Is a Postgraduate Degree Worth It?
Compare earnings for first degree graduates vs Masters and PhD holders by subject. See the salary premium and estimated payback period.
Median Earnings by Qualification Level
Business and management · 5 years after graduation
Earnings Progression After Graduation
Business and management · median annual earnings by qualification
Return on Investment
Business and management · estimated payback based on 5-year earnings
Masters Degree
Annual salary premium+£7,800
Est. total cost£45,200
Payback period~6 years
Doctoral Degree
Annual salary premium+£19,800
Typical duration3-4 years
Payback period~7 years
Estimates based on median earnings at 5 years after graduation. Masters cost assumes average UK fees (~£12,000) plus 1 year opportunity cost. PhD assumes UKRI-funded stipend. Individual outcomes vary significantly.
Source: HMRC Longitudinal Education Outcomes (LEO) data, Department for Education. Tax year 2022-23.