Russell Group grads will earn £200k more than those who went to worse unis
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If your uni is in the Russell Group, you can expect to earn over £200,000 more than your friends at polys.
Durham, Bristol, Edinburgh and Leeds students are set to earn £212,000 more in their lifetime than those we went to non-elite unis, according to new figures.
The gap is even bigger for grads from Oxford or Cambridge, who will earn £200,000 more than those from unis in the Russell Group and a staggering £400,000 more than non-elite unis.
Breaking this down to yearly salary, ex-Oxbridge students can expect to be on £49,000 at their peak.
Meanwhile Russell group grads will be on £41,000 and the rest can expect to earn £36,000 a year.
The numbers, calculated by the Boston Consulting Group, prove going to a top uni can dramaticallu increase your earning potential.
Figures suggest Oxbridge students will make an average £1.8 million over their lifetime while those from the Russell Group will bring in £1.6 million.
But if you didn’t go to a Russell Group, you can only expect to make £1.39 million over your lifetime.
Speaking on the pay inequality, Chairman of the Sutton Trust Sir Peter Lampl said the differences in salary were “significant” and that “not all degrees were created equal.”
He added: “At a time when the average student is graduating with around £44,000 of debt, it is more important than ever to recognise that fact.
“It may not surprise anyone that an Oxbridge graduate on average commands a higher salary than someone from a newer university, but a £7,500 difference, which only falls to just under £5,000 allowing for social background and prior attainment, is a bigger difference than many might have expected.”
Sir Peter added: “At £3,300, the salary advantage of Oxbridge graduates over even graduates from other elite universities is also significant.”
Of the total number of entrances in 2013, 130,000 went to Russell Group universities, while around 6,500 went to the Universities of Oxford and Cambridge.
Pam Tatlow, chief executive of the university think-tank million+, warned against the findings, saying that lifetime earnings are “affected by a range of factors, not least social background”.
She said: “It is wrong to cherry pick a very small group of universities with a low number of undergraduates and compare the lifetime earnings of their students.
“These students overwhelmingly enter university and then the labour market with great advantages in terms of family income and networks, with those of the majority of graduates.
“However, the report does lay to rest the myth that equality of opportunity and effort results in equality of outcome in 21st century Britain.”
Richard Irwin, head of student recruitment at top grad firm PwC, said: “Given the historical dominance of Oxbridge and Russell Group universities in the top professions the difference the report highlights is not surprising.
“The important point is to ensure it changes – something we’re seeing in our own firm where now only around 10 per cent of our intake is from Oxbridge and over 30 per cent is from outside the Russell Group.
“It’s important to assess candidates on their ability to demonstrate the behaviours needed to do the job well and progress, rather using the university they attended or the degree they studied as a proxy for this.”