Is a PhD worth more than a Master’s in the UK labour market? The role of specialisation and managerial position
利用2011-2020年英国劳动力调查数据，估计博士学位相比硕士学位的收入溢价，发现平均存在正向回报，但主要取决于能否获得管理职位，且对STEM领域、管理岗位和女性更显著。
This paper examines the potential earnings premium associated with a doctoral degree (PhDs, ISCED9) over postgraduate degrees (PGs, or Masters, ISCED7) in the UK. We assess this premium using a decade-worth of UK Labour Force Survey data (2011–2020). To explore the possible endogenous choice of post-graduate tracks, this paper deploys linear regression, (ordinary least squares, OLS), propensity score matching (PSM), and inverse probability weighting (IPWRA) to estimate the pay premium under varying identifying assumptions. The estimates show a positive return in terms of gross hourly pays in all models, along with a relevant role of managerial positions and degree of specialisation in employment position. Therefore, although a PhD is arguably mostly driven by taste for scientific pursuit, a PhD has on average also an economic pay-off. However, much of it depends on one’s capacity to acquire leadership positions – the most relevant factor disentangling those fulfilling or not their potential in terms of wages. We also provide a cost–benefit analysis over a life course showing that such a premium is overall modest, but subject to positive spikes for those in Science & Technology (STEM disciplines), getting managerial positions, and for women. Our findings suggest investigating further those personal and organisational factors that are conducive of unleashing highly educated potential.