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Top five degrees that will make you rich

Samantha Menzies

The cost of an undergraduate degree shouldn’t be the only thing young Australians should take into consideration when choosing a course, some degrees will make you rich far quicker than others.

The average starting salary for degree graduates is $52,840, but new data reveals that graduates of degrees in science, technology, engineering and mathematics (STEM) can earn almost $10,000 more than the average starting salary, according to the Good Education Group.

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Engineering degree graduates earn an average of $62,102 — putting them at almost $10,000 above the national average.

A range of other fields requiring STEM skills can also strengthen graduate prospects, including dentistry, which sees graduates enter their first full-time job at an average salary of $77,633 — the best outcome of any field nationally.

Source: The Good Universities Guide 2016

In the vocational sector, information technology and engineering boast the strongest salaries, at $51,700 and $51,100 respectively, which compares to a national VET graduate average of $46,900.

Source: National Centre for Vocational Education and Training (NCVER)

Employability is another indicator pointing to the strength of outcomes in STEM disciplines.

National graduate employment data shows that graduates in fields requiring STEM aptitude fare best, with employment rates as high as 97 per cent (medicine) and 91 per cent (pharmacy).

Also read: Australia’s highest paying jobs

“With the government’s renewed focus on the importance of studying STEM subjects, it seems students would do well to consider these fields — both for positive employment and salary outcomes,” Chris Lester, chief executive officer of the Good Education Group said.