A successful career isn’t all about how much money you make, with more Australians leaving their jobs in the pursuit of happiness and purpose. However, if you’re undertaking a university degree it’s likely salary expectations have weighed into your decision.
Particularly as most graduates will leave tertiary education with a hefty HECS debt. Recent research from Quality Indicators for Learning and Teaching found that median undergraduate salaries ranged between a high of $94,400 down to a low of $55,500, depending on what area you studied in.
So, which field netted the best income in the four to six months after graduation?
Dentistry was at the top of the list, while pharmacy ranked the lowest.
Interestingly, pharmacy was found to have the strongest wage growth three years after graduation, jumping 85.5 per cent.
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To put it into context, the average Australian wage just tipped into six figures recently, at $1,923.40 per week or $100,016 per year, according to the Australian Bureau of Statistics.
This may seem like a lot and that’s partly because this average is skewed by high-earners.
The median wage, the middle value in a set of data, is $1,300 per week or $67,600 per year.
A poll of more than 5,800 Yahoo Finance readers found the majority felt they needed a $200,000+ salary to live comfortably. This was followed closely by 90-$130,000 and $130,000-$170,000, both getting 22 per cent of votes.
You can find out the best-paid industries here and the highest-paying roles here.
Here’s a breakdown of the best and worst-paid jobs after graduation:
Dentistry $94,400
Medicine $85,000
Engineering $75,000
Teacher education $75,000
Computer and information systems $74,400
Social work $77,300
Law and paralegal studies $73,000
Agriculture and environmental studies $71,100
Rehabilitation $71,000
Psychology $71,000
Pharmacy $55,500
Creative arts $59,500
Tourism, hospitality, personal services, sport and recreation $65,000
Communications $65,000
Architecture and built environment $66,000
Veterinary science $67,400
Science and mathematics $69,000
Business and management $69,200
Humanities, culture and social sciences $69,400
Nursing $69,400
Health services and support $70,800
Women were found to earn less in all degrees except pharmacy, rehabilitation and social work, where earnings were equal.
“The gender gap in undergraduate salaries immediately upon graduation can partly be explained by the fact that females are more likely to graduate from study areas which lead to lower levels of remuneration,” the Graduate Outcomes Survey found.
“However, it is also the case that at the undergraduate level, females earn less overall than their male counterparts within most study areas.”
You don’t have to go to uni to land a well-paid job.
If you’re looking to earn six figures without a university degree, the Australian Taxation Office found air traffic controllers could earn up to $153,445 a year. Find the top 10 best-paid jobs without a degree here.
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