What is a Six Figure Salary

A six figure salary is a standard in the corporate world. This is a salary of at least $100,000. A five-figure salary is for those who earn less than $100,000 but more than $10,000. A million dollars is a good salary.

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Who wouldn't like to make a lot of money and especially get a six-figure income? The salary is a key factor in deciding whether you are offered a job. Most, if not all, professionals, are always on the lookout for jobs that come with financially rewarding compensation and benefits.

How do you earn a six-figure income?

Are you looking to make six figures every year? First, you need to seriously consider your education. A solid education will help you choose a career path that will bring you financial success. According to the Occupational Outlook Handbook of the Bureau of Labor Statistics, only 55 out of 818 jobs listed offer median salaries of at least $100,000 every year. 53 of the 55 jobs require at least a bachelor’s degree.

Several industries pay well and offer more opportunities for advancement, so it is crucial to choose your career path carefully. You should continue your education if you are looking for a career with a six-figure income. Here are some possible jobs to help you get a six-figure income.

1. Actuary

Actuaries are employed by insurance companies to assess risk and reduce costs using statistics and math. As of 2018, they earned an average salary of $100,610. Actuaries typically hold a bachelor's degree in mathematics, statistics, or actuarial science. Many take courses in programming languages and databases.

2. Finance Manager

Banks, insurance companies, and other organizations employ finance managers who are responsible for developing strategies to keep the company financially sound and stable. A finance manager earns an average salary of $121,750 annually. Are you interested in becoming a finance manager? A bachelor's degree is required in accounting, finance, or another related field. Employers prefer applicants who have an MBA.

3. Internist/Internal medicine doctor

According to the Bureau of Labor Statistics, doctors usually earn six-figure salaries annually. Internists, for example, earn a median annual salary of $182370. Everyone knows that doctors spend many years studying. Doctors must have a bachelor's degree, and they should also be graduates of medical school. They may also undergo internship or residency for up to seven years.

4. Petroleum engineer

Petroleum engineers are responsible for creating methods to extract oil from the earth. They earn an average six-figure salary each year of $128,230. A bachelor's degree is required to work as a petroleum engineer in an oil company.

5. Software developer

Software developers are in high demand today, as everything is digital. App developers make an average six-figure annual salary of $102,280. A bachelor's degree is usually required for these professionals. Many professionals are successful in this field without a degree.

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The Key Takeaway

A degree is the best way to get a job with high pay. However, it does not mean it is the only way. Like in software development, where employers will hire candidates without a degree in order to get a job, acquiring high-demand skills is the next step towards a six-figure income. The ability to develop sought-after skills can make up for the lack of formal education. You can still make six-figures if you have the right skills and experience.