Postgraduate studies in health-related areas make sound financial sense

The budget boost to healthcare spending will create more jobs, opening up positions in management and administration.

The federal government’s budget boost to healthcare spending will create more jobs, opening up positions in management and administration that will prove financially rewarding for health professionals with postgraduate degrees.

The budget shows the government expects to increase spending on health substantially this financial year. The rise will amount to $1.5 billion in 2017-18 and $3.7bn in 2018-19.

These increases will go to the states for public hospitals, sub-functions of health services and programs such as mental health support and suicide prevention. Skilled administrators will be needed in these areas to manage the extra funding and ensure effective delivery of health services.

The healthcare and social assis­tance sector, which employs doctors, nurses, dentists, physiotherapists and many other professionals, employs more than 1.5 million people, or about one in every eight Australian workers.

During the past five years, the sector has added more than 250,000 jobs, making it the largest contributor to the ­nation’s jobs growth.

Australia’s population is ­expanding, wealth is increasing and expectations are rising. Longer life expectancy means age-related diseases such as Alzheimer’s are becoming more prevalent.

As a result, spending on health is predicted to grow well into the next decade, pushing up demand for leaders in the sector.

Completing a postgraduate ­degree and moving into a health management position can increase your earning ­potential significantly.

Health and welfare services managers earned an average weekly wage of $2721 as at May last year, compared with the national average wage across all occupations of just $1230. Separate Australian Bureau of Statistics data reveals that the occupation groups with the highest mean weekly earnings were managers (across industries) at $1853, followed by professionals at $1545.

Average weekly earnings for those with a non-school qualification were highest for those with a postgraduate degree. At $1791, the figure easily outstrips the ­average salary of a professional. These ABS figures highlight the ­financial rewards that career progression and postgraduate study can deliver.

Whatever your health background, completing a postgraduate degree will give you more flexibility, more career opportunities and more transferable skills that can be carried into a future management role. You may be a doctor or registered nurse with many years of experience who wants to move out of direct care, or you may be from an allied health background, such as physiotherapy, osteopathy, counselling or optometry, and postgraduate education in health can help boost your appeal to em­ployers and increase your earnings potential.

And the management positions are there. During the five years to November 2021, the number of job openings for health and welfare services managers is expected to be between 10,001 and 25,000. The number of job openings for nurse managers is expected to be between 5001 and 10,000. So there are good opportunities to move into these positions and boost your income and career ­satisfaction.

From a clinical leadership perspective, you can learn through postgraduate study how to identify strengths and get the best out of your team, use reflective practice and how to inspire greatness in others. So there are many benefits to postgraduate study in health and opportunities that are there for the taking.

Iain Graham is the head of Southern Cross University’s school of health and human sciences.