Abstract
Previous research has assumed that earnings reflect productivity. This study compares the relationship between education and earnings to that between education and more direct measures of productivity. Using the personnel files of managers in a large corporation, the author estimates the effects of various graduate degrees on four measures of productivity: annual salary, change in salary, supervisor's rating and probability of promotion. Graduate degrees were found to be positively related to within-grade salary and sometimes to salary increases, but negatively related to all other measures of job performance. Thus graduate degrees are not associated with greater job productivity, as measured here.
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