Value of College Education
I shall quote a few interesting bits of statistic from the article.
For example, consider this list of highest paying subject areas:
Subject studied | Average extra earnings (compared to non-graduates) |
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 |
The top order has few surprises, though Chemistry graduates earning more than Business Graduates is interesting, particularly considering many university Chemistry departments are struggling.
The other interesting statistic is the comparison of Annual earning of graduates versus non-graduates, which reads like this:
Age in 2008 | Degree or equivalent | A-level, GCE or equivalent |
21-22 | £17,472 | £15,912 |
23-24 | £20,696 | £18,200 |
25-26 | £24,960 | £20,436 |
27-28 | £28,912 | £22,256 |
29-30 | £32,916 | £24,180 |
31-32 | £34,632 | £24,336 |
32-33 | £37,960 | £27,768 |
All ages (21 -34) | £28,860 | £21,268 |
Another interesting statistic, quoted in the same article, the rate of return of graduate degrees, and here, law comes at the top.
Subject | Rate of return |
Law | 17.2% |
Management | 16.9% |
Engineering | 15.5% |
Chemistry | 15.0% |
Physics | 14.9% |
European languages | 14.0% |
Medicine (excluding dentistry) | 11.6% |
Chemical sciences | 10.2% |
Psychology | 10.1% |
Linguistics and English | 9.7% |
History | 8.8% |
In this list, management fares well too.
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