If you’re fresh out of university and wondering which careers will pay you the most, you’re in luck. A new report from Jobs and Skills Australia reveals some of the highest-paying jobs in Australia, with graduates in certain fields earning up to $152,390 just a few years into their careers. And while some professions are predictable—hello, medicine and mining—others may surprise you with their impressive salary growth.
Top Earning Jobs Straight Out of University
We all know that the degree you choose can make a huge difference in your starting salary. According to the latest research, the average salary for an Australian graduate one year after university is $65,257. However, after five years on the job, that salary climbs to an impressive $85,918. That’s a 21% jump in just a few years, which shows that sticking it out in a well-paying field can really pay off.
Some of the highest-paying roles immediately after graduation are found in industries like mining, engineering, and medicine. Graduates with degrees in Mining Engineering, for instance, can expect to earn around $119,850 right out of university. Similarly, those in Medical Studies can expect to start at $109,560, while those in General Medicine begin at $106,050.
Other fields like Building Construction Management, Electrical Engineering, and Engineering and Related Technologies also make the list, with starting salaries averaging between $70,000 and $75,000, details Yahoo Finance.
Huge Salary Increases Over Five Years
While these salaries are impressive straight out of university, what’s even more striking is how much they grow after five years. In many cases, these roles see a substantial salary increase in just half a decade. For example, Mining Engineers see their pay rise to $152,390, a solid 27% increase from their initial earnings.
Similarly, those in General Medicine can expect a hefty 42% increase, reaching $151,550 within five years. Graduates in Medical Studies also see a significant boost, with their salaries climbing to $146,850, a 34% increase. Other fields that saw notable salary jumps include Insurance and Actuarial Studies, where salaries rise by a whopping 63.74% to $119,170, and Geology, where pay increases by 67.67%, reaching $115,270 after five years.
Even professions like Building Construction Management and Process and Resources Engineering see strong growth, with salaries rising by more than 50%.
What Does This Mean for Aspiring Professionals?
So, what does this all mean for you if you’re still weighing your career options? If you’re looking for a job with high earning potential, it’s clear that degrees in fields like engineering, medicine, and law are a safe bet. However, it’s also worth considering fields like Geology and Insurance, which may not have the same immediate appeal but can lead to impressive salary growth over time.
Of course, salary isn’t everything when it comes to choosing a career. It’s important to find a path that aligns with your interests, values, and lifestyle. Still, if financial stability and a high salary are on your list of priorities, these careers are definitely worth considering.
