Is a PhD worth more than a Master's in the UK labour market? The role of specialisation and managerial position

Dados Bibliográficos

ID5011122
AutoresGiulio Marini (0000-0002-3259-2309, University of Catania, autor correspondente), Golo Henseke (0000-0003-0669-2100, Department of Education, Practice and Society, University College London, London, UK)
Ano2023
Volume48
Fascículo10
Páginas1538-1550
Data de publicação2023-10-03
Peer ReviewedSim
Open AccessNão
TipoARTICLE
PeriódicoStudies in Higher Education (JOURNAL)
Identificadores do periódicoISSN: 0307-5079 • E-ISSN: 1470-174X
EditoraInforma UK Limited (PUBLISHER • GB)
DOI10.1080/03075079.2023.2254806
OpenAlexW4386448120
IdiomaEN
Citações recebidas8
Referências citadas41

This paper examines the potential earnings premium associated with a doctoral degree (PhDs, ISCED9) over postgraduate degrees (PGs, or Masters, ISCED7) in the UK. We assess this premium using a decade-worth of UK Labour Force Survey data (2011–2020). To explore the possible endogenous choice of post-graduate tracks, this paper deploys linear regression, (ordinary least squares, OLS), propensity score matching (PSM), and inverse probability weighting (IPWRA) to estimate the pay premium under varying identifying assumptions. The estimates show a positive return in terms of gross hourly pays in all models, along with a relevant role of managerial positions and degree of specialisation in employment position. Therefore, although a PhD is arguably mostly driven by taste for scientific pursuit, a PhD has on average also an economic pay-off. However, much of it depends on one’s capacity to acquire leadership positions – the most relevant factor disentangling those fulfilling or not their potential in terms of wages. We also provide a cost–benefit analysis over a life course showing that such a premium is overall modest, but subject to positive spikes for those in Science & Technology (STEM disciplines), getting managerial positions, and for women. Our findings suggest investigating further those personal and organisational factors that are conducive of unleashing highly educated potential

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