Money is often lower on the list of priorities for Millenials these days, however, it still may be that, to quote Wall Street’s Gordon Gekko, “greed is good”. Find out where you can earn the highest salaries below.
Financial rewards are now often overlooked by many of us when it comes to career discussions. Thanks to the efforts of our parents, and their parents, a lot of us are more financially secure than ever before. This means that money isn’t as much of an issue for us when making our career decisions than it was generations ago.
Never before have people enjoyed as much flexibility and freedom than Millennials when it comes to entering the job market. As a consequence, money often gets put last on the list of other (important) considerations such as work-life balance, location, workplace environment and of course, passion. But the reality remains that salary considerations are a crucial component of any serious career decision and should never be overlooked or taken for granted.
I Need a Dollar
While money certainly isn’t everything. It is a means to an end. A necessary means. It can help you live a more comfortable, rewarding life. You can travel the world, dine in fine style and pursue activities that enjoy. It also gives you the opportunity to assist other people in your life who may not have had the same opportunities as you.
I think there is a negative stigma associated with money, especially for our generation, because we have seen the ugly side of greed, thanks to those who have come before us. But there is no getting around it, money is a necessity of life. So I prefer to view everything that a good salary can bring you, rather than what you may have to sacrifice to achieve said good salary.
The Grad Market
| Rank |
Field of Education |
Mean Graduate Salary |
| 1 |
Dentistry |
$80,000 |
| 2 |
Optometry |
$80,000 |
| 3 |
Medicine |
$65,000 |
| 4 |
Education |
$61,000 |
| 5 |
Engineering |
$60,000 |
| 6 |
Earth Sciences |
$60,000 |
| 7 |
Mathematics |
$60,000 |
| 8 |
Social Work |
$56,000 |
| 9 |
Law |
$55,000 |
| 10 |
Paramedical Studies |
$55,000 |
Rankings according to graduatecareers.com.au 2016 report
This table represents the median salary of university graduates who are under 25 and in their first full-time position. Now, a large caveat on this data is that it looks at the careers which, on average, pay the most right out of the starting blocks (for industry-wide salary comparisons see the table below).
Unsurprisingly, the medical professions dominate the top of the table, an understandable reward for years of diligence at university.
However, there are a few surprises in the mix, particularly education, a profession which is often undervalued. Yet, with the emergence of adaptive learning technologies, teachers are seeing some stronger financial rewards — particularly at the beginning of their career.
Earth Sciences are a real growth industry and are tipped by many experts to continue to climb the salary tables due to the need for innovation and development in clean energy technologies.
Another surprise package is social work, a profession, like education, which is traditionally undervalued from a financial sense. However, with the upskilling of social work courses through tertiary education, people in this industry are bringing more to the table, year after year.
Where do you see yourself in 10 years?
| Rank |
Occupation |
Mean Taxable Salary |
| 1 |
Surgeon |
$361,000 |
| 2 |
Anaesthetist |
$319,000 |
| 3 |
Specialist Medical Practitioner |
$264,000 |
| 4 |
Financial Controller |
$219,000 |
| 5 |
Lawyer |
$192,000 |
| 6 |
Psychiatrist |
$187,000 |
| 7 |
Engineer |
$166,000 |
| 8 |
General Medical Practitioner |
$166,000 |
| 9 |
Managing Directors |
$153,000 |
| 10 |
Accountant |
$144,000 |
Latest data released from the ATO
The outcome of this table is less surprising than the last. Again it is dominated by the medical professions, however the prevalence of other careers which are often associated which higher levels of income are evident across the board.
The thing common to all of these professions is that they entail a high level of qualification. Most of these career paths require both an undergraduate and postgraduate degree and the ones that don’t, such as accounting, still involve further study such as a CPA certificate.
Taking stock of this information, it’s pretty plain to see that those who acquire the highest level of skills, are the ones that are most likely to be highly remunerated. Taking stock of this, it means that if we are all willing to work hard, we will be rewarded financially — and it all starts with VCE® Exam.
