Why investing in universities means investing in our society
Graduates of the University of Vienna are in demand and contribute their expertise to the Austrian labour market in all fields of economy and society. An academic degree basically helps protect against unemployment and the development of graduates’ income is promising as the current results of the graduate tracking (ATRACK) show, which allows for a 10-year comparison for the first time.
Graduates of the University of Vienna find a job rather quickly after graduation, regardless of whether they hold a bachelor’s degree, master’s degree or doctoral degree. While the unemployment rate in Austria has been generally increasing in the past years, it decreased among graduates of the University of Vienna. Graduates pursue careers both abroad and in all regions of Austria, especially acting as a driver for the business location Vienna. The proportion of part-time employment is increasing also among academics. There is still a gender pay gap.
The data are compiled by Statistics Austria by merging data from various registers (level of education, labour market, social insurance, place of residence, company register, etc.). This analysis is carried out in compliance with data protection regulations and in a way that do not allow for conclusions about individuals.
Persistence pays off for graduates and the economy
The higher the academic degree from the University of Vienna, the higher the average monthly income. For the first time, the study provides an insight into the income of graduates up to ten years after graduation. This demonstrates that the income of graduates of the University of Vienna (bachelor’s, master’s, diploma and doctoral degrees) increases significantly within the first 10 years after graduation. Graduates in business and economics, law and in the fields of information and communication technology in particular have the highest income. This is not only an individual benefit for graduates but also a contribution to economy and society since, for example, university graduates claim less social security benefits and contribute more to the national budget. "Every investment in universities is a good investment in society and in the future of the location. This is shown both in the graduate tracking as well as in the results of the study on the economic impact of universities, conducted by uniko," says Rector Sebastian Schütze.
Gender pay gap and increase in part-time employment
A gender pay gap still exists also among many higher education graduates. It is smallest among graduates of doctoral programmes and largest among graduates of bachelor’s programmes. In addition, it varies according to the discipline. Also the share of graduates in full-time employment varies according to discipline, gender and over time. The proportion of part-time work increases among female academics in the first 10 years following graduation while it decreases among male academics.
Graduates shaping our future
The University of Vienna provides support with regard to career entry already during studies. Uniport, the University of Vienna’s careers service, provides a wide range of counselling services and events to help students and graduates enter the labour market. The Alumni Association of the University connects students and graduates through a mentoring programme in which experienced alumni provide support to students. National and international networking events help graduates to start out on the job market supported by strong networks.
Graduates of the University of Vienna contribute their share in all economic sectors and make a difference in society - in particular, in research, public administration, information and communication technology, trade as well as in the health and social sector. Furthermore, the current results show that graduates of the University of Vienna increasingly take up self-employment over time. The University of Vienna provides extensive support also in the area of company formation. Approximately 9,300 graduates per year contribute significantly to innovation, economy and society.
Figures at a glance:
- On average, graduates take up their first employment 2 months after graduation.
- The unemployment rate is low and ranges between 1 % and 5 %, depending on the type of academic degree and review period.
- Postgraduate degrees pay off. The income increases significantly in the first 10 years following graduation, varying according to the discipline.
- Depending on the discipline, the share of self-employment ranges between 2 % and 8 % and increases by another 1-7 per cent in the first 10 years following graduation.