The Analysis of Expected Returns on Higher Education in Russia

Based on the data from the study about recent trends in Russian education market “Monitoring of education markets and organizations (MEMO)”, factors affecting absolute expected returns to higher education are assessed. Survey of students of Russian universities conducted in 2017 confirms the influence of gender differences. Boys form higher expectations about future wages compared to girls. In addition, academic performance assessed by the Unified State Exam (USE) scores also influences expectations about salary after graduation. Moreover, university selectivity effects positively on the expected returns from higher education. Students from wealthier families expect to have higher absolute returns from higher education. Social and cultural capital of the family (mother's education, the number of books read) is positively related to the expected salary after graduation from university. Students from more socio-economically developed regions expect higher returns from higher education than their peers from less developed regions. Keywords: higher education, expected return from higher education, expected salary, student expectations, selective higher education institutions, state universities, family social capital, family cultural capital, socio-economic characteristics of the region.