The average Oxford graduate will start on a salary nearly four thousand pounds higher than the average university leaver, according to statistics released by the Higher Education Statistics Agency (HESA).
The latest figures, for the year 2005/2006, show that degree leavers from Oxford earned an average of £22,450 in their first year of employment, compared to the £18,504 average for all higher education leavers.
Despite this large difference, Oxford still falls behind UCL and Cambridge, where graduates earned an average of up to one thousand pounds more than their Oxford counterparts. UCL leavers averaged salaries of £23,614 whilst Cambridge graduates received £22,910.
The statistics, for full-time first degree leavers entering full-time paid employment or self employment, suggest that an Oxford degree is highly valuable to graduates looking for work. OUSU President Martin McCluskey said that the figures were a testament to the quality of the education Oxford provides.
“Oxford graduates are widely recognised by employers as some of the most able and this is clearly reflected in these statistics from HESA. Oxford’s teaching style and the emphasis on independent learning obviously create graduates who are attractive to employers for the depth of their knowledge and sound analytical skills,” he said.
He added that students should be attracted by this high standard of teaching and not the lure of a large pay packet.
“I’d hope that applicants are drawn to Oxford not for expected starting salaries after they graduate, but for the educational experience while they’re here,” he said.
Finalists looking to move in to jobs in the summer may be cheered by the suggestion that their degree will lead to rewards in the world of work.
Thomas Smith, a history and politics student who finished Finals last week, said, “I think the fact that the average starting salary for Oxford graduates is some four thousand pounds higher than the national average does show that an Oxford degree is still a significant asset when going out into the world of work.”
But the extra thousand pounds earned by the average UCL leaver suggests the long hours and numerous essays may not be worth it. Oxford law students work up to 15 hours more each week than those at UCL, according to figures released by the Higher Education Policy Institute, but this is not reflected by graduate salaries.
One finalist at St Peter’s said the University should look to improve its Careers Service to ensure Oxford graduates get the jobs they desire.
“Its obvious that Oxford students have to deal with far higher, even ridiculous, workloads than the majority of other Universities, UCL being one. I think the University needs to do more to help students find the job they want because at the moment it is being out-performed by its competitors,” he said.
Karen Barnard, Head of the UCL Careers Service, said that UCL placed great emphasis on careers advice for students.
“UCL recognises the importance of student employability and provides career development support at all levels from first-year undergraduates to final-year PhD students,” she said.
McCluskey stated that Oxford’s own Careers Service was giving first class advice to students who should take advantage of it.
“The Careers Service provides a great service to students both through the personal service at Banbury Road and through the Careers Fairs they organise regularly. Students need to be aware that they can approach the Careers Service and pop in anytime – even after they graduate,” he said.
A spokesperson for the University also said that Oxford’s own Careers Service was providing students with a valuable service.
“Oxford is keen that students find employment that suits their education and interest. To this end, the University has a well-equipped careers service that provides comprehensive information and impartial guidance.
It is one of the best-resourced and most-used careers services in the country. The Careers Service offers objective information and guidance about a full range of careers, and works proactively to advertise vacancies in all sectors,” she said.
Some Oxford finalists have stated that salaries and bonuses are not important to the average undergraduate, who is more interested in job satisfaction than pay.
Phil Moss, a Physics finalist, said, “I think people who choose a degree course and location based only on starting salary are not looking at the big picture. If people choose a degree for earning potential only, they appear to have a rather depressing outlook on life, if the power, status and satisfaction that comes from the increase in pay is their primary motivation.”
An English finalist at Worcester also stated that earnings were not a key concern.
“For those that want to earn obscene bonuses, Oxford gives them a route into the City, and limitless pocket money in exchange for their difficult degree. For most of us, job satisfaction is a higher priority, and our extra 15 hours of work aren’t being reflected because we don’t want them to be,” she said.
