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What are Australia’s top paying industries?

What are Australia's top paying industries?

Life isn’t all about how much you earn, but it’s always going to be a factor in where you can go and what you can do. Whether you’re an eager student looking for a place to specialise in or an old hand seeking out a new industry, here are the industries where capital is king.

Medicine is a sure-fire way to becoming a high earner.Medicine is a sure-fire way to becoming a high earner.

Medical Specialists: $144,000 – $361,000 a year

Nearly all ten of Australia’s top paying jobs recorded by the Australian Taxation Office were all about keeping the rest of us healthy. GP’s earned themselves a tidy $140,000 a year, while psychiatrists crept up the pay bracket to $186,000. However, the real king of cash here are the surgeons, who were earning a whopping $361,000 a year on average in 2012.

It can be tough to find a job that is challenging, well paid and satisfying – it looks like surgeons have all three!

However, there’s a good reason why these positions are so well paid. A medical degree in Australia alone can take five to six years, whilst a surgeon has to study that amount of time again to become expert enough in their field. All that time, you could be racking up a sizeable loan – the extra cash might be going towards paying those debts!

Business and Finance: $152,000 – $219,000 a year

Budding CEOs need to be well-educated and vastly experienced.

It’s unsurprising that an industry literally based around handling or accruing money would reward their constituents so well. However, what is quite surprising is the sheer number of high earners in these industries. While there were only about 3,500 or so surgeons recorded in Australia in 2012, the number of chief executives and managing directors almost hit 150,000 – clearly, it’s a bit more of an open career path.

So if you’re looking to boost the value of your savings account, it might be time to think of switching to business. Christian Stadler, contributor to Forbes, described how budding CEOs need to be well-educated and vastly experienced. To earn the big bucks, you’ll need a degree, preferably a masters, and a plethora of marketing and management experience. Plenty of people do it, but that doesn’t mean it’s easy!

Justice and Law: $192,000 a year

These earners were a very broad bunch, ranging from law researchers to administrative lawyers. As you can imagine, this particular industry has a very diverse pay range, with some very senior judges earning about $450,000 a year, while law clerks will be paid significantly less than that.

However, despite this, the average of this particular group is still quite high, indicating that people within this industry are less likely to need to whip out the credit card to deal with large purchases.

Should your choice in profession be all about how much it pays?

This blog post is for general information purposes only and is not intended as financial or professional advice. It has not been prepared with reference to the financial circumstances of any particular person or business and should not be relied on as such. You should seek your own independent financial, legal and taxation advice before making any decision about any action in relation to the material in this article.

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