Why Ivy League schools don't determine your earnings

Lynn O’Shaughnessy explains in US News & World Report how economists Alan Krueger of Princeton University and Stacy Dale of Mathematica Policy Research have reinforced their almost decade-old study showing that Ivy League graduates do not enjoy a monopoly on high earnings:

In the pair’s newest study, the findings are even more amazing. Applicants who shared similar high SAT scores with Ivy League applicants could have been rejected from the elite schools that they applied to and yet they still enjoyed similar average salaries as the graduates from elite schools. In the study, the better predictor of earnings was the average SAT scores of the most selective school a teenager applied to and not the typical scores of the institution the student attended.