The Institute for Fiscal Studies (IFS) has uncovered which degrees will earn you the most after graduation
A new study from the Institute for Fiscal Studies (IFS) shows that students with degrees in medicine and economics earn the most after graduation.
The research was based on student loan records of 260,000 people, tracking their salaries for 10 years up until 2013.
Highest and lowest earners
Male medical students earned an average wage of £55,000 while female medical students made £45,000 a year. Economics followed close behind, with male students typically earning £42,000 and women earning £38,000.
On the other end of the scale are those who have creative arts degrees, with men averaging £17,900 a year and women earning £14,500.
Here is the IFS rundown of the most lucrative degrees, 10 years on.
|
Degree |
Women’s salaries |
Men’s salaries |
|
Medicine |
£45,400 |
£55,300 |
|
Economics |
£38,200 |
£42,000 |
|
Engineering and technology |
£23,200 |
£31,200 |
|
Law |
£26,200 |
£30,100 |
|
Physical sciences |
£24,800 |
£29,800 |
|
Education |
£24,400 |
£29,600 |
|
Architecture |
£22,500 |
£28,600 |
|
Maths and computer science |
£22,00 |
£6,800 |
|
Business |
£22,000 |
£26,500 |
|
History and philosophy |
£23,200 |
£26,500 |
|
Social sciences |
£20,500 |
£26,200 |
|
Biological sciences |
£23,800 |
£25,200 |
|
European languages and literature |
£26,400 |
£25,000 |
|
Linguistics and classics |
£23,200 |
£24,100 |
|
Veterinary and agriculture |
£18,900 |
£21,400 |
|
Mass communication |
£18,100 |
£19,300 |
|
Creative arts |
£14,500 |
£17,900 |
Source: IFS
These findings could sway future students looking to minimise their financial woes in the face of high tuition fees. Anna Vignoles, co-author of the paper, said: “Students need to realise that their subject choice is important in determining how much of an earnings advantage they will have.”
That said, it’s still worth having any type of degree - the IFS found that graduates are much more likely to have a job and earn more than non-graduates.
Not just what, but where
Of course, it’s not just what you study, but where. The research also found that The London School of Economics was the most lucrative university, followed by Cambridge and Oxford.
Around 10% of male graduates from these institutions were earning more than £100,000 within a decade of graduating; LSE was the only university where 10% of female graduates could boast similar earnings.
Keep track all of your financial info with loveMONEY's Plans app. Start your 30 day free trial today.
What to read now:
Should we even care about bank branch closures?
Million workers could lose £14,000 if they don't apply for this tax break
Why checking this could save you THOUSANDS
Cheapest ever loan launched- but it's only available for a week