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NON-TECHNICAL SUMMARYThe raising of the minimum school leaving age in England and Wales in 1973 has previously been used to estimate the economic returns to an additional year of education. However, this policy change had two effects on members of the affected cohorts: it increased their length of schooling and also increased the probability that they attained at least some academic qualifications.Another school leaving rule that was in place at the time allows us to isolate the effect of having some academic qualifications versus having none on the outcomes of individuals with the same length of schooling.This latter exercise suggests that there is a sizeable return to having academic qualifications, increasing the probability of employment by 40 percentage points. This is more than 70% of the estimated return to qualifications based on the raising of the minimum school leaving age -implying that the majority of the policy effect came through the impact on qualifications, with a smaller additional effect due to schooling length.This has implications for plans to further raise the education leaving age, suggesting that returns will be higher if students are compelled to take nationally recognised exams at the end of their final year of education. Thus raising the minimum school leaving age to 18 -when A-levels and equivalent exams are taken -should have a much greater effect on outcomes than raising the minimum leaving age to 17, an age at which traditionally there are not nationally recognised exams taken.2