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Focus: Is it worth getting a degree?

New research reveals that the graduate road is no longer paved with gold, with the monetary value of a degree falling away sharply, might it be better to opt for the university of life?

When Bill Morgan's parents waved him off to a university education under Oxford's dreaming spires, they did not imagine that his future career would encompass a job as a £190-a-week NHS cleaner, a spell working at a railway depot, and a substantial stint as an unpaid researcher.
Now, two years after leaving Balliol College, Morgan is in his first professional job but his salary, at £19,500 a year, has yet to take off.

"It's a lower salary than I could get as a shop assistant," says Morgan, 22, who gained a 2:1 in philosophy, politics and economics and now works in the Parliamentary Resources Unit at the House of Commons.
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