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Jana Fiserova and John Anchor

Student Perceptions of the Financial Returns to Higher Education in the Czech Republic, Poland and England: Evidence from Business Schools. Jana Fiserova and John Anchor. SRHE conference 14-16 December 2010. Introduction and background.

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Jana Fiserova and John Anchor

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  1. Student Perceptions of the Financial Returns to Higher Education in the Czech Republic, Poland and England: Evidence from Business Schools Jana Fiserova and John Anchor SRHE conference 14-16 December 2010

  2. Introduction and background • Unusual in focusing on expectations as most studies in this area have attempted to measure actual returns • 2009/2010 unique survey data (1411) from three Czech (572) and four Polish (475) faculties of economics and two English (364) business schools • First year home students asked about their future earnings expectations in two scenarios and two points in time • First job immediately after graduation from university and 10 years later • After completing high school (if they had not entered HE) and 10 years later

  3. Expected earnings:Education and experience University + 10 years Secondary School +10 years Expected earnings ≈ Secondary School Level of education and experience

  4. Rates of return: short-cut method where • E is average earnings of an individual who has a j level and an i level of education respectively • S is years of schooling • r is the rate of return to education where • Eu are earnings of an individual with a university education • Esare earnings of an individual with a secondary education • S are years of higher education • r is the private rate of return to education • 15,000 is the threshold of £15,000 • 0.09 is the size of instalment (9%)

  5. Gender structure • Gender make up of the samples reflects the actual gender distribution in the respective institutions University of Rzeszow Catholic University of Lublin (KUL) University of Marie Curie – Sklodowska (UMCS) Politechnika Lubelska (PL) University of Economics in Prague Technical University of Liberec University of Pardubice University of Huddersfield University of Staffordshire

  6. Rates of return - Poland The rates vary from 9.76% to 21.76% and the average expected rate of return is 15.53%

  7. Rates of return – Czech Republic The rates vary from 10.84% to 24.26% and the average expected rate of return is 14.66%

  8. Rates of return – England The rates vary between 13.72% and 27.53% and the average rate of return is expected to be 20.53%

  9. Conclusions • There is a significant pay off to higher education • The higher the level of education and the greater the experience, the greater the salary expectations • Rates of returns to higher education are larger in the medium term than immediately after graduation • Students value a university degree at least as much as 10 years of post A-levels labour market experience • In England (20.53%) rates of return are higher than in the Czech Republic (14.66%) and Poland (15.53%)

  10. Any questions? Thank you for your attention

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