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While many are upbeat about their job propositions post-pandemic, those looking to become accountants have halved.
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Graduates place a good salary above workplace flexibility
19 June 2023
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Graduates have ranked having a good salary as the most important factor when seeking a job, according to the CFA Institute.
The institute’s Graduate Outlook Survey 2023 found recent Australian graduates viewed a good salary as more important than a flexible working environment, training opportunities or clear progression possibilities.
Almost two-thirds (63 per cent) of graduates placed money ahead of other factors when looking at a prospective employer, and by a fair margin, according to the CFA Institute, with only 50 per cent prioritising a workplace with a flexible training environment and 39 per cent searching for one with job and training opportunities.
Despite the focus on monetary compensation and the record low unemployment levels, the research found a majority of Australian graduates (75 per cent) said they were confident in their future career prospects, up from 65 per cent in 2021.
When compared to 2021 the firm said confidence had improved most in finance up from 13 per cent to 19 per cent, while technology and telecommunications also rose from nine per cent to 17 per cent.
President and CEO of the CFA Institute, Margaret Franklin said despite the difficult economic climate facing them, the research found graduates were more confident stepping into the workforce now than in 2021.
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“Despite the uncertainty created by the pandemic, students and recent graduates across the world feel more positive about their career prospects, with a big jump in confidence about finance careers,” said Ms Franklin.
“This generation of graduates also displays a strong interest in developing the skills needed for career advancement.”
However, despite the increased confidence the CFA Institute’s research found a decline in the number of graduates wanting to be an accountant, dropping from 10 per cent in 2021 to 5 per cent in 2023.
The desire to become teachers or doctors also dropped from 15 per cent to 10 per cent and 16 per cent to 11 per cent respectively, while those looking to become a software engineer or go into IT doubled from seven per cent to 14 per cent.
Despite working arrangements only ranking as the second most important factor for graduates when looking for employment, the research found only 15 per cent wanted to work entirely in the office.
The survey found 48 per cent would prefer a hybrid work arrangement with only 15 per cent wanting to work entirely remotely.
CEO of CFA Societies Australia, Lisa Carroll said the majority of graduates had confidence that their studies would set them on the path to have an edge in the employment market.
“Seventy-two per cent of Australians surveyed said post-graduate certifications and qualifications will help them secure higher earnings while 70 per cent believe they will give them an edge in the job market,” said Ms Carroll.
“Businesses that are investing in the learning and development of their staff and are partnering with certification and educational institutions are seen as responsive to graduates’ needs to further their knowledge and careers.”
The CFA Institute is the global association of investment professionals with over 190,000 CFA charter holders worldwide and in more than 160 markets.
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