Students graduating from Oxbridge universities (Portmanteau for Oxford University and Cambridge University) earn £10,000 extra than a student graduating from a non-Russell Group University.
£5,000 is the advantage the Oxbridge students have over other Russell Group (Association of 24 public research universities located in Britain) Universities.
Annually, graduates from Oxbridge would earn £45,850 on an average, graduates from Russell Group would earn close to £40,960, and graduates from other than public research universities would earn up to £36,000.
Starting salaries also show the same patterns. Six months after graduating, Oxbridge graduates would earn £25,600 on an average. When adjusted to factors of class and gender, this figure drops to £23,613. This is approximately £7,500 more than former polytechnic institutions’ graduates.
People with no qualifications would earn less than £16,000 on an average, annually.
On comparing the salaries (on average) of apprentices with those of university graduates, the results stated that apprentices with Level Five qualification, which is parallel in comparison to foundation degree, would garner about £1.5 million till retirement. When loan repayments and tuition fees are taken into consideration, it comes to be more than what a student from non-Russell Group institution will earn.
Looking at how different subjects pay off, there is a huge disparity even among Oxbridge graduates. The highest paid are the Economics graduates, earning £32,378 on an average. Science and Engineering graduates earn around £27,570 and Medical graduates receive £27,129 approximately.
Within six months of graduating, 74% Oxbridge graduates have a privilege of being in professional employment, as compared to 55% from former polytechnics’ graduates.