According to the U.S. Bureau of Labor Statistics, What is a good salary. Salaries can vary widely and range from $19440 (the median annual wage for food preparation and service workers) to $269,600 (for anesthesiologists), according to the BLS.
The difference in wages between workers without a college degree and those with one is astounding. Georgetown University Center on Education and the Workforce (CEW), for example, shows that college graduates who have the highest-paying majors make $3.4 million more over the life of the worker than those who have the lowest-paying majors.
We will examine the typical salaries of a range of industries and jobs to help understand these disparities. Additionally, we will analyze factors that could affect wages.
Recent Graduates
The CEW reports that recent high school graduates earn an average annual wage of $22,000. An average recent college graduate makes $33,000 per year. The following are the wages of recent college graduates according to major college supergroups:
Career Wages
What is the best salary for a comfortable lifestyle? It depends on your age and the responsibilities you have.
The CEW reports that graduates of high school earn an average annual salary of $36,000 between the ages 25 and 59. An average college graduate makes $61,000 per year. The following are the top college supergroups' average college graduate salaries:
You can see that social science majors are now earning more in physical science than they do in social science. Likewise, the number of education majors is now at the bottom, with a jump in agriculture, natural resources, biology, and life sciences majors.
Graduates
What difference does a graduate diploma make? It all depends on what major you choose. Here are some examples of graduate-level salaries:
Fairygodboss also offers a salary database, compiled from anonymous member submissions. This can be used to help you determine if your wages are comparable with the national average.
Other key factors
Education plays an important role in your salary but there are other factors that affect it.
Status
Lisa Kaess (Founder of Feminomics), says, "Are your starting out or restarting?" Someone with little to no experience might expect to earn the same wage as someone who has worked for years in the same job.
Neal Stern, CPA is a member of the American Institute of CPAs National CPA Financial Literacy Commission. Stern states that a salary will reflect your current status if you are relatively young.
However, if your skills, qualifications, and responsibilities have grown, it's important to consider what you are making compared to what the market is worth.
Stern also suggests that the line of work you choose could impact your salary.
Your salary could be lower if you choose a career that offers little in the way of monetary rewards but offers great intangible rewards such as helping others or developing creative talents.
Jobs in small, non-profit organizations, for example, tend to be less lucrative than jobs in big corporations. Robert Half reports that the starting salary of entry-level private accounting accountants is $44,250 to $59,000.
For public accountants working in assurance and auditing services, the starting salary ranges from $50,000 for small businesses to $73,500 for large ones.
CEW data shows that certain majors pay more or less than others at both the entry-level and throughout a career.
Some majors can help you make a good income in the middle to upper classes. What is the definition of middle class in America?
According to the Pew Research Center, the US middle class is defined as someone who earns 67 percent to $200 percent of the median household's income. In 2016, middle-class Americans earned approximately $39,000 to $118,000
Localization
Wages can vary depending on where you live. They may reflect the cost of living or the demand for your services. According to the BLS, the average annual wage for mental health counselors is $46,050. They earn $35,440 in Missoula (MT) and $72,630 Napa (CA).
Kaess explains that taxes and housing will make up a large portion of income in major cities and high-cost areas on the East/West coasts. Higher wages are more likely to be offered by employers in higher-cost areas.
There are many benefits and opportunities
Your wages are not always the only component of your compensation package. Kaess says that if the job involves the "big three" - retirement (401k), medical insurance, vacation, and personal days, the total package could be fifteen to twenty percent more.
She says that this does not include the assurance that you are building for your future. It can take time and be flexible, but it will still provide peace of mind that everything is in order.
Stern disagrees with employees who take these benefits as a given. Stern suggests that you might be surprised at the cost of some benefits if you had purchased them yourself (assuming you could).
When deciding whether the salary is a good one, consider the cost of the benefits your employer provides in addition to the salary.
Stern advises that readers consider the intangibles. Stern also suggests that readers consider intangibles.
Flexible hours and work-at-home opportunities are hard to price. Some jobs offer a lot of overtime hours.
Stern on the other hand says that a job two hours away that requires a $300 monthly train fare should be considered.
Stern suggests that you consider the net benefit of your job. This is your salary less what it costs to get there, in both time and money.
Consider the possibility of advancement and other perks. Kaess questions, "Is this a job in a growing company?
Are there opportunities to improve your skills or train or develop?" She says that some places will cover the cost of graduate degrees as well as help with ongoing education costs - which has tangible benefits now and in future.
Sometimes the most important question is not how much a job pays but how well you manage your finances. Leslie Tayne, a New York Debt Lawyer, is the author of "Life and Debt." Tayne says that money may not be the deciding factor if you budget properly, don't spend more than you earn and use credit cards sparingly.
Tayne states thatMoney doesn't mean everything. Since work takes up most of our time, it is important to understand what makes a job a good one.
Tayne warns that while you might make a lot of money, it's not enough to live on your own. You would have no time for anything else if you had to work 80-90 hours per week. Tayne says that a happy workplace, coworkers who are good, a reasonable commute, and a fair boss all contribute to this.
What is the average salary in America? While the average salary for each job and industry is different, it's important to know if the offer of a salary you receive from a potential employer matches the average salary in your field.
A fair salary is what you deserve. The annual salary that your employer offers should be comparable to the ideal salary range for your industry's labor statistics. Before you accept a salary offer, make sure you do your research on what you would earn in the desired salary range. Good luck.
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