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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