What Is Australia’s Most Overrated Degree?

With 2.1 million Australians enrolled in formal study beyond the classroom and school-leavers left with more choice than ever, it’s interesting to know where the best opportunities lie.

According to new data from McCrindle Research, psychology is Australia’s most overrated bachelor-level course of study, with only 40 per cent of graduates career-ready.

Of graduates who are currently in full-time employment, only 63 per cent are working in the field of psychology. Those who are working full-time in their field start with a median salary of $47,500, below the average starting salary of $50,000.

After psychology, architecture was the second most overrated degree, with 72 per cent of graduates find work, but earning just $32,500. Visual and performing arts and social sciences round out the top four overrated degrees.

In the overrated courses, most graduates are not career-ready, so they need further study, qualifications, or registration before commencing full-time employment. Each of these careers also gives a graduate starting salary below the national average graduate starting salary.

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On the other hand, the research shows surveying is the best choice for school leavers, ranking as Australia’s most underrated degree.

Nine out of ten surveying graduates found full time work in that field with a median starting salary of $52,000.

Urban and regional planning, rehabilitation and electrical engineering are the other bachelor degrees in the top four underrated courses.

“Australia’s population growth is creating the need for more homes than ever and the redevelopment of many existing urban centres,” social researcher Mark McCrindle said.

“The planning and construction boom is creating great opportunities for graduates in relevant fields and has facilitated surveying, urban planning and engineering to be rated in the top four course based on a combination of employment, earnings and analysis.”

“Additionally, Australia’s ageing population is creating growth and opportunities in courses in the rehabilitation and health fields,” he said.

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Careers in information technology, computing science, digital media, online education, digital communication and any other skills requiring computer technologies were seen to be on the rise, as were careers focusing on health and medicine.

Overall, the research shows there is less work for graduates and they are increasingly entering the workforce in debt.

Graduate starting salaries have continued to lose ground against average weekly earnings and are now just over 77 per cent of this benchmark.

There’s also a huge variation in starting salaries across courses, ranging from more than $64,000 (engineering) to $39,000 (pharmacy), while the average starting salary for a construction worker is $40,000 and for a factory worker is $42,000.

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It’s a competitive, expensive world out there, with more graduates than ever and more study debt than ever. The estimated average HELP/HECS debt has increased from $10,600 in 2006 to $15,200 in 2012.

There are currently almost 1.7 million Australians with a HECS debt, and the most common HECS debt is between $20,000 and $30,000.

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