- Standard Occupation Classification (SOC) Data was pulled from the U.S. Bureau of Labor Statistics (BLS) to produce a dataset of employment counts, 25th percentile earnings, and median earnings by six-digit SOC codes for Florida and National occupations.
- The 25thpercentile and Median earnings quintiles were used after research from the Annual Social Economic Supplement (ASEC) showed the median age of a full-time worker with at least an AA or certification within the 25th percentile was early to mid-twenties, roughly college graduate age. The median age of all median earners that are full-time workers with at least an AA or certification, is the early to mid-40s.
- Florida and National SOC numbers are used to acknowledge that 65% of graduates choose to remain in-state.
- SOC Dataset was combined to produce a weighted average of Florida and National earnings by six-digit SOC Code using a 65/35 split of Florida and National occupations encompassing a six-digit SOC code, Florida employment, weighted averaged 25thpercentile earnings, and weighted averaged median earnings.
- The SOC Dataset was merged with the CIP-SOC Crosswalk to match SOC earnings to CIP degrees to create an “Earnings Dataset.”
- The Earnings Dataset was collapsed to tie single CIP and SOC earnings together.
- Multiple CIP codes for the same SOC code and multiple SOC codes for the same CIP code represent overlapping degrees and job opportunities.
- Multiple SOC codes were collapsed into a single CIP code using employment as a weight to average earnings by six-digit SOC within a single six-digit CIP.
- The Earnings Dataset was collapsed into 4-digit CIP codes to merge with College Scorecard Data, providing degree level by institution.
- US Department of Education’s College Scorecard dataset provides degree-level data by 4-digit CIP by institution.
- 6-digit CIP was collapsed into 4-digit CIP using a straight-line average and then merged by CIP with the College Scorecard data.
- A Compound Annual Growth Rate function was used to derive the average annual wage growth between the 25thPercentile and Median earnings to derive the one-year, five-year, and ten-year earnings for each CIP code.
- A percentage change between degrees was applied to the earnings to represent changes in earnings by degree level.
- ASEC data and information published by the FDOE largely agree on the proportional change in earnings from one-degree level to another.
- Percentage change in earnings was derived from FDOE information and applied to the earnings by CIP code and degree level.
- While the FDOE information and ASEC data implicitly consider students choosing occupations other than their degrees, by using the percentage change and not the level change, the pure relationship between differing levels of education is teased out.
Access Rate = (FTIC students eligible for Pell Grant/ Total number of FTIC students in the Fall Florida resident FTIC cohort taken as of the census date) x 100
Affordability Rate = (total federal, state, and institutional aid-total – total annual tuition and fees)/total number of FTIC students enrolled
Graduation Rate = (total number of graduating students that finished in 6 years or less/total number of FTIC students enrolled six years prior) x 100
Retention Rate =(total number of FTIC students who returned in Fall / total number of FTIC students enrolled in the previous academic year) x 100
Post Graduate Employment and Continuing Education Rate = Percent Employed + Percent Postgraduate
Percent Employed = (the total number of students employed full-time 120 days after graduation/total number of students who graduated x 100
Percent Postgraduate = (total number of students enrolled in a postgraduate education program 120 days after graduation / total number of students who graduated) x 100