Postgraduate Study can be a waste of time and money

While postgraduate salaries are, on average, greater than undergraduate salaries in every field of study, The Good Universities Guide to Postgraduate Courses reveals that the differences between undergraduate and postgraduate salaries vary considerably and for some, postgraduate study could be a waste of time and money.

Considering the time and expense that postgraduate degrees require, a salary increase is one of the main benefits that many postgraduate students expect to gain after finishing their degree.

In the economics field, for example, postgraduates earn an average salary of $92,397, which is $37,483 more than the average undergraduate salary of $54,914.

On the other hand, the social work field has one of the lowest salary increases, with postgraduate salaries sitting at an average of $64,769, an increase of just $13,174 on undergraduate salaries. For social workers, this is worth considering when the average masters by coursework in the field costs $28,879.

The Good Universities Guide’s data manager, Ross White, said that prospective postgraduate students need to consider the performance of their field when deciding whether postgraduate study is worthwhile.

“The Guide found that the highest undergraduate-to-postgraduate salary increases were in the fields of agriculture, business and management, built environment, computing and information technology, economics, engineering and technology, humanities and social sciences, law and mathematics,” Mr White said.

“In comparison, graduates in the fields of accounting, communications, creative arts, education and training, environmental studies, languages, psychology, sciences, social work, and tourism and hospitality all received lower salary increases.”

Postgraduate employment figures also fluctuated from field to field, suggesting that prospective postgraduate students should also consider the value of postgraduate study in their field in terms of gaining employment.

The Guide found that in some fields the employment prospects of postgraduate students are actually poorer than those of undergraduate students, disproving the common perception that postgraduate study inevitably leads to better employment outcomes.

In the accounting field, for example, 48 per cent of postgraduates were still seeking work four months after graduating, compared to 38 per cent of undergraduates.

The 2014 edition of The Good Universities Guide to Postgraduate Courses series is available in newsagents and at www.HobsonsBookshop.com.