According to the U.S. Bureau of Labor Statistics(BLS), salaries vary across the board. What is considered a good salary. They can range from $19440 (which is the median annual salary for food preparation and serving workers) to $269,000. For anesthesiologists it can be as high as $269,000.
It is amazing how much wage differences exist even among workers who have a college education. Georgetown University Center on Education and the Workforce reveals that graduates with the highest-paying college degrees earn $3.4million more than those with the lowest paying majors over the course of a lifetime.
These disparities can be explained by examining the average salaries in a variety industries and jobs, as well as the factors that may affect them.
Recent Graduates
According to CEW, the median annual wage for recent high school graduates is $22,000 The average college graduate makes $33,000 annually. These are the salaries for recent college graduates in major college supergroups.
Career Wages
What is the average salary ? How can you afford to live comfortably? This depends on what your responsibilities are. According to the CEW, high school graduates earn an average annual wage between 25 and 59.
Average college graduates earn $61,000 annually. These are the career wages available to college graduates in major college supergroups:
It is amazing to see how social science majors out-earn physical science majors. Also, you can see how agriculture and natural resources majors have out-earned many other majors while education majors are at the bottom.
Graduate Degree holders
What is the impact of a graduate degree? It depends on which major. Here is an example of the career earnings for graduate degrees.
Fairygodboss also provides a Salary Database that was compiled using anonymous member submissions. It can help you assess whether your wages are within the average national wage.
Other Key Factors
Although education is a major factor in your salary, other factors can also impact your pay.
Status
Lisa Kaess is the founder of Feminomics. She says that it’s unrealistic to expect the same salary for someone with years of experience.
Neal Stern CPA, member of American Institute of CPAs National CPA Financial Literacy Commission, agrees.
Stern suggests that your salary will reflect where you are on the career path. You should consider how much you make compared to the market if you have gained skills, experience, and responsibilities.
Stern also states that your work line can impact the possibility of your salary. “If your career is not a lucrative one, but you have the potential to reap the benefits of helping others or your creativity, your salary might be less than what the market will pay for your skills.”
For example, the starting salary for jobs in non-profits and small businesses is less than that in corporate companies. Robert Half states that the starting salary for private accounting entry-level accountants ranges between $44,250 and $59,500.
Public accountants who work in assurance services and auditing earn entry-level salaries starting at $50,000 in small firms, up to $73,500 in larger companies.
CEW data clearly shows that some majors pay much more or less than others, both at the beginning and later in a person’s career.
Certain majors may make you an excellent middle- or upper-class earner. What is middle class in the United States?
The US middle class, according to Pew Research Center is anyone who earns between 67 and 200 percent of the median income. Middle-class Americans made about $39,000 to $118,000 from 2016 to 2016.
Lage
Wages vary according to where you are located in the country. They can reflect the cost and demand for your services, as well as the quality of your life.
According to the BLS a mental health counselor earns an average annual salary of $46,050. They make $35,440 in Missoula MT and $72,630 Napa, CA.
Kaess says that taxes and housing are the main sources of income in large cities and more expensive areas along the East/West Coasts. Higher wages will be offered by employers located in more expensive areas.
The benefits and the opportunities
Of course, wages are not the only aspect of your compensation package. Kaess explained that the all-in package for a job with the ‘big three’ (medical insurance, retirement (401k), vacation-personal days) can be up to fifteen percent to twenty percent.
“That doesn’t include the peace-of-mind that you’re investing in your future, can take some time, and will be okay if an emergency occurs,” she states.
Stern says that employees often take these benefits for granted. Stern says that some of these benefits might seem expensive if you have to pay for them (assuming you are able). Consider the value of other benefits that your employer offers when deciding if the salary is ‘good.’
Stern encourages readers to think about intangibles. Stern advises readers to think about intangibles. Flexibility and work-at home options are difficult to value. Additionally, some jobs include a lot of overtime work hours.
Stern, on the other side, says that a job that takes you two hours to get and requires a $300 per month train ticket should be included in the equation.
Stern states, “Consider your net reward for your job – what are you really earning? It’s your salary minus the cost of getting to work, both in time and money.”
You should also consider the potential for advancement and other perks. Kaess inquires, “Is the job available in a sector or company that is expanding?”
She says, “Some places will pay for graduate degrees and help with continuing education costs – and that has tangible payoffs both now and in the long term.”
Sometimes, it’s not about how much money a job pays. It is how well you can manage finances. Leslie Tayne is a New York Debt Counselor and author of “Life and Debt.”
Tayne states that money doesn’t have to be the determining factor. “If you’re budgeting well, not spending more than what you earn, and using credit cards minimally, and able to save money, then money might not matter.”
Tayne says Money is not everything. Because work consumes most of your time it’s important that you know what makes a job worthwhile.
She warns that even though you can make a lot of money, you won’t be able to spend your time doing anything else. Tayne states that happy coworkers, fair bosses, a decent commute, and a pleasant workplace are all key factors to success.
What salary is reasonable in the US? Although the average salary for all jobs and industries is different, you need to be aware of whether the salary offered by a potential employer meets or exceeds the average salary in the field.
Your right to a decent income is important. The salary offered by your potential employer should match the labor statistics for your industry. You should research the average annual salary that you are entitled to before accepting a salary offer. Good luck.
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