Returns to Specific Graduate Degrees: Estimates Using Texas Administrative Records

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.