College degree that earns you $350,000 in salary

There’s never been a better time to be a job seeker with record levels of positions available. And there is an industry that offers tempting salaries.

Australian graduates are earning starting salaries of up to $350,000 as a skills shortage plagues this lucrative sector.

Tech companies — including Amazon, Google, Atlassian and Canva — pay between $147,000 and $350,000 for graduates, with some salaries including stock options and year-end bonuses, according to data obtained by The Australian.

Some of the exorbitant salaries – which would normally only be paid to CEOs – are at commercial companies looking for software engineers, with Jane Street paying $350,000, IMC paying $260,000 and the platform of Amsterdam-based Optiver trading offering $250,000.

Still, the median salary for an Australian worker sits at just $62,400, according to the Australian Bureau of Statistics.

Interns at Optiver, which has 400 employees in Australia, also earn an equivalent annual salary of $75,000 for their 12-week program.

Full-time positions at Optiver include a gym membership, the ability to get breakfast, lunch, and coffee from the in-house barista, a work-from-home allowance, annual travel, and the use of massage treatments. on chair internally.

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Design firm Canva is offering software engineers a salary of $173,000 and revealed it had received more than 260,000 job applications in the past year, while Australian tech giant Atlassian is paying $200. $000 to graduates.

Big names like Google are looking for software engineers for $200,000 and Microsoft wants product managers, paying them $187,000.

Amazon’s starting salary is $153,000 for software engineers, and it’s hiring for 150 graduate positions this year.

John Rogan, head of recruitment at Optiver, said the company’s “attractive” salaries allow them to encourage Australian science, technology, engineering and maths professionals to stay in the country, rather than going to work abroad.

“We are not only competing with domestic technology and financial companies, we are also competing for the same talent internationally, as foreign companies offer similar compensation packages with additional benefits such as markups. lower taxes,” he told the newspaper.

The Tech Council of Australia has predicted that the sector could grow to 1.2 million jobs in Australia by 2030.

But it’s not the only industry clamoring for staff, with Australia’s hospitality industry warning of a “recruitment crisis” last year and staff who order up to $50 an hour.

Job vacancies jumped 8% in April – the biggest monthly increase in six months – to a record 311,110 total job openings, according to the National Skills Commission’s preliminary Internet Vacancy Index. .

This represents an increase of 33% or 77,500 listings from a year ago and 85% more than pre-Covid levels.

Wages are skyrocketing in some pockets, with pay packages rising 20-50% in technology and 15-20% in financial services as a talent war erupts, according to chief human resources officer Kris Grant, CEO of management consultancy firm ASPL Group.

The financial services sector launched a major jobs drive last year, adding upward pressure on wages, according to Ms Grant.

“The big four banks, for example, launched a recruitment campaign last year and hired at all levels to increase their capacity amid the pandemic, anticipating the Great Resignation,” she said.

“This has put pressure on other financial services employers to raise salaries as well.”

The story is similar in the tech sector where salaries have jumped by as much as 50%, she said.

“However, the opening of Australia’s borders to migration will ease some of this pressure in the second half of this year, although wages in the IT sector will continue to rise, but perhaps not as much,” he said. she declared.

“More generally, as inflation rises faster than wage costs, we can expect employees across all sectors to increase wage demands from employers given the significant and growing skills shortage. And employers who fail to respond to employee demands, at least in part, could lose their most valuable resource: their people.

“Employees who are dissatisfied will quickly move on to other employers who value them more. This will put pressure on payroll costs, which we can expect to climb towards 5% by the end of the year.

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