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The Return to a University Education in Great Britain

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Author Info

  • Sloane, Peter J.

    ()
    (Swansea University)

  • O'Leary, Nigel C.

    ()
    (Swansea University)

Abstract

In this paper, we estimate the rate of return to first degrees, masters degrees and PhDs in Britain using data from the Labour Force Survey. We estimate returns to broad subject groups and more narrowly defined disciplines, distinguishing returns by gender and attempting to control for variations in student quality across disciplines. The results reveal considerable heterogeneity in returns to particular degree programmes and by gender, which have important policy implications for charging students for the costs of their education.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 1199.

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Length: 37 pages
Date of creation: Jun 2004
Date of revision:
Publication status: published in: National Institute Economic Review, 2005, 193 (1), 75-89
Handle: RePEc:iza:izadps:dp1199

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Keywords: education; wages;

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References

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  1. H. Battu & C. R. Belfield & P. J. Sloane, 1999. "Overeducation Among Graduates: a cohort view," Education Economics, Taylor & Francis Journals, vol. 7(1), pages 21-38.
  2. D. H. Blackaby & P. D. Murphy & N. C. O'Leary, 1999. "Graduate earnings in Great Britain: a matter of degree?," Applied Economics Letters, Taylor & Francis Journals, vol. 6(5), pages 311-315.
  3. Machin, Stephen & Puhani, Patrick A., 2002. "Subject of Degree and the Gender Wage Differential: Evidence from the UK and Germany," IZA Discussion Papers 553, Institute for the Study of Labor (IZA).
  4. Philip Trostel & Ian Walker, 2006. "Education and Work," Education Economics, Taylor & Francis Journals, vol. 14(4), pages 377-399.
  5. Pereira, Pedro T. & Martins, Pedro S., 2001. "Returns to Education and Wage Equations," IZA Discussion Papers 298, Institute for the Study of Labor (IZA).
  6. Chevalier, Arnaud & Conlon, Gavan, 2003. "Does It Pay to Attend a Prestigious University?," IZA Discussion Papers 848, Institute for the Study of Labor (IZA).
  7. Blundell, Richard, et al, 2000. "The Returns to Higher Education in Britain: Evidence from a British Cohort," Economic Journal, Royal Economic Society, vol. 110(461), pages F82-99, February.
  8. Oaxaca, Ronald L. & Ransom, Michael R., 1994. "On discrimination and the decomposition of wage differentials," Journal of Econometrics, Elsevier, vol. 61(1), pages 5-21, March.
  9. David Greenaway & Michelle Haynes, 2003. "Funding Higher Education in The UK: The Role of Fees and Loans," Economic Journal, Royal Economic Society, vol. 113(485), pages F150-F166, February.
  10. Derek Leslie, 2003. "Using success to measure quality in British higher education: which subjects attract the best-qualified students?," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 166(3), pages 329-347.
  11. Sveinbjörn Blöndal & Simon Field & Nathalie Girouard, 2002. "Investment in Human Capital Through Post-Compulsory Education and Training: Selected Efficiency and Equity Aspects," OECD Economics Department Working Papers 333, OECD Publishing.
  12. Dan A. Black & Seth Sanders & Lowell Taylor, 2003. "The Economic Reward for Studying Economics," Economic Inquiry, Western Economic Association International, vol. 41(3), pages 365-377, July.
  13. Arnaud Chevalier, 2004. "Motivation, Expectations and the Gender Pay Gap for UK Graduates," Working Papers 200403, School Of Economics, University College Dublin.
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