What’s your degree worth?
It is often claimed that university graduates earn significantly more than those without higher education qualifications. But in the United States at least (and certainly on this side of the Atlantic also) not every degree has the same impact on earning power. The US journal Chronicle of Higher Education has published details of median earnings enjoyed by graduates from certain university degree programmes, and it is clear from the figures that some graduates are able to earn considerably more than others. The figures are median earnings, so that they do not represent the upper limits of earning power.
The highest median salaries, according to this list, are enjoyed by graduates of petroleum engineering ($120,000), while the lowest pay can be expected by graduates of counselling psychology ($29,000). Other degrees whose graduates are very good earners are pharmaceutical sciences ($105,000), computer science ($98,000) and aerospace engineering ($87,000). In fact, engineers overall are the highest earners. Other poorly paid graduates have degrees in theology ($38,000), social work ($39,000), botany ($42,000).
What this tells us is that some graduates can indeed fairly quickly command high salaries, but that other are far less likely to be able to covert their degrees into pay. While it is easy to see why petroleum engineers are in demand and thus well paid, it is harder to see the reason for either high or low pay in other professions that require higher education qualifications. Some of it is connected with the value that we, as a society, either do or do not attach to certain jobs.
Assuming the figures published in the Chronicle are not wholly out of line with the position in this part of the world, they should raise certain questions in the debate on university funding and tuition fees. If certain degrees don’t secure higher salaries, then the case for graduate contributions in those fields is weak. This might suggest that tuition fees (where they exist) should not be the same across all subject areas.