Economics in Australia
‘…economics graduates have forged a reputation for having a wide range of skills that are highly sought-after by employers. They are known as problem solvers and clear thinkers with the capacity to quickly acquire job-specific skills.’
Economics in Australia
Economics graduate outcomes
Where do economics graduates work?
The employment market for graduates
Salaries
Find out more
Economics in Australia
Economics can be described as the science of decision making. It is a social science that is concerned with the way society distributes and uses resources such as land, labour, raw materials, and goods and services.
Economics provides an analytical basis for decision making in both business and government, and helps in the formulation of public policy. Among other things, economists conduct research, collect and analyse data, monitor economic trends, and develop forecasts. Their broad areas of interest may include topics such as energy costs, inflation, interest rates, exchange rates, employment levels, the environment, water use, profitability, productivity, and industrial regulation.
Economics graduate outcomes
According to The Good Universities Guide 2009, 85% of 2006 economics graduates gained employment four months after graduating. A further 15% were seeking work and 33% were participating in further study.
The high proportion of students in this field going on to further study might be explained, at least in part, by the fact that many private sector economist jobs, and certainly senior-level positions in all sectors, require at least an honours year and usually a postgraduate qualification.
Where do economics graduates work?
According to The Good Universities Guide 2009, 52% of 2006 economics graduates found employment in private industry, 24% went into the public sector, and 11% went into private practice.
Economics graduates in Australia find work in a diverse range of private and public companies, including banks, large private companies, state and federal government departments, the Reserve Bank of Australia, the Australian Bureau of Statistics, the Productivity Commission, the Australian Taxation Office, Commonwealth Treasury, the Australian Fair Pay Commission, and many others.
The employment market for graduates
Economics graduates have a wide range of career options to choose from. Whether they choose to pursue a career as an economist or use their economics degree more broadly, they have a massive range of potential career options in the private and public sectors both in Australia and overseas.
And not only this, economics graduates have forged a reputation for having a wide range of skills that are highly sought-after by employers. They are known as problem solvers and clear thinkers with the capacity to quickly acquire job-specific skills.
Beyond the graduate market
According to the Department of Employment and Workplace Relations’ Australian jobs 2009, job prospects for economists are currently good. However, unemployment in this relatively small profession is above average, and future jobs growth to 2012–13 is expected to be slight.
Salaries
Economics graduates can expect competitive salaries that compare well to salaries within other fields. According to The Good Universities Guide 2009, economics graduates in 2006 earned an average of $45,446. Generally speaking economics graduates are highly paid professionals who achieve enviable salaries. The top economists in Australia command salaries in the hundreds of thousands of dollars.
Find out more
The Economic Society of Australia, www.ecosoc.org.au
Finance and Treasury Association, www.finance-treasury.com
Financial Services Institute of Australasia, www.finsia.com