Graduate teachers are earning more than lawyers in their first year out of university.
Dentists, architects and engineers are among the other big winners pocketing decent salaries on their first year in their fields.
A first year dentist can expect to earn $84,000 – the most out of any industry – according to a new study of graduate salaries.
Architects enjoyed the biggest pay rise in 2020, with starting salaries at about $64,700 – up $4,400 from 2019.
Teachers also have a minimum wage of $70,000 in every state in Australia, and can earn in excess of $110,000 after a few years’ experience.
Naomi Zhang, a teaching student in Melbourne, already has a job lined up for when she finishes classes next year.
A first year dentist can expect to pocket $84,000 – the most out of any industry – according to a new study of graduate salaries
She told The Daily Telegraph: It’s one of the best ways to nurture the future influencers in our society’.
Teachers also enjoy an average of 12 weeks’ holidays in contrast to the standard four week annual leave period.
Meanwhile a first year lawyer can expect to earn about $65,000.
Engineers earn a median salary of about $69,500 in their first job, and usually have high success rates in securing employment.
Information technology is another lucrative industry, pocketing graduates a median salary of $65,000 in 2020.
Science and math graduates received a similar starting package at about $64,000.
Lawyers also earn on average about $65,000 in their first year out of university
Teachers also have a minimum wage of $70,000 in every state in Australia, and can earn in excess of $110,000 after a few years’ experience
Pharmacists, meanwhile, were paid the lowest out of the analysed industries, earning just $49,600 out of university.
The smaller salary is due, in part, to the fact that they are required to complete a paid internship for their first year after university.
Students who graduate with a creative arts degree secured a first job of about $52,000 out of school.
Veterinarians were also paid less than in other industries – pocketing about $57,800 in their first job.
Meanwhile doctors can expect to earn about $75,000 straight out of university, about $10,000 more than nurses and with a higher future earning potential.
From 2021, degrees in teaching, nursing and psychology will be 42 per cent cheaper to enrol, while a math degree will be 59 per cent cheaper.
But there will be a price hike in communications and humanities degrees by up to double the current cost, while business and law degrees will also skyrocket.
Information technology is another lucrative industry, pocketing graduates a median salary of $65,000 in 2020
Top 10 earning industries
1. Dentistry: $84,000
2. Medicine: $75,000
3. Social work: $70,000
4. Teaching: $70,000
5. Engineering: $69,500
6. Health services: $65,100
7. Law and paralegal: $65,000
8. Computing and IT: $65,000
9. Rehabilitation: $65,000
10. Architecture: $64,700