Labour Market Outcomes of Graduates in Economics in Australia
ESA's webinar with Professor Ian Li, Curtin University.
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How do economists fare in the job market? Are declining enrolments in high school and university driven by poor labour market outcomes for economics graduates?
This study examines the labour market outcomes of Australian economics graduates, at the bachelor and postgraduate levels. We observe strong employment prospects for graduates in economics after graduation, in terms of full-time employment and salaries. Obtaining a postgraduate qualification appears to pay off, with master’s and PhD graduates experiencing more favourable employment outcomes than bachelor’s graduates. Substantial proportions report being overqualified for their jobs although this proportion is comparable to those reported for the broader Australian graduate labour market. Reassuringly, those initially overqualified transition out and over-qualification reduces in the longer term. Most economics graduates become economists, but many others enter a wide array of other occupations. Of those who start out in non-economist professions, there is a 42 per cent chance that they transition to economist roles after 2.5 years. In summary, an economics degree leads to favourable employment and earnings and should still be considered an attractive choice for prospective students.
About our Speaker
Ian is an economist with expertise in labour and health economics. At present, he is Professor and Director of Research and Policy at the Australian Centre for Student Equity and Success, based at Curtin University. He is a Senior Honorary Research Fellow with the Graduate School of Education, UWA.
Ian is an experienced academic with an established track record of publication in peer-reviewed journals, funding success as Chief Investigator from nationally competitive schemes, and served on boards including the UWA Academic Board. He is the co-editor of the Australian Journal of Labour Economics and editorial board member of the Journal of Higher Education Policy and Management. He has held visiting positions at Harvard University, Swansea University, the University of Melbourne and the University of Nottingham China. Ian is a Research Fellow at IZA Labor, University of Bonn.
