Better Skills Can Mean Better Pay

Move over shares and property. Improving your qualifications can be your most rewarding investment.

- Nicola Field

In today’s competitive job market, having a respected qualification can fast-track your career – and your wealth. One in three Australians holds a bachelor degree, but just one in 10 has postgraduate qualifications. And the extra years of study can give your pay packet a much-needed bump.

Data from a 2018 KMPG report “Is Tertiary Education Worth It?” confirms that financial gain goes hand-in hand with tertiary qualifications. Weekly pay for both male and female graduates is around $500 higher than for workers with vocational and Year 12 qualifications.

The upshot is that several years of living on two-minute noodles and being fifth in line for the shower in a student share house can pay off. And as you move through a career, postgraduate qualifications can help you stay ahead. The question is, which qualifications deliver the most bang for their buck? We look at what’s up for grabs.

MBA can be worth the cost

The Master of Business Administration (MBA) has a rock star reputation and a price tag to match. The average cost is $60,000, though fees vary widely.

You could pay $89,500 with the Melbourne Business School (part of University of Melbourne) for an MBA ranked 26th internationally and number one in Australia, according to QS Global MBA Rankings.

At the other end of the scale, an online MBA through Central Queensland University may set you back less than $18,000.

It’s a big outlay, but the returns can be equally supersized. The annual Financial Times MBA rankings show MBA graduates pocket salary increases averaging 70% to 100% within three years of graduating.