When it comes to choosing a career, for some people, earning a decent salary comes second to satisfaction at work. Whereas, for the rest, money is the leading motivator to work and live a fulfilling life.
While it may seem easy to just look at the salary that a profession offers and consider a career switch, it is crucial to note that there are many variations to the rule within different industries. Also, keep in mind that you cannot always measure every benefit that a good job or career offers.
For instance, an occupation may provide you with a desirable work-life balance that enables you to spend more quality time with your friends and family, something that might not be possible for employees with high paid jobs.
The Australian Tax Office (ATO) recently revealed statistics for the highest-paid jobs in Australia based on their average taxable income. Unsurprisingly, as per the database shared, some of the top and highest-paying occupations listed come under the medicine, finance, and engineering fields.
Other professions, such as executive and managerial positions are also quite prominent.
In this post, we will discuss in detail what are the highest paying jobs in Australia so that you can familiarise yourself with the job market and set your goals accordingly.
1. Medical Professionals
The Healthcare system in Australia is considered one of the best around the globe, allowing students to take up specific practices like anaesthetists, surgery, psychiatry, and more.
Additionally, the Australian education system for medical students is exceptional and reputable, which you may want to consider given the range of educational opportunities available.
According to the data shared by ATO, the top highest paying jobs in Australia are from the medical field. These professions include the following:
Surgeons: Around 4,000 Australians work under this occupation, earning an average taxable income of $394,866.
Anaesthetists: There are more than 3,000 professionals in Australia who work as anaesthetists. They earn an average taxable salary of $367,343.
Internal Medicine Specialists: More than 8,500 are employed under this occupation nationwide, earning an approximate of $299,378 annually.
Psychiatrists: Australia has roughly 2,800 employees who work as psychiatrists, and earn an average taxable wage of $216,075.
Other Medical Practitioners: Professionals who handle other medical departments fall under this category. There are over 28,000 workers employed under this position, getting an average taxable income of $216,075.
Your pathway to anaesthetics, surgery, or medical specialisations:
Suppose you are interested in taking up a medical profession in the future. In that case, you can study Bachelor of Medicine or Bachelor of Surgery in Australia, which may take around six years to complete.
As you further your education, you will have the option to specialise in a particular field. To get more information, you can contact the university that you wish to apply for.
2. Business and Finance
With the growth of the financial services sector in Australia, a wide range of opportunities have opened up for people who are interested in business and finance roles. You can also expect a high salary in Australia if you have the required financial or business skills.
As per the ATO's list, here are the top business and finance positions that earn the highest amount of salary:
Your pathway to business and finance roles:
To begin your journey into these professions, you can pursue courses like Bachelor of Accounting and Corporate Finance, Bachelor of Accounting, Bachelor of Business Management and Accounting from any of the top universities in Australia.
If you are interested in financial management and trading, Bachelor of Corporate Finance will provide you with skills required to advance in this career.
3. Judicial and Other Legal Professionals
Judicial and other legal professionals in Australia are appointed by the Federal or State Governor, or by Attorney-General. These professionals hear legal and other matters in tribunals and courts, and further analyse, interpret, administer, and provide advice based on law.
There are more than 3,500 workers in the legal industry, who earn an average taxable salary of $195,703.
Generally, the position of a Judge is one of the top legal professions and the highest paying jobs in Australia for females. However, General Counsel occupations in the corporate sector may get paid an average salary between $205,000 and $283,999, surpassing the average income of Judges.
Your pathway to Judicial and other legal professions:
To be eligible for Judicial and other legal professions in Australia, you need to complete a law degree and should be licensed to practice law for at least eight years.
Usually, most legal professionals in Australia have more than eight years of experience before being designated. Also, students who are interested in higher legal positions choose to complete their postgraduate studies.
4. Information and Communication Technology (ICT)
With the rapid growth of data and technology industries in Australia, there is a high demand for ICT professionals, further resulting in higher wages.
According to statistics shared by various salary calculating websites, specialists in ICT can expect the following average taxable incomes:
ICT Systems Architect: These professionals are responsible for building, designing, and testing the entire infrastructure of an organisation with an internal network. Considering the highly complex and technical expertise required for this field, ICT professionals can command high salaries from employers. The average taxable income of an ICT specialist in Australia is around $139,883.
ICT Manager: With many organisations focusing on the development of technology, there is a high value for IT professionals who can fill the gap between business development and technical expertise. The approximate average salary income of ICT managers in Australia is set at $134,639.
IT Security Architect: The primary responsibility of an IT security architect is to protect and secure infrastructure and extremely crucial data of an organisation from malicious invaders. Thus, an IT security architect in Australia can expect a high average wage of up to $124,000.
Cloud Engineer: This is another most in-demand job in Australia, consisting of different roles, such as cloud security engineer, cloud software engineer, cloud systems engineer, and cloud network engineer. The average taxable income of a cloud engineer in Australia is around $112,000.
Data Scientist: These professionals are mostly responsible for gathering, analysing, and interpreting mass amounts of data and turning it into actionable and valuable information. In almost every sector, organisations are looking for competent and qualified data scientists, making it a highly paid profession. The average taxable salary drawn by a data scientist in Australia is around $100,000.
Your pathway to a career in ICT:
To become an ICT professional in Australia, you are required to have an in-depth knowledge of programming languages, apart from having a bachelor's degree in STEM (Science, Technology, Engineering and Mathematics) courses.
You can also opt for other qualifications like Bachelor of Computer Science, Software Engineering, or Bachelor of Engineering, depending on the type of ICT career you would like to pursue.
The scope for Engineers in Australia is broad and bright. As an engineer, you can take up plenty of specialised roles and exhibit your knowledge in diverse disciplines.
Furthermore, top Australian universities offer several engineering courses you can pursue, in addition to industry-focused practical learning that will help you to build a career in the engineering field of your choice.
As per ATO's data, the top and highest paying engineering professions in Australia include the following:
Mining Engineers: Mining is a massive industry in Australia, giving opportunities to over 8,000 mining engineers across the nation. These professionals also earn a handsome average annual salary, at least a minimum of $167,345.
Engineering Managers: The responsibility of an engineering manager in Australia is to administer, plan, and review technical and engineering operations. There are more than 25,000 workers in Australia who work under this position and earn an average taxable wage of $147,451.
Your pathway to becoming an engineer in Australia:
As qualified engineers are in high demand in Australia, you need to complete your undergraduate degree from an accredited university followed by a Masters of Engineering.
If you study both undergraduate and graduate degrees, you will receive a higher level of qualification than merely studying a double degree program. This will further allow you to enter an advanced level of engineering profession that requires professional qualification combined with analytical, technical, and interpersonal skills.
Whether your career interest comes under the list of highest paying jobs in Australia or not, it is crucial to keep in mind that money is not always the most critical factor to consider when conducting a job search.
You may encounter a situation when a particular profession does not offer a competitive salary. In this scenario, you can look for other benefits like flexible working hours, paid leaves, extended medical benefits, and more. These benefits may compensate for the average lower salary you receive.
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