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Longer job wait forgraduates
It may be taking longer to find work, but the overall employment rate is improving, reports Antonia Maiolo
The uptake of new graduates into the workforce remains slow, and those completing double or combined degrees are only marginally enhancing their job prospects, new research shows.
The latest study by Graduate Careers Australia( GCA) indicates that in the years following the global economic downturn the labor market prospects of new bachelor degree graduates remains flat.
The research also shows that there is only a small difference between graduates who completed double or combined degrees and those with a single degree, with a 4.4 percentage point difference.
The findings, released this month, drew from a study of the activities of new higher education graduates about four months after the completion of their studies.
Bruce Guthrie, GCA research manager, said all graduates are facing a more competitive labour market.
“ The labour market for new graduates has been flat since the GFC … and for many, it’ s taking them longer to find a fulltime position,” Guthrie said.
But he said the international economy is starting to look a little more“ robust” – which has seen the local share market stronger in the past month.
“ Greater confidence will see recruiters more active in the labour market,” Guthrie said.
He also said despite the figures, double degrees will remain popular. Given that it generally takes about five years to complete a double degree – for someone starting a double degree now, it will be at least 2018 before they complete their course – demand for graduates can change markedly by that time, he said.
The survey showed that whilst it is taking longer for graduates to find employment the longer-term prospects were promising.
Australian Bureau of Statistics figures for May 2012 show that, in the general labour force( aged 15-64), just 2.7 per cent of bachelor degree graduates were unemployed( down from 3.0 per cent in 2011).
The comparative ABS figure for those holding a postgraduate degree was 3.5
Results also show that the once graduates got their first job they earn about $ 52,000, which is up from $ 50,000 in 2011.
per cent, and for those with a graduate or postgraduate diploma it was 2.5 per cent.
For the total population( with or without qualifications), the unemployment rate was 5.3 per cent and 7.7 per cent for people with no post-secondary qualifications.
Results also show that once graduates got their first job they earn about $ 52,000, which is up from $ 50,000 in 2011.
In dollar terms, the 2012 median starting salary for all graduates rose by $ 2000( or 4 per cent) from $ 50,000, while the median salary for males increased by $ 3000. ■
Are we spending too long at university? See page 14
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