This week, Professor Ian Li from ACSES presented at an Economic Society of Australia webinar on a study (co-authored by UWA colleagues Ken Clements and Andrew Williams) looking at the labour market outcomes of economics graduates from Australian universities.
Here’s a summary of the key takeaways:
– Declining Enrolments: Over the past three decades, enrolments in economics studies at Australian high schools and universities have steadily declined, raising concerns within the economics profession.
– Labour Market Insights: Ian shared key findings from his research with Ken and Andrew, covering three main areas:
1. Employment status and characteristics, such as full-time employment and working hours.
2. Occupations and labour market matching.
3. Determinants of earnings.
- Economics graduates in Australia have employment outcomes that are favourable compared to other Australian university graduates, and are broadly comparable to Accounting and Finance graduates.
- Economics graduates at the bachelor’s degree level are predominantly employed in the private sector, Masters degree graduates are split across the public and private sectors, while the public sector is the largest employer of economics PhDs. Aside from ‘economist’, economics graduate are frequently employed as policy analysts, management consultants, actuaries, and statisticians.
- The earnings of economics graduates compare favourably to graduates from other fields of study, particularly if they are employed as an economist. However, it is noted that female and students from equity background such as those from lower socioeconomic status, Indigenous students and students with disability are under-represented in Economics and this needs to be addressed to ensure diversity in the profession.
Thank you to the Economic Society of Australia and Catherine De Fontenay for the invitation to present.
Read the full paper here
