Entry Level Salaries vs. Canadian Tuition Costs: The Math is not Mathing
Students have long been told that attending a post secondary program will set them on the path to earn a higher paying job. To compromise for this future salary, students sacrifice their bank accounts and incur debt, all in the name of potential career success.
A StatsCan study from this year examined how tuition costs across the nation have risen 2.6% from last year as a result of inflation. The worst part? This is the fourth consecutive year of tuition increases.
So if students are paying more for education, are the salaries they secure upon graduation making up for this? Or are Canadians paying more to receive the same paycheque they would otherwise?
Marketing, Communications, and Public Relations Education Costs
How much a student’s tuition increases annually is entirely dependent on their program of study. For students in marketing, communications, and PR undergraduate programs, we have good news. It seems the programs that have gone up significantly are “professional” degree programs. These include, but aren’t limited to, dentistry ($23,963), medicine ($15,182), and veterinary medicine ($14,838).
For the marketing, communications, and PR students, these programs fall into the regular degree programs, which means that cost increases aren’t “significant” compared to their professional counterparts. But to whose bank account? The average cost of marketing, communications, and PR programs are averaging at $6,834 per year. Multiply that by four years (~$27,336) and you’ve got the first 5% of your house’s down payment.
If you think that’s a lot, we haven’t even considered the extra fees that get tagged on. The University of Toronto suggests students put aside $1,000 yearly for textbooks. The average cost of residence is between $3,000-$7,500 per school year. And meal plan costs vary by university, but to give you an idea: McGill University ($6,200), Western University ($5,700), and University of British Columbia ($5,998). But what might be most impactful is that while students dedicate four years to a program, they simultaneously sacrifice potential financial earnings—making paying for school all the more challenging.
Entry Level Salaries for Marketing, Communications, and PR Roles
So are entry level roles making up for this increased tuition? A StatsCan study from the summer examined wages versus inflation and found that Canadians’ average weekly earnings increased 3.5% in June 2022 compared with the same month last year. That said, considering the current state of inflation, this uptick might not be too encouraging for Canadians.
New grads are securing a salary of $39,000 on average upon graduation. For marketing, communications, and PR roles, these numbers are higher, but not by much. Entry level marketing employees are making an average of $46,985. Entry level communications employees are averaging at $50,957. And PR roles sit at an average of $44,677.
So the good news is that salaries are increasing with tuition. The not-so-good news is that entry level salaries for marketing, communications, and PR roles aren’t what many would consider to be lucrative. Thus, a 3.5% increase isn’t life changing for new grads, especially considering their impending student loan payments.
Due to the rising costs of degree programs, not to mention the cost of time (minimum four years), we are seeing people go for shorter micro-credential and certificate programs. An eCampus Ontario study found that micro-credentials are growing in uptake and popularity in Canada. 76% of Canadian higher education institutions offered online courses for credit in 2019, and that number is likely to have grown in 2020. A number of provinces have also made significant investments in the growth of microcredentials (at least $75 million since 2020).
Canadian students have little control over the costs of university or an entry-level salary. But they are able to decide if university is the right choice for them. Many have decided that they prefer shorter, less expensive, targeted courses—micro-credential and certificate programs have never been more popular.
Sydney Vardja is a PR Specialist for Jelly Marketing where she works with clients across North America to achieve their campaign dreams.