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Oxbridge degrees can boost annual earnings significantly

Published: Saturday, 10 October 2015   Category: All Graduate Jobs News

Graduates from Oxford and Cambridge universities will earn an average of £10,000 more every year when compared to those completing courses at non-Russell Group intuitions, new research claims.

The focus on elite universities by the Sutton Trust found that Oxbridge graduates earn an average of £46,000 annually, compared to £41,000 earned by other Russell Group graduates.

The gap widens further to graduates from other universities in the UK, with the report suggesting they earn in the region of £36,000 – some £10,000 less than those at Oxbridge.

University graduates can still expect to earn considerably more than those who finish their education following their A-levels or with no qualifications though.

The report focused on trying to improve social mobility through education and also reveals that apprenticeships can provide good earning potential if they are supported in the right way.

Titled Levels of Success, it revealed that apprentices with level 5 qualifications will earn around £1.43 million on average over their lifetime.

That figures compares with £1.38m among non-Russell Group universities, £1.6m among Russell Group graduates and £1.8m for those completing Oxbridge courses.

All of the calculations were carried out by the Boston Consulting Group and incorporate the cost of going to university, as well as potential debt levels, compared to how an apprentice can earn while learning.

Importantly, 60% of apprenticeships are currently only at level 2, equivalent to GCSE standard, which does not have any impact on higher salaries.

Opting for a university education where possible can therefore provide more long term benefits for those who are unsure of their career plans when leaving school or sixth form.

The thinktank million+ has also questioned the findings and has suggested that the comparison figures compare to only a very small group of apprenticeships.

Chief executive Pam Tatlow suggested that a range of other factors can also influence lifetime earnings – many of which are not included in the calculations. 

Grad Plus has a range of graduate jobs available for those fresh from university and who are keen to boost their earnings as soon as possible

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