Want to get rich? Study law. Want to get richer? Study medicine.

Law is the fourth-most lucrative degree, according to a new report by the Institute for Fiscal Studies.

The research looked at the student loan records of 260,000 people, whose salaries were tracked between 2003 and 2013.

Male graduates who studied law earned a median salary of £30,100 10 years after graduation, while their female counterparts earned an average of £26,200, the report found.

However, people who studied medicine, economics and engineering were likely to earn a higher salary than law graduates.

The research also found that graduates from richer family backgrounds earned significantly more in the ten years after graduation than their poorer counterparts, even after they had completed the same degrees from the same universities.

Jack Britton, a research economist at the IFS and one of the authors of the research, said: “This work shows that the advantages of coming from a high-income family persist for graduates right into the labour market at age 30.”

Most lucrative degrees, 10 years on (source: IFS)
 Degree Women’s salaries Men’s salaries
Medicine £45,400 £55,300
Economics £38,200 £42,000
Engineering and technology £23,200 £31,200
Law £26,200 £30,100
Physical Sciences £24,800 £29,800
Education £24,400 £29,600
Architecture £22,500 £28,600
Maths and Computer science £22,000 £26,800
Business £22,000 £26,500
History and philosophy £23,200 £26,500
Social sciences £20,500 £26,200
Biological sciences £23,800 £25,200
European languages and literature £26,400 £25,000
Linguistics and classics £23,200 £24,100
Veterinary and agriculture £18,900 £21,400
Mass communication £18,100 £19,300
Creative arts £14,500 £17,900