studied. However,
this and other studies indicate that to explain
a larger portion of the variation in earnings,
researchers must examine factors other than
education.
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search Associates, Chicago, 1965.
Engineers' Council for Professional Development, Cur-
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the United States, ECPD, New York, 1968.
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All use subject to JSTOR Terms and Conditions
247
Green, S., and D. L. Kaplan, "The Postcensal Survey-
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Hunt, S., "Income Determinants for College Graduates
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