Completing post-secondary education is still the best route to a well-paying, quality job in Canada.” That according to a recent report from CIBC World Markets.
They go on to say, though, that this education premium is dropping somewhat. Too few students are graduating from programs that employees value highly. There’s a mismatch between what students are studying and what companies are willing to pay more for.
This isn’t a new situation. Many students choose to follow their bliss and study what they find intriguing.
There is value in learning for learning’s sake. However, if you intend to choose a university education with the highest financial payoff, some stand out above the rest.
Highest Paying University Degrees In Canada 2019
The Post-Secondary Premium
University education overall still translates into better wages than either a high school or college diploma alone. For example, a Bachelor’s degree buys you more than 30 percent “earnings premium” over high school graduates. Tack on a Masters’s or Ph.D. and earn an additional 15 percent.
Perhaps surprising then, today’s unemployment rate among university graduates is just 1.7 percentage points lower than high school grads. This gap was much more significant in the 1990s.
The university premium over college diplomas has narrowed as well. It’s now a slim 0.7 percentage point. Note that several Canadian colleges began granting simultaneous university degrees over a decade ago.
Graduate Degrees That Pay Higher Premiums
You may be wondering, will an advanced degree advance your career? Unfortunately, it isn’t always the case that graduate degrees pay higher than undergraduate programs. For instance, an undergrad Pharmacist may well earn more than, say, a History major who has an M.A. (or even a Ph.D., given the current scarcity of professorships available).
Yet, there are certain graduate degrees that pay much higher premiums than others. Here are seven that do.
|Graduate Degree||Earnings Premium|
Standard Undergraduate Degrees
What to do with that four-year B.A. in English Literature or Philosophy? Critics argue that such generalized programs aren’t aligned with workplace demand.
Yet graduating with a general degree is what most Canadian university students do. They discover that there are indeed jobs for Sociology and Anthropology majors. The majority of recent grads find jobs with Liberal Arts and Humanities degrees. This is how they tend to fare:
|Professional Undergraduate Degree||Earnings Premium
|Fine & Applied Arts||-12%|
Should You Bother With University?
No one says you have to be a graduate to succeed. Here are five jobs that pay over $50k a year without college or university. Not to mention that employment in the trades are more lucrative than ever.
If you elect to attend university, know that it’s not just your major that determines your job prospects. Your school’s reputation plays a part, as well as do your extracurricular activities and grades.
No matter which school you go to or from which program you emerge, take care to work your education on your resume. You’ll undoubtedly spend enough acquiring a degree. Might as well present it in ways employers respond to,