University graduate students continue to succeed in a tough job market, experiencing continued income growth over the course of their careers and stability after the global financial crisis, according to an analysis by the Department of Education, Skills and Human Resources. Employment (DESE).
The analysis found that graduates over 30 were more likely to earn more than recent graduates, reports Erudera.com.
The report pointed out that the average weekly income of tertiary education graduates in 2020 was $ 1,400, compared to $ 1,120 for vocational education and training graduates with a III / IV certificate.
âThe income advantage of higher education graduates over those without post-school qualifications was considerably higher, at 65%, with the median income for the latter group being $ 820. ” the report reads.
He further found that the median income of bachelor’s graduates in 2018 was $ 51,200, while the median income of graduate students was 32% higher, reaching $ 67,500. Differently, the median income of sub-baccalaureate graduates fell 34%, to $ 33,800.
Universities Australia chief executive Catriona Jackson said the results revealed the benefits of Australian university education for employment, especially in times of uncertainty.
âFrom data from the Australian Bureau of Statistics, we already know that university graduates do better in employment than non-graduates. This analysis further demonstrates how a university degree has proven to be an important safety net during times of economic uncertainty â, Jackson said.
According to the report, graduates who earned a bachelor’s degree have seen their earnings increase steadily over the decade since graduation, with the average salary increasing 88% during the period.
DESE’s analysis also found that despite changing economic conditions, university graduates were not at all likely to be unemployed compared to non-graduates during the economic downturn.
Jackson said university graduates make a significant contribution to Australia’s workforce.
As of 2019, there is a higher demand for employees with a bachelor’s degree or higher compared to the demand for those whose highest level of education was a vocational education and training degree. .
The recent survey of student outcomes four to six months after graduation found that full-time employment rates among students completing their studies in Australia fell from 68.7% to 68.9 % in 2021.
Following the 2021 graduate results survey, Jackson said the results revealed the importance of a graduate degree, adding that despite the pandemic, students with degrees have benefited from the competitive labor market.