Lifetime Returns of University Degrees
Share
The table below summarises the latest Institute for Fiscal Studies estimates of the net lifetime financial return from undergraduate degrees in England, based on analysis commissioned by the Department for Education using Longitudinal Education Outcomes data. The figures estimate how much more (or less) graduates can expect to earn over their working lives compared with similar people who did not attend university, after accounting for taxes, student loan repayments, and foregone earnings.
| Rank | Degree Subject | Estimated Lifetime Return |
|---|---|---|
| #1 | Medicine | £408,000 |
| #2 | Economics | £394,000 |
| #3 | Medical Sciences | £182,000 |
| #4 | Law | £177,000 |
| #5 | Business | £174,000 |
| #6 | Nursing | £142,000 |
| #7 | Mathematics | £133,000 |
| #8 | Computing | £128,000 |
| #9 | Pharmacology | £126,000 |
| #10 | Engineering | £103,000 |
| #11 | Politics | £87,000 |
| #12 | Allied Health | £77,000 |
| #13 | Architecture | £74,000 |
| #14 | Chemistry | £67,000 |
| #15 | Social Care | £62,000 |
| #16 | Education | £61,000 |
| #17 | History | £56,000 |
| #18 | Physics | £56,000 |
| #19 | Technology | £51,000 |
| #20 | Sociology | £47,000 |
| #21 | Psychology | £39,000 |
| #22 | General Sciences | £36,000 |
| #23 | Biosciences | £32,000 |
| #24 | Media | £29,000 |
| #25 | Geography | £26,000 |
| #26 | Agriculture | £24,000 |
| #27 | English | £9,000 |
| #28 | Languages | -£6,000 |
| #29 | Philosophy | -£9,000 |
| #30 | Creative Arts | -£40,000 |
| #31 | Performing Arts | -£43,000 |
The findings reveal substantial variation between subjects. Medicine (£408,000) and Economics (£394,000) deliver the largest estimated lifetime financial returns, followed by Medical Sciences, Law, and Business. By contrast, some creative and humanities disciplines generate much smaller financial returns, with Languages (-£6,000), Philosophy (-£9,000), Creative Arts (-£40,000) and Performing Arts (-£43,000) estimated to leave the average graduate financially worse off over their lifetime than a comparable non-graduate.
These figures received widespread attention following news coverage of the research, which highlighted that while the average graduate is still around £100,000 better off over their lifetime, approximately one in four graduates may experience a negative financial return, depending largely on the subject studied, prior attainment, and subsequent career path. The IFS also emphasises that these estimates measure financial returns only and do not capture the wider benefits of higher education, such as improved health, job satisfaction, civic participation, or personal fulfilment. Prospective students should therefore view the data as one factor among many when choosing a degree.
