December 2, 2017

How Your Degree Can Create a Difference in Your Annual Income

It is to be mentioned that the academic degrees pursued by an individual can certainly decide his/her future earnings based on the economy of the country, the various occupations and revenues generated from each of them and likewise factors. Millions of students across the globe apply for their academic courses based on the analysis of what they want to become and what could be the potential prospect of pursuing a particular academic course in terms of earning a decent salary in the long run.

In most of the cases, acquiring a university degree certainly helps an individual in securing a job in a comparatively easier way than they could have managed without having a degree. If we have to talk about the stats, it has been estimated and as per statements presented by BBC.com, the average income of men having their individual academic degrees can be around £170,000, while for the women the figure can approximately be £250,000 and above. It is said that in England with higher tuition fees, the potential students graduate with debts that exceed an amount of £50,000. This is considered much more than other countries such as North Ireland, Wales and Ireland.

Also Read: 10 COUNTRIES WHERE YOU CAN GET THE BEST ACADEMIC ASSISTANCE

Now it is to be noted that the students who are already graduating with debts exceeding an amount of £50,000 will definitely look for better prospects in terms of income and salaries that they would probably draw in the near future. At times, the prospective income scale of an individual graduating with academic degrees depends on the university he/she belongs to.

Reportedly, after completing an academic course and being graduated after five years, the students from Oxford University, London School of Economics and Imperial College London earn an income of around £40,000 and more. On the other hand, the income scale is about £33,500 for the students who have graduated from 24 Russell Groups of Universities. This figure is about 40 percent more than that of the students who have graduated from other universities in and around the United Kingdom.

The other half of the picture depicts the scenario of other colleges in the United Kingdom, and most of the institutes are dance and drama colleges. Students graduating from these colleges have been estimated to have an income scale which is somewhat closer to an amount of £15,000.

Here’s a comprehensive demonstration of the potential income scale of students graduating with the following subjects.

SUBJECT INCOME SCALE

Medicine & Dentistry

Above £ 40,000

Economics

Up to £40,000 approx

Mathematics

Below £40,000

Veterinary Science

Below £40,000

Engineering & Technology

Below £40,000

Architecture

Below £40,000

Computer Science

Below £40,000

Languages

Below £40,000

Law

Below £40,000

Business

Below £40,000

Physical Sciences

Below £40,000

All Medicine

Below £40,000

Nursing

Below £40,000

Combined

Below £40,000

History & Philosophy

Below £40,000

Social Studies

Below £40,000

Biological Sciences

Below £40,000

English

Below £40,000

Education

Below £40,000

Communications

Below £40,000

Psychology

Below £40,000

Agriculture

Below £40,000

Art & Design

Below £40,000

Well, it is to be noted that the differences in income scale that have been mentioned above is entirely due to the university one belongs to, but there can be other factors associated as well, such as:

  • Overall academic performance

If your academic performance is not that promising throughout the year and you end up scoring below average grades in semesters consistently, then it will automatically limit your scopes of earning a decent salary end of the day. Students with lower performance or dissatisfactory academic graders are more likely to face struggle and income setbacks in future. On the contrary, a student who is sincere enough in carrying on with his/her academic duties and has maintained a consistent performance in semesters throughout the year is more likely to bag a job that fetches him/her better income prospects in the long run.

  • Interests and Abilities

Different student has different interests and academic abilities to acquired knowledge and carry on with that particular stream of study. Someone who is pursuing a degree course in Economics if ends up leaving the subject midway before graduation, or in case an individual is not that capable of acquiring technical knowledge and using well acquired concepts in the real world, then the overall scope of earning salaries that can actually make them rich narrows down. One must be responsible and hard working enough to ensure prosperous income structures.

For instance, the students of Oxford University or the Russell Group of Universities generally end up acquiring better academic grades as compared to their contemporaries. But the main point of discussion in this context is certainly the choice of subjects made by an individual to carry on with. This is definitely one of the biggest decisions one must take before they can think of proceeding with a particular course. The income prospect of a student who has studied Economics during his/her academic days will definitely not be the same as that of a student who has pursued a degree in the study of Languages. According to a statistical study, annual earnings in pound, according to the subject students have pursued during the 5 years of graduation shows that the students those who have graduated with degrees in medicine and dentistry can expect to earn an average income amounting to £46,700.  On the other hand, students of Economics can expect to earn £40,000, as already discussed in the earlier section.

Also Read: THE BEST UK UNIVERSITIES TO STUDY AND GET A JOB AFTER GRADUATION

Talking of the study of creative arts, the average income earned by the students those who have pursued this subject is around £20,100. Students graduated with degrees in Mass Communication earn an average salary of £22,300 and the ones who did their courses on Agriculture can expect to earn an average income of £22,000 annually.

One must take note of the fact that each of the income figures mentioned above is actually half of that of Medicine, Dentistry and Economics. One may argue that there is not much difference between the income scale of the students pursuing Economics and Mass Com. But a significant gap tends to appear when the individual merits of the students are compared. For instance, the pupil who has remained a class topper in Economics throughout his/her academic session when compared to the ace students of creative arts earning a salary of £20,100 will certainly make a significant difference, since both the candidates despite being class toppers and rank holders have to carry on with their individual professional careers with a difference in salary.

Social Background and Loan Repayment

Although this can be tagged as a harsh truth, but a truth at the end of the day is a fact that can’t be denied. The social background of a student certainly matters when it comes to university graduations and pursuing other higher academic degrees. People belonging to a well-to-do background have greater chances of going to the universities or pursuing higher academic degrees for the matter of fact. On the contrary, someone who is coming from a poor household may not afford to carry on with his/her studies for long; especially the monetary factor comes in.It has been found that male students coming from higher income households end up earning an amount that is 20% more than that of their university mates who come from a household of lower income groups. Talking of women, the difference is that of 16% between the higher income and lower income households.

Things might just get more complicated if a student coming from a lower income background has to manage his/her basic education by taking loans and struggling financially. Even if the candidate will manage to finish the basic education somehow, they might find things difficult to carry on with when it will come to pursuing further degrees. Thus, this will automatically reduce their chances of landing up with a job that can fetch them lucrative salaries.

Student loan certainly plays a major role in this context. Talking of the academic subjects that ensure higher or lower income rates, it is to be noted that there are certain academic studies that require an individual to spend some significant amount of money throughout session. Now difference tends to appear when a student has to take educational loans to support his/her academic studies. If the debt appears to be huge, then repaying the amount within the stipulated frame of time shall become a major issue. Even if a student ends up earning a decent salary, most of the amount earned will be then spent on settling the loan amount.

With an increase in the tuition fees in England on an annual basis, potential students are subjected to more debts. As a result, their professional career might get affected if they have to repay a large sum of loan for a long period of time. Thus, a notion can be established that at teems subjects or educational structure that require an individual to pay some major amount of money might make things difficult for them in the long run, in terms of income prospects and the likes.

Apparently, the income prospects for an average student of management, science or medical science is comparatively higher than that of the students pursuing Arts. One must try and choose their academic subjects wisely if the focus remains primarily on having an income scale that can make them rich.

Well, when it comes to passion and following your dreams, certain theories and regulation might not apply. For instance, someone who is passionate about arts and literature and is absolutely skillful in carrying on with the subject shall never be satisfied pursuing other academic streams of study. Things would eventually turn worse for the person if he/she lands up with the wrong job, just for the sake of earning higher income.

While there may be contradictions, and the debate might seem to be endless; to conclude, it is to be noted that irrespective of the country, the study of medicines and science has always been at a higher level of significance when it comes to earning salaries, as compared to other contemporary subjects.

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It goes without saying that acquiring academic degrees is certainly important for every potential student to have a promising professional career in the long run, but it is also to be noted that graduating with a below average grade won’t be of any significant help. If you are want to shine bright with a prosperous professional career ahead, then keeping a good academic track record is essential. In case stringent deadlines and clashing set of assignments are making it difficult for you to keep up with the pace, then get in touch with us today, and get assignments brilliantly written by experts. We at MyAssignmenthelp.co.uk guarantee 100% non-plagiarized contents with a timely delivery of the assigned task. From proofreading the copy and editing it with perfection to offering free revisions, our executives are here to help you with necessary assistance that can pave a successful path towards the attainment of a promising career. Simply place your orders with us today, and make a striking impression on your academic heads, with assignments exclusively crafted for excellence.

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Zara William

Zara William is one of the guest author associated with MyAssignmentHelp.Co.Uk. Zara William creates engaging content with SEO best practices, Essay Writing Services for marketing thought leaders and agencies that have their hands full with clients and projects. Follow her on her Twitter and Like on her Facebook Page here.

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