Everyone dreams of landing a high-paying job. The security and opportunities that come with a big paycheck are hard to resist. But which careers actually pay the most? This post will countdown the 10 highest paying jobs and provide key details on salaries, responsibilities, and education requirements.
To begin, it's worth looking at some stats on high wages. According to the Bureau of Labor Statistics, the median annual pay for all occupations in the US is $39,810. However, the top 10% of earners make $79,660 or more per year. The very highest paying professions can earn over $200,000 annually.
This article will provide an in-depth look at the careers that truly pay the most. We'll explore industries like healthcare, tech, engineering, law, and business. The full countdown includes job titles like software developer, lawyer, medical specialist, management consultant, and more. Each section will overview the key job responsibilities, typical salaries, and education/skills required for each role.
By the end, you'll have a solid understanding of the highest paying careers today and what it takes to enter these lucrative fields. Whether you're choosing a career path, considering a career change, or just curious about where the big money jobs are, this post has you covered.
#1 Software Developer
Software developers design, build, and maintain software systems and applications. According to the U.S. Bureau of Labor Statistics, the average salary for software developers in the United States was $120,730 as of May 2021.
Some of the key responsibilities of a software developer include:
- Analyzing user needs and designing software to meet those needs
- Writing and testing code
- Troubleshooting and debugging programs
- Improving existing software programs
- Integrating software components and third-party programs
Software developers typically need a bachelor's degree in computer science, software engineering, or a related field. Strong programming skills in languages like Java, Python, C++, etc. are required. Knowledge of software tools and operating systems is also important. According to the BLS, jobs for software developers are projected to grow 22% from 2020 to 2030, much faster than the average for all occupations.
#2 Lawyer
Lawyers have one of the highest average salaries in the United States, typically earning around $120,000 per year according to the Bureau of Labor Statistics (https://www.bls.gov/ooh/legal/lawyers.htm). However, salaries can vary widely depending on the specific field and location of practice.
There are several major types of lawyers, each focusing on specific areas of law. Some of the top fields include corporate law, tax law, litigation, intellectual property law, criminal law, family law, and real estate law. Salaries differ across these specialties, with corporate lawyers typically earning the highest amounts.
Becoming a lawyer requires extensive education and licensure. Aspiring lawyers must complete a Bachelor's degree followed by a 3-year Juris Doctor (JD) program at an accredited law school. After graduation, prospective lawyers must pass the bar exam to be licensed to practice law in their state.
The job outlook for lawyers is strong. The Bureau of Labor Statistics projects employment for lawyers to grow 8% from 2020 to 2030, faster than the average for all occupations. Demand for legal services is expected to continue increasing as populations grow, new laws and regulations are enacted, and globalization leads to more international trade and investment.
#3 Medical Specialist
Medical specialists are physicians who have completed advanced education and clinical training in a specific area of medicine, such as surgery, radiology, or anesthesiology. According to ZipRecruiter, the average annual salary for medical specialists in the US is $55,067.
Some of the highest paying medical specialties are anesthesiology, surgery, radiology, and orthopedics. Anesthesiologists earn an average salary of $271,440 per year, while surgeons earn $231,550 on average. Radiologists make approximately $315,714 annually.
Becoming a medical specialist requires completing 4 years of medical school after undergraduate studies, then 3-7 years of residency training in the specialty. Board certification is also required in most specialties. The job outlook for medical specialists is positive - the field is projected to grow 7% from 2020 to 2030, faster than the average for all occupations.
Medical specialists earn high salaries due to their advanced expertise and the critical nature of their work. However, the extended education and training required is demanding. Those who pursue a medical specialty must have a strong interest in their chosen field of medicine.
#4 Management Consultant
Management consultants work with companies and organizations to help improve their performance and operations. They analyze business processes and identify areas for improvement. Some of the key aspects of this high paying job include:
Average Salary and Bonuses: According to Management Consulted, the average base salary for a management consultant in 2024 is $165,000. Bonuses can range from $20,000-$50,000. The total compensation at top firms like McKinsey, Bain and BCG can exceed $250,000 for top performers [1].
Day to Day Responsibilities: Consultants spend a lot of time on the road meeting with clients. A typical week involves traveling to client sites Monday-Thursday to gather data, analyze operations, and provide recommendations. Fridays are often spent back at the home office working on presentations and project work.
Major Firms: The top management consulting firms are McKinsey & Company, Boston Consulting Group, Bain & Company, Deloitte, PwC, EY, KPMG and Accenture [1].
Travel Requirements: Management consultants travel frequently, anywhere from 50-80% of the time. Projects generally last 3-6 months and consultants will live near the client site during the week and return home on weekends [2].
Desired Skills: Strong analytical, problem-solving, and communication skills are valued. Consultants need to be able to synthesize data, think critically about business problems, and present recommendations to clients [3].
#5 Financial Manager
Financial managers are responsible for overseeing the financial activities of companies or clients. Their duties include preparing financial statements, directing investment activities, and developing strategies and plans for the long-term financial goals of their organization.
According to the U.S. Bureau of Labor Statistics, the average salary for financial managers in the United States is $134,180 per year as of May 2021. However, salaries can vary significantly based on factors like location, industry, experience level, and company size. Financial managers in major metropolitan areas and in the finance and insurance industries tend to have the highest pay.
Most financial manager positions require at least a bachelor's degree in finance, accounting, economics, or business administration. Many employers prefer hiring candidates with a master's degree, such as an MBA, or professional certifications like a CFA or CPA. Ongoing professional development is important for financial managers to stay current on the latest regulations and trends influencing their field.
Employment of financial managers is projected to grow 15 percent from 2021 to 2031, faster than the average for all occupations. Job growth will be driven by the expansion of the finance and insurance industries.
Sources:
https://www.bls.gov/ooh/management/financial-managers.htm
https://money.usnews.com/careers/best-jobs/financial-manager/salary
#6 Petroleum Engineer
Petroleum engineers work in the oil and gas industry, designing methods and processes to extract these natural resources from beneath the earth's surface. According to the U.S. Bureau of Labor Statistics, the average salary for petroleum engineers is $137,720 per year, with the top 10% earning over $208,000. Many petroleum engineers also receive bonuses and profit sharing that can significantly increase total compensation.
The main responsibilities of petroleum engineers include:
- Developing equipment and processes for extracting oil and gas from deposits below the earth’s surface
- Designing drilling methods, implementing drilling plans, and monitoring drilling operations
- Estimating oil and gas reserves and production costs
- Performing reservoir modeling and optimization studies
- Ensuring compliance with safety and environmental regulations
Petroleum engineers typically need a bachelor's degree in engineering, preferably petroleum engineering. Strong skills in math, science, and computer modeling are essential. Licensure as a professional engineer (PE) may be preferred by some employers. Continuing education is important due to evolving technologies and best practices.
According to the Bureau of Labor Statistics, employment of petroleum engineers is projected to grow 3% over the next decade, slower than average but steady due to continued demand for petroleum products. Job prospects should remain good for candidates with strong technical skills.
#7 Orthodontist
Orthodontists have one of the highest paying jobs with an average salary of over $250,000 per year. Orthodontists diagnose, prevent, and treat dental and facial irregularities by designing and applying braces, retainers, and other removable appliances. This is a specialty field within dentistry that requires additional education and training beyond dental school.
To become an orthodontist, you must complete a 4 year undergraduate degree, followed by 4 years of dental school to earn your DDS or DMD. After dental school, orthodontic programs require 2-3 additional years of specialized education in orthodontics and dentofacial orthopedics. Orthodontists must be licensed in the state they practice in.
The role involves examining patients' teeth, jaws, and bite to identify alignment issues and oral health problems. They develop treatment plans, create custom dental appliances, and monitor progress during follow-up visits. Orthodontists rely on x-rays, models, photographs, and measurements to plan appropriate treatments.
According to the Bureau of Labor Statistics, the job outlook for orthodontists is projected to grow 18% from 2020 to 2030, much faster than the average for all occupations. This is due to an increasing population and demand for orthodontic services.
With the high salary potential and steady growth, orthodontics remains one of the most lucrative careers in healthcare. The expertise and advanced training required also make it a prestigious occupation with high job satisfaction.
#8 Computer Hardware Engineer
Computer hardware engineers research, design, develop, and test computer systems and components. According to ZipRecruiter, the average entry level computer hardware engineer salary in the US as of March 2024 is $69.95 an hour or $145500 per year (https://www.ziprecruiter.com/Salaries/Entry-Level-Computer-Hardware-Engineer-Salary). Glassdoor reports the average salary for a computer hardware engineer is $74020 per year in the US as of March 2024 (https://www.glassdoor.com/Salaries/computer-hardware-engineer-salary-SRCH_KO0,26.htm).
Computer hardware engineers are responsible for designing and developing computer systems and components. Their duties include designing new computer hardware, overseeing manufacturing and installation of computer systems, diagnosing hardware failures, and upgrading existing computer systems. They need strong technical skills in computer architecture, programming, and electronics.
To become a computer hardware engineer, you typically need a bachelor's degree in computer engineering or electrical engineering. Relevant certifications include the Certified Hardware Engineer (CHdE) and Registered Certified Hardware Engineer (RChdE) offered by the Hardware Certification Consortium.
The job outlook for computer hardware engineers is strong. The Bureau of Labor Statistics projects 7% growth from 2020 to 2030 for this occupation, faster than the average for all occupations. Demand will be driven by the need for new computer hardware to keep up with emerging technologies.
Conclusion
In this blog post, we covered the 10 highest paying jobs according to average salary data. We looked at jobs in the technology, medical, legal, management, and engineering fields. The top 10 jobs were:
1. Software Developer
2. Lawyer
3. Medical Specialist
4. Management Consultant
5. Financial Manager
6. Petroleum Engineer
7. Orthodontist
8. Computer Hardware Engineer
Some key takeaways include: technology and engineering jobs dominate the list, medical specialists are in high demand and earn top salaries, and management/business roles also prove lucrative. These jobs require extensive education and training but lead to high earnings potential.
When considering the highest paying jobs, it's important to weigh factors like job satisfaction, work-life balance, and your own interests and strengths. Salary shouldn't be the only deciding factor. However, the jobs on this list represent opportunities for high financial compensation and strong employment demand in our current economy.
