Returns to Specific Graduate Degrees: Evidence from Texas Administrative Records

Joseph Altonji and Zhengren Zhu

No 33530, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Using administrative data from Texas, we estimate the returns to 123 specific graduate degrees on log earnings. Under strong assumptions, the estimates identify treatment on the treated effects. The average return is 0.196, but returns vary widely across fields, with a standard deviation of 0.202. Returns are higher for women and lower for part-time students. Students from lower-paying undergraduate majors benefit more from an MBA or JD. School-specific returns are higher for higher-ranked JD and MBA programs. Internal rates of return, which account for program length, tuition, and in-school earnings, average 0.160 and vary less across fields.

JEL-codes: D31 I23 I26 J31 (search for similar items in EconPapers)
Date: 2025-02
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