As studies show, education is appealing. It also has the power to make you rich. Many of the most successful companies on the NYSE are managed by top-level executives with advanced degrees, however this is not the only way. How should you develop your skills and education so that your salary exceeds the $200,000 mark? Check out our recipe for success below…
The recipe for a $200,000 per year job is a combination of the following components:
- Attain a high level of education
- Choose the right industry
- Work in a large company
1. Education can Increase your Salary
There is an indisputable link between a person’s level of education and their salary. Without a university degree, a top salary of $200,000 is less likely. The distinction of “doctor” or the earning of an MBA can especially bring about high-level career opportunities. According to psychologist Dr. Andranik Tumasjan, of the Technical University of Munich, the title of the future is the MBA – which is more condensed and can be achieved faster than a PhD. Many universities offer great MBA programs, to include executive MBAs that can be done in tandem with your current position. Even with the distinction of a PhD or an MBA, however, if you’re in the market for a job earning $200,000 or more you’ve got to choose the right industry.
2. Lucrative Industries
The salaries for senior managers vary depending on the industry. As the infographic shows, the technical branches such as IT, R&D, and scientific research, are the highest paying. According to Tumasjan, a PhD is an attractive asset in these industries. The title of doctor is not as necessary in the service sector, the hotel and gastronomy sector, sales-oriented industries, or in the entertainment business, in which high salaries can also be earned. This can be demonstrated by many practical examples; large tech companies – BASF, E-on, Daimler and EOS – are all managed by CEOs with many years of education, while Dr. Pepper, iHeartMedia and Publix, for instance, are managed by CEOs who’ve risen through the ranks.
3. Bigger is Better
The size of the company also plays an important role in getting you past that $200,000 mark – Align yourself with a larger business rather than a smaller one. In a larger company there is typically more room to grow and advance. A promotion = more responsibility and, of course, a higher salary. And if you happen to have a doctorate degree, the rule of thumb is: The bigger the company, the more valuable the PhD. After all, it is a unique feature to distinguish itself from the competition.
A Different Path
A degree alone is not enough, nor is it the only way – if you have neither the time nor desire to invest in a course of study, it does not mean that you have to say goodbye to the dream of making $200,000 or more. Simply implement components 2 and 3 from our success formula, and work on improving your emotional intelligence. Though it may take a bit longer to climb the corporate ladder without an advanced formal education, it isn’t impossible. So, no matter what your level of education, make sure to make smart choices in your place of business, and always work on self-improvement.