Will your qualifications affect how much you earn? Statistics
Qualifications: are they really that important? Teachers are always banging on about the importance of doing well in your GCSEs, A-levels and degree, but what’s the real difference between leaving school with no qualifications and graduating from university? We look at how your level of education could affect how much you earn.
Using data from the Office for National Statistics, we’ve put together an infographic showing you the difference in average hourly wage across a whole range of different qualifications.
With the tuition fee increase, we all might be questioning the value of a degree, but the survey does show that graduate employees, on average, earn 85% more than those who left school after finishing their GCSEs. Compare it to the median hourly pay of those with no qualifications, and graduates are earning a whopping £9.17 more each hour they work. Put it in the context of an eight-hour day and graduates are taking home, on average, an extra £73.36 each working day.
The median hourly pay of employees with no qualifications is equal to the minimum wage. On average, they earn 20% less than those who leave school with GCSEs (grades A*-C). It shows just how crucial attaining GSCEs or equivalent qualifications can be. It could mean the difference of earning tens of thousand pounds more over your lifetime. Even sticking around and doing a handful of A-levels could mean you’ll earn 15% more than if you left school with just GCSEs.
Of course, there are exceptions to the rule. The figures only represent the median hourly pay of employees, so there will be people earning far more and far less than the average shown. There are some high earners with no qualifications, just as, according to the Office of National Statistics, 20% of graduates are on less than £9.92 per hour.
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