The universities that produce the most millionaires
This week saw the publication of A-Level results, and with them students up and down the country are working out exactly where – and what – they will study for their degree.
It’s recognised that having a degree to your name helps your eventual pay pay packet, with research from the Institute for Fiscal Studies last year finding that graduates in their late thirties earn around 1.6 times more per hour than those who left school at 16.
However, some universities are better than others at producing the really big earners, with a study from GlobalData Wealth Insight for Verdict revealing which UK universities are the best at producing millionaires. A range of factors were analysed by the researchers to give each university a ‘Millionaire Maker Score’.
Oliver Williams, head of GlobalData WealthInsight, said that this alternative ranking reflects how well each institution has fared in equipping its students for commercial success.
He continued: “Approximately 50% of the millionaire alumni from these top 20 UK universities have gone on to become entrepreneurs, creating businesses which have garnered significant wealth. As entrepreneurial skills are rarely part of academic syllabuses, this ranking includes some universities that would not normally be included in higher education rankings.”
So which universities are placed in the top 20 for making millionaires?
Below is the university league, along with its ‘Millionaire Maker Score’:
1) University of Oxford – 153
2) Cambridge University – 111
3) Imperial College – 78
4) University of London, LSE – 70
5) University of London, UCL – 69
6) Manchester University – 69
7) University of Bristol – 50
8) University of Edinburgh – 47
9) University of Leeds – 38
10) University of Birmingham – 37
11) Durham University – 34
12) University of London, City – 34
13) Newcastle University – 34
14) University of Nottingham – 30
15) University of Southampton – 25
16) University of Glasgow – 25
17) Loughborough University – 24
18) University of Warwick – 23
19) University of Liverpool – 21
20) University of Sheffield- 19.
Which subjects deliver the best salaries quickly?
If your ambitions are a little more modest, then perhaps alternative research from the Department for Education will be more helpful. Earlier this year it released figures on which degree subjects – and the university delivering the course – led to the highest salaries one year after graduation.
Perhaps unsurprisingly students at the University of Oxford took top spot, with its business studies students pocketing an average salary of £41,500 per year just 12 months after graduating.
This was followed by economics from the Open University (£39,600), computer science from Imperial College (£39,400) and computer science from the University of Cambridge (£38,200).
Looking at the best salaries five years after graduation, business graduates from Oxford again take top spot with earnings of more than £71,000 a year. It was followed by law graduates from Oxford (£61,400), economics graduates from Cambridge (£61,000) and economics graduates from Birkbeck College (£61,000).
Even if university isn’t for you, there’s no reason why you can’t get a job with an excellent salary. Research from jobs site Indeed this week revealed the best paid jobs which don’t require a degree.