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The Effects of Advanced Degrees on the Wage Rates, Hours, Earnings and Job Satisfaction of Women and Men

Author

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  • Joseph G. Altonji
  • John Eric Humphries
  • Ling Zhong

Abstract

This paper uses a college-by-graduate degree fixed effects estimator to evaluate the returns to 19 different graduate degrees for men and women. We find substantial variation across degrees, and evidence that OLS overestimates the returns to degrees with high average earnings and underestimates the returns to degrees with low average earnings. Second, we decompose the impacts on earnings into effects on wage rates and effects on hours. For most degrees, the earnings gains come from increased wage rates, though hours play an important role in some degrees, such as medicine, especially for women. Third, we estimate the net present value and internal rate of return for each degree, which account for the time and monetary costs of degrees. We show annual earnings and hours worked while enrolled in graduate school vary a lot by gender and degree. Finally, we provide descriptive evidence that gains in overall job satisfaction and satisfaction with contribution to society vary substantially across degrees.

Suggested Citation

  • Joseph G. Altonji & John Eric Humphries & Ling Zhong, 2022. "The Effects of Advanced Degrees on the Wage Rates, Hours, Earnings and Job Satisfaction of Women and Men," NBER Working Papers 30105, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:30105
    Note: ED LS
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    Cited by:

    1. John Eric Humphries & Juanna Schrøter Joensen & Gregory F. Veramendi, 2024. "The Gender Wage Gap: Skills, Sorting, and Returns," AEA Papers and Proceedings, American Economic Association, vol. 114, pages 259-264, May.

    More about this item

    JEL classification:

    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
    • I24 - Health, Education, and Welfare - - Education - - - Education and Inequality
    • I26 - Health, Education, and Welfare - - Education - - - Returns to Education
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J28 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Safety; Job Satisfaction; Related Public Policy

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