Best Industries to Work In – Salary Trends

Why Salaries Really Matter

Navigating the job market to maximize earnings is an art form.

One of the most critical elements of your ability to maximize your earnings is your alignment with demand.

Understanding Demand

Learning to leverage demand is playing your career on “easy mode”.

Demand refers to the need for specific skills and roles within an industry.

When demand is high, employers are willing to pay a premium to attract top talent. Conversely, when demand is low, it often leads to stagnant wages and limited opportunities.

Understanding where demand is growing helps you position yourself in fields where your skills are most valued. Finding opportunities with high demand can even lower the bar and allow you to get into positions otherwise “above your paygrade”, get faster promotions and develop skills “on the job”.

Salary Trends as Indicators of Demand

Salary trends serve as a good proxy, or a barometer for demand. Industries experiencing salary growth are usually expanding and require more professionals, driving up wages. This trend indicates a healthy, active sector where opportunities are plenty.

But remember, it’s not just about securing a high salary right now; it’s about finding an industry with sustained demand. This ensures long-term career growth, more opportunities, faster promotions, greater job security and financial stability.

There’s no doubt about this: if there’s a single parameter you should orient around and try to control in your career – that parameter is demand.

And finding industries where salaries are growing is one way to do exactly that.

By focusing on industries with rising salaries, you position yourself toward higher demand occupations, which in turn enables your ongoing success and increasing earnings.

Total Salary vs Salary Changes

Another quick note, and an important nuance…

In the context of identifying highest demand opportunities, the change in salary within an industry is significantly more important than the current salary level. Rising salaries signal a growing industry with increasing demand, whereas stagnant or declining salaries – even if they happen to be high salaries – may indicate an industry in decline.

Analyzing Salary Trends

With all that contacts in place, we’d like to share with you some of our findings about salary trends…

The most popular sources first (not because they are the most accurate, but because their message is the loudest and known by the most numerous):

Highest Paying Industry Insights

Insights from CNBC

According to CNBC, several industries are experiencing significant salary growth, making them attractive.

Tech

The technology sector (what they really mean is “Information Technology”) continues to lead in salary offerings and job growth. They were impressed because a senior fullstack engineer at NVIDIA could make between $144,000 and $224,250 per year.

Consulting

In the consulting industry, expert consultant positions at Bain & Company were offering salaries between $108,500 and $127,500. This reflects the high demand for strategic expertise and aligns with our expectations of growing demand for consultants.

Finance

The finance sector also shows promising salary trends. In their example, a data science associate at Fidelity Investments can earn between $85,000 and $179,000 per year.

Insights from Indeed

According to Indeed, here are the highest-paying industries based on current data:

• Health care
• Engineering
• Information technology
• Finance
• Mining, resources, and energy
• Legal

Insights from Handshake

According to Handshake, the following industries are currently among the top for employment and hiring:

• Information Technology (IT)
• Tech
• Healthcare
• Education
• Accounting
• Pharmaceutical
• Finance
• Engineering
• Real Estate
• Higher Education
• Sales
• Government
• Energy
• Retail
• Manufacturing
• Architecture
• Human Resources
• Nonprofit
• Transportation
• Hospitality

Insights from Upwork

Based on data from Upwork, the following industries are highlighted for their promising career opportunities:

• Technology and Software Development
• Digital Marketing
• Education and Remote Learning
• Healthcare and Medical Services
• Renewable Energy and Sustainability

Insights from CareerOneStop

The following table shows the top 10 highest paying industries according to CareerOneStop:

Industries with Highest Salary Growth

So far, we’ve discuses high salaries and attractive positions. But what about actual salary growth?

It took some digging, but we were able to chase down actual wage growth metrics as well. The following 10 industries are experiencing significant salary growth:

• Information
• Construction
• Professional and Business Services
• Manufacturing
• Wholesale Trade
• Other Services
• Leisure and Hospitality
• State Government

Our Recommendations for Best Industries to Work In

As you can see from our findings above, there are some overlaps, as well as sectors and industries where there is little to no agreement between the various sources.

This, of course, is quite natural. No one has perfect information, and as a result, no one is able to make definitive claims about which industries have the best opportunities.

That being said, we have enough to make some intelligent guesses…

Based on our analysis of salary trends, here are the industries poised for exceptional career growth – these are what we deem to be the best industries to work in.

(Note: please keep in mind that while this list is generated with primary emphasis on salary growth, we have taken a holistic approach and incorporated other dimensions of comparison as well to paint a more accurate picture)

1. Information Technology (IT): IT continues to lead with robust salary growth, driven by innovations in software development, cybersecurity, and digital transformation across industries. Especially with the entry of artificial intelligence, this trend is going to accelerate. In fact, over the next 30 years, we expect IT to transform from a field to an entire category of work. (Being in IT is going to be similar to being in “management” – not an industry, but a category of work, because of the ubiquitous nature of positions across every industry)
2. Construction: The construction sector is experiencing substantial salary increases amidst booming infrastructure projects and urban development initiatives, offering lucrative opportunities for skilled professionals.
3. Professional and Business Services: This sector, encompassing consulting, legal services, and accounting, sees accelerated salary growth due to high demand for strategic expertise and regulatory compliance.
4. Manufacturing: Evolving technologies and global supply chain demands contribute to rising salaries in manufacturing, particularly in roles focused on automation and sustainable practices. Especially in the light of friend-shoring and near-shoring, and the general interest in de-globalization, we anticipate significant growth in manufacturing in the Anglosphere.
5. Digital Marketing: As businesses prioritize online presence and customer engagement, digital marketing roles see significant salary growth. (Note: We anticipate that the growth in jobs are going to be in the upper tier of work rather than entry or mid level jobs, which are going to be more and more automated by AI)
6. State Government: Roles in state governments, including public administration and regulatory affairs, offer stable careers with growing salaries amidst increasing public spending. Make no mistake: government jobs are going to continue to grow, and other than individuals like Javier Milei being elected, very little can get in the way of this growth. (Note: Government jobs are harder to get without the appropriate credentials, as there is more gatekeeping as well as oversight. While it is true that exceptional candidates can get exceptional results regardless of their credentials, the expected growth of government jobs re-emphasizes the importance of a college degree)
7. Healthcare: Continuous advancements in medical technology and healthcare services contribute to steady salary growth in healthcare professions. Of course, the main driver is the aging population. (Note: We think that this growth, while substantial, also has a time limit since Social Security, Medicare, and Medicaid are facing collapse by 2036. There will continue to be demand for healthcare, but those that can pay are going to disappear – leading to contraction, austerity measures, layoffs, and extreme competition)

Conclusion

Identifying the right industry to work in and ensuring it is experiencing – and will continue to experience – high demand is a crucial strategic step for rapid career growth.

However, choosing the right industry is only part of the battle…

Whether you’re pursuing a job with a college degree or without one, having the right qualifications and hard skills is essential. Yet, ask anyone who has interacted with the job market over the last decade, and they will tell you that qualifications are no longer enough.

Beyond your qualifications, developing the key skills that are in high demand – skills that set you apart – is also crucial. Refer to The Five Core Skills & Seven High-Value Disciplines for detailed guidance.

Moreover, effectively communicating your skills to stand out and attract employers is also vital. In this context, learning the “Language of Value” can significantly enhance your appeal to potential employers.