Salary reigns supreme for Aussie grads

A majority of Australian graduates prefer a ‘good salary’ over all other employee entitlements and career perks, according to a new survey by the CFA Institute, a global association and educator of investment professionals.

Results from the 2024 Global Graduate Outlook Survey showed that around three in five (59%) Australian graduates rated a good salary as a top requirement from their prospective employer.

Salary rated ahead of employee working arrangements (51%), career progression (45%), location (42%) and benefits, which was sought by more than one in three (37%) Australian graduates.

Meanwhile, almost one in ten Australian graduates (11%) view the prospect of low pay as their biggest concern regarding their career prospects, on par with feeling unqualified for the workplace (11%).

Surveyed Australian graduates also expressed increased confidence in finding a job. Nearly four in five (78%) grads said they were confident in their future career prospects, increasing from 75% in 2023.

However, job mobility remains a priority for most. The survey found that 71% of Australian graduates do not intend to stay in their first graduate job for longer than four years, with just 10% intending to stay for five to eight years.

The objective for many graduates was, ultimately, to attain skills and experience from different employers.

Nearly four out of five (78%) Australian graduates said they felt that their career prospects had improved as a result of acquiring a degree, while 75% said postgraduate certifications and qualifications will both help them secure higher earnings as well as give them an edge in the job market.

Australian graduates, however, said they were most confident about careers in STEM (22%) followed by 20% nominating healthcare and 18% nominating finance.

“The research shows a desire for graduates to prolong their time in education, through certifications and trainings, with an acknowledgement that this is a powerful way for professionals to boost their career prospects,” said Lisa Carroll, chief executive of CFA Society Australia.

“Almost all Australian graduates, or 92%, said upskilling and attaining professional-post-graduate qualifications as important in the current job market. On the job training is also considered important, with 49% of Australian graduates believing that work experience will give them an advantage upon graduation.

Graduates were keenly aware of the value of upskilling in AI and automation to help boost their career prospects.

Two in three Australian graduates (64%) rate these technology skills as important to career success, with 90% stating that knowing how to use AI tools will benefit their career prospects, while three quarters (76%) of those who studied finance said the same.

Businesses with strong ethical principles and practices are also a key drawcard for prospective employees. The survey found that 92% of Australian graduates would seek out employers with commitments to purpose, saying that a company’s commitment to environmental, social, and governance (ESG) factors would influence their decision to apply for a job or pursue a career with an employer.

The 2024 Global Graduate Outlook Survey was conducted in April 2024, and involved nearly 10,000 current and recent university graduates across 14 global markets, including Australia, the US, the UK, Canada, Singapore, Hong Kong, Germany, France and China.