SuperUser Account / Thursday, July 18, 2024 / Categories: SmartMoney What's Your Earning Potential? Whether you’re trying to decide on a college major, looking to land a first job, or making a career change, potential earnings is always an important consideration. While we’d all like to be making six or, heck, even nine figures, not all careers provide that opportunity. In fact, even people in the same careers make different salaries based on factors including level of education or certification, skills and years of experience, the region of the country where the job is based, job title, and even the value of the benefits package that comes with the role. If you’re solely interested in figuring out how to earn the highest salary possible, there are lots of online resources for researching potential opportunities: Highest Paying jobs Highest paying jobs without a degree Highest paying entry level jobs Well-paying with potential for growth The Bureau of Labor and Statistics (BLS) also maintains a comprehensive list of careers with median pay, entry-level education requirements, projected number of new jobs and projected growth rate. This site is particularly handy as you can search jobs by the noted categories (i.e. education, salary, etc.) and match them to your situation and goals. You can also play around to figure out what a bit more education or training might lead to in terms of a salary bump and weigh whether the expense is worth the potential reward. Of course, as noted, you do need to take location into consideration. Once you identify a potential job, it’s worth visiting online resources such as Indeed.com, or Salary.com to find out what salary you might make where you live or where you’re willing to relocate. Jobs based in areas with a higher the cost of living tend to command higher salaries. In most cases, the pay difference evens out once you factor in the increased cost of rent, food, transportation, etc. Currently the BLS reports that jobs in the field of healthcare top the list of the highest-paid opportunities. The BLS also reports that employment in healthcare is projected to grow 13% from 2021 to 2031, an impressive number given projected overall job growth in the U.S. for the same period is just 5.3%. While many healthcare jobs, such as doctors and nurses, require extensive education (and expense), there are many other jobs that only require a high-school degree (or equivalent), post-secondary nondegree education, or an associate’s degree. In many cases, employers will subsidize the cost of education in part or full for employees, making it possible to advance your career (and salary) at no cost to you. Of course, there are plenty of other high-paying careers out there outside of healthcare. Other fields with noteworthy salaries—including several that don’t require a college degree—include: • Management Occupations, including executives: Annual average income $137,750 • Legal Occupations, including lawyers and paralegals: Annual average income $133,820 • IT, Computer and Mathematical Occupations: Annual average income $113,140 • Architecture and Engineering Occupations: Annual average income $99,090 • Business and Financial Operations Occupations: Annual average income $90,580 • Life, Physical, and Social Science Occupations: Annual average income $87,870 • Arts, Design, Entertainment, Sports, and Media Occupations: Annual average income $75,520 • Educational Instruction and Library Occupations: Annual average income $66,400 • Food Service Managers: Annual average income $63,060 • Construction and Extraction Occupations: Annual average income $61,500 SOURCE: BLS.gov Local Training & Education Resources Berkshire Community College (BCC) In addition to two- and four-year degrees, BCC offers workforce training to get you the skills to enter or advance your career. Classes range from healthcare, hospitality and HVAC to information technology, bookkeeping and truck driving. MASS Hire Berkshire Workforce Board Offers opportunities to develop literacy, computer, interviewing, and resume writing skills needed to qualify for further education, job training and better employment. Programs in adult basic education, English language skills, family literacy and GED preparation are all free of charge. Massachusetts College of Liberal Arts (MCLA) A public liberal arts college located in North Adams, MA. Recognized by the U.S. Department of Education’s 26 U.S. colleges with low tuition costs and high salaries for graduates. Currently, 85% of students receive some form of financial aid and 93% of alumni are employed or in grad school within a year of graduation. McCann Technical School Offering postsecondary programs in cosmetology, dental assisting, medical assisting, practical nursing and surgical technology, McCann provides outstanding educational opportunities for area high school graduates. In addition to classroom learning, students receive hands-on instruction in a chosen technical area. More than 70% of graduates go directly on to college while the balance enters the workforce. Mildred Elley Based in Albany, NY, Mildred Elley offers a variety of degree and certificate programs that can be completed in as little as 20 months. Popular course options include business management, IT (information Technology, massage therapy, nurse aide training (CNA), practical nursing (LPN), and paralegal studies. DISCLAIMER: This article is meant for educational purposes only and is not intended to be construed as financial, tax, investment or legal advice. Print 334
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