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At some point in your life, prior to entering the workforce, you may have had some idealistic notion about the sort of career you wanted. Maybe you thought more about the job itself, rather than the rewards it would offer. You might’ve felt that the financial aspect of your career would be secondary to the happiness it could bring you. But let’s face it — when it comes right down to it, we’re all working for a paycheck, so why not find the job that brings home the biggest one? If you’ve decided that the moneymaking route is the one you want to take, it’s time to decide on the degree that will get you there. The highest-paying careers are currently in the fields of medicine, law, business, and engineering. There’s no doubt (or surprise) that a medical or legal degree can lead to a profitable career. But medical and law school aren’t for everyone. Both courses of study require immense dedication, drive, and money — or the willingness to dive into some pretty steep student-loan debt. (U.S. News & World Report says the average debt burden for a medical-school graduate in 2003 was $109,457.) If you don’t think you’re up for the schooling that a career in the medical or legal professions requires, don’t sweat it. There are lots of other possibilities. You might be leaning toward a specific area of study already, or perhaps you can’t make up your mind. For those who are on the fence — or for those who want a more versatile education — there are lots of hybrid graduate programs that supply students with a well-rounded, marketable education in more than one field. MEDICINE Everyone knows that doctors make a lot of money — and they should. With the high cost of their education, the demanding nature of medical school, and the long, exhausting residency programs they’re forced to endure — not to mention the intense responsibilities of their jobs — it’s no surprise that medicine is a high-paying field. The US Department of Labor’s Bureau of Labor Statistics reports that surgeons, anesthesiologists, obstetricians, gynecologists, and internists are the highest-paid among medical professionals, bringing home an average annual salary of $159,820 to $182,690. Pediatricians and psychiatrists rank high on the pay scale as well, taking home average annual salaries of $141,800 and $138,590, respectively. Dentistry is another avenue to keep in mind if you’re considering a high-paying health-care career. Dentists have a bit of an advantage over medical doctors, however; they’re more likely to start their own practices and set their own hours, and they’re not typically faced with the stressful environment that comes with practicing medicine. The Bureau of Labor Statistics reports dentists make an annual average of $129,040. LAW If you’re fairly headstrong and think you can handle the demanding, grueling nature of law school, then attaining a law degree might be the right step toward a very profitable career. Salaries for lawyers can vary widely, however, based on factors such as firm size, geographic location, and area of concentration. According to the Bureau of Labor Statistics, the nationwide average annual salary for a lawyer is $107,250. Boston University School of Law reports that its 2003 graduates earned a median salary of $125,000 in the private sector and $43,000 in the public sector. U.S. News recently reported rising demand for law-school graduates with specializations in three areas: corporate, intellectual property, and government. The need for corporate lawyers is increasing as the number of corporations and venture firms continues to rise. Intellectual-property attorneys, specifically patent attorneys, are needed to handle scientific and technological advances, and graduates specializing in government law will become more in demand as the economy continues to grow. BUSINESS According to Job Outlook 2005, a report released by the National Association of Colleges and Employers, the degree in highest demand on the master’s level is the MBA. It’s reported that 60.1 percent of employers who plan to hire master’s-degree candidates will target those with an MBA. That’s good news for those who think they might be business-oriented. And if that isn’t enough, it appears that salaries are on the rise for MBA graduates as well. An article in the Wall Street Journal’s College Journal cites a recent study conducted by TopMBA.com, an online recruiting and education site. According to the study, MBA graduates had an average annual salary of $82,000 in 2004 — up more than nine percent from 2003. The grads with the best salary prospects will be those who focus on management consulting and finance. The average salary in finance in 2004 was reported to be $98,477, while management consultants brought home a reported average of $86,233. ENGINEERING Engineering careers continue to be hot — and likely will be for some time to come. If you love math and science and consider yourself a problem-solver, an engineering career might be just what you’re looking for. U.S. News explains that computer and electrical engineers are in higher demand than other types of engineers because their training makes them extremely flexible and versatile. The Bureau of Labor Statistics reports an average annual salary of $82,040 for computer-hardware engineers, and $73,370 for electrical engineers. Nuclear engineering is also increasing in popularity, with many graduates going on to careers in the military and other government agencies. Other potential employers include utility companies and energy-consulting firms. The Bureau of Labor Statistics reports that nuclear engineers make an average of $85,440 annually. The rising demand for biomedical engineers is no surprise, post-9/11, given the threat of biological warfare and our government’s war on terrorism. Medical advances such as the design and development of artificial organs and prostheses have also put this profession on the radar screen. According to the Bureau of Labor Statistics, biomedical engineers earn an annual average of $67,580. HYBRID DEGREES Earning a joint degree can also be highly lucrative. Not only can a hybrid degree give you an advantage over other graduates when competing for jobs, but it can also command a higher salary. If you like the idea of a business degree, but are also interested in, say, engineering, don’t assume that you have to choose between the two. The Leaders for Manufacturing Program at MIT allows students to obtain an engineering degree and an MBA at the same time — and in just two years. Or, if you think you want to incorporate your IT skills with an MBA, Boston University School of Management offers a master’s of science in information systems combined with an MBA. BU is the only school in the world to offer this type of degree, which can be completed in a mere 21 months. Maybe you’d like to pursue an advanced degree while working toward a law degree. If you’re interested in law school, but think that a focus in social work could greatly benefit your career, combine a juris doctor with your master’s in social work from Boston University. Do you have a passion for law and criminal justice? Suffolk University allows you to earn a JD and a master’s in criminal justice at the same time. Obviously, you should find an area of study that suits your interests. If you head off to graduate school with dollar signs in your eyes, you’ll likely have a very long, unremarkable educational experience — not to mention a career that’s less than satisfying. So sit down and seriously assess your interests and skills. If you decide that an advanced degree can serve to enrich your life as well as your career prospects, and you think you’re prepared for all that graduate school can (and will) demand of you, then what are you waiting for? Start studying for that entrance exam. Darcy Heitzke can be reached at dheitzke[a]phx.com. |
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Issue Date: January 28 - February 3, 2005 Back to the News & Features table of contents |
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