Sometimes its important to know your worth, and the findings of the most recent Ministry of Education survey of tertiary graduate earnings provides interesting reading:
Study finds 62% rise in LLB graduate earnings over 7 years
A Ministry of Education study on earnings by young tertiary graduates shows that there is a 62% growth in gross annual earnings for LLB graduates over the first seven years after study.
What young graduates earn when they leave study looks at the employment outcomes of tertiary education. The data used ends after the 2012 tax year.
Those with a bachelors degree in law had median gross annual earnings of $41,870 in the first year after graduation, $47,508 in the second year, $57,213 in the fifth year and rising to $67,794 after seven years (62% over the period).
Overall, for all graduates with a bachelors degree, the median gross annual earnings in the first year were $37,959, rising to $43,486 in the second year, and $51,627 in the fifth year.This was one of the highest rates of increase for the selected fields of study involving completion of a bachelor’s degree, behind accountancy (63%), electrical and electronic engineering and technology (80%) and equal to computer science (62%).
LLB domestic graduates were found to have an annual employment rate of 38% in the first year, rising to 78% in year seven.
The study found that law bachelors graduates had the highest further study rates of the qualification levels considered, and they were significantly higher than others in the first year after study. This is believed to refer to the Professional Legal Studies course, which is required for admission to the bar.
Source: Law Points – Issue 223 – 29 May 2014.