Take a look at the best paying industries in Australia
Want to position yourself for ultimate financial success?
There are thousands of self-help guides out there aimed at helping people develop their budgets, increase their savings and earn financial freedom. However, the first step that most decent financial advisors will tell you to take is to increase your income.
With a higher income, the possibilities are endless. You don’t have to dumpster dive to feed yourself just so you can hit a savings goal every month. You don’t become burnt out in less than a year chasing foolish financial goals. Most importantly, you actually have a real chance of achieving the life you’ve always wanted.
However, increasing your income isn’t as simple as flicking a switch. There are a lot of variables that go into it – the wealth of the company you work for, the free time you can dedicate to generating side-income, and most importantly, your own qualifications.
However, there is another major variable that not enough people take seriously. The industry you work in can have an enormous impact on your earning ability. Some industries simply don’t pay above a certain threshold. Others might have limitless potential, but enormous roadblocks in the way for the majority of people.
The key is finding an industry where most employees earn an income that is significantly above the national average. Then, you don’t need to spend 14 hour days at the office chasing a miniscule raise. Sure, you still need to put in a lot of effort. However, taking this simple step can position you for greater financial success further on in your career without the need to take extreme measures.
If you’re still getting started on your career journey, take a moment to read about these high paying careers before you start brushing up on your resume. If you’re already well into your career journey and looking for a change, these five industries might be a good place to start.
Information and Communication Technology
Average Salary: $99,445
Information and communication technology is an industry that has exploded in recent times. The “newest” industry on this list, it has created hundreds of thousands of jobs across Australia and become an integral part of modern business.
Different jobs within this sector can attract varying levels of pay. Systems Architects attract an average salary of around $136,000, something that’s very difficult to beat in any other industry.
Broadly speaking, Information and Communication Technology is concerned with all aspects of managing and processing information. Whether this involves developing the backend for an online store or managing huge amounts of data for a global positioning system company, ICT is applicable in almost every other industry.
There are various roles you can look into pursuing if this area of work interests you. Some roles include:
- Database Developer
- Support Technician
- Web Developer
- Business Analyst
- Software Engineer
Compared to many other industries, ICT can be relatively easy to break into, especially if you have a passion for technology. If this interests you, start out by getting an idea of what you’re good at. Whether that’s the hardware side of things or software, you’ll need to have a grasp on everything in order to be successful.
A great starting point in order to break into high end roles is gaining a basic understanding of programming languages such as Python or markup languages such as HTML and CSS, as well as understanding the basic concepts of existing programs like Microsoft Excel, which can launch you into database management.
Average Salary: $103,396
Regardless of the impact of automation and changing work environments, the world will always need engineers to some extent. Engineering is a highly respected industry and gaining the right qualifications can set you up for life.
Project Managers within the engineering sector earn an average salary of $122,492, making this easily one of the top paying industries in Australia. While an engineering degree is highly recommended for a Project Manager role, it is not necessary. With a broad background in relevant roles and a good set of skills, you can easily break into project management without an engineering qualification.
There are a lot of jobs you can pursue in the engineering industry. Some include:
- Mechanical Design Engineer
- Civil Engineer
- Project Engineer
- Project Manager
- Mechatronics Engineer
Your method of entry will vary in comparison to other people entering the industry. Of course, the greater your level of qualifications, the more likely you are to obtain a role that is on the higher end of the salary scale.
Average Salary: $104,023
Australia has a long, proud history of construction. As a young nation that is still developing much of its infrastructure, construction plays a critical role in our national development.
Managers in the construction industry earn an average salary of around $124,682. Of course, it doesn’t come easy. You will bear a lot of responsibility as a construction project manager, and the buck often stops with you when things go wrong.
There are a lot of entry streams you can follow to break into the construction industry. Some construction roles include:
- Building Inspector
- Site Manager
The construction industry is so varied that there is something for everyone, so you can always find a role that suits you.
Consulting and Strategy
Average Salary: $107,503
Consulting is a difficult industry to pin down. While many people often disparage the large fees that consultants charge, and the difficulty in determining the return on investment that an organisation achieves by hiring one, most consultants are highly qualified and very good at their jobs.
Consultant roles vary. Depending on what you’re qualified in, you can work in change management or simply come on board with a company to fill an existing skills gap for a particular project.
Some consultant roles include:
- Business Analyst
- Policy Analyst
- Ethics Consultant
- Environment & Sustainability Consultant
- Change Management Consultant
Mining, Resources and Energy
Average Salary: $118,298
In the Mining, Resources and Energy sector, managers command an average salary of $132,599, far above the average management salary for the majority of other top paying industries in Australia.
Sure, Australia’s resources boom has ended. However, that doesn’t mean the resources have disappeared. We’ve now entered a long period of steady output levels that will no doubt continue into the foreseeable future. While the fossil fuels industry may see some downturn in the coming years, many other minerals and materials will still need to be dug up and processed.
There are a number of awesome roles within this industry, including:
- Work Health & Safety Officer
- Equipment Manager
- Site Manager
Depending on your direction in life and your existing skills, there are loads of opportunities out there for everyone. If you’re willing to put in the work and earn the right qualifications, you can easily break into Australia’s top paying industries and go a long way.