A new UK study reveals that alumni who graduate from privately funded universities are likely to earn more money than alumni from state schools.
The study was conducted by Sutton Trust and Upreach. For their research, they examined individuals who had careers that dealt with law and finances.
Between the privately funded universities and state schools, the researchers found shocking discrepancies. So much, in fact, that their findings suggest that where you go to school almost immediately determines your financial success after graduation.
On average, alumni from private universities earn a little under £5,000 more per year. That totals to about $5,500 USD.
Not only did graduates of private universities get paid more, but researchers also found that the alumni from these institutions received higher pay raises than state school alumni; in total, private school alumni salaries were an average of £4,450 higher, or $4,856 USD, over the course of three years.
The correlation between private education institutions and high levels of achievement isn’t exactly earth-shattering news.
When comparing standardized test scores in the United States, studies show that students who attend private high school score an average of 50 points higher on all three sections of the SAT, making their overall SAT score an average of 150 points higher than public school students’ SAT scores.
Researchers at Sutton Trust and Upreach attribute the salary discrepancies to a number of factors. One of the most obvious factors, of course, is wealth.
Privately funded universities and schools have more access to resources, academic materials, and funding for programs.
Other factors researchers noted were assertiveness and academic attainment.
Despite the discrepancies in earnings, however, the study also revealed that while private school alumni earn more off the bat, it was individuals from state schools that were more likely to keep their position within a high status job.
In that same three-and-a-half-year window, statistics showed that 71% of public school individuals were able to keep their positions, as compared to 68% of private school alumni.
Although not statistically significant, the difference does suggest that perhaps money can’t buy everything — particularly good old fashioned hard work.