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Hip pocket reward for post-school study
18 July 2008 New research has found that vocational education and training (VET) represents a sound financial investment for students of all ages. Private returns to vocational education and training qualifications, published by the National Centre for Vocational Education Research (NCVER), has found that the rate of return for study in the VET sector generally exceeds 20%. This means that for every $100 a student invests in training, including fees and foregone income, the payback is $20 per year for the student's working life. And in some areas the rate of return exceeds 50%. NCVER Managing Director Tom Karmel said the research put paid to the view that doing a VET course was not worthwhile. "The fact is that study in VET institutions is rewarded financially and students come out ahead" Dr Karmel said. "This is important news for current and potential students of all ages and backgrounds" The research says the best investment for students is in higher level courses such as diplomas and certificate III/IVs. The research also tells us that males benefit slightly more than females, on average, and that the returns to part-time VET students tend to be greater than for full-timers. To download a copy of Private returns to vocational education and training qualifications please visit http://www.ncver.edu.au/publications/2011.html. |
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