Fancy a 6-figure income?
Don’t we all. So how can you make this happen?
According to the latest statistics from the ABS, the average Australian wage is $60,320, a fair way off this 6 figure ideal. Research conducted by Princeton University tells us that more money does make us happier, up to an amount of $75,000 USD (approx. $100,000 AUD). The study found that after the $100,000 mark, the effect of money on happiness depends on how happiness is defined. The takeaway? Earning $100,000 will statistically give you the greatest chance of happiness, but after that, you’re on your own.
What all 6 figure jobs have in common is a demand for a niche skill set. Most handsome paycheques come with a requirement for a university degree, however, they are not necessary 100% of the time. Take software development. Technically, you could learn the skills you need through an intensive, online course in coding. Follow that up with impressive job performance and leadership experience and you could find yourself promoted to the position of software development manager, a role with an average salary of $118,457.
Here are 10 jobs paying over $100,000 and what it takes to land them.
- GP – Average Salary: $121,707
What it takes: Expect a long road to the top with 8 years of medical school including a Bachelor of Medicine. You’ll need a genuine interest in helping people and the ability to work well under pressure and in emergency situations. Once you’re a GP you’ll have the option to specialise in a field of medicine, if you prefer.
- Software Development Manager – Average Salary: $118,457
What it takes: If you’re going straight into this role (not as a result of promotion), you will usually need a bachelor’s degree in computer science, computer engineering or a related technical field. If you plan on working in a specialised industry, like finance or medical research, you may also need education and experience specific to that industry.
- Project Engineer – Average Salary: $130,888
What it takes: Most project engineers have educational backgrounds in both engineering and management. You will typically need a bachelor’s degree under your belt before enrolling in a project engineering postgraduate program. Any experience, skills or training in construction will come in handy too.
- Business Development Manager – Average Salary: $104,538
What it takes: A bachelor’s degree in a business related field – such as a Bachelor of Business Administration – will prepare an aspiring business development executive for a successful career in management. To reach the top of this industry you can’t go past the Master of Business Administration (MBA), known as the gold standard of graduate degrees in business.
- Dentist – Average Salary: $120,000
What it takes: The most common path to follow includes completing a Bachelor of Dental Surgery or Dental Science. These courses usually go for five years. Alternatively, you can apply for a postgraduate qualification in dental surgery, dentistry or dental medicine after completing a degree in a related field.
- Surgeon – Average Salary: $350,383
What it takes: You’re looking at a medical degree (4 to 6 years), followed by an internship (1 year), followed by a residency (1 or more years). Once that is all complete you need to undertake 5 to 6 years of vocational training to complete a Fellowship of the Royal Australasian College of Surgeons. It takes a whole lot of commitment but the salary and opportunity to help people provides a lot of incentive.
- Psychiatrist – Average Salary: $132,796
What it takes: To become a psychiatrist in Australia you firstly need to complete 4-6 years of medical school before training for at least another 6 years as a Psychiatrist. Your initial medical training allows you to understand both physical and mental illnesses. During the second phase of training you work under supervision in hospitals and clinics with people of all ages on a full range of psychiatric problems.
- CEO – Average Salary: $178,084
What it takes: You would usually need a bachelor’s degree to enable you to start out in a management position in your field of expertise. The best route to becoming a CEO is using the internal ladder. As you gain practical, hands on experience, you may have the opportunity to become a CEO, either at your current place of employment or another.
- Anaesthetist – Average Salary: $154,267
What it takes: To become a qualified anaesthetist, you must first go through 4-6 years of med school, complete an internship and a residency and then specialise in anaesthetics, a specialist program which usually takes four years to complete.
- Mining engineers – Average Salary: $137,800
What it takes: You’re going to need at least a bachelor’s degree to land a job in this field. In fact, research positions typically require a master’s degree or doctorate. Some subjects that you will need to cover in your studies include, mining operation, geology, mine design and metallurgy.