How Much More Do Graduates Earn?
With this year's graduation ceremonies just around the corner, there are plenty of discussions taking place about the cost, worth and value of a degree.
This year has the potential to be tough for anyone looking for work, with many of last year's graduating class still looking to start their careers.
Not to mention the worrying amounts of debt incurred from student loans. The Russell Group, which consists of the UK's 20 most research-intensive universities, wants to see student loans being paid back quicker and with higher rates of interest, which could cut down on universities predicted £1.1bn deficit by 2013.
Meanwhile, prospective university students will be keeping their eyes on the news that the Russell Group also recommends lifting the cap on tuition fees entirely.
It all makes for difficult reading for students and graduates, with some questioning if spending three years at university was all it was cracked up to be.
LoveMoney has tried to show the light at the end of the tunnel, compiling a list of extra lifetime earnings graduates in certain fields can expect to earn over non-graduates.These figures raise a lot of questions -- is there one vocation for a language graduate, for example? Does the university from which you graduate influence your earning power as much as the quality of your degree? And why are business graduates earning comparatively little? Are all these doctors in private practice?
- Medicine: £340,000
- Law: £245,000
- Engineering: £245,000
- Maths: £240,000
- Physics: £190,000
- Chemistry: £185,000
- Business: £185,000
- European languages: £165,000
- Psychology: £100,000
- Linguistics and English: £95,000
- Humanities: £50,000
- Arts: £35,000
Arts students will be the least impressed with the results -- with most students getting into around £20,000 of debt during their studies, by the time they've paid that off (with interest) they'll be left with around £10,000 of extra lifetime earnings for their troubles.
Does your experience refute or support these numbers? Let us know.
(Picture: Ralph and Jenny, CC2.0)