Economic Returns For Graduate Degrees

This is what should be the case if the system is working properly. Query if sorting effects are properly controlled for, however.

Most graduate degrees have positive returns for wages (though not humanities for men); returns are similar except higher for law & medicine (& nursing for men)

From here citing this paper whose abstract states:

This paper uses a college-by-graduate degree fixed effects estimator to evaluate the returns to 19 different graduate degrees for men and women. We find substantial variation across degrees, and evidence that OLS overestimates the returns to degrees with high average earnings and underestimates the returns to degrees with low average earnings. 

Second, we decompose the impacts on earnings into effects on wage rates and effects on hours. For most degrees, the earnings gains come from increased wage rates, though hours play an important role in some degrees, such as medicine, especially for women. 

Third, we estimate the net present value and internal rate of return for each degree, which account for the time and monetary costs of degrees. We show annual earnings and hours worked while enrolled in graduate school vary a lot by gender and degree. 

Finally, we provide descriptive evidence that gains in overall job satisfaction and satisfaction with contribution to society vary substantially across degrees.