Software and IT services topped the list of highest paying industries in the US, with average salaries reaching $104,700, according to a new report from LinkedIn.
Computer science was the highest paying field of study, with average salaries reaching $92,300 nationally. It was followed by visual art ($90,390), sociology ($87,900), industrial engineering and management science ($85,800), and business management and administration ($83,700).
The US job market is tightening, which is good for professionals, according to LinkedIn’s chief economist Guy Berger. “The unemployment rate is the lowest it’s been since 2001, and the percentage of prime working age adults who are employed is the highest it’s been since 2008,” Berger said in a press release.
The tech sector alone added some 9,600 new jobs in July, led by the creation of about 4,900 positions in IT and software services, and computer system design, according to a recent CompTIA report.
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While the job market’s steady improvement over the past year hasn’t been consistent across all industries and positions, we have seen improvement for workers across skill levels, industries, and regions, Berger said. Bargaining power for many workers has increased, which opens the door to raises and greater economic opportunities, he added.
While salary is a key factor in most career decisions, many job candidates lack information on what constitutes fair compensation for their experience level and position. To give job seekers more visibility, LinkedIn examined data from more than 2 million of its members to determine how salaries vary by job title, education level and field of study, location, company size, and industry.
Salaries also differed based on company size, on average increasing as the number of employees increases. At the lower end, the average salary of an employee at a company with 1 to 200 workers was $72,600, while at the higher end, the average salary at a company with more than 10,000 employees was $90,600.
However, individual tech position salaries varied by company size: For example, CTOs were paid highest at companies with 201 to 1,000 employees, while technical consultants were paid highest at companies with 1,001 to 10,000 employees.
In terms of geography, San Francisco pays higher average salaries than any other city in the US, with median total compensation across positions and industries reaching $112,400. In San Francisco, 62% of director of IT positions net a salary higher than the national average of $125,000. San Francisco was followed in terms of overall pay by Seattle, Washington DC, New York City, and Boston.
Overall, jobs in medicine pay the highest salaries, with the no. 1 position being orthopaedic surgeon, with an average salary of $450,000. However, once you reach the top ranks in business, salaries are also quite high, the report stated. Leadership roles in finance, sales, tax, human resources, strategy, supply chain, research and development, marketing, and legal are also very lucrative.
Want to use this data in your next business presentation? Feel free to copy and paste these top takeaways into your next slideshow.
- Software and IT services topped the list of highest paying industries in the US, with average salaries reaching $104,700. -LinkedIn, 2017
- Computer science was the highest paying field of study in the US, with average salaries reaching $92,300. -LinkedIn, 2017
- San Francisco pays higher average salaries than any other city in the US, with median total compensation across positions and industries reaching $112,400. -LinkedIn, 2017