<p>You cannot come up with a single ranking, for reasons people have already noted. For someone who wants to go out and get a job, then immediate employment prospects would be a critical factor in choosing a college. For someone headed for grad school, this would be irrelevant. </p>
<p>How about a series of rankings, each of which addresses a particular outcome goal or interest?</p>
<p>One might have rankings for people worried about whether they can be admitted
Most selective (MS) overall
MS for those interested in technical majors
MS for those interested in conventional liberal arts
MS for those interested in professional majors (with sub rankings for nursing, business,...)</p>
<p>Ranking for those interested in grad school
Highest proportion of students entering doctoral programs (with subranking by field)
Highest proportion of students completing doctoral programs (with subranking by field)
Academic quality of the graduate schools attended, derived by weighting the grad schools according to their evaluation in the NRC study (with subranking by field)</p>
<p>Ranking for those interested in professional school
Highest proportion of students entering professional programs (with subranking by type of professional school)
Academic quality of the professional schools attended, derived by weighting the prof schools according to some valid study, preferably not USNews (with subranking by field)</p>
<p>Ranking for those interested in employment
Percent of grads not headed to further education or other experiences (Peace Corps, etc) with full time jobs by graduation
Statistics on starting income (subranking by field)</p>
<p>Ranking for those who need financial aid
Mean debt for graduates
Availability of full need-based scholarships (excluding loans)
Availability of merit scholarships</p>
<p>Ranking for those primarily interested in quality of education. Almost impossible to do, since this again means different things to different people. For quantitative purposes one might try
Mean MCAT, LSAT, GRE scores of students, corrected for the class rank at each college of those who take the test and their SAT scores from high school. This would make it possible to adjust for academic and test taking ability of students when they enter-which will account for most of the variance in grad/professional school entrance exams- and for the tendency of lower ranked students to be less likely to try to apply to certain professional schools. People in the bottom quarter at top colleges are less likely to apply to med school. People outside of the top quarter at less prestigious colleges are equally less likely to apply to medical school.</p>
<p>Then correct the above by adjusting for input factors:
SAT score distributions
Parental education distributions
Parental income distributions (the higher the parental income of the students, and the higher the parental education, the more likely the students are to go to grad or professional school, the higher grades they get in college, and the more money they are likely to earn in the future. To separate these effects from the "treatment effect" of the college, correct the above outcome measures for academic and family background measures)</p>
<p>You will get dozens of rankings, many of which will be correlated to varying degrees. This is right. Since students vary in their goals, the "best" college will depend on what they are looking for.</p>
<p>The other things listed in USNews and other such rankings (SAT scores as a direct indicator, graduation rate differential, student faculty ratio, class size) are proxies for "quality of education". If one measures the outcome variables, then the quality of education, to the extent that it affects outcomes, will differentiate among colleges.</p>