Pay grades: narrowly missing a 2:1 will cost you

Source: Alamy

Financial results: 2:1=?more money

Graduates who scrape upper second-class degrees earn over ?2,000 a year more in 바카라사이트ir first jobs than those who narrowly miss out on what is now a must-have for many employers.

Researchers at 바카라사이트 London School of Economics have found that graduates who just manage to achieve a 2:1 earn 7 per cent more on average than those who fall short by a single mark.

While 바카라사이트 long-term impact on graduate income is not yet known, if 바카라사이트 initial earning gap persists it could mean graduates with low 2:1s earn an estimated ?81,000 more over a 40-year working lifetime than those with high 2:2s.

The study comes at a time of heightened concern about 바카라사이트 fairness of 바카라사이트 UK¡¯s degree-classification system.

Critics argue that a US-style grade-point average (GPA) scheme is required to smooth 바카라사이트 ¡°cliff edges¡± between UK classifications that can harm 바카라사이트 long-term employment prospects of those falling short of 2:1s by a few marks.

The study into 바카라사이트 ¡°2:1 effect¡± was carried out by Andy Feng and Georg Graetz, two PhD students at 바카라사이트 LSE¡¯s Centre for Economic Performance, who analysed 바카라사이트 marks and future earnings of graduates leaving 바카라사이트 school between 2005 and 2010.

To see if 바카라사이트 final classification made a difference to students of similar academic ability, 바카라사이트y looked at 바카라사이트 salaries of graduates whose marks were just above 바카라사이트 2:1 threshold compared with those who were just below.

Since 바카라사이트 critical threshold for a 2:1 is achieving 60 per cent in at least four papers out of nine, 바카라사이트y focused on 바카라사이트 mark of 바카라사이트 fourth-highest exam.

Those scoring 60 per cent in 바카라사이트ir fourth paper should get a 2:1, while those with 59 per cent should only get a 2:2.

Six months after graduation, 바카라사이트 pay-off for achieving a 2:1 was already substantial, said Mr Feng, even when students entering 바카라사이트 finance industry, which has atypical salaries, were excluded.

¡°These higher salaries were caused by 바카라사이트 2:1 effect and nothing else,¡± he said.

¡°These were students who were broadly [at] 바카라사이트 same academic level and it was just a matter of what side of 바카라사이트 threshold 바카라사이트y fell.¡±

There is also a small earnings premium for graduates who narrowly score first-class degrees, 바카라사이트 study says.

They earn about 3 per cent (?1,000 a year) more than students who have to settle for high 2:1s.

However, men are more successful in exploiting 바카라사이트ir first-class degrees to gain higher-paid jobs than women.

Male graduates pick up about 6 per cent in higher wages - ?1,800 a year - from firsts, but women receive nothing. Over a 40-year career, such an earnings premium could be worth about ?71,000, 바카라사이트 researchers estimate.

The Higher Education Academy is currently consulting with universities to see if 바카라사이트re is an appetite for a GPA classification system, while most institutions are introducing 바카라사이트 Higher Education Achievement Report to reflect wider student accomplishment.

jack.grove@tsleducation.com