policy & reform
Dockery said the wage premium from higher education petered out for research higher degrees. Sacrificing up to six years in the workforce for a PhD might not be the best financial decision. noise and everyone is back on the same level playing field.”
Dockery said the wage premium from higher education petered out for research higher degrees. Sacrificing up to six years in the workforce for a PhD might not be the best financial decision.
“ We carry on about rates of return but clearly, for many people, education is also about the enjoyment of learning and an end in itself.”
Dr Alan McAlpine, president of the National Association of Graduate Careers Advisory Services, has counselled many postgraduate students about study and career options.
“ I’ ve seen master’ s students coming in saying they want to be more employable but there is a difference between more employable and more knowledgeable.”
He said work experience, especially relevant work experience, is very important to employers. A job applicant with an undergraduate degree and work experience could easily win a job over an inexperienced applicant with a postgraduate degree.
On the other hand, he said the two might be employed at the same level initially while the postgraduate rises through the ranks quicker.“ I certainly encourage students, especially in a tight job market, to consider ways to build work experience into their undergraduate degree.”
Taking advantage of internships and work-integrated learning opportunities are just some ways to do this.
McAlpine has also seen undergraduate students struggling with the added load of double or combined degrees.
While combined degrees can add a broader perspective to undergraduate study and are increasingly popular, he said students need to carefully think through their motivations before deciding on a course of action.
“ Some combinations of degrees can be useful and if the student has the academic ability, that’ s fine. However, not everyone needs the extra pressure of adding in a business degree to their science degree. You can find what fits as you go along.”
He said students might be better off with an undergraduate degree, then time in the workforce, before coming back later to do a graduate diploma or part-time masters. Dockery says postgraduate students returning to study from the workforce have the advantage of increased awareness about where their career is going.“ Purposeful and planned decisions about programs which are specific to their career advancement goals will give a better return on investment,” he said.
The most recent report on graduate salaries ** by Graduate Careers Australia found an overall median salary of $ 52,000 for bachelor degrees, $ 70,000 for postgraduate diplomas / certificates; $ 76,000 for coursework masters, and $ 75,000 for research masters or PhD graduates.
Their 2012 GradStats report also confirms higher employability for graduates with double degrees compared with single undergraduate degrees.
The Grattan Institute’ s Mapping Australian higher education 2013 report said the private rate of return on higher education investment increased between 2006 and 2011 despite the increasing numbers of graduates.
Their Higher Education Program director Andrew Norton said male graduates earn 50 per cent more over the course of their careers compared with non-graduates, while women benefit from a 60 per cent net earnings premium.
“ Largely speaking, the Australian economy has kept up with the big increase in graduate numbers. Before every boom in university growth there have been gloomy predictions which don’ t eventuate.”
www. campusreview. com. au Issue 2 2013 | 15