Retornos económicos a la formación universitaria: un análisis de ingresos laborales en Uruguay

This study analyzes the evolution of the economic returns to university education in Uruguay (1997–2022) using administrative records on employment and education. We document four main patterns. First, despite the increase in the supply of graduates, the return associated with a university degree showed an upward trend until 2012, stabilizing at around 40% thereafter. Second, there are significant heterogeneities in place: returns are systematically higher for men than for women, greater in the private sector than in the public sector, and differences by field of study, with Medicine, Engineering, and Economics standing out with the highest returns. Third, socioeconomic background is a key driver of returns to schooling. We document significantly lower returns among students coming from public high schools, from outside the capital city -Montevideo-, and who are the first in their family in entering University. Finally, cohort-based analysis reveals similar initial returns across cohorts (20%), but faster wage growth rates among recent graduates, leading to a rapid convergence with those graduating in previous years. Gender differences have reduced among recent cohorts of graduates, yet they persist particularly in certain fields of study.