Economics graduates earn more than English graduates by 40%

New service from Emolument.com reveals the earning prospects and career paths of different degree subjects, empowering students to make more informed career decisions
With many students facing the potential prospect of further tuition fee increases, and the average student debt already reaching £44,0001 for graduates, young people today face some big decisions about their education and what career to pursue when they leave university. Until now students have had very little transparency about where their degree might lead, but at new service from Emolument.com reveals some fascinating insights into career paths and earning potential of different degree majors.

The statistics have been compiled from crowdsourced data, submitted anonymously by over 55,000 individuals in order to access their own tailored salary benchmarking report for free. For the first time, Emolument.com’s new Student service allows candidate with little or no work experience to investigate what potential career options might offer in the short and long term, empowering them to make more informed decisions and manage their own career more effectively.

The in-depth salary reports on Emolument.com reveal interesting insights into earning potential, such as how much graduates with different degrees can expect to earn at different stages of their careers. For example, within five years of graduation, the average salaries of Economics graduates are around 80% more than that of people who studied Fine Art:
Average salaries within 5 years of graduation, by degree major:

Major

Salary

Economics

£45,000

Law

£42,000

Mathematics & Statistics

£39,000

Chemistry & Natural Sciences

£38,000

Accounting, Business & Finance

£37,000

Engineering

£37,000

Computer Sciences

£37,000

Physics, Life Sciences & Healthcare

£36,000

Management & Strategy

£36,000

Humanities (History, Geography, Politics…)

£34,000

Modern Languages

£32,000

Philosophy

£32,000

English Literature

£31,000

Media, Marketing & Communication

£27,000

Fine Arts & Design

£25,000

Source: Salary benchmarking website, Emolument.com
All hope is not lost for Arts graduates however, as with more than 15 years’ experience, people with a Bachelor of Arts degree actually earn an average of 7% more than those with Bachelor of Science degrees. Similarly, a Master’s degree is shown to benefit the earning potential of Arts graduates much more than in the Sciences, with a Masters increasing average salary in Arts by 11% with over 10 years’ experience versus for 7% the equivalent in Sciences.

Of course earning potential for different degree subjects is also influenced by the industries graduates enter, so the new Emolument.com Student service also provides reports on the most likely career paths for each degree subject. Degrees in Economics, Finance, Mathematics and Statistics are shown to be the best route into lucrative careers in the financial services industry. In contrast, students of humanities like Geography, History and Politics are the most likely graduates to follow careers in charities, not-for-profit organisations and the public sector. An example breakdown is shown below:

Majors

Industries most likely to hire graduates by major

1

2

3

Business & Finance

Financial services

Industry

Telecoms

Management

Retail

Telecoms

Industry

Mathematics & Statistics

Financial services

Consulting

Retail

Chemistry & Natural Sciences

Public Sector

Industry

Engineering

Law

Law firms

Services, tourism, entertainment

Telecoms

History, Geography, Politics

Charity & Non-profit

Public Sector

Media & Advertising

Marketing & Communication

Media & Advertising

Retail

Charity &
Non-profit

COO of Emolument.com, Alice Leguay, said: “Young people starting out on their careers have some pretty big decisions to make that will affect their lives in both the short and long term, so it is important for them to have access to as much information as possible to help them make smart choices. Having more transparency around the salaries in different industries and professions allows individuals to manage their own career and education more effectively, and work towards where they really want to be.” To see how your earnings compare to your colleagues, classmates and peers for free, visit www.emolument.com