Australia’s five most valuable degrees
The cost of an undergraduate degree shouldn’t be the only thing young Australians should take into consideration when choosing a course, some degrees offer much more value for money than others.
Dentistry
According to Graduate Careers data, dentistry students can expect the highest levels of graduate pay, earning $75,000, 67 per cent more than the median for workers with one less than one year of experience and 44 per cent more than the median for all workers.
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But dentistry students also pay the highest band ($9,080 per year) and have to study for four years, making the cost of their degree high at approximately $45,400.
This means the cost of their degree, as a percentage of their graduate pay, is 61 per cent.
Dentists and Dental Practice Managers typically earn around $75,000 even at the peak of their careers, according to data from Seek.
Earth sciences
Earth Sciences graduates experience a 20 per cent gap between their graduate pay and the median for a worker with less than one year of experience, with graduates earning on average $54,000.
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But because science is considered a national priority, the degree costs just $13,065.
This puts the cost of an Earth Sciences degree as a percentage of graduate pay at 24 per cent, representing better value than a dentistry degree, at least in the first few years.
Mathematics
Mathematics also emerges as a clear value-for-money degree.
New graduates can expect a starting salary of $52,000, higher than Accountancy graduates, but due to its national priority status, students pay around $13,065 for a three-year degree against $27,240 for an Accountancy degree.
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Physical sciences
A degree from the physical sciences, which also has national priority status, would cost around $13,065 over three years, but salaries for graduates average $50,000.
Veterinary science
Veterinary science emerged as one of the least attractive degrees in terms of pay-off versus cost, despite being placed in the top band for the cost of degree.
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Veterinary graduates can expect a salary of $45,000, yet a five-year undergraduate degree can cost around $45,400 as it is in the top price band – veterinary science is the only degree where the cost exceeded the average graduate salary.
However, while graduates in the field start off with a low salary, it increases quickly, with the ability to earn an average $76,000 at its peak meaning that while it is not the best degree for value of money for a graduate, this changes after getting some experience.