The California Institute of Technology has been rated the most competitive in the United States, boasting a tiny 2.7 percent acceptance rate. This title was awarded to the California Institute of Technology, or Caltech, by this year's annual edition of the Almanac of Higher Education, a 128-page report that delved into a range of statistics about college and universities nationwide.

The Pasadena-based university, known for its contributions to science and engineering, is now officially harder to get into than Harvard University which accepts 3.2 percent of applicants, SFGate reported.

Ivy League colleges on the East Coast have long been known to be the particular institutions, and they still are, with Columbia University and Yale University accepting less than 5 percent of people who apply. Now, high-achieving high school seniors who are looking for the best of the best to spend their next four years studying will almost certainly come across Caltech on many online lists cataloguing the most exclusive schools.

Caltech isn't alone in becoming a lot more selective in the last few years. Most elite colleges have record low acceptance rates, and much of that can be attributed to dramatic rises in students applying to them, Forbes reported last November.

This phenomenon is partly down to how accessible they've become since COVID-19, with many of them offering virtual campus tours, webinars and other fully-online resources for prospective students. But much of it is likely due to institutions like the University of Pennsylvania and Princeton making standardized testing optional, opening the door for many more students to apply.

This started as a pandemic-era policy, but after a number of years admitting students without requiring SAT or ACT scores, some universities are considering making it permanent.

While Caltech still requires standardized testing, it does offer virtual tours, online information sessions, and other opportunities to connect with admissions staff without having to visit the campus. It has seen a 62 percent increase in applications from Fall 2020 to Fall 2024.

Caltech's annual tuition is $58,479 , which may seem like a lot, but it pales in comparison to the salaries graduates command upon entering the job market. The median starting salary for a Caltech grad ranges from $110,000 to $119,000 a year.

That's why Caltech, along with many other California universities, represent the biggest bang for your buck when it comes to earning potential. Caltech was ranked the fourth best college in the country when it comes to value for your money, according to a recent analysis by Niche.

Harvey Mudd College (pictured), also in the Los Angeles area, Stanford University and the Massachusetts Institute of Technology occupied the top three spots.

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