Top apprentices can expect to earn tens of thousands of pounds more during their lifetime than many university graduates, according to research.
But those who gain a degree from a top institution – including Oxford and Cambridge – are still likely to have the highest earnings, it suggests. The study, published by the Sutton Trust, argues that a high-quality apprenticeship offers as much financial security as many undergraduate degrees.
It calculates that youngsters who opt to study for a Level 5 higher apprenticeship will earn around £1.44m over their lifetime, almost £52,000 more than a student who studies at a non-Russell Group university – considered among the best institutions in the UK. These graduates can expect to take home around £1.39 million.
Students who graduate from a Russell Group university will earn around £1.6m, the study shows – around £160,000 more than someone who does a higher apprenticeship.
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