Lifetime Returns of University Degrees
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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 | Subject (Lifetime Return) | Why This Return? |
|---|---|---|
| #1 | Medicine (£408,000) | High salaries, near-universal graduate employment and strong long-term earnings progression produce the highest estimated return. |
| #2 | Economics (£394,000) | Strong demand in finance, consulting and business leadership gives graduates access to highly paid careers. |
| #3 | Medical Sciences (£182,000) | Graduates can enter healthcare, pharmaceuticals and scientific research, where earnings are generally above average. |
| #4 | Law (£177,000) | Legal practice, corporate law and senior professional roles offer substantial long-term earning potential. |
| #5 | Business (£174,000) | Broad access to management, finance, sales and commercial careers supports strong salary progression. |
| #6 | Nursing (£142,000) | High employment rates, stable demand and structured career progression support a positive lifetime return. |
| #7 | Mathematics (£133,000) | Advanced analytical and numerical skills are highly valued in finance, data, insurance and technology. |
| #8 | Computing (£128,000) | Strong demand for software, cybersecurity, artificial intelligence and data skills raises graduate earnings. |
| #9 | Pharmacology (£126,000) | Careers in pharmaceutical development, clinical research and regulation offer specialist and well-paid employment. |
| #10 | Engineering (£103,000) | Technical expertise is needed across construction, energy, manufacturing and infrastructure, supporting steady earnings. |
| #11 | Politics (£87,000) | Graduates often enter policy, public affairs, consulting, government and management roles with good progression. |
| #12 | Allied Health (£77,000) | Regulated healthcare careers provide strong employment security, although salary growth is usually moderate. |
| #13 | Architecture (£74,000) | Professional qualifications and specialist design expertise support higher earnings, despite a lengthy training period. |
| #14 | Chemistry (£67,000) | Scientific and laboratory skills create opportunities in manufacturing, pharmaceuticals, energy and research. |
| #15 | Social Care (£62,000) | High demand and stable employment support a positive return, although average salaries remain relatively modest. |
| #16 | Education (£61,000) | Consistent demand for teachers and structured pay progression provide stable but moderate long-term earnings. |
| #17 | History (£56,000) | Research, writing and analytical skills are transferable across many careers, producing varied but generally positive outcomes. |
| #18 | Physics (£56,000) | Strong quantitative skills are valuable, although many graduates require further study or enter careers outside physics. |
| #19 | Technology (£51,000) | Practical digital and technical skills support employment across many industries, but outcomes vary by specialism. |
| #20 | Sociology (£47,000) | Transferable research and communication skills lead to careers in government, charities, human resources and business. |
| #21 | Psychology (£39,000) | Earnings vary widely because higher-paid professional psychology roles usually require postgraduate qualifications. |
| #22 | General Sciences (£36,000) | Broad scientific knowledge supports diverse careers, but limited specialisation can reduce the immediate salary premium. |
| #23 | Biosciences (£32,000) | Many graduates enter research, laboratory work or further study, which can delay access to higher earnings. |
| #24 | Media (£29,000) | A competitive labour market, varied salaries and frequent freelance work limit the average financial return. |
| #25 | Geography (£26,000) | Diverse career opportunities provide steady employment, but average salary growth is generally moderate. |
| #26 | Agriculture (£24,000) | The sector offers specialist employment, but average salaries are relatively low compared with other graduate professions. |
| #27 | English (£9,000) | Strong communication skills are widely useful, but graduates enter many occupations with mixed salary outcomes. |
| #28 | Languages (-£6,000) | Language skills are valuable, but relatively few roles pay a large enough premium to offset the cost of study. |
| #29 | Philosophy (-£9,000) | Graduates develop strong reasoning skills, but the subject does not provide a direct route into a highly paid profession. |
| #30 | Creative Arts (-£40,000) | Lower average salaries, freelance employment and strong competition reduce the estimated lifetime financial return. |
| #31 | Performing Arts (-£43,000) | Irregular employment, intense competition and relatively low average earnings contribute to the lowest estimated return. |
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.
