[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]With graduation season in full swing, many aspiring professionals are contemplating how to launch their careers effectively. Some opt for pursuing a master’s degree, while others dive straight into the workforce to manage rising living costs and start paying off student loans.
But what’s the best way to approach career planning at such a crucial stage in one’s professional development?
While making money shouldn’t be your sole career focus (as chasing money alone rarely leads to true happiness or fulfillment), it’s useful to know which industries are thriving and offering the highest salaries to entry-level professionals. This information can help you make informed decisions considering salary potential, growth prospects, and career satisfaction.
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Consider industry potential by evaluating current and projected demand, using resources like the U.S. Bureau of Labor Statistics. Compare salary potential on platforms like Salary.com.
Remember, you don’t need to feel confined to a single industry. Many industries operate across various sectors, providing flexibility in your career choices. For example, project management allows versatility. You can work directly in the industry (e.g., at a project consulting firm) or in healthcare, technology, construction, or finance. It’s perfectly normal to start your career in one industry and later pivot, applying your transferable skills to another sector.
As you prepare to launch your career this year, here are three of the highest-paying industries to consider for 2024. These sectors are known for offering competitive salaries to graduates and early career starters, with promising long-term career prospects.
1. Software Engineering/Software Development
The technology sector is growing rapidly, with software developers making up the largest share of mathematical and technology occupations as of May 2022, according to the U.S. Bureau of Labor Statistics (BLS).
“Overall employment in computer and information technology occupations is projected to grow much faster than the average for all occupations from 2022 to 2032. About 377,500 openings are projected each year, on average, in these occupations due to employment growth and the need to replace workers who leave the occupations permanently,” the BLS reports.
Entry-level software engineers and developers can earn around $80,000 annually, with potential earnings rising to $187,000 and $135,000, respectively.
Average salary range for software developers: $114,013 to $135,979
The average salary range for software engineers: $72,090 to $187,360
2. Engineering
Engineering is a broad field that includes industries such as petroleum, aerospace, chemical, mechanical, electrical, and civil engineering. These sectors offer lucrative entry-level salaries and hands-on experience with strong career progression pathways. For instance, petroleum engineers can earn up to $118,779 annually.
Average salary range: $70,450 to $177,770
3. Management Consulting
Despite some larger firms experiencing a decline in client projects, management consulting, or management analysis as the BLS terms it, is still seeing significant growth with a projected 10% increase in jobs over the next few years.
“The management consulting industry was valued at roughly one trillion U.S. dollars in 2023,” according to Statista. “The market value peaked in 2022 and is expected to grow further in 2024.”
This promising field for new graduates offers entry-level consultants salaries over $80,000, with strong career progression toward partner or director roles.
Average salary range: $75,814 to $141,431
Remember, you don’t need to stick to one industry. Start your career at the entry level in one of these fields and as your skills and experience grow, you can transition to a similar role or another sector. You might even become a self-employed freelancer in these areas. Ultimately, it comes down to your long-term goals and what you want to achieve in your entry-level job.[/vc_column_text][/vc_column][/vc_row]
