US Edition
University represents many things in the minds of sixth-formers. A leap towards independence, the opportunity to explore a much-loved subject more deeply, and a chance to create lasting friendships and party hard in the process.
It is also, however, the most consequential financial decision of a young person’s life. University also represents debt – and come the April after graduation, loans need repaying.
Under the Plan 5 student loans that kicked in this past autumn, graduates will start repaying once they earn £25,000, meaning many will be repaying more, and for longer.
Due to the soaring cost of living and tuition fees running to £9,250 a year, the average balance outstanding in England is now £45,000.
The question of whether university is worth it has never been more pertinent – but not all degrees are created equal.
While computing, law and business courses from the country’s top institutions can see alumni salaries rise beyond double the UK median wage within a few years, some “Mickey Mouse” degrees may actually hurt your career prospects.
In the tax year ending 2021, those who had entered the labour market one year earlier were taking home £21,500 annually on average, according to Telegraph analysis of Department for Education (DfE) data on the earnings of first degree graduates from English Higher Education Institutions.
Those working for three years were on £26,000, a figure rising to £30,000 after five years. Some graduates, however, were far better off than others.
Whether you’re trying to choose a course or university, or you want to see the earning prospects for a course you’ve already taken, our interactive tool can show you how graduate salaries compare.
At the upper end of the scale, the 5pc of successful applicants to the University of Oxford’s Computer Science degree tend to be handsomely rewarded after they graduate. Those among the intake of 40 can expect median annual earnings of £85,400 after five years.
Graduates of the sister course offered by historic rival Cambridge came in just behind, on £84,500. For comparison, the median full-time wage across all British employees in 2023 was just under £35,000, according to the Office for National Statistics (ONS).
Diplomas in medicine and dentistry, however, yielded the highest earnings per subject, with an average of £52,750 a year across all UK universities. Economics came second with £41,400, followed by computing on £37,600.
At the other end of the scale, excluding graduates who did not specialise – referred to as “combined and general studies” by the DfE – those coming out of the performing arts degree offered by the University of Suffolk fared worst, with five-year earnings of just £15,100.
As a subject, performing arts graduates were the most poorly remunerated across all UK universities, with salaries averaging just £22,000 after five years – well below average, and barely more than the roughly £19,000 salary of someone working 35 hours a week on minimum wage.
They would, however, avoid repaying their student loan, as their income comes under the £25,000 threshold.
Elsewhere, creative arts and design graduates can expect to earn an average of £22,400 after five years – the second lowest – followed by Celtic studies, on £24,700.
Where you study is also hugely consequential. The average difference in the highest and lowest graduate earnings between universities offering the same course subject is £25,600. This spread stretches beyond £60,000 in some cases.
Those studying computing at the University of Oxford could expect to earn £62,000 more than their counterparts at the University of The Highlands and Islands in Inverness.
The field is most level for those going into medicine and dentistry, with only £9,100 separating the top-placed Imperial College (£55,800) from the last-placed University of St Andrews (£46,700).