£10,000 extra a year – the reward of a degree from a top university
Sally Weale reported for The Guardian on the Sutton Trust Levels of Success report
The financial rewards of a degree from an elite university are revealed today in a report which estimates that an Oxbridge graduate will earn an average £10,000 more every year of their lives than a graduate of a non-Russell Group university.
According to the report by the Sutton Trust, graduates from Oxford and Cambridge will over their lifetimes earn on average £46,000 annually, compared with £41,000 earned by other Russell Group graduates, and just under £36,000 by graduates from other universities.
In stark contrast, those whose education ends after A-level will earn an average salary of £23,000 over their lifetime, and those with no qualifications will earn less than £16,000.
The report, which aims to improve social mobility through education, focuses on apprenticeships in the UK and their earning potential, compared with university graduates. It finds that over a lifetime the best apprentices will earn £50,000 more than many graduates.
The report, called Levels of Success: the potential of UK apprenticeships, says that apprentices with a level 5 qualification will earn on average over a lifetime £1.43m compared with the £1.38m that graduates of non-Russell Group universities will earn. A Russell Group graduate can expect lifetime earnings of £1.6m, and Oxbridge graduates £1.8m.
Read her full report here