South Dakota School of Mines and & Technology
South Dakota School of Mines & Technology graduates are earning more money than Harvard University graduates after a decade-long commodity bull market created shortages of workers and minerals.
Those leaving the college of 2,300 students this year got paid a median salary of $56,700, according to PayScale, which tracks employee compensation data from surveys. At Harvard, where tuition fees are almost four times higher, they got $54,100.
Those scheduled to leave the Rapid City, S.D., campus in May are already getting offers, at a time when about one in 10 recent U.S. college graduates is out of work.
“It doesn’t seem to be too hard to get a job in mining,” said Jaymie Trask, a 22-year-old chemical-engineering major who was offered a post paying more than $60,000 a year at Freeport-McMoRan Copper & Gold. “If you work hard in school for four or five years, you’re pretty much set.”
A fourfold gain in commodities in the past decade reflects both surging demand and the industry’s failure to keep up. While new mineral deposits are getting harder to find, companies also are struggling to add enough skilled workers.
As many as 78,000 additional U.S. workers will be needed by 2019 to replace retirees, the Society for Mining, Metallurgy & Exploration said in a report in January. In Australia, the largest shipper of coal and iron ore, there will be a shortfall of 1,700 mine engineers, 3,000 geoscientists and 36,000 other workers in the five years ending in 2015, the report said.
Demand for mining-school graduates is exceptional in the U.S., where the unemployment rate for 20- to 24-year-olds with bachelor’s degrees was 11.8 percent in July. The jobless rate across the economy held above 8 percent for a 43rd month in August, government data show.
Universities trimmed courses in earth sciences, mineral geology and mine engineering when the industry contracted in the 1980s and 1990s, said Diana Stewart, the marketing director at Hampshire, U.K.-based jobs4mining.com, a message board that links recruiters and prospective workers worldwide. Shortages in mine engineering and project management are acute, she said.
Fourteen U.S. schools offer mining-engineering degrees, including Colorado School of Mines in Golden, compared with 30 in 1982, according to Dave Kanagy, executive director of the Society for Mining, Metallurgy & Exploration in Englewood.
Photo credit: TheCollegiateScoop.com
Via Denver Post