As graduation season approaches, a lot of prospective professionals are thinking about how to make a good first impression on the world of work. For some, getting a master’s degree is the best option. Others decide to enter the workforce right away in order to manage growing living expenses, start paying off student loans, and maintain their financial stability, so do jobs.
But how should one go about career planning at this critical juncture in their career development?
It’s still helpful to know which industries are booming and paying the highest salaries to entry-level professionals, even though pursuing money alone rarely results in true happiness or fulfillment as your primary career goal. With this information, you can make well-informed decisions that take career satisfaction, growth opportunities, and salary potential into account.
Analyze industry potential by using resources such as the U.S. Bureau of Labor Statistics to assess current and projected demand. Use sites such as Salary.com to compare potential salaries.
Recall that you don’t have to feel restricted to a certain sector. Many industries operate in multiple sectors, giving you options when it comes to your career. Project management, for instance, promotes adaptability. You can work directly in the sector (for example, at a project consulting company) or indirectly in the fields of finance, technology, healthcare, and building. It’s quite common to begin your career in one industry and then change directions, applying your transferrable skills to another industry.
This year, as you get ready to start your career, take into consideration these three highly lucrative industries for 2024. These industries are renowned for providing graduates and recent college graduates with competitive salaries and bright future career prospects.
Software Engineering/Software Development
The U.S. Bureau of Labor Statistics (BLS) reports that as of May 2022, software developers held the highest percentage of jobs in mathematics and technology, reflecting the industry’s rapid growth.
From 2022 to 2032, the total employment in computer and information technology occupations is expected to grow at a rate significantly faster than the average for all occupations. Due to employment growth and the need to replace workers who leave the occupation permanently, an average of 377,500 openings are projected in these occupations each year, according to the BLS.
Engineering
Petroleum, aerospace, chemical, mechanical, electrical, and civil engineering are just a few of the industries that fall under the broad category of engineering. These industries provide good career progression pathways, hands-on experience, and high starting salaries. Petroleum engineers, for example, can make up to $118,779 a year.
Management Consulting
Management consulting, or management analysis as the BLS refers to it, is still experiencing significant growth, with a projected 10% increase in jobs over the next few years, despite some larger firms experiencing a decline in client projects.
According to Statista, “the management consulting industry was valued at roughly one trillion U.S. dollars in 2023.” “The market value reached its peak in 2022 and is predicted to increase even more in 2024.”
Entry-level consultant salaries in this exciting field for recent graduates exceed $80,000, and there is strong career progression towards partner or director roles.
