In this piece, we will take a look at the 30 oldest universities in the world. If you want to skip our analysis of the high costs of education and for profit universities, head on over to 5 Oldest Universities in the World.
As the world becomes increasingly complex and advances in science and technology revolutionize every aspect of living including corporate and business functioning, the need for a complex education that enables an individual to understand how modern day systems functionS becomes necessary not only to live in the world but to also earn a living.
At the same time. the costs of college education have soared over the past decades. Young people these days often find it hard, if not outright impossible, to put themselves through college purely on their own and have to either require assistance from their parents or avail of costly loans. At the same time, the fruits of the labor of a job, namely the pay, have grown by a fraction of the percentage. Research from CollegeBoard shows that in the academic year 2022-2023, college tuition for public institutions for in state and out state students jumped by 1.8% and 2.2%, respectively. For private nonprofits, the growth was higher and it stood at 3.5%. These costs have not been adjusted for inflation, and the tuition is not uniform across America either. For instance, one of. the cheapest state is Florida with a four year institution charging $6,370 on average - nearly three times lower than the $17,650 for Vermont. However, neither Vermont nor Florida is present when we take a look at the 30 Cities with the Best Education System in the World.
These annual cost growths tend to add up over the years. But by how much? Well, on this front, researchers at Georgetown University analyzed data from the Census Bureau to conclude that between 1989 and 2019, college costs in America had jumped by 169%. However, during the same time period, earnings for fresh graduates who are typically aged between 22 and 27 years of age grew by only 19%. So not only do you have to pay more for college than what you'll earn today, but the job prospects of individuals aged below 30 are also declining. The research shows that when compared to their predecessors, the percentage of these workers end up finding jobs that pay more than $35,000 much later than baby boomers or individuals that are born before 1950.
Yet, just as a $2,000 phone is likely to perform better than a sub $500 device, so does education from elite institutions helps one land a solid career far better than would have been the case otherwise. Data shows that when it comes to big banks such as Wells Fargo & Company (NYSE:WFC), JPMorgan Chase & Co. (NYSE:JPM), and Bank of America Corporation (NYSE:BAC), Ivy League Universities account for five of the ten biggest places from where they hired. On a side note, you can also check out 15 Best Bank Stocks to Buy Now According to Hedge Funds.
The Ivy Leagues are also notoriously hard to get into. Taking a look at the colleges with the lowest acceptance rates, five of the top ten most difficult colleges to get into are Ivy Leagues. The most difficult university to get into is Harvard University, with an acceptance rate of 2.3%. Attending Harvard though, it would appear, also has long term benefits. Our study of the most profitable universities shows that if you have a degree from Harvard, then your mid career pay can go as high as $131,000. Yet, the prestigious Ivy League university isn't the most profitable university. Instead, this title goes to the Massachusetts Institute of Technology (MIT) whose graduates can expect a mid career salary of $137,000. Additionally, it's not only the graduate that benefits from the high pay. Harvard and MIT also have some of the biggest endowments in the U.S., ranking at #1 and #6 among the top fifteen universities in the world with the biggest endowments. If you're wondering how Harvard invests its endowment, you can check out 15 Biggest Endowments in the US and Their Investments.
Finally, not all universities are non profit. While several universities are either publicly funded or do not take any profit, a lot of them are also for profit institutions. These universities are typically operated by private companies (such as Afya Limited (NASDAQ:AFYA) and American Public Education, Inc. (NASDAQ:APEI))and have to satisfy investor needs of earning money. In the U.S., for example, there are 2,270 private, for profit institutions in America according to data from the Department of Education. And while the non profit universities do not make a profit as the classification suggests, they do bring in billions of dollars in revenue. According to the Education Department, universities as a whole brought in a whopping $695 billion in revenue in 2019 - 2020, with for profit universities bringing in $14 billion as a whole.
But, which are the oldest universities in the world? Well, we'll take a look at that today so head on below to find out.
30 Oldest Universities in the World
Our Methodology
To compile our list of the oldest universities in the world, we made searched several sources to rank universities by their date of establishment. These are the oldest universities in the world.
30 Oldest Universities in the World
30. University of Glasgow
Date of Establishment: 1451
The University of Glasgow is a public university in Scotland that is one of the oldest universities in the U.K. It is also one of the largest universities in Scotland and ranks among the top 100 universities in the world.
29. University of Barcelona
Date of Establishment: 1450
The University of Barcelona is one of Spain's best universities when it comes to rankings. It is also one of the largest and oldest universities in the country.
28. University of Catania
Date of Establishment: 1434
The University of Catania is located in Sicily, Spain. While set up in 1434, Italy's diverse education scene makes it rank low in the list of oldest universities in the country.
27. The University of Rostock
Date of Establishment: 1419
The University of Rostock is a German university located in Mecklenburg-Vorpommern. It is Germany's third oldest university.
26. University of St Andrews
Date of Establishment: 1410
The University of St Andrews is another old Scottish university. It is located in Fife.
25. Leipzig University
Date of Establishment: 1409
Leipzig University is one of the few that has been in constant operation in Germany during the country's tumultuous history.
24. University of Turin
Date of Establishment: 1404
The University of Turin is another old Italian university. It is a research hub in its country and has a student body of tens of thousands of graduate and post graduate students.
23. Sungkyunkwan University
Date of Establishment: 1398
Sungkyunkwan University is South Korea's oldest university. Set up in 1398, it has played a crucial role in South Korea's monarchical past.
22. University of Ferrera
Date of Establishment: 1391
The University of Ferrera is one of Italy's biggest state universities. It offers degrees in sciences, humanities, and other fields.
21. Heidelberg University
Date of Establishment: 1385
Heidelberg University is the oldest German university, set up in the latest 14th century. It has produced dozens of Nobel prize winners and was set up by the Pope of the time.
20. University of Vienna
Date of Establishment: 1365
The University of Vienna is Vienna's oldest university. It is also one of the world's most historic universities, having seen legends such as Sigmund Freud and Joseph Schumpeter as teachers and students.
19. Jagiellonian University
Date of Establishment: 1364
Jagiellonian University is a university in Krakow, Poland. It is Poland's oldest university and has never shut its doors since being set up.
18. University of Pavia
Date of Establishment: 1361
The University of Pavia is one of the rare universities on our list that has campuses scattered throughout a city.
17. Charles University
Date of Establishment: 1348
Charles University is the oldest university in the Czech Republic. It teaches a wide range of subjects, from humanities to natural sciences and engineering.
16. University of Pisa
Date of Establishment: 1343
The University of Pisa is another old Italian university. It has produced presidents and prime ministers for several European and African countries.
15. Sapienza University of Rome
Date of Establishment: 1303
The Sapienza University of Rome is based in the Italian capital of Rome. It is one of the largest universities on our list, with more than a hundred thousand students.
14. University of Coimbra
Date of Establishment: 1290
The University of Coimbra is Portugal's oldest university. It is a public university and also one of Portugal's most highly ranked educational institutions.
13. Sorbonne University
Date of Establishment: 1257
Sorbonne University is the oldest university in France. It was set up by a French theologian and has faculties of art, medicine, and science.
12. University of Valladolid
Date of Establishment: 1241
The University of Valladolid is Spain's second oldest university. It is a public institution and has campuses in four cities.
11. University of Siena
Date of Establishment: 1240
The University of Siena offers undergraduate and graduate degrees as well as combined degrees for fields such as law.
10. University of Naples Federico II
Date of Establishment: 1224
The University of Naples Federico II is an Italian university. As well as being one of the oldest universities in Italy, it is also one of the oldest public universities in the world.
9. University of Padua
Date of Establishment: 1222
The University of Padua is also a public university. It offers education in dozens of fields, with some examples being medicine, pharmaceuticals, law, biology, and psychology.
8. University of Salamanca
Date of Establishment: 1218
The University of Salamanca is Spain's oldest university. It has tens of thousands of students and a strong doctoral presence.
7. University of Cambridge
Date of Establishment: 1209
The University of Cambridge is one of Britain's premier universities. The second oldest university in the U.K., it also ranks among the top five universities in the world.
6. University of Oxford
Date of Establishment: 1096
The University of Oxford is the U.K.'s oldest university. It is also one of the few oldest universities in the world to never have stopped offering classes.
