This article contains information on the Top 10 Highest Paying Jobs in the United States.
As technology continues to disrupt every sector of the economy, we see the emergence of new jobs, change in the working model of existing jobs, rendering obsolete irrelevant ones as well as revamping remuneration. White-collar jobs (engineers, office secretaries, banker etc) during the second and third industrial revolution years seemed to be the dream of every young aspiring career person, however, the last one decade has seen a drastic change, though some of this jobs still are relevant, in terms of salaries and wages they seem not to be same anymore. Imagine a Fashion designer being one of the richest persons in a country! Absurd right? Especially for the older generation.
In this article, we would delve into the labour market in the United States of America by pointing out the highest paying jobs and why that is so. In the USA, health care roles take the top spots with an occupation, including dentist, pharmacist and physician assistants. In fact, the demand for jobs in health care is expected to skyrocket over the next decade, however, some factors like education attainment -master’s or doctorate degrees in their speciality, additional training or specialized programs and proper licensing to practice- location of practice (a doctor’s pay in New York would be different from Ohio) all come to play too in determining salaries and wages.
TOP 10 HIGHEST PAYING JOBS IN THE UNITED STATES
Let’s look at the top 10 highest paying occupations in the USA. The rankings are based on salary data from the Bureau of Labor Statistics.
Median base salary: Equal to or greater than $208,000 per year
Physicians here mean Anesthesiologists, surgeons, Orthodontists, Psychiatrists, Obstetricians-Gynecologists etc. They basically diagnose and treat different kinds of injuries or illnesses based on their individual specialization. Physicians and surgeons have very demanding education and training requirements (Refer to our article on “How to Become a Medical Doctor in the USA” for details). Physicians typically need a bachelor’s degree, a degree from a medical school, which takes 4 years to complete, and, depending on their speciality, 3 to 7 years in internship and residency programs. According to the Bureau of Labour Statistics, the overall employment of physicians and surgeons is projected to grow by 7 percent (55,400) from 2018 to 2028 in addition to the already existing 756,800 jobs in 2018. America has an impressive health care system, hence this is rather not a surprise.
2. Chief Executives
Median base salary: $189,600 per year
Just as the name sounds, CEO, it is expected that they go home monthly with enticing paychecks. A chief executive officer, or just chief executive, is the most senior corporate, executive, or administrative officer in charge of managing an organization – especially an independent entity such as a company or nonprofit institution. They are the highest-paid profession outside of some medical fields. You can imagine the paychecks of CEOs like Bill Gates, Jeff Bezos, Elon Musk etc. Although education and training are required, they vary widely by position and industry, most top executives have at least a bachelor’s degree and a considerable amount of work experience. According to the Bureau of Labour Statistics, the overall employment of top executives is projected to grow 6 percent (150,600) from 2018 to 2028, compared to the impressive 2,639,500 in 2018. The rapid increase of tech startups validates this point.
3. Pharmacy manager
Median base salary: $144,768 per year
Pharmacists are simply responsible for dispensing prescribed medications to patients and offer expertise in the safe use of prescriptions. Pharmacists must have a Doctor of Pharmacy (Pharm.D.)- a 4-year professional degree. They must also be licensed, which requires passing two separate exams. They work in pharmacies, including those in drug, general merchandise, and grocery stores. They also work in hospitals and other healthcare facilities. As of May 2018, there are 314,300 in the country.
Median base salary: $142,478 per year
Dentists diagnose and treat problems relating to patients’ teeth, gums, and other parts of the mouth. According to the Bureau of Labour Statistics, the overall employment of dentists is projected to grow 7% from 2018 to 2028 due to the growing research that reveals the linkage between oral health and the overall health condition of the body. In order to operate in the USA, dentists must be licensed in the state in which they work. Licensure requirements vary by state, although candidates usually must graduate from an accredited dental program and pass written and clinical exams.
5. Enterprise architect
Median base salary: $122,585 per year
Architects plan and design houses, factories, office buildings, and other structures. There are typically three main steps to becoming a licensed architect: complete a bachelor’s degree in architecture which takes about four years, gain relevant experience through a paid internship and pass the Architect Registration Examination. According to the BLS, employment of architects is projected to grow 8 percent (11,200) from 2018 to 2028 in addition to the 133,900 jobs in 2018.
6. Corporate counsel or Lawyers
Median base salary: $120,910 per year
Lawyers advise and represent individuals, businesses, and government agencies on legal issues and disputes. In the US, the majority of lawyers work in private and corporate legal offices while others work for federal, local, and state governments. Most work full time and many work more than 40 hours a week. Just as other occupations, employment of lawyers is projected to grow 6 percent (50,100) from 2018 to 2028, compared to 823,900 in 2018. To be a certified lawyer in the US, complete a bachelor’s degree in law or any other relevant course, then proceed to the Law school law degree in order to study and pass your state’s written bar examination.
7. Software Engineer/Developers
Median base salary: $114,163 per year
A software engineer is a person who applies the principles of software engineering to the design, development, maintenance, testing, and evaluation of computer or other device software. It is an emerging discipline which has continually climbed the ladder of success with no interruption, it is further a disruptor of mundane tasks. To succeed in this profession, you should have a bachelor’s degree in computer science and strong computer programming skills. Employment of software developers is projected to grow 21 percent (284,100) from 2018 to 2028, much faster than the average for all occupations in addition to the 1,365,500 jobs already. Microsoft, Dell, Amazon, Apple, Samsung are some examples of companies that employ Software engineers.
8. Physician assistant PA
Median base salary: $113,855 per year
In the USA, a physician assistant, or physician associate is a health care practitioner who practices medicine in collaboration with physicians, surgeons and other health care workers. PAs may practise autonomously and independent of Physicians depending on the legislation in the state or province the PA practices. All states require physician assistants to be licensed and a master’s degree from an accredited educational institution. Employment of Physician Assistants is projected to grow by 31 percent from 2018 to 2028 (37,000) in addition to the already existing 118,800 jobs.
9. Financial Managers
Median base salary: $113,368 per year
Since they deal with or manage money, they should also have money! Financial managers create financial reports, direct investment activities, and develop plans for the long-term financial goals of their organization. Financial managers work in many industries, including banks, investment firms, and insurance companies. Financial managers typically need a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as accountant, securities sales agent, or financial analyst. Employment of financial managers is projected to grow 16 percent (104,700) from 2018 to 2028, in addition to the existing 653,600 jobs.
10. Software Development manager
Median base salary: $109,809 per year
The IT field is an emerging sector and the world is rather not surprised at her growth over the years. The top 5 wealthiest people in the world are in tech, whether fintech or Edu tech etc though you can only refer to this job as lucrative when you get managerial types. They could also be called a computer and information systems managers. They plan, direct, or coordinate activities in fields such as electronic data processing, information systems, systems analysis, and computer programming. Typical job titles for this occupation include, Application Development Director, Data Processing Manager, Information Systems Director (IS Director), Information Systems Manager (IS Manager), Information Systems Supervisor (IS Supervisor), Information Technology Director (IT Director), Information Technology Manager (IT Manager), MIS Director (Management Information Systems Director), and Technical Services Manager.
You would need to earn a degree or certification in Computer science, information science to thrive in this sector.
The job market is evolving rapidly, you would do yourself a lot of good if you hop on the moving train to stay relevant and grow.