Good salaries the top priority for recent graduates, says new report

A new report has found that Australian graduates often seek a good salary as their first priority when looking at potential employers.

The 2024 Global Outlook Survey has been released by CFA Institute, highlighting the priority list for recent graduates heading into the workforce for the first time.

According to the survey, around three in five Australians (59 per cent) rated a good salary from their prospective employer as a top priority over working arrangements (51 per cent), career progression (45 per cent), location (42 per cent) and benefits, which was sought after by 37 per cent of Aussie graduates.

As far as the concerns of young graduates go, almost one in 10 (11 per cent) view the prospect of low pay as their biggest concern upon joining the workforce, on par with feeling unqualified for the workplace (11 per cent).

AI was a cornerstone of the survey, as two in three Australian graduates (64 per cent) believe that AI and automation are important to career success, and 90 per cent say knowing how to use AI tools will benefit their career prospects.

Particularly, of those who studied finance, 76 per cent said that AI and automation would be crucial to the success of their intended career path, and the vast majority (97 per cent) agree knowing how to use these tools will, without a doubt, benefit them throughout their career.

Australian graduates are very confident about finding a job, with 78 per cent saying they are confident in their future career prospects. At the same time, movement is in the mind frame of young graduates, with 71 per cent not intending to reside at their first job role for more than four years. The mindset to attain skills and experience from different employers was a trend throughout the survey.

Young graduates are also fully confident in the university-to-career pipeline, with 78 per cent stating that they feel confident in their career prospects after undertaking a degree. This confidence has amounted to a vast majority of them, especially those who have postgraduate certifications, believing that higher earnings are on the horizon.

Lisa Carroll, chief executive of CFA Society Australia, said: “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,”

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

The confidence in their ability post-university is profound. Relying on avenues like networking is believed to be an imperative task for graduates, with many stating that it is the pathway towards a successful career.

“Networking was also ranked highly at 37 per cent, as well as skills attainment at 41 per cent. Clearly, graduates desire real-world experience as they increasingly seek opportunities to differentiate themselves in the jobs market,” Carroll said.

Although the need to get a good salary at a desired workplace is the priority, young graduates are entering the job market with high expectations, searching for an organisation that gives purpose.

The survey found that 92 per cent would seek out employers with commitments to such a purpose, saying that a company’s commitment to environmental, social, and governance (ESG) factors would influence their decision to apply for a job.

As organisations battle over talent, ESG factors paired with a good salary could be a key figure in attracting young talent who are more than confident that their skills will translate greatly to the organisation that hires them.