New academic terms begin in September and students across Canada are heading back to school, colleges and universities. International students considering post-secondary education in Canada would be pleased to learn that Ontario appears to be recovering and headed for growth after years of economic challenges, improving the outlook for both the employment and earnings of university graduates, according to a new report, University Works.
The report, newly released by an economist with the Council of Ontario Universities (COU), says the unemployment rate for university graduates in February 2015 was 4.2 per cent – the lowest among the population.
“In fact, university graduates experienced the highest employment growth of any educational attainment group over the last decade,” says Patrick Deane, COU Chair and President of McMaster University. “They are getting jobs related to their skills and on average Ontario University graduates earn 58 per cent more than graduates from other Ontario post-secondary programs.”
The report says Ontario university graduates consistently outperform the rest of the population in employment and earning outcomes. That’s true for all ages, including recent graduates.
Citing data from Statistics Canada’s National Household Survey, the report says the average high school grad earned $38,808 (during the last year data was available), while the average Ontario college grad earned $47,706, and the average university grad earned $75,396.
“When lifetime earnings and employment rates are considered, a university education is still one of the most resilient and personally fulfilling investments a person can make,” says Deane.
To read the University Works report, visit www.cou.on.ca
– News Canada