Institute for Fiscal Studies says medicine & economics are highest paid careers

18 April 2016

A report by the Institute for Fiscal Studies (IFS) in the United Kingdom says that ten years after graduation, the highest paid careers for both males and females are medicine and economics, but that male graduates earn more than females in 16 fields, while female graduates earn more than males in only one field (European languages and literature).

Female medical graduates earn £45,400 and economics graduates earn £38,500, significantly more than female graduates in another 15 fields, which range from £26,400 for European languages and literature down to £14,500 for creative arts.  In contrast, male medical graduates earn £55,300, economics graduates earn £42,000 and engineering and technology graduates earn £31,200.

The four lowest paid careers for female graduates are social sciences (£20,500), veterinary science and agriculture (£18,900), mass communication (£18,100) and creative arts (£14,500). The lowest average salary for male graduates also occurred in creative arts (£17,900).

As reported by the BBC, report author Anna Vignoles says that students should think carefully about what they study at university: “Higher education leads to much better earnings than those earned by non-graduates, although students need to realise that their subject choice is important in determining how much of an advantage they will have.”

To view the full BBC report, click here