From City AM:
Graduates earn £9,000 a year more than non-graduates, research released yesterday by the Department for Business, Innovation and Skills shows. That figure covers the entire working-age population – ages 16 to 64. Young graduates, aged between 21 and 30, earn £6,000 more on average than their non-graduate counterparts...
“These figures show that going to university is a great investment,” said Greg Clark, the universities, science and cities minister.
Is everybody else thinking what I'm thinking..?
A common criticism made by economists is that the link is not necessarily a causal one. Students who get a degree tend to be smarter on average before they go to university. The figures do not control for that effect.
Further hilarity at gov.uk:
Born in Middlesbrough, Greg studied economics at Cambridge before earning his PhD from the London School of Economics.
UPDATE: Mombers says "Would love to see the figures once doctors, dentists, lawyers, accountants, engineers and any other professions that require a degree for entry are stripped out."
That's the sad thing, there is no real requirement for accountants to have a degree, but over the past twenty or thirty years, nearly all Chartered Accountants have made it a pre-condition, even if your degree is completely irrelevant. I've had younger colleagues with degrees in glaciology and ancient history, FFS.
Wednesday, 10 December 2014
From City AM: