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The advantages of acquiring a Diploma are numerous and varied, not only will you have completed a nationally recognised AQF qualification, recognised by all employers. You will also have achieved a key milestone within your own career development which contributes to your own personal and professional development. The other notable benefits of getting a Diploma will be improving your employability by acquiring new skills and competencies to be able to effectively work within your target industry to a standard in which you can make a positive and beneficial contribution to the organisation.
The stark reality is that we live in a rapidly changing world, within a global economy in which organisations are increasingly seeking highly skilled and capable employees to compete in dynamic and continually changing labour markets. Due to societal, economic and labour market reform the need to be highly adaptive, capable and skilled has never been more important. As both global and domestic markets continue to determine labour needs within Australia, competition for available job roles will continue to escalate. It is unfortunate that lower skilled job roles are becoming increasingly less within Australia, as organisations restructure their staffing requirements to emphasize roles that require higher level skills and abilities.
“The more you learn the more you earn”
Educational attainment directly correlates with increased earnings over a working life and decreased periods of unemployment. This can result in significant earnings capacity in comparison to employees without AQF level qualifications as well as less time spent unemployed or underemployed. VET-level qualifications are held by 35% of the Australian labour force, wages also increase with the level of qualifications and skills, However, VET qualifications below certificate II level give no income advantage over completing Year 12 (ABS, 2011) . As such this demonstrates that continued learning and completing diploma level and above qualifications will provide students with a distinct advantage over non Diploma holders.
Shah and Burke (2006) state that there will be a greatly increased need for workers with qualifications at diploma and advanced diploma levels. This projection has been accepted by governments and has resulted in a commitment to increased training at these levels. This trend is projected to continue in which up to 41.6% of people will have a VET qualification and 29.6% higher education qualification (NSWAD, 2012) The reason is due to both internal and external factors including economic, technological, globalization and structural labour market changes which impact and dictate availability and types of work roles.
Having a Diploma will greatly enhance your employability, people without post-secondary qualifications are twice as likely to be unemployed than VET Diploma holders. Studies require commitment, though think of the time you spend on undertaking and completing your studies as an investment in yourself to improve your productivity, employability and opportunities to work in roles that are aligned to your unique needs, interests and values that will improve your prospects to have a more fulfilling and rewarding career-life.
Workers with less than a high school diploma are the lowest earners on average when you examine the average salary by education level. According to data from the Bureau of Labor Statistics (BLS), median weekly earnings for those with less than a high school degree are $493. That works out to $25,636 per year, assuming a year of constant earning. The unemployment rate for Americans with less than a high school diploma is 8%, the highest of any of the educational categories.
Earnings are higher for those with a high school diploma. Median weekly earnings for workers with a high school diploma equal $678. That works out to $35,256 per year. The unemployment rate for those with a high school diploma is 5.4%.
Having some college credits but no degree still improves your earnings over having just a high school diploma. The average salary of someone with some college and no degree is $738 per week, $38,376 per year. The unemployment rate for people in this category is 5%. The problem for many people in the some-college-no-degree category is that they have student debt from their college days but lack the degree that would bump them into a higher earning category that could help them get out of debt.
Americans with a bachelor’s degree earn a weekly average of $1,137. That’s higher than the median weekly earnings for workers at all education levels, $860. Average earnings for workers with bachelor’s degrees work out to $59,124 per year. The unemployment rate for Americans with a bachelor’s degree is 2.8%.
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