The Best & Worst Salaries the U.S. Has to Offer
I have to admit that I enjoy job market literature so much more when it is in list form. Lists quantify information, make topics easier to understand, and equal less reading for everyone. So even though Forbes.com posted this article last month, I couldn’t pass up a chance to talk about the 25 best-paying jobs in America versus (yup, you guessed it) the 25 worst-paying occupations.
For those of you who love lists as much as me, and pictures for that matter, I’ll direct you to the interactive slide shows that the site created outlining these lists. Here is the link for the 25 best-paying positions, as well as one for the 25 worst-paying. These slides offer details like the mean annual pay for each job, how much the salaries have increased since last year, and which region offers the highest pay rates for each position.
In terms of the article itself, the second half reads somewhat like a disclaimer, warning that the lists are merely a study of averages. Forbes used data from a government survey to compile its findings, and while we may not all trust the government, there really isn’t anywhere else to get this type of information, so let’s just run with it. Things to remember about the lists are that the numbers are representative of 2006, only 800 jobs were researched in the survey, and that the study couldn’t track or include household workers, the self-employed, and partners in unincorporated organizations.
Needless to say there is a margin of error involved, but the lists still represent a valuable resource for anyone investigating the nation’s job market. Whether you hope to change jobs or remain within the same industry, you can find out what you should be making and which locations hold the most opportunities for you. So let’s sum up these lists for everyone right now…
No big surprises in who dominated the best-paying jobs, with medical professions grabbing 13 out of the top 15 spots. If you were thinking about taking your parents’ advice and becoming a doctor or a lawyer, I’d advise you to stick to medicine…of literally any kind. Lawyers only made it to #16, with a mean annual wage of $113,660. I suppose you could settle for that too.
Anesthesiologists surpassed surgeons this year to reach the #1 position with yearly earnings of $184,340. Aside from airline pilots and air traffic controllers, management positions filled the rest of the list. If you aren’t interested in a career in medicine, schools that offer degree programs in management or administration are relatively easy to find. Browse CollegeCourses.com for management degrees in the areas of marketing, computer and information systems, sales, and finance.
Even though these salaries are impressive, some of you may consider them a little low to be the highest in our country. When averaging together so many salaries, that’s just what happens. The slide shows include the top-paying state and metro areas for each job, some of which boast an annual wage that doubles the national average.
It is also difficult to gauge the value of overtime earnings and alternative compensation. The author of the Forbes article, Paul Maidment, throws in the particularly extreme example of Steve Jobs to prove his point. The Apple co-founder and CEO’s salary equaled the misleading amount of $1 last year. He didn’t push for a raise, seeing as his stock options alone earned him over $645 million.
The same type of situation also exists with the worst-paying jobs. It is impossible to track undocumented workers who are paid less than minimum wage. As a result, the lowest annual income on the list belongs to fast food prep and service workers at $15,930. Hardly a livable wage, but still higher than what some people earn. The next lowest paid are fast food cooks, dishwashers, and dining room and cafeteria attendants. As you can assume, the food, hotel, and leisure industries occupy most of the spots on this list.
So even though many of the positions on the best-paying list require advanced degrees, you can’t beat the salaries they offer. And in terms of pursuing the career you love, don’t feel discouraged if you found it on the worst-paying list. I know I may sound redundant when I say this, but look into the field of management. Supervisors and administrators are needed in almost every line of work. As I mentioned in an earlier post, the food and leisure industries are constantly growing and an administrative position in hospitality management actually yields a good income. Remember, the lists offered by Forbes aren’t definitive, it all depends upon your location, your situation, and the dedication that you bring to the job.