Prior scholarship devotes scant attention to the economic returns to delayed postgraduate attainment, when college graduates did not enroll immediately but entered the labor market first. While human capital theory posits “better earlier than later”, delayed attainment may represent a more deliberate decision informed by the demand side, which facilitates access to better-matched jobs. Utilizing data from National Survey of College Graduates, the study focuses on master's degree recipients who attained their bachelor's degree in 2005–2010 and who were working for pay in 2015. Multivariate analyses suggest delayed attainment yields lower earnings than on-time attainment but only applies to men. After accounting for the selection into delayed vs. on-time attainment, propensity score matching estimates reveal varying delay penalties by sex and college major. More generally, this study adds nuance to the “better earlier than later” hypothesis and underscores the mechanism of delayed postgraduate education for economic stratification among college graduates.

先前的奖学金很少关注延迟的经济回报研究生学历，当大学毕业生没有立即入学而是首先进入劳动力市场时。虽然人力资本理论认为“越早越好”，但延迟获得可能代表了需求方做出的更深思熟虑的决定，这有助于获得更匹配的工作。利用全国大学毕业生调查的数据，该研究重点关注在 2005-2010 年获得学士学位并在 2015 年获得报酬的硕士学位获得者。多变量分析表明，延迟获得的收入低于按时获得的收入，但仅适用于对男人。在考虑到延迟与准时达到的选择之后，倾向得分匹配估计显示不同性别和大学专业的延迟惩罚。更普遍，