DEGREES OF SUCCESS
How the subject you study at university affects the money you earn
GRADUATES with degrees in technology subjects are earning a massive £13,000 more than four years ago.
Learning a foreign language might not be the key to wealth, however, with graduates in those subjects seeing their average salary drop £5,000 over the same period.
New government data on graduates in the labour market show that as a degree in 2017, engineering is still the top money-maker. Graduates of all ages with an engineering degree earn an average salary of almost £45,000. That’s more than double for arts’ graduates, who average just £20,696 per year. The data reveals that, since 2013, languages have taken a hit. Where graduates in those subjects had an average salary of £30,420 then, they are now averaging £25,012. Graduates with medical degrees have the second highest average salaries, at £43,992.
Technology-based subjects remain the third-biggest earner for graduates, with average salaries shooting up by 47%, despite employment rates falling by 4.8%.
Business and finance graduates have also seen average salaries rise by £4,992 to £34,996 since 2013.
But it isn’t good news for those with a degree in English, linguistics, or classics, who have seen average salaries fall by almost £2,000 between 2013 and 2017.
Regardless of the subject you choose, for most people having a degree still earns you more money than not having one - and the gap widens with age.
At 21, a new graduate is currently earning on average £847 a year more than someone whose highest level of education is GCSEs.
But the average 30 year old graduate in the UK is earning £30,308, which is £11,679 more than a person without A-levels or a degree.
At 40, the average graduate is earning £35,401 compared to £19,261 for someone who only has GCSEs.
The difference peaks among 54 year olds, with graduates of that age earning an extra £17,300 a year. While part of the reason may be that graduatelevel jobs tend to offer greater career progression, getting a degree was also less common 33 years ago - giving older graduates more of a competitive advantage over their peers. Despite financial progress in most degree subjects, the gender gap remains the same as in 2013, with male graduates earning £17 an hour and women £14.