The benefits of a university degree in the United Kingdom have been the focus of much contention and discussion over the last decade. As more graduates are leaving universities every spring, there are an increasingly limited number of job opportunities for highly qualified professionals. However, a new report commissioned by Universities UK, a representative of vice chancellors throughout the region, and conducted by PriceWaterhouseCoopers shows that the benefits of university degrees are still multi-faceted.
While the report shows that the least beneficial degrees are in the arts, with male arts graduates earning 4 percent less in their lifetimes than their non-graduate colleagues, other graduates are earning much more over their lifetimes. University graduates with medical degrees earn an additional 340,000 pounds over their lifetimes when compared to non-graduates. The financial benefits of a university degree are holding steady even as competition is on the rise. According to the study, the average graduate of a British university can expect to earn 160,000 pounds more than their non-graduate colleagues in their lifetime. This is a 22% increase in lifetime earnings, which is no small change.
The Universities UK report also shows the increased benefit of a university education to women. Women who pursue university degrees earn nearly 25 percent more over their lifetimes than non-graduate colleagues, making university educations a better investment for women over the long term. However, these numbers have been criticized because they don’t tell the entire story. After all, most economists would be quick to note that women in white collar jobs earn less money on average for the same position as their male counterparts. With this lens, the benefit of the university is still there for women, just not as strong. However, similar results based on class and race, in which these groups earn less than white male workers, show that a university education is beneficial for all involved.
An interesting side note to the study is the observation that students in the new top up scheme, who pay nearly 3,000 pounds per year for closes, are earning more than those in the former system. The report and its proponents cite a number of reasons for this result. One reason that is cited is that there has been an increasing flexibility in repayment of loans. As well, there are a higher number of grants to students to help them make up for the tuition fees. The report also demonstrates improved health, happiness, and general outlooks on life due to a university education.