Students across the state woke up to their results on Monday morning, when Victorian Certificate of Education (VCE) scores and Australian Tertiary Admission Ranks (ATAR) became available online.
Almost 49,600 students will graduate with a VCE in 2022 - a completion rate of 98 per cent - and more than 44,000 have received ATAR rankings.
The average ranking for this year's cohort came in at 70.33, which is about one point above last year's average.
Some 39 students took out the highest possible ATAR rank of 99.95. Eight of the top students were female and 31 were male.
Methodist Ladies' College student Violet Zheng achieved an ATAR of 99.9 after taking on the university-accredited subject algorithmics and also a coding research project.
Algorithmics involves the study of how code can solve real-world problems.
"It's not a popular choice to take on a university-style subject during high school, but I really enjoyed it," Ms Zheng said.
"It gave me practical skills for my interest areas outside of the classroom."
Nearly 15,200 additional VCAL students - six per cent more than in 2021 - will graduate this year. Of those, almost 8200 were year 12 students.
Officials have praised the success of the current cohort, pointing to more than 13,600 VCE students who received a study score of 40 or more and 3350 students who were awarded the high-level VCE Baccalaureate.
More than 96 per cent of students who sat part of the General Achievement Test also met the standards for literacy and numeracy.
Students affected by Victoria's floods weren't held back by the disaster and were given derived examination scores when needed, the government said.
Education Minister Natalie Hutchins congratulated all of the students who received their results, which she said were an exciting step into further study or work.
The Victorian Tertiary Admissions Centre is set to release course offers in December for the first time since 2019.
The round of offers would give many students certainty about their future studies in time for Christmas, admissions centre chief executive Teresa Tjia said.
"With their year 12 studies successfully completed, students can feel proud of their achievements and look forward to an exciting future of opportunities and pathways to realise their aspirations and ambitions," she said.
Ms Tija encouraged students to finalise their course preferences through the admissions centre by 4pm on December 14.
Students will receive first offers for most Victorian courses on December 21, while further offers will be made in January.
This year's ATAR calculations took in almost 22,000 unique VCE subject combinations.
The most common combination was used by 316 students, who took English, further mathematics, psychology, biology, and health and human development.
Victorian Curriculum and Assessment Authority chief executive Stephen Gniel said it was natural for students to feel overwhelmed about their VCE and VCAL results, urging them to reach out for support and information about what came next.
"While your results today reflect your hard work, they don't define you," he said.
"Feel proud of what you've achieved and remember, there are many post-school pathways and opportunities to achieve your goals."
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