Higher Education Graduates are Doing Well

Broadly, full-time employment rates have improved for 2024’s higher education graduates after three years. However, the data showed graduates from more ‘generalist’ study areas, as well as some demographic groups, were still taking longer to secure full-time work, and professional or managerial work, than their peers.

Full-time employment among those who completed an undergraduate degree increased from 71.1 per cent in 2021 (shortly after they completed their course) to 91.1 per cent in 2024 (three years later).

While female graduates had broadly similar full-time employment rates, they often earned less than male graduates in the same field of education shortly after they complete their studies. This difference in salaries increased over time.

Rates among postgraduate coursework and postgraduate research graduates also improved - from 85.8 per cent to 93.9 per cent, and 78.9 per cent to 92.6 per cent respectively.

Median salaries for graduates showed substantial growth over the three years after course completion. The median salary for domestic undergraduates increased by 33.9 per cent from $65,800 to $88,100 between 2021 and 2024.

Postgraduate coursework graduates saw their median salary rise from $90,000 to $112,500, while postgraduate research graduates experienced an increase from $95,000 to $117,200.

Undergraduates in generalist areas (such as Creative arts, Communications, Science and mathematics, and Humanities, culture and social sciences) had weaker employment outcomes than more ‘vocational’ areas, soon after completing their course - but this gap narrowed over the three years. Creative arts, for example, had a full-time employment rate of 49.6 per cent in 2021, rising to 81.3 per cent by 2024. Communications, Humanities, culture and social sciences and Science and mathematics also increased markedly over the three years compared to more ‘vocational’ areas. 

Among graduates who reported ‘not fully utilising their skills and qualifications’ in their current job, around a quarter of undergraduates and postgraduate research graduates, and 31.0 per cent of postgraduate coursework graduates, said this was because they were satisfied with their current job.

17.4 per cent of undergraduates and 10.7 per cent of postgraduate coursework graduates said the main reason was ‘not enough work experience’, while 11.9 per cent and 11.4 per cent (respectively) gave their main reason as ‘no suitable jobs in area of expertise’.

27.1 per cent of those who have completed a postgraduate research qualification gave ‘no suitable jobs in area of expertise’ as their main reason for not fully utilising their skills and qualifications.

Results are from Australia’s 2024 Graduate Outcomes Survey - Longitudinal (GOS-L). Dr Angela Baker, Director - Education at the Social Research Centre, which conducted the GOS-L on behalf of the Australian Government Department of Education, said, “There were still too many undergraduates and postgraduate coursework graduates who cited ‘lack of work experience’ as the main reason that they were working in an occupation that didn’t fully utilise their skills and knowledge three years after they have completed their degree.

“This suggests that there is more to be done in relation to work-integrated learning and/or capstone projects at higher education institutions that expose students to employers and real industry problems related to their courses.

“It is also worrying that three years after completing a postgraduate research degree, many of those working in an occupation that did not fully utilise their skills and education said that it was because ‘there are no suitable jobs in (their) area of expertise’.

“This may point to a need for increased assistance in choosing research areas relevant to emerging employer needs, careers support and the development of professional networks and industry links for this group.”

Dr Baker said people with a reported disability, those from non-English speaking backgrounds, international students and those with more ‘generalist’ degrees still took longer than their counterparts to secure full-time employment.

“This may indicate that there is work to be done in institutions to better equip these groups to compete in the jobs market in their chosen fields, through programs like careers education- including job-seeking and interview skills - as well as events to improve students’ professional networks and industry experience."