British undergraduate degree classification
In the United Kingdom, medicine is usually taught as an undergraduate course, with graduates being awarded a master's level qualification: normally the conjoined degrees of Bachelor of Medicine, Bachelor of Surgery (MBBS, BM BCh, MB ChB, etc.) although at Queen's University Belfast (and universities in Ireland) Bachelor in the Art of Obstetrics (BAO) is added, and at some universities only the Bachelor of Medicine is awarded - all of these have equal standing. Unlike most undergraduate degrees, the MBBS is not normally considered an honours degree, and thus is not classified into first class honours, etc. Students may be awarded "Merits" and "Distinctions" for parts of the course or the whole course (depending on the institution) and "Honours" may be awarded at some institutions for exceptional performance throughout the course (as a grade above Distinction).
Academic capital
Whereas the biggest stepping stone to attain a higher paying career used to be an undergraduate degree, the common discussion in today’s market is the devalued status of a Bachelor’s degree. A Bachelor’s degree no longer holds the same academic capital it used to, and holding such a degree no longer entitles one to the same job opportunities and income possibilities it used to. Government statistics reveal that over the past 8 years, the average weekly earnings of individuals with bachelor's degrees have actually decreased, in relation to inflation, by nearly 2%. Therefore, many individuals are studying beyond four-year institutions in order to increase their capital and ultimately their income. When compared to an individual with a bachelor's degree, an individual with a graduate degree makes, on average, nearly $75,000 more annually.