General Information Only. This page is provided for educational and illustrative purposes only. It does not constitute financial advice, career advice, or a recommendation to pursue or avoid any particular course of study. All figures are based on publicly available data sources cited below and involve simplifying assumptions. Individual outcomes will vary. You should seek independent professional advice before making any financial or educational decisions.

Is University Worth It?

What if someone skipped university and went straight to work — in the same industry, on minimum wage? We ran the numbers on a Monash pharmacy degree versus a pharmacy assistant starting at 18. The results might change how you think about the "safe" option.

Peak Gap

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Crossover

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HECS Debt

$47,685

before indexation

Cumulative Net Wealth Comparison

Pharmacy Assistant

Pharmacy Graduate

Adjust Assumptions

Investment Return 7%

Living Costs (at home) $15k/yr

Living Costs (moved out) $35k/yr

Methodology

Wages: All wages are based on the Pharmacy Industry Award MA000012, effective 1 July 2025. Pharmacy assistant progression: Level 1 (year 1) → Level 2 (year 2) → Level 3 (year 3 onwards, capped). Pharmacist progression: Pharmacist (year 6) → Experienced Pharmacist (year 7 onwards, capped). No management or leadership roles are assumed for either path.

Tax: Australian 2025-26 individual income tax rates applied, including the 2% Medicare levy. Tax-free threshold: $18,200. Marginal rates: 16% ($18,201–$45,000), 30% ($45,001–$135,000), 37% ($135,001–$190,000), 45% ($190,001+).

HECS-HELP: Student contribution based on Monash University P6001 fee calculator for 2026 — $9,537 per year (Band 2 CSP). HECS debt is indexed annually at 3.2% (capped at lower of CPI or WPI). Repayments calculated using the 2025-26 marginal repayment system with a $67,000 minimum threshold.

Superannuation: Employer contributions at the current rate of 12% of gross salary, applied to all employment income. Super balances grow at the same assumed investment return rate.

Investment returns: Default 7% annual return, broadly consistent with long-term Australian equity index and superannuation fund performance. Adjustable via the slider above.

Living costs: Both individuals are assumed to live at home for the first 5 years (until the pharmacy student graduates), then independently. The pharmacy student's living costs during study are treated as debt (reducing net wealth), consistent with full-time study and no part-time income. Neither individual earns overtime or additional income — if either did, the same opportunity would be available to both.

Net wealth: Calculated as personal investment portfolio + superannuation balance − outstanding HECS debt. All figures are nominal (not inflation-adjusted). Wage growth is not modelled beyond award rate progression, as both paths are capped at non-management levels.

Sources & References

Disclaimer: This page is provided for educational and illustrative purposes only. It does not constitute financial advice, career advice, or a recommendation to pursue or avoid any particular course of study or career path. All calculations are based on publicly available data, simplified assumptions, and current award rates which are subject to change. Individual circumstances, career progression, additional income, and personal financial decisions will significantly affect real-world outcomes. Past market returns are not indicative of future performance. You should seek independent professional advice before making any financial or educational decisions.