Australia’s top paid graduate roles revealed amid warning from experts
A new list of the 12 highest-paid graduate roles show young workers can immediately earn up to $83,000 a year. But experts have a warning for those chasing instant gratification.
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Young Aussies should not let lucrative starting salaries dictate their career choices, with early pay checks providing no guarantee of future high earnings.
The desire to buy a home and meet spiralling living costs has seen an increase in young people looking for instant income gratification, prompting warnings that jobs with high pay rates early on are often hampered by poor wage growth.
Long-term earnings are a far better indicator of financial success and there are steps that even those in lower-paid occupations can take to push their wages higher, experts say.
Study Work Grow founder Lucy Sattler recommends those contemplating future careers “don’t look at starting salaries at all’’, noting young workers typically have fewer financial commitments than those part way through their working life.
“(A high starting salary) might sound good when you are 18 or 19 but, by the time you are 30 and there’s a (wage) plateau, you’ve got to last a long time on that salary,’’ Sattler says.
“Most young people can survive on not a huge starting salary. They might not be able to afford the flash car they want but they’ll be all right (compared to when they have a mortgage, a family or other financial commitments and their salary has stagnated).’’
Data flaws
A new salary benchmarking tool reveals workers in research and development enjoy the highest starting salaries, with an average income of $83,387 a year.
New law graduates are the second best paid, receiving $80,818, followed by those in engineering ($78,644), architecture ($76,668) and finance and wealth management ($74,297), according to the SmartMatch tool, launched by payroll platform Employment Hero.
But those who receive high starting salaries could be disappointed later, Sattler says.
While new teachers are often well paid, Sattler says teaching wages remain largely unchanged by tenure, with the average teacher paid just $5000 more than a new teaching graduate.
She warns all wage data should be treated with caution, noting it often fails to consider gender wage gaps that see women workers paid significantly less than men and can be misleading if a profession only has a small number of workers.
“Take research – it’s not always easy to get a research position,’’ Sattler says.
“There’s a lot of competition (for roles) and a lot of PhD candidates out there who can’t find a job.’’
Early sacrifices
Samantha Perion, 23, is pursing a business career. This puts her just outside the top 10 graduate roles when it comes to pay, with business and economics ranking 11th, with a starting salary of $60,465.
Still undertaking her degree while working part-time at a non-government organisation and running a side business, Table Talks, Perion says she placed more emphasis on long-term salaries when it came to choosing her career.
“Working in business can provide unlimited income, especially working in sales and through commissions,’’ she says.
“However, it doesn’t necessarily mean recent graduates should demand maximum pay with no experience.
“As long as you know the earning potential of your career once you’ve been identified as an ‘expert’ or ‘specialist’, then you can sacrifice pay at the start of your career so you can demand the pay you think you deserve for the expertise gained throughout those years of experience and knowledge.’’
Delicate balance
Salary data can be helpful when contemplating careers, Employment Hero head of people and culture Liam D’Ortenzio says, but it should not be the only deciding factor.
“Rather than solely focusing on earning potential, young people should consider their personal skills, interests and passions when making career choices,’’ he says.
“Remember, the world of employment is dynamic and what’s in demand today may not necessarily be in demand tomorrow.
“A rewarding career is not just about financial gain but also about personal fulfilment and job satisfaction. It’s a delicate balance.’’
Money tips
Finance expert Ben Nash, author of Virgin Millionaire, agrees that career enjoyment is just as important as earning potential.
But he says the same role can be paid differently across employment sectors and advises workers to prioritise those industries where the wages are highest.
Nash also suggests workers talk to their boss about how to take their salary to the next level and start saving from the moment they enter the workforce.
“People always say they will save once they get to the next salary bracket but when they get there they’re still spending,’’ he says.
“Have a savings plan regardless of what your salary is and save more when you make more. Otherwise, you’re just kicking the can down the road.’’
Top paid graduate roles
Research and development – $83,387
Law – $80,818
Engineering – $78,644
Architect – $76,668
Finance and wealth management – $74,297
Software engineering – $72,716
Accounting, audit and tax – $65,998
IT and data – $64,812
Human resources – $64,417
Marketing and public relations – $63,627
Business and economics – $61,453
Graphics design – $55,525
Source: SmartMatch
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Originally published as Australia’s top paid graduate roles revealed amid warning from experts
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