Data from the Department of Education has revealed UK graduates who had completed their degrees in 2018 earned an average of £31,400 in the 2022-23 tax year. This figure is only £2,000 more than the median wage in the country.
Tom Allingham, who writes for a student money website called Save the Student, told the Telegraph that the figures “highlight some of the disparities in graduate earning potential”.
(Photo: Chris Ratcliffe/Getty).
It is likely that the disparity in wages can be explained by graduates’ choices of where and what to study.
At University College London, 51 per cent of enrolments in 2023-24 came from international students, and Kings College London, London School of Economics and Imperial all had an intake of students that included about 40 per cent from abroad.
Allingham said: “The disproportionate numbers of international students at Russell Group universities compared to others, and these students’ subject choices, are both likely to have contributed to this disparity”.
In the year 2022-23, engineering graduates were amongst the best paid in the UK, with average wages reaching £41,600 after five years.
Allingham said: “It underlines that, if graduate earnings are a priority for you, you should look into the specific stats for individual courses and universities”.
Cardiff University has offered knock-down grades in clearing following financial troubles (Photo: Judith Williams/Getty Images/iStock Editorial)Income from international students’ fees now total £12.1billion, equating to a quarter of universities’ incomes from fees.
Experts have warned that at least six universities are at risk of going bust before the September 2025 intake of students finish their degrees.
The i Paper revealed this month that universities have started offering student cut-price courses, cash handouts, and free laptops in a bid to encourage UK students to take up their places.
Others were offering admission to students with lower grades that normally expected when results were collected two weeks ago and experts have labelled the new landscape a “buyer’s market” for 18-year-olds wanting to go on to higher education.
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