Graduates are demanding salaries of up to $350,000 as firms fight to nab the best and brightest workers just weeks after they leave university.
Those completing university as medical practitioners, dentists, software engineers and stock traders can command exorbitant six-figure salaries, and can also expect a bunch of added bonuses and perks.
Australia is facing a dire skills shortage and struggling labor market as the two-year hangover from our strict border closures meant many backpackers fled the country and migrants are slowly returning.
The huge amount of jobs on the market – with fewer people to fill them – has meant the balance of power falls into the hands of jobseekers.
Graduates in the fields of medicine, dentistry and tech are commanding salaries of up to $350,000 (stock image)
Major recruiters are now expanding their entry-level programs by offering high salaries and perks as smaller players attempt to also attract degree holders, the Australian Financial Review reported.
Jeffrey Duncan, the co-founder of Prosple, a site that advertises graduate roles and internships, said he was shocked at how high graduate salaries were in 2022.
‘I’ve never seen salaries jump so much in one year before,’ he said.
‘Top employers in traditionally high-paying sectors have taken it to a new level in the last 12 months.’
He crunched some numbers with the publication, explaining that the ‘most sought-after graduates’ were commanding $350,000 as traders and $200,000 as investment bankers.
Mr Duncan said salaries for graduate jobs in mining, oil and gas were also nothing to scoff at, paying up to $145,000.
Law graduates could also demand up to $130,000, while those in technology could request $120,000 and management consulting salaries were up to $115,000.
But the most highly-paid graduate roles, besides traders and investment bankers, come in the form of medical practitioners and dentists.
A job search done by Daily Mail Australia showed medical practices regularly offer salaries between $200,000 and $400,000.
For those in the medical field, practices usually require entry-level medical practitioners and dentists to relocate.
Medical practices are offering lucrative salary packages for entry-level medical practitioners and dentists. However, those who take on the roles would be required to relocate
Jeffrey Duncan, the co-founder of Prosple, said traders are commanding $350,000 and investment bankers $200,000 salaries (stock image)
The tech industry also provides entry-level roles with six-figure salaries, with software engineers amongst the highest earners.
Data compiled for The Australian showed annual graduate salaries for the top 10 tech firms range from $147,000 to $350,000.
Jane Street tops the list, offering a $350,000 salary for a software engineer graduate, almost six times the median salary of an Australian worker.
Optiver and IMC each pay $250,000 for the same position while Akuna Capital, Atlassian and Google all offer $200,000.
A first year product manager at Microsoft can look forward to a $187,000 salary while software engineer salaries at Canva start from $173,000
Rounding out the top 10 are Amazon, which offers $153,000 for a graduate software engineer, while a graduate business analyst Kearney offers $147,000.
Gym membership, weekly massages, daily breakfast, lunch, an annual company trip, a work-from-home allowance and competitive relocation package are some of the perks in Optiver’s job description for graduate software developer.
The firm also offers internship salary packages of up to $175,000, plus benefits and says the attractive salaries reflect the demands for graduates’ skills and expertise.