Key Findings
Earnings increase with the level of qualification completed. Five years after finishing study, the median earnings of young people who complete a bachelors degree is 53 percent above the national median earnings and 46 percent above the median for young people who gain a certificate at levels 1-3.
Employment rates increase with level of qualification gained. For example, in the first year after study, 56 percent of young bachelors graduates were in employment and 38 percent were in further study. Of young people who had completed a level 1-3 certificate, 37 percent were in employment and 48 percent were taking more study.
Very few young people who complete a qualification at diploma level or above are on a benefit in the first five years after study. The benefit rate is 4 percent for diploma graduates and 2 percent at bachelors level. But it is around 10 percent for those who graduated with certificates at levels 1-3.
Earnings vary considerably by field of study. Young graduates with bachelors degrees in medicine earn the most after studying. The median income for medical graduates is over $110,000 five years after leaving study.
Dental studies and pharmacy bachelors graduates earn the second highest incomes among young bachelors graduates after five years, with median earnings of over $76,100 and $75,100.
Engineering graduates with an honours degree have median earnings of $65,000 five years after study, compared with $58,300 for a bachelors degree without honours.
Bachelors degree graduates in creative arts have the lowest earnings among young bachelors graduates after five years and they have relatively high rates of benefit receipt.
Some qualification types and some fields are associated with high rates of further study. Nearly half of all young people who complete a certificate move into further study the next year. Fifty-eight percent of young bachelors graduates in natural and physical sciences were in further study one year after completion of a bachelors degree, and 32 percent after five years. Other fields with high rates of continuing study include society and culture, health and agriculture, environmental and related studies.
