How much is your degree worth? The worst value qualifications of 2022 revealed

A university education used to be a one-way ticket to a better-paying career, but for many graduates this is no longer the case.

Graduates still earn more on average than non-graduates, taking home £35,000 a year compared with £25,500 for those who never went to university, according to Statista, a data firm.

But the type of degree and the grade obtained have a big effect on future earnings, even though most students leave university with similar levels of debt, typically around £45,000.

Here's how much your degree is worth – and which qualifications earn the least after graduation.

The worst value degrees in 2022

A fashion degree gives you the least earning potential; graduates earn just £23,832, some £1,168 less than the average non-graduate salary, according to jobs website Adzuna. Graduates with film degrees earn £24,878 on average, philosophy graduates £25,428, English language graduates £26,143 and criminology graduates £26,311.

Meanwhile media studies graduates earn £26,422, English literature graduates £26,461 and politics graduates £26,746.

Fashion graduates are more likely to find a job in their chosen field, however. Meanwhile, philosophy students are most likely to end up as project managers, analysts or sales assistants. English language, criminology, media studies and English literature graduates are also more likely to enter jobs not related to their degree after graduating.

None of these graduates are ever likely to pay off their student debt, even if they receive a 2pc yearly pay rise throughout their careers. As many of these jobs start with relatively low salaries, it would take these graduates much longer before they began to pay interest on their loan.

For example, by the time the typical fashion graduate's loan is wiped clean in 2050, they would have paid just £8,070 in interest, or just £3,860 in today's money, assuming an inflation rate of 3pc.

The best value degrees in 2022

Economics students can expect to find the best-paying jobs once they graduate: they earn £36,178 a year on average. Business graduates earn £33,407, medicine £33,023, physics £32,335, and engineering £32,322. Geography graduates earn an average of £32,162 and mechanical engineering graduates earn £32,148, Adzuna said.

The economics graduate would also be unlikely to repay their loan, assuming annual pay rises of 2pc, but would pay back significantly more than the fashion graduate over their career. By the time the debt is wiped clean, they would have made £80,390 in student loan repayments, or £46,460 in today's money.

Adzuna's Paul Lewis said: “Part of this may be due to more vocational subjects like engineering and medicine having clearer pathways to higher paid careers offering lots of jobs.

“Meanwhile, related roles for students of fashion or film are harder to come by, meaning employers don’t need to use higher salaries to tempt talent. These salary trends often hold true throughout a career and not just in first jobs.”

Grades matter – but only for better-paying degrees

The grade received when graduates take their degree has a much larger impact on future earnings for better-paying qualifications.

Overall, graduates with 2.2s earn £3,800 a year less than those with 2.1s five years after leaving university, according to the Institute for Fiscal Studies. Women with first-class degrees earn around £2,200 more than women with 2.1s, and men with first-class degrees earn £4,100 more than men with 2.1s.

Among less lucrative subjects such as the creative arts, English and philosophy, differences between degree classes are small. In some cases, graduates with firsts in these fields earn less than those with 2.1s and 2.2s.

At the other end of the scale, differences between degree classes are very large in well rewarded subjects such as economics, law or business.

Men who studied economics can expect to earn 23.6pc more five years after achieving a first than a 2.1. Law graduates with a first can expect to earn around 23.4pc more if male and 36.9pc more if female.

This article is kept updated with the latest information.