What Pays beyond the Degree? A Systematic Review of Educational Credentials and Early-Career Earnings

Victor Debruyne (), Louise Devos (), Dieter Verhaest (), Elsy Verhofstadt () and Stijn Baert ()
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Victor Debruyne: Ghent University
Louise Devos: Ghent University
Dieter Verhaest: KU Leuven
Elsy Verhofstadt: Ghent University
Stijn Baert: Ghent University

No 19078, IZA Discussion Papers from IZA Network @ LISER

Abstract: Students must allocate their time during tertiary education, but the evidence on the earnings value of their achievements and experiences is dispersed across separate literatures. We systematically reviewed 38 quantitative studies examining academic performance, delayed graduation, internship experience, student employment, and student leadership in relation to earnings during the first five years after graduation. We distinguish correlational evidence from quasi-experimental estimates and interpret the findings against theoretical mechanisms linking credentials to earnings. We find that academic performance is generally positively associated with earnings and has the most consistent quasi-experimental support for earnings premiums, especially at labour market entry. Internships can also yield substantial earnings gains, but estimates vary more across programmes and research designs. Student employment is generally associated with higher earnings when field-related, but the evidence does not establish a general causal premium. Delayed graduation and student leadership remain comparatively understudied.

Keywords: educational credentials; graduate earnings; academic performance; internships; student employment (search for similar items in EconPapers)
JEL-codes: I23 I26 J24 J31 (search for similar items in EconPapers)
Date: 2026-11
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