What can I do in Austria after I finish my degree?

Graduation does not mean you have to leave immediately. The official source states that upon graduating you can file for a one-time renewal of your residence permit for 12 months, specifically to search for a job or start a business in Austria.

Alternatively, if you already have a suitable graduate-level job lined up, you can switch to a Red-White-Red Card employment pathway. This makes the student permit a genuine stepping stone toward longer-term work in Austria. Plan ahead so you apply for the post-study permit before your student status lapses.