The Effects of Advanced Degrees on the Wage Rates, Hours, Earnings and Job Satisfaction of Women and Men

Joseph Altonji, John Humphries and Ling Zhong

No 30105, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper uses a college-by-graduate degree fixed effects estimator to evaluate the returns to 19 different graduate degrees for men and women. We find substantial variation across degrees, and evidence that OLS overestimates the returns to degrees with high average earnings and underestimates the returns to degrees with low average earnings. Second, we decompose the impacts on earnings into effects on wage rates and effects on hours. For most degrees, the earnings gains come from increased wage rates, though hours play an important role in some degrees, such as medicine, especially for women. Third, we estimate the net present value and internal rate of return for each degree, which account for the time and monetary costs of degrees. We show annual earnings and hours worked while enrolled in graduate school vary a lot by gender and degree. Finally, we provide descriptive evidence that gains in overall job satisfaction and satisfaction with contribution to society vary substantially across degrees.

JEL-codes: I21 I24 I26 J16 J24 J28 (search for similar items in EconPapers)
Date: 2022-06
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Chapter: The Effects of Advanced Degrees on the Wage Rates, Hours, Earnings, and Job Satisfaction of Women and Men* (2023)
Working Paper: The Effects of Advanced Degrees on the Wage Rates, Hours, Earnings and Job Satisfaction of Women and Men (2022)
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