Apr 11, 2012 - Claremont, Calif. -

Harvey Mudd College graduates receive about a $1.7-million return on their educational investment, according to a report released this month by Bloomberg BusinessWeek and Payscale, an online salary information company.

The annual report ranks schools based upon a 30-year return on investment, which represents the typical earnings of a graduate after deducting the net cost of earning a degree.

This year, HMC ranked No. 1 for educational ROI. The California Institute of Technology and MIT hold the No. 2 and 3 slots, respectively.

HMC’s upward shift from last year’s No. 2 spot happened despite an increase in the number of colleges ranked (853 schools, up from 691 last year) and an economic climate of rising costs (up 6 percent) and diminishing wages (down 1 percent).

Analysts collected data on college expenses—tuition and fees, room and board, books and supplies—and multiplied those costs by the number of years it took 2011 graduates of each school to obtain their degrees. Their ROI calculations were based upon an average 1,000 pay reports per school, from alumni working full time in the United States who had received their bachelor’s degrees between 1982 and 2011.

Read the report here.

View college ROI ranking chart here.