How to Make A Million Dollars

If you’ve ever questioned whether your university degree was worth the student debt, you’re not alone. But when it comes to long-term earning power, the numbers are clear: education pays—and in some cases, the return can exceed a million dollars over your lifetime.

Whether you’re a new student, a graduate still paying off HECS-HELP, or a career-changer looking to upskill, this guide breaks down how further study can grow your income—and why investing in education may be one of the smartest financial decisions you’ll ever make.

The Financial Value of a Degree in 2025

According to the most recent data from the Australian Bureau of Statistics (ABS) and analysis from Department of Education reports, individuals with higher education qualifications consistently earn more than those without. This isn’t just early-career salary bumps—the income gap grows significantly over a lifetime.

Average lifetime earnings (estimates):

• Postgraduate degree: ~$3.2 million
• Bachelor degree: ~$2.8–$3 million
• Diploma/Certificate: ~$2.0 million
• Year 12 or less: ~$1.7 million

Source: AMP.NATSEM and Graduate Outcomes Survey (updated models, 2024–2025)

That’s a gap of more than a million dollars between a bachelor’s degree and no tertiary education. For postgraduates, the lifetime benefit can exceed $1.5 million more than those with only secondary school qualifications.

Not Just Dollars—Degrees Build Skills and Security

Income is only one part of the equation. Higher education also brings greater job security and lower unemployment. In 2024, the Labour Market Insights data showed:

• Unemployment rate for university grads: **~3.3%**
• Unemployment rate for non-graduates: **~6.8%**

Education also opens doors to more fulfilling careers. From business to creative industries, having a degree (or higher) equips you with both technical and transferable skills—like communication, critical thinking, and adaptability—that employers consistently seek.

Which Degrees Pay Off the Most?

It’s true that outcomes vary by field. Here’s a snapshot of lifetime earnings by discipline (estimates):

• Engineering: $3.2M+
• IT & Computer Science: $3.1M+
• Health Sciences: $3.0M+
• Business & Commerce: $2.9M+
• Arts & Humanities: $2.5M–$2.7M+

Even in lower-earning industries like hospitality or creative arts, those with degrees still out-earn peers without tertiary qualifications.

Pro tip: Stack your skills. A combined degree or postgraduate qualification in a high-demand area (like data, project management, or education) can significantly improve your career trajectory.

Education ROI: Is It Worth the Debt?

In Australia, student loan repayments (HELP) only begin once you earn above a certain threshold—in 2025, that’s $51,550. That makes studying a low-risk, high-reward investment.

As Bruce Guthrie from Graduate Careers Australia notes:

“We’re seeing more people turn to postgraduate study to stay competitive. It’s credential creep—but it reflects how much value employers now place on qualifications.”

Degrees Aren’t Just About Jobs—They Build Resilience

Professor James Arvanitakis, former Prime Minister’s University Teacher of the Year, puts it best:

“A good degree teaches you how to learn. Not just technical skills, but how to adapt, problem-solve, and think differently. Those are the traits that define success—across industries and over time.”

In a fast-changing workforce, that kind of resilience is priceless.

So, How Do You Start Building Your Million?

It doesn’t have to mean quitting your job or diving into full-time study. Flexible options like online courses and part-time qualifications make it easier than ever to upskill while you work.

Explore fields like:

• Business & Leadership
• Data Analytics & IT
• Healthcare & Allied Health
• Education & Training
• Digital Marketing & Content Strategy

Can Education Make You a Millionaire?

Technically? Yes. Statistically? Almost certainly. Education doesn’t just improve your earning power—it sets you up for long-term career growth, adaptability, and job satisfaction.

So the next time you worry about student debt, remember: it’s one of the few debts in life that can pay you back—with interest.