The graduate or professional premium is a term used to describe the increase in average wages that university graduates can expect having achieved a degree.
Going to university can be expensive! Between tuition fees, rent and other cost of living like food and socialising, it is understandable that students begin to have fatigue.
But you should remember that university is an investment. Attending university can significantly increase your earning potential!
What is the graduate premium?
The graduate or professional premium is a term used to describe the increase in average wages that university graduates can expect having achieved a degree. Of course these can vary significantly, depending on what university you attend, how well you do in your course, and just as much depending on what subject you have studied (music having a higher premium than chemical engineering for example).
So the increase can be significant, especially for certain types of degrees. If you are a computer science graduate, you can expect to earn a little under £7000 more a year, which over a 40 year career worklife is over £275,000. If you get a degree in mathematics, it’s even more than that, nearly £8,500 a year. Obviously this is going to vary by the student, and the university, but the potential is there!
And this is the same if you’re considering postgraduate education: Somebody with a Master’s can on average expect to earn £5,500 more a year – or £200,000 over a 40 year working life – than someone only holding a Bachelor’s degree.
For a full breakdown of UK graduate premium, broken down by degree type, as well as links to the highest ranking universities in each field, you can visit the complete university guide’s graduate premium page.
If you are interested in investing in your future, and need a little financial help to get there, you can apply for a Future Finance student loan today by clicking here.