3 Highest Paying Industries For 2024, According To Research

Monday, February 5, 2024

Career planning for 2024? If you're occupied in setting career goals for this new chapter of your professional journey, and have observed that your current position is stale and does not offer growth or room to explore your salary potential, it might be worth reconsidering your current standing and even evaluating the industry you're in. Ultimately, a job should satisfy all boxes— personal fulfilment and satisfaction, giving back to others, challenging your skill set and stretching you outside your comfort zone, and paying you well enough to live comfortably in today's turbulent financial conditions.

Some of the highest-paying industries are listed below, with a list of a few of the key roles that pay the most in these industries. If you're already working in them, that's incredible—simply brush up your skills so you can increase your earning potential and market worth, and of course, check and negotiate your current salary against industry benchmarks. But if not, explore some of these industries and roles to discover which would suit you best:

What Are Some Of The Highest Paying Industries?

(Disclaimer: Salaries are according to research at the time of writing, are extracted from Salary.com, and are based on roles within the United States. Actual salary averages and industry job trends may vary from state to state.)

The three highest paying industries globally are:

  • Finance and banking
  • Information technology
  • Healthcare

1. Finance And Banking

The financial industry is multifaceted, comprising institutions and arenas such as commercial banks, investment banks, regulatory bodies, insurance firms, and asset management. Since finance is such an integral aspect of any organization's operations, you could also find yourself working in finance while outside of the financial industry directly, for instance, if you worked in the finance department of a global PR firm. Within finance and banking, three of the highest paying roles include:

  • Chief Financial Officer (average salary $435,559)
  • Hedge fund manager (average salary $139,033)
  • Private equity associate (average salary $107,039)

Who Should Consider A Job In The Financial Industry?

Do you consider yourself to be highly analytical, or enjoy interpreting financial statements and making complex decisions based on data? Perhaps you are apt in strategic thinking, conducting risk assessments, or possessing meticulous attention to detail and compliance. If so, aiming to progress your career in finance would make an excellent choice.

What Are The Required Qualifications For A Job In Finance And Banking?

It honestly varies depending on your specific career path and the role you are pursuing, but as a general rule, employers prefer candidates who possess:

  • At least a bachelor's degree within finance or similar
  • Industry-specific certifications, for example CPA (Chartered Public Accountant) or CRP (Certified Risk Professional)
  • An advanced degree may be needed, such as an MBA or Master's in Finance
  • Proficiency with financial modeling software
  • Problem-solving and excellent analytical skills
  • Attention to detail, especially in auditing or accounting

2. Information Technology

The tech industry is rapidly evolving and affects almost every aspect of work, every industry, and our daily lives. It shows no signs of slowing down, particularly with the progression and advancements of AI recently.

The $4.6 trillion industry, up from $4.4 trillion in 2022 according to Gartner, includes roles spanning from software development, to cloud computing, telecoms, artificial intelligence and machine learning, and cybersecurity. Because the IT sector is so broad, there is plenty of scope to explore potential career paths—even without needing to be a technical person yourself. Some high-paying roles within the tech industry include:

  • Product manager (average salary $79,352)
  • Data scientist (average salary $144,512)
  • Lead AI engineer ($178,915)

Full article @ https://www.forbes.com/sites/rachelwells/2023/12/28/3-highest-paying-industries-for-2024/?sh=28c5131fe7f0