Amongst volatile labour markets and tough economic conditions, the number of graduates looking for full-time employment is on the rise (5% higher than that of the decade average). However, the good news is that the average wage is too.
Is postgraduate study worth it?
Students commonly ask: ‘Is postgraduate study worth the investment of my time and money?”
Current research points strongly towards a resounding ‘yes’, given that the average salary of a full-time employee with postgraduate qualifications is almost $30,000 higher than an employee with bachelor-level qualifications only (The Australian, September 23, 2015).
In weighing up this outcome with the cost of postgraduate study, combined with the right commitment and drive, your postgraduate study can indeed pay for itself. If you go one step further and take into account long-term salary growth and career progression, a $58,000 bachelor salary and $85,000 postgraduate salary is almost incomparable.
When is the best time to start postgraduate study?
There is no ‘right’ time to start postgraduate study. You can opt to undertake postgraduate study immediately after completing an undergraduate course. If you’re set on your career goals, and know further study is essential to get you there, moving straight into postgraduate study is a great way to fast-track your career and earning potential.
Alternatively, if you are already in the workforce, you can enrol in postgraduate study to refresh and/or update your existing skill set. Data has proven that those with workplace experience and a postgraduate qualification enjoy even higher earning potential. An experienced professional with a postgraduate coursework degree is likely to take home an additional $18,000 per year, compared to those with little or no experience (The Australian, September 23, 2015).
Why study a postgraduate degree?
Many students choose to undertake postgraduate study to acquire skills beyond undergraduate level – particularly in the healthcare industry. Others enrol to broaden their experience beyond an Australian context, to make themselves attractive to global businesses offering both exciting opportunities and generous salaries.
Studying our Master degrees at SCU – either straight after your undergraduate degree or after some time working in industry – is a great way to enhance your employability and earning potential in the future.