University degrees that lead to six-figure salaries just three years after graduation are becoming increasingly lucrative for Australians, with new data revealing significant pay jumps in fields such as law, medicine, and information technology.
Strong Wage Growth for Graduates
According to the Department of Education, starting wages are on the rise. Graduates who earned an average of $69,000 in 2022 saw their salaries climb to $91,000 last year, representing a substantial 32 per cent increase.
The data highlights that dentists, doctors, lawyers, and hardware, software, and network developers are among the highest earners three years after completing their studies.
Top Earners: Dentists and Medical Professionals
Dentists lead the pack with an average salary of $128,900. Those holding medical degrees earn an average of $115,000, which is approximately $25,000 more than what graduates were earning three years earlier. Additionally, over 90 per cent of medical graduates are employed three years after graduation, reflecting strong job prospects.
Pharmacy and IT Sectors See Sharp Rises
Pharmacists have experienced an 87 per cent wage increase, reaching $97,700 three years post-graduation. Despite concerns about artificial intelligence, IT graduates often secure six-figure jobs immediately after finishing their degrees.
Law graduates see their salaries rise from $70,000 to $100,000 by the third year, while engineers earn comparable amounts.
Other Professions: Teachers and Nurses
Teachers are approaching the $100,000 mark, earning $92,500 after three years, a 28 per cent increase, with 88 per cent in full-time employment. Nurses start at $68,900 and see a 23 per cent rise to $85,000 in their third year.
Low-Paying Degrees and Employment Challenges
Interestingly, some of the most expensive degrees lead to the lowest-paid jobs, if graduates can find employment at all. Creative arts, communications, architecture, nursing, and science degrees often result in lower wages.
Creative arts graduates earn an average of $75,000, and nearly 25 per cent of arts graduates fail to secure full-time work within three years.
