The Highest Paying Jobs Right Out Of College ($100K+)

let's talk about the five highest paying jobs you can get right out of college what degrees you need to get them and what exactly each career path looks like and let me know which of the five sounds coolest to you and are there any you think you would never do hey everybody my name is hasham khan and welcome to income over outcome where i give you college career and of course personal finance tips whenever you google the highest paying majors you're always going to find petroleum engineering at the very top because their salaries are absolutely insane right out of undergrad you could expect to make ninety four thousand five hundred dollars and the average mid-career salary is a hundred and seventy six thousand dollars so you would absolutely be raking in that cash now that might seem great at first glance but petroleum engineering isn't really the best fuel to get into over the next decade or so the field is only expected to grow by around three percent which is horrible considering the fact that average drop growth across industries is supposed to be eight percent over the next 10 years so even though petroleum engineering has a really high earning potential it can be really hard to find a job with it you need to be looking for majors with high growth ideally above 20 percent and i talked all about those majors in my video right over here i'll also link it at the very end of this video so you can check it out once this one is over another downfall to petroleum engineering is that the oil industry isn't stable at all whenever oil and gas prices go down petroleum engineers have to face massive layoffs and that's completely out of their control plus the job can be pretty dangerous sometimes you might have to work on offshore oil rigs which isn't the most safe thing so it goes to show just because something is high paying doesn't mean you should pursue it and that's why petroleum engineering is not one of the five careers that's included on today's list every single job i'm going to talk about is actually stable and will allow you to earn six figures not too long after graduation the first career is investment banking now if you choose to become an investment banker you're probably going to work for a huge bank helping their clients raise money go public on the stock market and handle financial deals but as an entry-level analyst you'll just be sitting around at the computer all day looking at excel spreadsheets and making powerpoints that your bosses are going to present to the clients and that's why the most important skills to have to break into investment banking or data analysis and financial modeling as you move on in your career you'll start interacting with your clients more and more so it's also really important you have good people skills and are able to sell to people the most common major to get into investment banking is finance but i also know people who got econ degrees and other business degrees that got into the field getting a job at a top bank is pretty competitive but the earlier you start the higher chances will be you need to focus on getting internships and i also recommend joining business organizations on campus the downfall of investment banking and a lot of high paying finance jobs in general is the fact that they work so hard analysts on average can expect to work 90 to 100 hours a week and that's why you're getting paid so much now this is the real juicy part your salary will depend on what bank you work at but it can be anywhere from 85 to 95 000 but the real money comes in with your bonus which could be anywhere from 70 to 100 of your salary so many investment banking analysts earn a hundred and fifty thousand dollars right out of college because they'll get a ninety thousand dollar salary with a sixty thousand dollar bonus on top of that you just have to decide if making bank is worth slaving away for the first few years of your career taking the second spot we have another business related field management consulting now if you keep up with this channel you know that i'm a healthcare consultant so i won't go into too much detail on that but if you're curious as to what exactly healthcare consulting is feel free to check out this video right over here right now i'll focus on all the other types of consulting firms and there's a bunch while i focus on helping hospitals solve their problems other consulting firms don't focus on specific industries so on your first project you could be working for a tech company and on the next project a few months later you could be working for the government on a totally different problem and that's why consulting is great for people who don't really know what industry they want to work in a lot of people will become consultants for a few years discover what exactly they like to do and then exit into the industry that they enjoyed working in the most and because you work with so many different types of clients across a bunch of different industries your experiences in consulting are really valuable they say one year in consulting is equal to five years of working a normal job because you learn so much as an entry-level consultant most of what you do will involve looking at your client's data then analyzing it to help your team make a strategy to solve your clients problems so like with a mess and banking that involves a lot of excel and powerpoint so you need a lot of data analysis critical thinking and also people skills but unlike investment banking because consulting is so broad most consulting firms don't look for people from specific majors you can major in basically anything you want to they just want smart people if you want to go into consulting you have to be really good at case interviews because that's what firms use to see how exactly you think through problems in my healthcare consulting video which will be linked in the description i talked about how consultants travel a lot so i won't go into too much detail on that in this video but know that travel is a huge part of a consultant's job now there are different tiers of consulting firms which can impact how much you'll be paid right out of college the three top tier consulting firms are mbb and those are mckinsey bain and bcg and basically they'll pay you an average starting salary of ninety thousand dollars and a bonus that can be up to eighteen thousand dollars mid-tier consulting firms like the big four have starting salaries around eighty thousand dollars with a bonus around ten thousand dollars i know people at both of those tiers of consulting firms also have to work a ton of hours now the hours aren't nearly as bad as investment banking but they still average like 60 to 80 hours a week now granted a lot of that does come from travel now with other consulting firms that aren't an mbb or a big four the pay does vary and it does tend to be a little bit on the lower side but it's still usually higher than the average job salary right out of college i personally chose to not work at one of those bigger companies because i don't have to work nearly as many hours and my pay is very competitive with theirs if you're into business like to travel and like to solve problems then consulting is probably the right job for you the third career is a little bit unique so i'm not surprised if you haven't heard of it before but that's being an actuary actuaries work for insurance companies and basically calculate risk which helps insurance companies decide how much a person should be paying for their insurance if you like math and problem solving then becoming an actuary is probably a great field for you now some degrees to help you become an actuary are math actuarial science statistics and even econ you also need to take seven exams and each exam you take gives you a certain level of certification the more exams you've passed the higher you're going to be paid most jobs require you to pass at least two to three tests before they hire you so a lot of people try to pass three exams before even graduating college which can be tough because these exams only have a 30 to 40 percent pass rate so a lot of people have to take them multiple times but it's definitely possible to do because i know a few people who are able to pass three actuarial exams before graduating if you pass three exams then you could expect to have a starting salary around eighty thousand dollars but once you pass all seven and have a few years of experience then you could easily make a hundred and fifty thousand dollars and a lot of actuaries actually make a lot more than that around three or even four hundred thousand dollars which is insane personally i know i could never become an actuary because i absolutely suck at math but if you're good at math then you should definitely look into it in fourth place we have one that's a little bit more obvious software developers now you might have heard of this before but basically they build anything you could imagine doing on a computer like websites and even games the need for software developers is really growing with demand over the next 10 years expected to grow by 20 which makes sense because everybody uses computers and all businesses need software to run a huge upside is that you have so many different options with where you can work you can work at a cool trendy startup or a huge tech company like google and what's really interesting in 2019 delta airlines was said to be one of the best places for software developers to work which goes to show you can work in basically any industry you want to the most common major for software developers is definitely computer science but it's becoming more and more common for tech companies to not require you to have a computer science degree or any other degree all they want is for you to have solid programming skills which you can learn on your own time online your starting salary really depends on where you choose to work but on average software developers start at around 75 000 but if you work at a big tech company like google or facebook then you can easily make a hundred thousand dollars right out of college this last one i threw in here because a lot of you asked me to talk about it and that's engineering now all engineering jobs have really great pay but not nearly as much as the other ones i talked about in this video here's why your starting salary obviously depends on what type of engineer you are but most of them are pretty close right out of college you could expect to make 60 to 75 000 as an engineer but the big caveat is that there's not much room for growth with your salary with all the other careers i mentioned in this video you could expect to make six figures right out of college and if you don't you can make it two to three years after you graduate most engineers don't start earning six figures until later on in their careers and the average mid-career salary which means they have at least 10 years of experience is just a hundred thousand dollars which isn't that high compared to all the other jobs i talked about the highest paid engineers tend to be those who work in management so if you want to make a bank in engineering i recommend you combine your engineering degree with a business degree and there's actually a lot of schools who have programs like that now i want to make this very clear money shouldn't be everything you're looking for in a job because if you don't enjoy it you're going to be really miserable no matter how much money you're making and definitely let me know if you want a part 2 to this video because there's a bunch of high paying careers out there and be sure to share this with anyone you think it could help and don't forget to hit that notification bell or else you won't know next time i post you

Channel: Income Over Outcome

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Id: bkQ6Z9aGS4w

Length: 11min 28sec (688 seconds)

Published: Wed Aug 12 2020