This research is based on the uniqueness of the national tests scores in Colombia where the same students take a standardized test both at the end of high school and at the end of college. We use then the information of the labor market to identify the return to college education once the graduates find a job. The findings suggest that there is heterogeneity in the return of education than varies according to the university attended by the graduate. The wage premium for graduation from a top-ranked university is around 12%, and the penalty for graduating from a bottom-ranked university is close to 10%, and higher than the estimated wage gender gap of 8%. The research controls by innate ability using exit test scores to mitigate self-selection bias, or bias generated for specific job market skills provided in top-ranked universities. Location and major chosen are determinants of the variation in wages. The results are adjusted by these factors.

这项研究基于哥伦比亚国家考试成绩的独特性，在哥伦比亚，同一名学生在高中毕业时和大学毕业时都参加了标准化考试。一旦毕业生找到工作，我们便使用劳动力市场的信息来确定大学教育的回报。研究结果表明，教育回报存在异质性，而不是根据毕业生就读的大学而异。从一流大学毕业的工资溢价约为12％，而从劣等大学毕业的罚金接近10％，高于估计的工资性别差距8％。该研究通过使用能力测试来控制先天能力，以减轻自我选择的偏见，或减轻顶尖大学提供的针对特定职业市场技能产生的偏见。选择的地点和专业是工资差异的决定因素。这些因素会调整结果。