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Thursday, May 21, 2015

25 Highest Paying Jobs Most in Demand Now, With Education Factored

I’ve seen and read a slew of articles the past few days relating to the job market for college graduates.  Some, like Money’s online Family Finance page, present a Goldilocks and the Three Bears (“Just right”) edition of this ongoing saga with the headline: How New College Grads Can Beat the Tough Job Market.  Meanwhile, at the Boston Globe, the take is that everyone is soon to live happily ever after, as the headline, For New College Grads, Job Market is best in a Decade, implies.  The Money piece by Dan Kadlec resonated with me much more than the viewpoint shared by Megan Woolhouse at the Boston Globe.  In particular, the last two paragraphs where Mr. Kadlec discusses the merit of getting an internship as a way to land a job, calling it, “smart planning.”
I have some more “smart planning” in store for you all today.  It involves an article from February of this year posted by Glassdoor.com Blog and titled, 25 Highest Paying Jobs in Demand.  Reading the article on Browse mode will not do it justice.  Most people will just scroll from the top of the page down to the end and say something like, “How interesting…I should’ve been a Doctor.”  From the look of it, it does seem that being a Physician is the way to go, since it earned pole position.  Glassdoor.com could’ve done better with the information it gleaned from its study, visually, that is.  Before we move forward, you should take the time to read about the methodology at the bottom of the article.
Being a science major and educator, I thought I could show you something even more interesting given the same data.  Why would I bother?  Helping future and current undergraduates, as well as people currently searching for a job, was my motivation.  Glassdoor.com has given us valuable insight, and someone needs to decipher it with a social scientist lens…why not me?  So here it goes.
First I created a chart on Excel ranking these 25 highest, most in demand jobs, by average base salary.  Behold:
Table 1
Rank
Job
Openings
AvgBaseSalary $
1
Physician
7984
212270
2
Pharmacy Manager
1787
131099
3
Software Architect
3229
130891
4
Software Dev. Manager
2249
123747
5
Finance Manager
9224
123534
6
Solutions Architect
3530
121522
7
Lawyer
5520
120424
8
Analytics Manager
1408
115725
9
IT Manager
17161
115642
10
Tax Manager
3622
114966
11
Pharmacist
9160
114715
12
Product Manager
9918
113959
13
Physician Assistant
43678
110871
14
Supply Chain Manager
1667
106632
15
Data Scientist
3433
105395
16
Security Engineer
2060
102749
17
QA Manager
1689
101330
18
Computer Hardware Eng
1264
101154
19
Marketing Manager
14179
100229
20
Database Administrator
9041
97258
21
UX Designer
2010
96855
22
Human Resource Mgr
7220
96406
23
Software Engineer
99055
96392
24
Business Dev Manager
11037
95139
25
Sales Engineer
5508
90899
 
As you can see all of these jobs pay greater than 90K, with Physician at number one ($212,270).  But now let’s bring “Number of job openings,” into focus:
Table 2
Rank
Job
Openings
AvgBaseSalary $
1
Software Engineer
99055
96392
2
Physician Assistant
43678
110871
3
IT Manager
17161
115642
4
Marketing Manager
14179
100229
5
Business Dev Manager
11037
95139
6
Product Manager
9918
113959
7
Finance Manager
9224
123534
8
Pharmacist
9160
114715
9
Database Administrator
9041
97258
10
Physician
7984
212270
11
Human Resource Mgr
7220
96406
12
Lawyer
5520
120424
13
Sales Engineer
5508
90899
14
Tax Manager
3622
114966
15
Solutions Architect
3530
121522
16
Data Scientist
3433
105395
17
Software Architect
3229
130891
18
Software Dev. Manager
2249
123747
19
Security Engineer
2060
102749
20
UX Designer
2010
96855
21
Pharmacy Manager
1787
131099
22
QA Manager
1689
101330
23
Supply Chain Manager
1667
106632
24
Analytics Manager
1408
115725
25
Computer Hardware Eng
1264
101154


Physician, at number 10, with 7,984 job openings, suddenly doesn’t look untouchable.  Someone just looking at Table 2 would say the way to financial security begins with a major in Software Engineering—nice pay at $96,392 and plenty of current job openings at 99,055.  Our work is done, right?  Not so fast!  If you are seriously concerned with “smart planning,” you would also want to know at minimum one last thing, education.  How much would someone in these professions need to be “educated,” meaning, how much college do you need to do as a requirement of these jobs?
It wasn’t easy, but I searched for education requirements for all 25 jobs listed here.  I used, Study.com for most of my findings, and when I was in doubt, I also visited the Bureau of Labor Statistics.  This is what I came up with:
Table 3
Job
Entry-Level Education
Physician
Doctor of Medicine
Pharmacy Manager
Doctor of Pharmacy
Software Architect
Bachelor's
Software Dev. Manager
Bachelor's/Masters
Finance Manager
Bachelor's/Masters
Solutions Architect
Bachelor's
Lawyer
Juris Doctor
Analytics Manager
Bachelor's/Masters
IT Manager
Bachelor's/Masters
Tax Manager
Bachelor's
Pharmacist
Doctor of Pharmacy
Product Manager
Bachelor's
Physician Assistant
Masters
Supply Chain Manager
Certificate/Bachelor's
Data Scientist
Bachelor's/Masters
Security Engineer
Bachelor's
QA Manager
Bachelor's
Computer Hardware Eng
Bachelor's
Marketing Manager
Bachelor's
Database Administrator
Bachelor's
UX Designer
Certificate/Bachelor's
Human Resource Mgr
Bachelor's/Masters
Software Engineer
Bachelor's
Business Dev Manager
Certificate/Bachelor's
Sales Engineer
Bachelor's
  
Let me describe each “Entry-Level Education” description as written about at Study.com.
  1. Certificate/Bachelor’s: Jobs where a student could take courses at a technical school, earning a certificate or also apply a Bachelor’s degree to land this job.  In other words, a Bachelor’s is recommended, but not required.
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  1. Bachelor’s: A minimum requirement of a Bachelor’s for the job.


  1. Bachelor’s/Masters: A job with a Bachelor’s requirement, but a Masters recommended.


  1. Masters: A minimum requirement of a Masters for the job.


  1. Doctor’s: The highest possible degree is a requirement for the given job.
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Then I did something fancy.  I wanted to rank these same 25 jobs with all three column headings (pay, openings, and education) in consideration.  Why?  To show you what are the current 25 top paying jobs with the most openings AND factoring in education.  In order to rank the jobs using a scale I assigned a total value of 25 for pay, 25 for openings, and 50 for education.  A Physician, for example, gets a score of 1 (pay) + 10 (openings) or 11/50 IF we just looked at Table 1 and Table 2.  Since there were 5 entry-level education descriptions, I assigned any job requiring a Certificate/Bachelor’s 10 points, while jobs requiring a Bachelor’s were given 20 points, and so on.  In this case, more point is a BAD thing.  I think we can all agree that money aside, more education is always better.  But this being a fin blog, and providing money sense being a prime directive of this blogger, more college education will always mean more debt, unfortunately.  Now how do the top 25 highest paying, most in demand jobs, stack up?  Behold:
Rank
Job
Pay
Openings
Edu
Total
(100 max)
Avg.
1
Product Manager
12
6
20
38
0.38
2
Business Dev Manager
24
5
10
39
0.39
3
Software Architect
3
17
20
40
0.4
4
Solutions Architect
6
15
20
41
0.41
5
Finance Manager
5
7
30
42
0.42
5
Analytics Manager
8
24
30
62
0.42
5
IT Manager
9
3
30
42
0.42
6
Marketing Manager
19
4
20
43
0.43
7
Tax Manager
10
14
20
44
0.44
7
Software Engineer
23
1
20
44
0.44
8
Supply Chain Manager
14
23
10
47
0.47
9
Database Administrator
20
9
20
49
0.49
10
UX Designer
21
20
10
51
0.51
11
Software Dev. Manager
4
18
30
52
0.52
12
Physician Assistant
13
2
40
55
0.55
12
Security Engineer
16
19
20
55
0.55
13
QA Manager
17
20
20
57
0.57
14
Sales Engineer
25
13
20
58
0.58
15
Physician
1
10
50
61
0.61
15
Data Scientist
15
16
30
61
0.61
16
Computer Hardware Eng
18
25
20
63
0.63
16
Human Resource Mgr
22
11
30
63
0.63
17
Lawyer
7
12
50
69
0.69
17
Pharmacist
11
8
50
69
0.69
18
Pharmacy Manager
2
21
50
73
0.73


And the winner is…Product Manager!  Martin Eriksson tells you what exactly is a product manager in the most lucid way online.
You can see now that Physician dropped all the way to number 15.  Sure it’s great pay, and there are always openings, but the education that is required is sure to leave you debt ridden.  However, since the pay is high, if a new Doctor can keep from buying a boat in the first ten years on the job, they should be able to rid themselves of their college loans in no time, i.e., by living within their means.  For me, the job of a Physician is the only one I would not hesitate to recommend to a high school student, given our economy.  All others come with “ifs” and “buts.”  Students who are considering law and pharmacy, BUYER BEWARE!
This has been another installment of Common Core Money blog, and if you liked what you just read then you should rank me number one and Subscribe to this blog!  Thanks for reading!

2 comments:

  1. A nice look at how education, salary and profession intersect.

    ReplyDelete