Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Study Choices Affect Post-Study Earnings


Hon Steven Joyce
Minister for Tertiary Education, Skills & Employment
22 January 2013 Media Statement

Study Choices Affect Post-Study Earnings

Tertiary Education, Skills and Employment Minister Steven Joyce has welcomed the release of new data that compares what students earn after studying different subjects and at different levels in New Zealand.

The data is from the new Ministry of Education report, Moving on up - What young people earn after their tertiary education, and was gathered by matching information from Inland Revenue with tertiary qualifications data.

“The data highlights the large variation in earning potential for different types of graduates, with those studying in in-demand areas earning the most. This report will be useful for students of all ages considering their career options,” Mr Joyce says.

“For example, the data shows the top earners with a bachelors degree are graduates in medicine, earning around $110,000 per year five years after leaving study. This is nearly three times as much as a performing arts graduate,” Mr Joyce says.

“Civil engineering graduates also obtain a premium in the job market, earning about $67,653 a year, 48% more than language and literature or sport and recreation graduates.”

“It’s very clear that study at higher levels improves your career prospects. I encourage young people to take every advantage they can of their tertiary study opportunities to obtain the skills to compete in the modern world.”

The report also shows the advantages for people of completing study at higher levels in terms of both their earnings and their employment status.

For example:

• Five years after finishing study, median earnings for young bachelors graduates are 53% higher than the national median wage, Masters graduates are 86% higher, and those that complete Doctorates earn on average more than double (121% more than) the median wage
• Those studying at higher levels are very unlikely to be on a benefit after study. For example, the benefit rate for bachelors graduates five years after study is 2%; while for those who complete Certificates at Levels 1 to 3 it is 10%.

"Careers New Zealand is releasing a new online tool tomorrow that allows students to compare earnings by qualification and field of study,” Mr Joyce. “The tool will be very useful in considering their study options."

This report on post-study earnings will complement a new report from the Ministry of Business, Innovation and Employment on the demand outlook for major occupations in New Zealand’s labour force, due out in February.

“The choice of study is very much a decision for students and their families. The Government has committed to provide better information to assist in making those choices, for the benefit of students and for the very significant investment taxpayers make in tertiary education.

“Over the course of 2013, I will be asking government agencies to dig further into the data and produce more information that will help young people make more informed choices about their careers.”

The Ministry of Education report is available on the Education Counts website: http://www.educationcounts.govt.nz/publications/tertiary_education/moving-on-up-what-young-people-earn-after-their-tertiary-education

The Compare study options tool will be available today on Careers New Zealand website: www.careers.govt.nz/compare-study-options

Notes

The key findings of the Moving On Up: What young people earn after their tertiary education and two sample tables from the report are attached.

All statistics related to young graduates living in New Zealand. The earnings data are not adjusted for hours worked, so occupants with a high numbers of part-time workers may appear to be lower-paid that is actually the case.

Key findings from Moving On Up: What young people earn after their tertiary education
• Earnings increase with the level of qualification completed. Five years after finishing study, the median earnings of young people who had completed a bachelors degree was 53% above the national median earnings and 46% above the median for young people who had gained a certificate at levels 1-3.
• Employment rates increase with level of qualification gained. For example, in the first year after study, 56% of young bachelors graduates were in employment and 38% were in further study. With young people who had completed a level 1-3 certificate, 37% were in employment and 48% were taking more study.
• Very few young people who complete a qualification at diploma level or above are on a benefit in the first five years after study. The benefit rate is 4% for diploma graduates and 2% at bachelors level. But it is around 10% for those who graduated with certificates at levels 1-3.
• Young graduates with bachelors degrees in medicine earn the most one, two and five years after studying. The median income for medical graduates is over $110,000 after five years.
• Dental studies and pharmacy bachelors graduates earn the second highest incomes among young bachelors graduates after five years, with median incomes of over $76,100 and $75,100.
• Engineering graduates with an honours degree have median earnings of $65,000 five years after study, compared with $58,300 for a bachelors degree without honours.

Click here to view Sample_tables_from_Moving_On_Up.pdf

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Two Dead, One Injured – Suspect Arrested:

Police apprehended Russell John Tully just after 5pm this evening following the armed incident in Ashburton this morning.

Canterbury dog section and AOS apprehended Tully not far from Lake Hood. No shots were fired although Tully will be treated for minor dog-bite injuries.

Tully is now in custody at Ashburton Police Station. More>>


  • 3 News Out-Link - Livestream: Ashburton shooting press conference from 5pm

  •  

    Parliament Today:

    John Key Press Conference: Ashburton Shootings, Judith Collins Inquiry

    Prime Minister John Key has delayed the release of Nationals’ fiscal policy in light of this morning’s shooting at a Work and Income office in Ashburton... Key also answered questions about Judith Collins, and confirmed that independent inquiry will be held with regard to allegations made against Collins. More>>

    Gordon Campbell:
    On John Key’s ‘Blame It On Judith’ Strategy

    Right now, Prime Minister John Key seems intent on limiting the scope of any inquiry into his government’s dealings with Cameron Slater. The declared aim is to make that inquiry solely about Judith Collins’ behavior with respect to the Serious Fraud Office. More>>

    ALSO:

    Gordon Campbell: On The Debate, And The Collins Accusation

    Debating is a peculiar discipline in that what you say is less important than how you’re saying it. Looking poised, being articulate and staying on topic generally wins the day – and on that score, Labour leader David Cunliffe won what turned out to be a bruising encounter with Prime Minister John Key last night on TVNZ. More>>

    ALSO:

    Gordon Campbell: On Winston Peters' Latest Bout Of Immigrant Bashing

    It is only one poll, but rather than cannibalising each other's vote, Colin Craig and Winston Peters do seem to be managing to find the room to co-exist... Few are questioning how Peters got to this happy place, and what it says about the mood of the electorate. More>>

    ALSO:

    More Immigration News: First People Trafficking Charges

    The first people trafficking charges in New Zealand have been brought by Immigration New Zealand (INZ)... The defendants have been charged under the Crimes Act 1961 for arranging by deception the entry of 18 Indian nationals into New Zealand. More>>

    Collins 'Misinterprets Media Reports': "Too Compromised To Remain Justice Minister"

    Bizarre claims by Judith Collins this morning that she had been cleared of inappropriate behaviour by the Privacy Commissioner demonstrates she is too compromised to remain Justice Minister, Labour MP Grant Robertson says. More>>

    ALSO:

    Labour On Climate Change: Focus On The Now For The Future

    A Labour Government will put in place a comprehensive climate change strategy focusing on both mitigation and adaptation, establish an independent Climate Commission and implement carbon budgeting, says Labour Climate Change spokesperson Moana Mackey. More>>

    ALSO:

    Gordon Campbell: On National’s Housing Assistance Plan

    So, as many as 90,000 people could derive some benefit from National’s housing assistance plans for low and middle-income earners... Yet in reality, the benefits seem likely to be insignificant, and they will be skewed towards those at the top end of the income group that’s supposedly the target. More>>

    ALSO:

    Election Data Consortium: National’s Worst Case Scenario At Stage One?

    A month out from the general election and ipredict traders are still forecasting National’s vote to slip below current polling levels and there is potential for it to fall further. More>>

    ALSO:

    Get More From Scoop

     

    LATEST HEADLINES

     
     
     
     
     
     
     
     
    Parliament
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news