Undoubtedly, every individual strives to land a career that offers high earning potential, job security, fringe benefits, and other enticing factors. However, securing a prominent position in a credible organization is now more challenging, given the demands of the corporate world. Similarly, with the advent of globalization, workers find it challenging to compete in today’s cutthroat corporate era. Nonetheless, entering a field that promises high salaries and career advancement opportunities is what everyone aspires for nowadays.
Money is one crucial aspect, while learning is another. But, for most people, knowledge is equally as important as money. Therefore, they plan their career roadmap accordingly and prioritize opportunities to develop a sustainable career. This planning results in a greater influx in specific industries than others. Some fields offer attractive pay rates along with long-run career development opportunities. So, if you gain expertise in that field, you can establish a lucrative career with exponentially higher returns than others.
Preparation to enter such industries begins from the initial stages. Education serves as the driving force that leads you to your preferred field. After that, training and pursuing higher education programs also prove beneficial for your career endeavors. But, which industries are the ones that offer high earning potential along with career growth? Let’s have a look below to determine just that:
Engineering is undoubtedly a renowned industry that has been in the limelight for decades. However, it has radically transformed over the last few years and has merged with various other fields. That explains why the highest paying engineering jobs are mostly petroleum or biomedical engineering instead of traditional civil and mechanical engineering. According to Glassdoor, the average salary of a petroleum engineer in the United States is a whopping $120,105 per year. At the same time, a biomedical engineer makes a staggering $92,620 annually. These high-paying engineering professions are proof of why most youngsters prefer to opt for this field.
This industry is on the high rise in the contemporary world and is evolving at an unprecedented rate. Moreover, the demand for labor in engineering always remains high. High demand ensures a competitive pay rate and long-term career prospects.
In other fields, customer preferences might change, and the market might accept new trends while rejecting the traditional ones. But, one industry that will never observe this behavior is the healthcare sector, as the demand is highly inelastic in this industry. People will never stop utilizing healthcare services. As a result, this industry will never stop demanding more professionals to fulfill the ailing population’s needs. The healthcare industry promises bright career prospects with high salaries.
According to salary.com, the average annual salary in the healthcare industry can range from as minimum as $24,000 to a whopping $778,000 annually. This industry encompasses a wide variety of medical and patient care services. And so, innovation, emerging technologies, and new processes and techniques are always prevalent in this industry. Eventually, it leads to higher salaries for competent professionals and career growth options for its existing workers.
The finance field promises the highest monetary returns compared to several others. Besides, the growing number of new occupations given the rise of FinTech is making this field a top-pick for many. According to the US BLS (Bureau of Labor Statistics), the earning potential of financial analysts will grow by 5% through 2029. And that’s higher than most occupations.
The ultimate purpose for the existence of most organizations is to make money, which is not possible without financial operations. Therefore, finance holds a pivotal position in any organization or business. According to Forbes, 32% of CEOs of the Fortune 100 companies were previously the CFOs of the same company. It shows the strength of a career in the field of finance. This industry also promises extensive cross-directional movement across different organizations.
Mining and energy
This industry predominantly deals with extracting minerals from the earth and transforming them into a usable form. It interlinks with energy production as well. Overall, this industry is immensely lucrative. Business is mainly booming in not only its direct output but also the derivative products. Therefore, it promises high-profit margins and better pay rates. Professionals belonging to this industry serve as an integral part of a nation’s economy, indicating that they enjoy several other perks.
The mining and energy industry is a heaven for both skilled and unskilled workers. Its entire value chain is so vast that it can incorporate a variety of different roles. The industry’s uniqueness is the high value of the output it generates, which leads to better pay. According to salary.com, the average annual salary in the mining industry can reach up to $400,000. Moreover, the entire industry has been moving toward contemporary environment-friendly business operations, opening up an entirely new avenue of career prospects.
Hard work can bring success in almost any industry. Quality output, commitment to work, and persistence with honesty can generate wealth and respect for you in any industry. However, if you choose your path carefully, you can attain that success earlier. Therefore, analyzing and then selecting the right field is highly critical. Nonetheless, pick a career that aligns with your skills and capabilities, not one that only promises high salaries.
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