Postgraduate Study Benefits
This article will explore the Postgraduate Study Benefits. Whether you are a person that just graduated with a Bachelor degree under his belt or you’ve been in the workforce for a while now, the idea of studying a postgraduate degree is looming in the back of your mind.
The question you are battling with right now is why should I get back to uni and hassle with a postgraduate degree?
Of course, ideas stay on the horizon for a while. Maybe, you would like to return to studies to improve your knowledge and skills in the industry. Or, perhaps you want to change your career but you are concerned of the time and money commitments involved.
The fact is, there are excellent financial, employment and personal reasons to get on with your postgraduate studies plan. The long-term benefits make the investment level worthwhile.
Financial Benefits
Those with postgraduate degree are more likely to find employment and generally be paid better for it.
Studies show that having a degree correlates with higher income for individuals and having postgraduate studies continue to bring financial benefits. According to 2013 Graduate Careers Australia’s (GCA) Postgraduate Destinations report, graduates with a postgraduate degree earned an average salary of $79 000 per year. That figure rose for those with a Research Master and a PhD.
The AMP.NATSEM Income and Wealth Report, Smart Australians: Education and
innovation in Australia, stated ‘The level of a person’s educational qualification also has a great influence over what type of occupations they have. A vast majority of those with a postgraduate qualification or Bachelor’s degree work as managers and professionals, which usually attract higher wages and salaries.’
Employability
Evidence also shows that those with a postgraduate degree are more employable than those with a graduate degree or no degree at all.
The 2013 Graduate Careers Australia’s (GCA) Postgraduate Destinations report stated that 92.4 per cent of new postgraduates were in some form of employment shortly after completing their degrees. The same report shows that individuals with postgraduate qualifications have a significantly lower unemployment rate (between 2.6 and 3.5 per cent) than the workforce as a whole (5.7 per cent).
One Step Beyond: Making the most of postgraduate education, from the UK Department for Business Innovation and Skills in 2010, notes, ‘The knowledge and intellectual capability generated by postgraduate research training are highly prized by businesses. In research-intensive technology, science and engineering industries, being able to recruit high quality postgraduate researchers is critical to business success.’ This observation applies as well to the Australian market.
The same study notes that ‘Postgraduate study can be a route to advancing in an existing career as well as opening up new employment opportunities. Around 60% of postgraduates study part-time, many of them remaining in employment throughout their studies. A postgraduate course can be part of continuing professional development or a means of re-training in a new area. Destinations data show that part-time postgraduates in particular, enjoy a high rate of return after graduating.’
One great advantage of studying at postgraduate level is expanding your professional network, which, in turn opens up opportunities for employment and collaboration.
The fact that you intend to complete postgraduate studies may signal your drive and ambition to current or prospective employers.
Career flexibility
Completing postgraduate studies can further your current career or open up a new path towards a different career. Contemporary work practices show that individuals will have many different roles and careers over their working life or even develop parallel careers and roles.
Postgraduate degrees enhance your specialist knowledge in your field, but many courses specialise in developing your more general skills in leadership and management too. As a result, you become more adaptable to different roles in your field, including roles in management and leadership.
There are certain bodies, in some cases, that require postgraduate studies to register with their organisation, both in Australia and overseas.
Developing those skills may also equip you to setup your own business consultancy firm with the skills not only for your specialty but with those of running a small business. An MBA can especially be helpful in this area.
Personal Fulfilment
Financial rewards and better, more flexible work opportunities are both excellent reasons to undertake postgraduate studies, but more and more people decide to study at postgraduate level purely for personal reasons.
The One Step Beyond report says that, ‘Postgraduates are highly employable and on average, earn more than individuals whose highest qualification is an undergraduate degree. Feedback from postgraduates shows generally high rates of satisfaction with their experience and with the knowledge and skills acquired through postgraduate study.’
The career benefits are also personal benefits for many. People studying postgraduate courses have undertaken significant research in their fields, enhancing their own standing within their profession and contributing to the greater community.
You have much to gain from taking on the challenge of postgraduate study – personal development, greater income and an investment in your future employment and career path.
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