Stephanie Fahey
Oceania Lead Partner for Education, Ernest and Young
Ceremony: 13 October 2016, 10.30am
Speech
I would like to start by acknowledging the Gadigal and Guring-gai people of the Eora Nation, upon whose ancestral lands the University now stands.
I would like to start by acknowledging the Presiding Chancellor Mr Robert Kelly; the Presiding Vice-Chancellor Professor Peter Booth; the Presiding Dean Professor Tracy Taylor; University Secretary and Director, GSU Mr Bill Paterson; the Representative, Academic Board Associate Professor Louise McWhinnie; Ms Michelene Collopy, Dr Merilyn Sleigh, Dr John Laker AO, Mr Peter Bennett; members of the University Council; staff; graduates; and families and friends.
Thank you for inviting me to speak at this important occasion.
Congratulations to you, the class of 2016!
Achieving a degree from the University of Technology Sydney, the top ranked university established less than 50 years ago, and home to world leading research centres, is a significant achievement. It is testament to your endeavour, and the support of those who have helped you along the way, many of whom who are here today. I trust you are richer for the experience.
You leave here today with the foundations to be successful in a future of work that is being continually reinvented and being disrupted by technological and economic forces.
My major message to you today is to remain agile, use your training in critical and creative thinking and communicate, communicate, communicate.
I don’t mean to scare you – well perhaps a little – but the future of work for you is unknown. The Committee for Economic Development of Australia suggests that 40 per cent of Australian jobs are at risk of disappearing in the next 10 years due to technological advancements. This is a global phenomenon and the educated elite are not excluded….the jobs for lawyers, doctors, accountants, consultants, architects are all under threat from Robotic Process Automation and Artificial Intelligence.
The question is will there be new jobs and industries to replace those which disappear. What will they look like and how can you as new graduates be in the right place to capture these opportunities. What will the work contract look like? Will we all be casuals or contractors? Will we all be entrepreneurs of a type?
To be successful in this new world of work you will need to be agile, risk takers, and global citizens. There is an increasing pace of innovation, and the payoff for success has never been higher. For those who are able to engage you will help shape and change the future of this nation, and the globe.
To mark this occasion, I would like to offer 3 provocations – and a few pieces of advice – for this future.
The first is that real confidence and success comes from mastery, but it may come as a shock for me to say that most of you haven’t mastered anything yet.
Today we are here to celebrate your graduation from one of the most innovative universities in the country. A great start indeed. Your achievements at this university have set you up very well for success in a future of work which is being continually reinvented. Yes, you now have a degree but you will find that it is not so much a ticket to a specific job, but rather a foundational element in your lifelong learning.
However, confidence and success come from mastery. And mastery takes time, requires practice and prioritisation.
You will have an estimated 80,000 hours of work, of which research has suggested 10,000 of these are required to master a particular skill. This may sound like a lot, but it will go quickly. You will need to prioritise. What impact do you want to make and how will you do it?
Psychologists have shown us that too much choice can be paralysing, so you will need to make some choices.
Therefore, I would offer that you focus on your deep interests, talents and passions. Mastering a skill or profession – and applying this to an idea worth pursuing, or problem worth solving – is easier to pursue and achieve if you enjoy what you do.
The second is that acquaintances may help your career more than your close friends.
Still maintain your close relationships, but I would encourage you to continue to meet new people and build a broad network of acquaintances. People outside of your close friendship group offer opportunity and serendipity. You will be surprised at who can open a door for your career.
This is also a two-way street. Often the easiest way to grow your network is to build a reputation as someone others know, like and want to work with.
The opportunity to do this in our digitally interconnected age has never been greater. I suspect many of you have grown up with social media, and these skills will prepare you well for the future of work.
And finally – and most importantly for those in your 20s – the next 10 years are important. Very important!
80% of life’s defining moments happen by 35. You now have a highly valued education and will likely start to consider choices about marriages, children and major investment decisions (if you haven’t begun to do so already).
For most people, after the first decade of their career, they largely either build on, or try to correct for, the moves made during this decade. And historically in most professions the majority of wage growth occurs within the first 10 years.
This means that the next decade is critically important. This will form the foundations of your career and at a broader level, set you up for the life you will lead.
I would encourage you to approach everyday as if it matters. You don’t have to know exactly where you are headed, but have a broad plan, make it flexible and get the most of out every experience you can.
You are very well positioned for a future of work that will reward the agile, the risk takers, and the global citizens.
Now, it is over to you. What will you master? Who will you meet? And what will you do next?
Once again, I congratulate you on your significant achievement. Now let the game of work begin.
About the speaker
Professor Stephanie Fahey is the Oceania Lead Partner for Education at Ernest and Young. She is responsible for managing education practice, working with Australian and New Zealand institutions to revolutionise the way they do business.
Since joining Ernest and Young Stephanie has worked closely with a number of both Australian and international universities. As well as global education firms to assist them in the transformation of their functional services, learning strategies, domestic and international marketing and recruitment strategies, governance framework and cultural change. Her extensive domestic and international experience equips her to bring a global best practice perspective to performance improvement in the education sector.
Stephanie has 25 years’ experience in the Australian higher education sector, having worked as both an academic and a senior executive. Prior to Ernst and Young Stephanie was Deputy Vice Chancellor (Global Engagement) at Monash University in Melbourne, she led a research institute at the University of Sydney and was Head of Department at Victoria University.
She has professional memberships with a number of key industry stakeholders including her roles as Vice President of the European and Australian Business Council and Chair of NSW International Education Advisory Board.
Stephanie holds a Bachelor of Arts Honours with a double major in Geography and Anthropology from the University of Sydney and a Doctor of Philosophy in Geography.
