09 August 2013

How post-school education helps your work prospects and earnings

Four week ago I wrote about the recent release of Australian Jobs 2013. As mentioned it's the Department of Education, Employment and Workplace Relations' most recent edition of their comprehensive annual Australian labour market update.
In that blog I highlighted a range of statistics about employment relevant to recruiters.
Today I highlight one of the areas I did not cover in that blog, which is the area of employment and earnings outcomes from education and training as detailed in the DEEWR publication Australian Jobs 2013.
(A) Unemployment and participation rates 
  1. Australians who hold a bachelor degree or higher qualification have the lowest unemployment rate (3.4% in 2011) and the highest labour force participation rate (87.4%).

  2. Those who hold vocational education qualifications at the advanced diploma/diploma or certificate III or IV level also have relatively low unemployment (4.0% and 4.3% respectively).

  3. The unemployment rates for workers who do not hold post-school qualifications are markedly higher, particularly for those who left school before completing Year 10 (12.2%). Those who left school before the end of Year 10 have the lowest level of labour force participation (45.5%).
(B) Full time employment for 2011 graduates within 4 months of their course completion 
  1. In the tertiary sector the strongest graduate employment results, by specific discipline were:
  • medicine and pharmacy (both 98.1%, but this figure is influenced by registration year requirements, for which the health sector provides places)
  • mining engineering (93.9%)
  • surveying (93.0%)
  • nursing - initial training (92.2%)
  • civil engineering (90.5%) 
  1. The poorest results were for Creative Arts (58.6% in full time employment) and Physical and Natural Sciences (62.9%).

  2. In the VET Sector (Cert I – IV plus Diplomas) the strongest employment results were:
  • Education (91.1%)
  • Architecture and Building (85.5%)
  • Engineering and Related Technologies (83.9%)
  • Health (83.2%)
  • Agriculture, Environmental and Related (81%)

(C) Earnings 
  1. People who did not complete Year 12 generally earn around 21% less than someone whose highest educational attainment is an advanced diploma or diploma, and around 42% less than a university graduate.

  2. In 2012, Graduate Careers Australia’s (GCA) figures show the median annual starting salary for bachelor degree graduates aged younger than 25 years and in their first full-time job was $52,000, up by $2,000 from 2011. GCA’s analysis states that this was 77.8% of the annual average male earnings ($66,800) at the time of the survey.

  3. The highest earnings for tertiary graduates in 2012 were:
  • Dentistry ($80,000)
  • Optometry ($79,000)
  • Earth Sciences ($73,000)
  • Engineering ($63,000)
  • Medicine ($60,000)
  1. The highest average salaries for VET graduates in 2012 were for:
  • Education ($71,800)
  • Engineering and Related Technologies ($58,500)
  • Natural and Physical Sciences ($57,500)
  • Health ($55,800)
  • Management and Commerce ($55,500) 
  1. For those who completed their VET training as part of an apprenticeship or traineeship, the average starting salary was $46,500. 
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