The theory of human capital has been used to account for the link between educational investment and individual earnings. The authors argue that any investigation of the relationship betwee, these two elements must take into account the choice model used by the individual student as he enters higher education. His academic and social background influence his choice as do his estimate of the returns likely to come from investing in the study of particular disciplines and the extent to which he is prepared to risk failure, especially in highly competitive programmes of study with high rates of retun. Evidence from a study made in Dijon in 1974 is summarised and offers support for the suggested choice model.