When you are considering what to study, an important consideration is ensuring that your chosen field will lead to a well-paid career. After all, studies are expensive, student loans must be paid back with interest, and with the high cost of living, a good salary is essential to most people. Read on to find out which careers research recommends if a well-paid career is your professional objective.
Studying to Earn Well
It has been found that 20% of Americans earn sufficient income to be classed as rich. The general requirement to be considered part of this group is having an annual income that equals at least double the median national household income. This currently amounts to $122,744.
A comparison of various qualifications and the jobs that they prepare you for will help you make this most significant decision. Although money is not everything and job satisfaction is important, a prospective student is likely planning on taking a student loan to fund their studies. With such a large investment, it is worthwhile ensuring that the returns on your outlay will exceed what you have put in.
To have an idea of what salary range you can expect for a given job, some websites will calculate this and enable you to compare salaries in the same job across different states. Aspects that cause variations within a salary range are based on the specific company, the industry, and the location. To have these calculations worked out for you, this link will provide you with the relevant information. Starting salaries are usually lower than the average shown by most sites as growth in salaries is commensurate with some experience.
Here follows a list of ten qualifications that can get you into a top-paying job in the US.
Bachelor’s Degree in a Relevant Field
A relevant bachelor’s degree is usually the minimum qualification needed by a Chief Executive Officer (CEO). In this position, you can earn between $120,000 with up to five years’ prior experience, and $229,000 after two decades in the position. A CEO holds the top position in a company and is appointed by the shareholders. Some experience will be required in addition to an academic qualification.
CEOs can be appointed either from within the company or from another company. A senior manager within the company may obtain this position due to company-relevant skills and knowledge, or the post could go to someone from an outside institution. CEOs are appointed from diverse types of businesses across various industry sectors. This is possible because generic top management competencies are needed, which are similar across industries.
The CEO is responsible for all the key decisions of a company and for managing its operations. One of the primary objectives of a CEO is to drive profitability to increase shares for its shareholders.
Bachelor’s Degree in Computer Science or Information Technology
A Bachelor’s Degree in Computer Science or Information Technology is needed for a career as a Computer and Information Systems Manager. The salary ranges from $70,000 with minimal experience to $132,000 at the upper end.
The person who holds this position is responsible for running the IT department in a company. Duties will include performing an analysis of the current IT infrastructure and determining the overall needs of the company in this regard. The Computer and Information Systems Manager will compile an IT security policy that all members of an organization must adhere to. They will also be required to manage other IT employees such as computer systems analysts, software developers, information security analysts, and computer support specialists. When vendors supply technology to the company, the Computer and Information Systems Manager will negotiate service level agreements (SLAs) to ensure timely attention to faults.
Demand for this job is expected to grow by as much as ten percent during the next decade, making it one of the fastest-growing careers. This is likely to have a positive effect on salaries. The global Covid epidemic and the rate of expansion of technology are behind this trend.
Bachelor’s Degree in Engineering
Some of the specific qualifications for an Engineering Manager are a Bachelor of Science in Engineering Management (BSEM), Bachelor of Science (BSc) in Engineering Management, Bachelor of Science in Engineering (BSE) in Engineering Management, and Bachelor of Engineering in Engineering Management (BEEM).
The salary varies between $114,000 with virtually no experience and only a qualification, and $154,000 for the very experienced incumbent. Higher salaries can be earned in certain sectors such as the government, scientific research, or in a management capacity. A Petroleum Engineer will earn between $97,000 and $177,000, with New Jersey paying the most out of all states.
An Engineering Manager oversees projects from inception to completion. They are responsible for ensuring that a project is completed within time and cost specifications. They must be able to interpret plans and drawings. Safety and quality standards must be implemented and adhered to. The Engineering Manager will manage a team of other engineers. They need to have technical knowledge and the ability to manage people as well as multitasking, problem-solving, and communication skills.
Bachelor’s Degree and Airline Transport Pilot (ATP) Certificate
The salaries for pilots vary widely from a starting income per annum of $69,000 to a high $197,000 with twenty or more years’ experience. So, this is a field you can definitely grow in. Practical training is also a requirement. A commercial pilot’s license is obtained from the Federal Aviation Administration (FAA).
Employment opportunities for airline and commercial pilots are projected to grow 13 percent from 2020 to 2030, with 14,500 new spots becoming available each year.
There are numerous duties and responsibilities for pilots. On every flight, they need to check the condition of the aircraft before takeoff and after landing. They will make sure that the aircraft is balanced, its weight limit has not been exceeded, and confirm that there is sufficient fuel for the flight. Weather conditions must be assessed to see if it is safe to go up at that time. Every flight requires the preparation and submission of flight plans to air traffic control. The pilot will maintain communication with air traffic control throughout the flight, using the aircraft’s radio system. Airplanes travel along planned routes and the pilot is responsible for controlling and operating the aircraft from the start to the end of the journey, including takeoff and landing. Throughout the flight, the pilot will monitor the engines, other systems, and the rate of fuel consumption. The pilot needs to be able to respond to changing weather conditions and to handle emergencies such as mechanical malfunction. Navigation is managed with the cockpit instruments as well as visual bearings.
Bachelor’s Degree in Marketing, Business, or a Related Field
A marketing manager has the advantage of being required in virtually every company and industry. They typically earn between $85,000 and $119,000 depending on their years of experience. They must have excellent verbal, written, and presentation skills. To earn in the upper end of the scale, the marketing manager must have a proven track record in developing marketing plans and campaigns.
Bachelor’s Degree in Marketing, Business, or Advertising
The qualifications for a sales manager are very similar to what is needed to become a marketing manager. Salaries are on the scale of $70,000 to $127,000. The sales manager can also earn commission based on sales achieved.
The duties include training sales representatives (and sometimes putting together training sessions), setting monthly and annual targets, analyzing sales data, assessing customer satisfaction reviews, making sales projections, and determining pricing plans.
Bachelor’s Degree Specializing in Math, Accounting, Finance, or Economics
The finance manager should have no trouble finding a position as every medium-sized and large company requires someone to undertake the management of the business’s finance. Salaries range from $100,000 to $142,000.
Finance managers are responsible for the financial running of a business. They will track income and expenditure and provide financial reports. The finance manager assists all operations managers with their budget, including requesting their new annual budgets, getting approvals, moving funds around, providing income targets, and providing advice to improve decisions. They will match funding to strategies or analyze and advise on the most fruitful uses of the budget.
Bachelor’s Degree or Master’s Degree in Business or Human Resources
A compensation and benefits manager earns from $89,000 to $105,000. The incumbent is part of the human resources team in the company. They are usually required to have a minimum of five years of experience. Employment opportunities for these positions show a slow trend in growth of around four percent. There will be approximately 1,500 new jobs becoming available every year up to 2030. These vacancies are likely to be replacement positions for employees who are retiring or changing occupations.
Despite limited employment growth, about 1,500 openings for compensation and benefits managers are projected each year, on average, over the decade. Most of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
As the name suggests, the person holding this position is responsible for the payment of compensation and benefits to employees. These staff members determine the wages applicable to discrete roles, manage the payroll, make sure that state and federal regulations are fully complied with, handle budgets, and collaborate with suppliers to design benefits packages.
Master’s Degree in Nurse Anesthetics with Registration as an Advanced Practice Registered Nurse (APRN)
The position of nurse anesthetist with a master’s degree in nurse anesthetics and registration as an advanced practice registered nurse can earn between a starting income per annum of $133,000 and a top salary of $167,000.
This professional is trained to provide anesthesia, assess patients, liaise with medical practitioners such as anesthesiologists, surgeons, other physicians, and dentists, and evaluate medical histories, to determine the appropriate amount of anesthesia to use. When a patient enters the hospital and has been admitted to the ward, the nurse anesthetist will perform a pre-anesthetic screening interview and examine the patient. Consent will be obtained. The incumbent will determine which anesthetics, adjuvant drugs, fluids or blood products are needed. During surgery, the nurse anesthetist manages the patient’s airway and performs intubation and extubation as required. Additionally, the patient is monitored after the surgery.
Master’s Degree in Data Science
You can earn an online master degree data science from Worcester Polytechnic Institute. This can prepare you to be a data analyst. The most recent figures indicate that you can earn $64,823 in this career option. Incumbents can also receive an average cash bonus of $2,500 per annum in addition to their salaries. Benefits of the job include a health savings account, a flexible spending account, gym membership, commuter assistance, and free meals. Other benefits that may be granted are health insurance, vision insurance, dental insurance, and paid time off.
A data analyst is responsible for collecting, storing, and analyzing data. This data could apply to market research on product and customer information. It could collate sales figures or details of logistics. Whatever data a company has is the responsibility of the data analyst and all data needs to be interpreted and communicated to management to aid their decision-making.
A full 59% of data analysts in the United States feel that their salaries are adequate to cope with the cost of living in their areas. There are also other similar career opportunities in related fields. The average annual salary of an analyst is $61,394: a business analyst earns $74,041, an operations analyst gets $70,261, and a business intelligence analyst makes $86,477. Slightly lower salaries are paid for a reporting analyst ($66,129) and a research analyst ($58,359). A business analyst can expect an annual cash bonus of approximately $5,000 per annum.
As can be seen, there is a wide range of careers to choose from that all provide an above-average income. Thus, you can select a future that matches your personality and professional goals while being assured of a decent salary. After all, when you invest in your studies, you want them to be worth the time and money you have spent. Or perhaps you are considering a second career later in life to increase your earning potential. Nowadays, most studies can be completed online, apart from practical aspects. This makes it easier than ever to change careers for a more financially rewarding field.