STEM Careers and Jobs in the USA
It is no secret that the STEM industry and the allied job market are big drivers of technological advancement and monetary growth in any economy. In the United States of America as per the Bureau of Labour & Statistics (BLS) in the years leading up to 2029, STEM workforce requirements are expected to grow by 8%. The IT sector has greener predictions as usual, with ‘Software Development’ showing a 22% increase in demand. In the US, STEM Jobs pay comparatively much better than other jobs, the median hourly wage rate is around $40, while for other non-STEM jobs the median hourly wage rate is almost $20. Noting the trend, the US Department of Education has strategically invested $540 million in ramping up efforts to promote STEM in schools and universities.
An interesting research points to STEM jobs becoming contingent on mathematical and computer science skills. As per the BLS by 2028, 57% of STEM jobs will require mathematical and computer science knowledge.
Recently, there was a proposal to amend the H1-B visa approval process. Applicants earning higher salaries are likely to get the H1-B visas approved, since there is a quota for this. The proposed revision mandates approximately 30% increase in remuneration. If this wage-based rule comes into effect, students are advised to choose career pathways in the higher salary brackets. With landmark companies such as Microsoft, Apple, Oracle, IBM, Google, Facebook, Twitter, etc, calling the US home, engineering graduates there are the best paid year after year. According to the BLS, engineers have a median annual wage of $91,010.
STEM careers and jobs in Canada
Canada is not far behind the US in realizing the gold mine that STEM fuelled innovation and manufacturing offer. The Canadian government has instituted the Innovative Work-integrated Learning Initiative (I-WIL). Prospective students of the I-WIL program get to be a part of short-term work placements, virtual internships, hackathons, business cases, industrial projects, etc. Similarly the Innovation and Skills Plan by the government aims to create jobs in the science and technology domains, they are targeting a 40% share in the employment market by 2025. This is splendid news for STEM graduates in Canada. Moreover, research shows having a STEM degree will definitely strengthen your job prospects in the Canadian tech scene, with almost 46% jobs occupied by immigrants with STEM backgrounds.
The average individual salary in Canada is $1,12,000 CAD, the wage shall increase depending on the years of experience a candidate possesses. Master’s degree holders earn upto 29% more than bachelor degree holders, and PhD degree holders earn around 23% more than candidates with masters degrees. (Salary Explorer). The Software and IT industry in Canada offers more competitive salaries to their employees, with the average annual wage being $81,750.
Average Annual Salary in Canada
Business Analyst - IT
$ 59,000 CAD
Machine Learning Engineer
Development Operations Engineer
$ 79,000 CAD
STEM careers and jobs in Australia
In Australia, statistics show STEM jobs and the need for candidates with STEM degrees is twice as much as the need for graduates in non-STEM. The best part is the forecast till 2024, that projects a 11.6% increase in STEM occupations. Additionally, National Skills Commission analysis emphasizes job security and profitable long-term trajectory for those pursuing STEM programs. The NSC states that 46.5% of STEM allied work are considered resilient and promising. This research by the NSC was done to determine post-Covid19 outlooks for the Australian job landscape. It is heartening to hear that STEM education and resultant job prospects can withstand economical shocks such as the Covid pandemic much better in comparison with other jobs. Another key takeaway from the NSC analysis is the necessity for additional skill levels that STEM jobs mandate. This is a clear indicator to prospective students on the advantages of investing in STEM education and STEM programs. The Labour Market Portal also provides a useful list of 108 occupations that Australia considers as STEM occupations.
Average Annual Salary in Australia
Control Systems Engineer
STEM Careers and Jobs in Germany
Germany is synonymous with excellent engineering, manufacturing, and design. Being a powerhouse in this domain, this country has long since held an attraction for international students who wish to specialize in engineering, technology, automation and the likes. What makes Germany even more coveted are the splendid educational institutions there, with low tuition fees and numerous scholarship opportunities. Germany offers plenty of employment opportunities for students who pursue graduate study there, moreover the country proactively initiates STEM programs and allied research, hence the demand for STEM graduates is also considerably high.
Germany is home to some fantastic companies such as Siemens AG, Bosch, Blaupunkt, Daimler, etc, to name a few. Hence engineers with a wide variety of educational disciplines such as electronics, telecommunications, mechanical, production, industrial will find companies that need them. Graduates with a master’s degree are paid better with a median annual wage being 46,126 EUR. Also, based on the work experience and career seniority of a candidate, the salary will vary accordingly. Entry level STEM graduates will annually earn anywhere between 38,000 to 42,000 EUR. After 6 to 11 years in the industry, your salary can increase by 10,000 EUR. Engineers with project management/ team leader roles can expect to earn around 56,000 to 57,000 EUR per annum after spending 3 to 5 years in such positions.
STEM careers and jobs in UK
The UK is well aware of its need in the STEM arena. A 2018 study showed that a STEM skills shortage is costing UK businesses around 1.5 million GBP per year. Another interesting find from the analysis is the fact that STEM needs are not linear all through the country. Different regions in the UK have varying requirements from the STEM sector and thereby they need STEM educated candidates with bachelors or higher degrees in specific districts. Westminster, Islington are amongst the top 10 areas that need STEM skilled workers. Keeping all the above in mind the UK government has invested 406 million GBP in technical/ digital education, technology, computer science, and applied mathematics. Additionally, the report published by the Social Market Foundation, indicated a growth rate double that of other occupations- around 1,42,000 new STEM jobs and 6,40,000 STEM job role vacancies by 2023. The research also proposes the demand for specialized knowledge in computing, software development, and allied analytical expertise (25%). As per the statistic, STEM sectors and tech industries will account for 28% of new work, i.e. over 2.8 million jobs.
The table below shows that STEM jobs in the UK pay a minimum of £20,000 or higher per year, the engineering disciplines pay a lot higher. These are just the starting salaries. In 2020 the average starting salary in the UK was around £24,449. Studying a competitive STEM degree does give good returns in terms of remuneration. Have a look at the table before you decide on your subject of graduate study.
Average Graduate Salary : Sector Wise Segregation
Science & Technology
Computing & IT
Research & Analysis
The above average salary figures for the respective sectors are the results of research to determine realistic starting salaries for UK graduates. This research conducted by graduate-jobs.com looks further than analysing just the Top 100 employers in the UK job market. Big firms are more likely to pay higher figures to attract and retain talent, hence it is vital to consider all types of companies and their remuneration packages. The above research shows that STEM fields and sectors most likely to need STEM graduates do pay better in comparison with Non-STEM sectors [Arts & Design = 25,606 GBP; Legal & Law= 21,840 GBP].