Hey grads, how does $250k sound?

WORDS: Joseph Lam PRODUCER: Bianca Farmakis

Tech companies are paying in excess of a quarter of a million dollars to Australian graduate students in a bid to secure top talent in a booming sector. Optiver, IMC and Jane Street are forking out salaries on par with the average chief executive.

The top ten table shows annual graduate salaries ranging from $147,000 to $350,000, with companies among the likes of Google, Atlassian, Canva and Microsoft taking out the top spots.

Rates for return

John Rogan, Optiver’s head of recruitment, said the salaries were indicative of both a competitive local market and international rates. The competition for the same talent overseas has prompted companies to “encourage Australian STEM talent to stay within the country” with attractive salaries.

"What we have in our industry is a trifecta, secure, well-paid, flexible jobs available to all people regardless of background or education."

AUSTRALIAN TECH COUNCIL

'Jobs and growth'

Amazon Australia human resources executive Laura Nemaz said the company was expanding the number of graduate roles by 50 per cent this year , with 100 graduates welcomed in 2021, and 150 more set for 2022. It's a hard gig to land though. Canva revealed they received a record number of applications, with over 260,000 people vying for a role.

Yes, there are perks

Things like a gym membership, daily meals and coffee from the office barista, a work-from-home allowance, annual trips and unlimited use of in-house chair massages at on offer (as well as personal development, of course).

Business is booming

The Tech Council of Australia said the sector would continue to boom to 2030 in Australia, when the sector could see as many as 1.2m jobs. Since 2005, the number of tech jobs has grown 66 per cent, with 65,000 roles created in 2020 alone.

How does it stack up?

It’s not until a worker exceeds $91,000, or $1748.40 per week, that they’re considered an above-average earner, according to the Australian Bureau of Statistics.

So what’s the catch?

The large salaries are causing in-house issues, with recruitment staff often hiring graduates with little experience on salaries that are more than twice their own wage. Some industry bodies have raised concerns that these enormous salaries may not last or stay within Australian hands.

A survey released in March found that while 75 per cent of companies are actively hiring, only 65 per cent are intending to hire locally, a figure down 20 per cent from 2021. AIIA chief executive Ron Gauci said Australia risked losing crucial opportunities if training wasn’t rapidly improved.

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