A tertiary degree yields better earnings, especially in countries with a small share of tertiary-educated adults in the population. However, this earnings advantage varies significantly by field of study. In some countries, workers with a tertiary degree in arts and humanities earn less than those with just an upper secondary education. Occupations that have formed the backbone of society during the COVID-19 crisis, such as education and nursing, have among the lowest relative earnings of all fields of study. There is no clear correlation between the share of tertiary graduates by field of study and the relative earnings advantage. This may be due to the selectiveness of some fields, students’ personal interests or misinformation about the labour market. Policy makers will need to consider ways beyond market mechanisms to increase the attractiveness of fields of study which offer essential skills for society.