Top degree adds £177,000 to lifetime pay
Graduates from the country’s top universities will earn an extra £177,000 over the course of their career once the costs of studying have been deducted.
University association, the Russell Group, revealed in new research that students who study at top universities will earn a significant amount more than those who choose alternative fields.
The Russell Group, which represents 24 leading research universities and London Economics, confirmed that after tax, the figure for graduates is roughly £88,000 extra.
The comparable salaries were from people who had good enough A-levels to go to a top university but chose not to, rather than the general workforce. This makes it one of the most accurate studies to date on the graduate premium.
The Russell Group further reported that those with a masters will earn on average £317,000 more than those with no degree, a figure most welcome to the growing numbers of young people staying on at university. This should also reassure those graduates and parents, who often wonder if it is worth their while.
To compete with the ever-growing graduate market, many young people think they need a second qualification to help them stand out. Russell Group agrees, and reported more than 16,000 to 90,600 graduates in 2017 were studying post graduate courses, a 22% increase from the year before.
This report comes just as high education boards are facing increasing pressure from ministers, who want proof they are value for money.
Government officials have already frozen tuition fees at £9,250, and the student repayment threshold is now at £25,000.
These changes will be appreciated by the smaller universities The Russell Group ignored. Graduates from less prestigious universities continue to leave with good grades, but still struggle to find well-paid jobs. It is this bracket that the recent government review is concerned about.
The study also found that overseas students at top universities were spending more than British students on accommodation, travel and living expenses. The average international student is spending £152,000 a head during the course of their studies, a total of £4.8 billion between them.
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