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Returns to Specific Graduate Degrees: Estimates Using Texas Administrative Records

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Listed:
  • Joseph Altonji
  • Zhengren Zhu

Abstract

We estimate causal effects of 121 graduate degrees on log earnings. The returns average 0.159 but vary widely across fields, with a standard deviation of 0.176. Experience profiles of the returns also vary and are particularly steep for medicine. Internal rates of return, which account for program length, tuition, and in-school earnings, are sizable but vary less across fields. Earnings effects are higher for women, lower for part time students, and depend on undergraduate major. 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.

Suggested Citation

  • Joseph Altonji & Zhengren Zhu, 2025. "Returns to Specific Graduate Degrees: Estimates Using Texas Administrative Records," NBER Working Papers 33530, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:33530
    Note: ED LS
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    More about this item

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • I23 - Health, Education, and Welfare - - Education - - - Higher Education; Research Institutions
    • I26 - Health, Education, and Welfare - - Education - - - Returns to Education
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials

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