This article reveals the list of the top 10 highest paying jobs in the world for 2020.
Everyone would love a high paying job or career. We all choose our course of study based on the satisfaction we hope to derive, especially financial satisfaction. Satisfaction simply describes a feeling of fulfilment or contentment. It is a very subjective and a relative term in the sense that what might be satisfying to you might not be for another. Many love caring for people in the hospitals while others cannot stand seeing anyone sick or have the patient to treat one.
Education counsellors, however, advise young people on the verge of entering the institution to enrol for courses that not only relates to their values, but it must be financially rewarding now and still be relevant in the future. As technology continues to disrupt every sector of the economy, we see the emergence of new jobs (like Social media managers, computer scientists etc), 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 global labour market by pointing out the highest paying jobs and why that is so. The health care role seems to take the top spots with an occupation, including dentist and physician, surgeons across many countries. In fact, the demand for jobs in health care is expected to skyrocket over the next decade. Tech brands like Amazon are taking bold steps into the health sector by applying machine learning and artificial intelligence. Also business and tech also top the list. 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 all come to play too in determining salaries and wages.
Let’s look at the top 10 highest paying occupations in details. The rankings are based on salary data from Fox Business website
TOP 10 HIGHEST PAYING JOBS IN THE WORLD
This is the medical speciality concerned with the total care of patients before, during and after surgery. It encompasses anaesthesia, intensive care medicine, critical emergency medicine, and pain medicine. A physician specialised in this field of medicine is called an anesthesiologist or anaesthetist. The length and format of anesthesiology training programs vary from country to country. A candidate must first have completed medical school training and awarded a medical degree, before embarking on a programme of postgraduate specialist training or residency. Anesthesiologists can practice independently or in a hospital. In developed countries like the USA, practitioners in this field are paid as high as $410,000, $300,000 in Canada and Germany.
This is the second on the list. A surgeon is a physician who treats disease, injury, or deformity via operative or manual methods to physically change body tissues. There are surgeons in podiatry, dentistry, orthodontics, and veterinary medicine. The Division of Labor in the United States of America defines a surgeon as a “physician who treats diseases, injuries, and deformities” by invasive, minimally-invasive, or non-invasive surgical methods, such as using instruments, appliances, or by manual manipulation”. Aspiring Surgeons must attend medical school to complete a Medical Doctor (M.D.) or Doctor of Osteopathic Medicine (D.O.) degree. Once you’ve completed medical school, take a surgical residency program in a hospital. During your residency, you’ll be at liberty to specialize in a certain type of surgery, such as orthopaedic, neurological, cardiovascular, thoracic, obstetrical, pediatric, or reconstructive. The U.S. salary potential for Surgeons is $396,000 followed by Canada, $310,000 and then Germany ($248,000) and the United Kingdom ($248,000).
This is another financially rewarding professional degree across the globe. They are also called Medical Doctors in some countries. A Physician is a professional who practises medicine, that is concerned with promoting, maintaining, or restoring health through the study, diagnosis, prognosis and treatment of disease, injury, and other physical and mental impairments. Like the first two, prospective Physicians need government permission to practice through the issuance of a Licensure. They must have an undergraduate degree and pass the medical license examination. The number of years spent at the university varies by country. A Physician can work independently or in a hospital or school. In the USA, Physicians are paid as much as $235,000 and $186,000 in Canada.
Still in the medical field, Orthodontist is the next on the list. Orthodontics is a speciality of dentistry that deals with the diagnosis, prevention and correction of malpositioned teeth and jaws. There are specialized schools for training Orthodontists. In order to practise, students must graduate from a School of Dentistry and graduate with a Doctor of Dental Surgery (DDS) or Doctor of Medical Dentistry (DMD). Upon completion, candidates must apply to an accredited orthodontics program. The program typically lasts for two or three years depending on the country and student must pass a national or state license examination. In the USA for instance, the examination is called the American Board of Orthodontics (ABO) exam. This exam is typically broken down into two components: a written exam and a clinical exam. The written exam is a comprehensive exam that tests for the applicant’s knowledge of basic sciences and clinical concepts, while the clinical examination consists of a Board Case Oral Examination (BCOE), a Case Report Examination (CRE), and a Case Report Oral Examination (CROE). In the United Kingdom, however, the program is full-time for three years, and upon completion, trainees graduate with a degree at the Masters or Doctorate level, depending. However, the license must be renewed. Some countries are every 10 years, others more or less. An Orthodontist is paid as much as $327,000 in the United Kingdom and $295,000 in the United States of America.
An Orthodontist is different from a Dentist though their job revolves around oral care. All Orthodontists are Dentists but not all Dentists are Orthodontist. Dentistry is a “broad medical speciality that deals with the teeth, gum, nerves, and jaw, while orthodontics is a speciality within dentistry that focuses on correcting bites, occlusion, and the straightness of teeth.” They specialize in helping patients with the alignment of their teeth, improving their bite, or fitting them for corrective braces and devices. If a patient has an overbite, a dentist will refer him or her to an orthodontist. As noted earlier, an Orthodontist would require additional schooling even as a certified Dentist.
Dentists provide services in Tooth decay, Root canals, Gum disease, Crowns, Bridges, Veneers and Teeth whitening. They are also regarded as Dental Surgeons. They specialize in the diagnosis, prevention, and treatment of diseases and conditions of the oral cavity. Each country has a regulatory body that coordinates the activities, license and specialization of Dentists. For example in the United Kingdom, the General Dental Council is in charge of the activities of Dentists. There are different specialities in Dentistry. Some of them include
Dental & Maxillofacial Radiology – This speciality includes any medical imaging used to supplement investigations with relevant information about the anatomy, function and the health of the teeth, jaws and surrounding structures.
Dental Public Health – This is a non-clinical speciality that assesses the needs of dental health and explores the ways in which they can be met.
Oral Surgery – This clinical speciality manages any abnormalities of the jaw and mouth that requires surgery
Oral & Maxillofacial pathology – This is a clinical speciality that is studied by laboratory-based personnel. It assesses the changes in the tissues of the oral cavity, jaws and salivary glands that are characteristic of disease to aid coming to a diagnosis.
Periodontics – This clinical speciality is involved in the diagnosis and treatment of gums
Prosthodontics – This clinical speciality deals with replacing missing teeth by using fixed or removable prosthesis such as implants, bridges, dentures
In the European Union, however, only two 2 dental specialities are recognized- Oral Surgery and Orthodontics. The reverse is the case in the US, there are over 15 of them.
In order to practice as a Dentist in any part of the world, prospective students must enrol in a Bachelor’s Degree Program or some schools can enrol second or third-year undergraduate degree students and allow them to earn bachelor’s degrees as part of the dental program. Then proceed to a Dental school to acquire a dental degree usually a Doctor of Dental Surgery (DDS) or Doctor of Dental Medicine (DMD) degree. In the USA for instance, during the first two years of dental school, students focus on classroom and laboratory studies in health and dental science. The last two years of dental school emphasize clinical practice, in which students diagnose and treat patients under the supervision of dental instructors. You complete the requirement of a Dental degree when you obtain a license through an examination. Dentists in the USA earn as much as $225,000 and $180,000 in Canada.
6. Chief Executive Officer (CEO)
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. Usually, do help them hone their leadership and business skills, some earn Masters of Business Administration, though it is not always the case. According to the Bureau of Labour Statistics in the United States for example, 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. In Germany, Chief Executive Officers go home with as much as $390,000 annually.
7. Engineering manager
Engineering is the branch of science and technology concerned with the use of scientific principles to design, building, and use of engines, machines, and structures.The American Engineers Council for Professional Development defines Engineering as the “creative application of scientific principles to design or develop structures, machines, apparatus, or manufacturing processes, or works utilizing them singly or in combination; or to construct or operate the same with full cognizance of their design, or to forecast their behaviour under specific operating conditions; all as respects an intended function, economics of operation and safety to life and property”. There are various branches of Engineering. Some include Chemical, Software, Electrical, Civil, Computer etc. Engineering is a professional course, hence prospects must have obtained a license from the appropriate quarters. For instance in Kenya, the Engineering Registration Board regulates the activities of Engineers.. An aspiring engineer in Kenya must hold a minimum four years of post-secondary Engineering Education and a minimum of three years of postgraduate work experience. It might not be the same in other countries. Engineers in Canada earn as much as $173,000 and $173,000 in Germany.
8. IT systems managers
Software Engineers and developers all fall into this category. Machine Learning, Artificial Intelligence, Data Science are some of the trending topics and courses across the globe. 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. To succeed in this profession, you should have a bachelor’s degree in computer science and strong computer programming skills. However, it has been observed for a few years that successful developers in recent times do not necessarily have any degree in Computer Science before embarking on the journey. Through the internet and short courses, a crop of IT professionals have earned and are still earning big through IT. it boils down to interest. Companies like Microsoft, Dell, Amazon, Apple, Google are employers of this type of labour. 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), MIS Director (Management Information Systems Director), and Technical Services Manager.
In the USA, an IT systems manager can earn up to $133,000 per annum, while in Germany, they can earn about $78,000.
9. Corporate counsel or Lawyers
Lawyers advise and represent individuals, businesses, and government agencies on legal issues and disputes. Lawyers can work in private and corporate legal offices while others work for federal, local, and state governments. To be a certified lawyer, a prospect must complete a bachelor’s degree in law or any other relevant course, then proceed to the Law school. To earn a law degree, one must pass your state’s written bar examination. There are various branches of Law where individuals can specialize in upon successful completion of Law degree. Some areas are Oil and Gas Law, Criminal Law, Commercial Law, Administrative Law, Copyright, Constitutional Law, Human Right Law etc. lawyers earn as much as $195,000 in the US and $195,000 in Germany.
10. Marketing Manager
Marketing Managers apply marketing techniques and methods for the management of marketing resources in a Firm or Organization. A Marketing Manager can work in many industries, including banks, investment firms, schools, and insurance companies or any company that sells a product or service. Marketing managers typically need a bachelor’s degree in a Business related course and 4 years or more of experience in a business or financial occupation, such as accountant, Securities sales agent, or financial analyst. Since they bring in clients into an organization, it is expected that they earn more. In Germany, Marketing Managers earn as much as $115,000 and they earn about $102,000 annually.
These salary amounts can vary by location, company and even level of education. An IT manager in Microsoft would earn more than a company that started a few years ago. This amount stated here is the average in most of the developed countries.