I researched this for you and was surprised that almost all the highest paying positions are in one industry – Health Care!
The highest paying jobs in 2020 are:
- Anesthesiologist – $207,000
- Surgeon – $207,000
- Obstetrician – $238,000
- Orthodontist – $226,000
- Psychiatrist – $220,000
- Physician – $204,000
- Chief Executive – $200,000
- Prosthodontist – $191.000
- Pediatrician – $183,000
- Dentist – $176,000
I reviewed data from the U.S. Bureau of Labor Statistics to determine which jobs pay the most, the level of job-related stress, and work-life-balance for these highly compensated careers. I also spoke to friends and neighbors that have these jobs to see if their experiences aligned with the US Bureau of Labor Statistics data. For all the individuals I spoke to their descriptions of pay, stress and work hours was dead on to the BLS data.
Healthcare jobs topped the list of the highest-paying careers, and the sector’s future makes it a recommended career choice for young adults and individuals looking to make a career change.
“Employment of healthcare occupations is projected to grow 14 percent from 2018 to 2028, much faster than the average for all occupations, adding about 1.9 million new jobs. Healthcare occupations are projected to add more jobs than any of the other occupational groups. This projected growth is mainly due to an aging population, leading to greater demand for healthcare services.
The median annual wage for healthcare practitioners and technical occupations (such as registered nurses, physicians and surgeons, and dental hygienists) was $66,440 in May 2018, which was higher than the median annual wage for all occupations in the economy of $38,640.
Healthcare support occupations (such as home health aides, occupational therapy assistants, and medical transcriptionists) had a median annual wage of $29,740 in May 2018, lower than the median annual wage for all occupations in the economy.” Quoted from the U.S. Bureau of Labor Statistics
What Degrees Are Required For The Highest Paying Jobs?
All of these jobs, except for a Chief Executive, require a doctorate degree in their specific area of practice. Some also require additional training such as internships, fellowships, and residencies which require them to be in college for 10+ years. Chief Executives usually have at least a Master’s degree in business or organizational leadership. These positions will require a significant time in college to develop the skills needed to be an expert in the field
What Regions Of The Country Pay The Most For These High Paying Occupations?
When looking at the United States and what regions of the country pay the most for high paying healthcare positions the northeast (MA, NY, CT, and NJ) pay the most. Also, the west coast (San Francisco, Seattle, and Los Angeles) pay very well. I found that states and cities with very high costs of living usually pay the highest. So, Alaska also is a high paying state due to its remote location.
What Is The Level of Stress For Theses Very High Paying Jobs?
Very High Stress – The responsibilities of an Anesthesiologist and Surgeon are very high. These highly trained professions are responsible for life and death decisions for their patients. There skills and ability to focus directly influence a patient’s outcome.
High Level of Stress – Obstetrician, Psychiatrist, Physician Prosthodontist, Pediatrician and Chief Executive are all high stress positions as well. Their decisions and level of skill have huge a huge impact, on their patients or clients. A Chief Executive often will have hundreds if not thousands of employees and their families depending on the executive to make decisions that positively impact their family and quality of life.
Average Level of Stress – An Orthodontist and Dentist have a much lower level of stress in their jobs. However, many Orthodontists and Dentists are self-employed which adds a different level of stress in their careers. They not only need to be skilled medically but also able to market their services and retain patients by delivering a very high level of customer service.
What Is The Level Of Work-life-balance For These Highly Compensated Careers?
Poor Work-Life Balance – Surgeons, Obstetricians. Prosthodontists and Chief Executives work very long hours and often are called upon to be back at work with very little notice. So participating in family and community events can be negatively impacted by their job responsibilities.
Average Work-Life-Balance – Anesthesiologists, Psychiatrists, Physicians, and Pediatricians have a more set schedule, so their work-life-balance is much more appealing.
Very Good Work-Life Balance – Orthodontists and Dentists usually make their own schedules and can decide if they want to work more or less hours. Many Orthodontists and Dentists will work half days on Fridays or take the day off to have a three-day weekend to unwind and spend time with family and pursuing hobbies.