What is a Six-Figure Salary?
In the corporate world, there is such a thing as a six-figure salary. It means getting a salary that is at least $100,000. Individuals who earn less than that, but at least $10,000, have a five-figure salary. If you’re making a million dollars, you’ve got a seven-figure salary (and obviously a great job).
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Who wouldn’t want to earn lots of money, specifically receive a six-figure salary? One of the deciding factors when applying for a job is the salary. Most, if not all, professionals, are always on the lookout for jobs that come with financially rewarding compensation and benefits.
How to earn a six-figure salary?
Do you want to earn a six-figure salary every year? The first step is to take your education seriously. Having a solid foundation will significantly help you choose a career that will lead you to financial success. According to the Occupational Outlook Handbook of the Bureau of Labor Statistics, only 55 out of 818 jobs listed offer median salaries of at least $100,000 every year. Out of the 55 jobs, 53 require at least a bachelor’s degree.
Several industries pay well and offer more opportunities for advancement, so it is crucial to choose your career path carefully. If you want to have a career that offers a six-figure salary, continuing your education is your best bet. To give you an idea, here are some jobs that you may want to consider if you want to earn a six-figure salary:
Insurance companies employ actuaries who assess risks and reduce costs by using statistics and mathematics. They earn $100,610 on average, as of 2018. Actuaries typically hold a bachelor’s degree in mathematics, statistics, or actuarial science. Many also take courses in databases and programming languages.
2. Finance manager
Banks, insurance companies, and other organizations employ finance managers who are responsible for developing strategies to keep the company financially sound and stable. The median annual six-figure salary of a finance manager is $121,750. Interested in becoming a finance manager? You need to obtain a bachelor’s degree in finance, accounting, or a related field. Bear in mind that some employers prefer job applicants with an MBA.
3. Internist/Internal medicine doctor
Data from the Bureau of Labor Statistics show that doctors typically earn a six-figure salary annually. For instance, internists receive a median salary of $182,370 per year. Everybody knows that professionals in the field of medicine spend many years in school. Doctors should hold a bachelor’s degree and be medical school graduates. They also go through internship and residency for three to seven years.
4. Petroleum engineer
Petroleum engineers are in charge of creating ways to extract oil and gas from the earth. Every year, they get a median six-figure salary of $128,230. If you want to work in an oil company as a petroleum engineer, you need to possess a bachelor’s degree in petroleum, civil, chemical, or mechanical engineering.
5. Software developer
Those who are into software development are always in demand in this day and age when everything is going digital. App developers earn a median six-figure salary of $102,280 annually. They are usually holders of a bachelor’s degree in computer science. However, many professionals find success in this field even without a degree.
The sure-fire way to getting a high-paying job is to have advanced education, but it doesn’t mean that it’s the only way. Just like in software development where some employers hire job candidates even without a degree, the next clear path to a six-figure salary is acquiring in-demand skills. Developing sought-after skills can more than make up for a lack of formal education. With the right skill set and experience, you can still earn a six-figure salary – or even more.
Thanks for reading CFI’s guide to a six-figure salary. CFI offers the Financial Modeling & Valuation Analyst (FMVA)™ certification program for those looking to take their careers to the next level. To keep learning and advancing your career, the following resources will be helpful: