Time to dump the books! Tradies earn up to $1MILLION more in their careers than university students – and graduates are finding it harder to secure full-time jobs
- Figures show tradies could make over a million more than university graduates
- Experts said universities have fallen out of touch with employment opportunities
- VET graduates have an employment rate of 78 per cent after training completion
New data comparing the salaries of tradies and university graduates suggest young people would be better off picking up a drill than a textbook.
The surprising data has revealed tradies could make $1million more than university graduates throughout their lifetime.
The figures from the Australian government’s Job Outlook website showed blue-collar workers who have come through apprenticeships or having completed vocational training certificates (VET) could be significantly wealthier than the tertiary-educated over the course of their careers.
According to the Job Outlook website, a university-qualified human resources professional could expect to make about $2.78 million over an average 40-year career, and an advertising professional and accountant would make $2.91 million.
Surprising data has revealed tradies could make over one million dollars more than university graduates throughout their lifetime, and steel construction worker could make 3.15 million (stock image)
On the other hand, a VET-qualified steel construction worker could make $3.15 million, an electrician could make $2.91 million, and a metal fitter could make $3.12 million.
Tradies also avoided HECS debt – the cost of university courses which graduates must pay back once they are in the workforce and their salary reaches a set threshold.
The figures were backed up by research conducted by social demographer Mark McCrindle, which showed people with a tertiary education also had a higher chance of being underemployed.
Mr McCrindle found that from 2008 to 2014, university graduates in full-time employment fell from 86 per cent to 68 per cent, indicating that universities were losing touch with what employers wanted from staff.
By comparison, VET graduates had a full-time employment rate of 78 per cent after training, and 82 per cent of apprenticeship graduates found a job after training.
Australian Government’s ‘Job Outlook’ website has shown many jobs requiring a university degree don’t pay as favourably as positions requiring apprenticeships or vocational training certificates (VET), and accountants could make 2.91 million over a lifetime (stock image)
Data by recruitment agency Withyouandme also found that tertiary education could be leading to underemployment and a loss of national productivity.
‘Individuals are invariably ending up in underemployment and jobs which don’t match their potential,’ the report said.
‘The results show that the number of graduates in every industry is set to outstrip the number of jobs which will be created, making the chances of securing a job in a graduate’s industry a difficult proposition.’
‘Too many Aussies with Bachelor degrees are pulling beers in pubs or working in retail – careers which are not aligned with their studies.’
Data by recruitment agency Withyouandme also found that tertiary education could be leading to underemployment and a loss of national productivity
A report by Skilling Australia also stated the university drop-out rate was 26.4 per cent between 2005 and 2013, and 21.8 per cent of HECS loans will never be repaid as degrees go unused.
According to experts, employers are more focused on people who have actual skills, employment history, and are job-ready – something fresh university graduates don’t always have.
Despite the relatively poor outcomes for graduates, there was no slowing in the number of people seeking university places.
Data showed the number of Australians with HECS debts above $50,000 in 2017-18 reached 208,146, compared to 159,475 in 2016-17.