Considering that the forum consensus now is $100k is not considered rich, what jobs pay more than $200k a year?
Interested to hear from people who earn this and how they got there.
What Jobs Pay $200k a Year?
pollambo on 06/02/2021 - 15:01
Last edited 06/02/2021 - 15:08 by 1 other user
Last edited 06/02/2021 - 15:08 by 1 other user
Comments
This.
Is what most people dont realise. Once you start earning over $200k, the pressure is immense.
What type of specialist role did you do??
Cheerso
Recruiter agent - if you can get high commissions
IT. So much money in IT.
I'm a mid-level manager at an IT company and make $180k plus super. I'm a 34-year-old female and have been working in the field for 10 years. The next role I take (which I am looking for at the moment) will be around 200K.
If you don't mind me asking, what type of IT? Do you manage a team of developers? Project management?
Yes, I manage a couple of teams - made up of Developers, QA and BA.
Can I ask what industry of IT do you work in. Health, Agriculture, Banking, etc?
I also work in IT but nowhere make the same amount. I work for a startup so it is expected that I don't earn as much as the industry standard.
But hearing what you're earning maybe I just undervaluing myself.
No one said specialist doctors. I have friends who are consultants (non surgeon) working fulltime in public hospitals 8:30 - 5PM making $250K+, international travels to conferences each year. Then work locum for another 1.5 months/yr on ABN for some stupid money for short term work. They also get generous leaves which are portable across hospitals, RDOs etc. They don't want to do private practice as they find this optimal for money / life. Very happy. Many other benefits like getting home loans with less than 20% deposit without LMI.
That's not that great for a consultant level. Most GP's make $250k+ from my experience. Last year I made 180k as an SRMO due to a few hours of overtime and working one weekend day. Having said that it's not a job for people that don't like to get their hands (or finger) dirty.
Consultants who work as VMOs are also generally swimming in cash. The ones I know who do that though just work part time (or part of the team) and still make decent bank.
You are forgetting that a public hospital appointment also requires you to be on call a lot. And you'll still do weekend work (not as much as a advanced trainee I'm guessing). There aren't a ton of full time consultant jobs out there, most are part time so you can do a combo of private practice etc.
Most GPs don't earn 250k. Unless they do 10 minute appointments back to back from 8-6 5 days a week. Can't think of anything more mind numbing not to mention probably dangerous.
That's not true in my experience. Remember they can negotiate % of billings and it's becoming the norm to charge a co-payment. Both my parents are GP's and make over 300k. Even the medical societies will suggest earnings of that amount.
Take a look at seek for some real time estimates.
I will say the registrar pay is terrible. Lower than the intern pay.
Remember they can negotiate % of billings and it's becoming the norm to charge a co-payment.
I guess if you are running your own shop (if both your parents are GP assume they run a practice together) they'd probably do great if they are charging $79-89 a standard consult and can do a full 8-6 or whatever. Better than joining a practice where they might take 20-30% of your billings.
I will say the registrar pay is terrible. Lower than the intern pay.
It might feel like that but that isn't true :) . You certainly earn your money as a Reg though, running the whole hospital on the weekends in the middle of the night!
@serpserpserp: I was referring to GP Reg pay not BPT Reg pay. The base rate of a term 1 GP reg is $79,000 compared to $110,000 for a BPT reg. No, they don't own their own practice (divorced), they take 70% of billings not 20% lol. I don't know if you are a GP getting that percentage, but if you are, I'd say you were getting stiffed big time.
RACGP "The RACGP understands that the current industry standard for GP remuneration is approximately 63% to 75% of billings, depending on experience and qualifications, such as Fellowship of the RACGP."
they take 70% of billings not 20% lol
It might be unclear but I think I said the practice will take 20-30% the GP will take the rest.
It is still hard to see a GP making over 300k a year on 70-80% billings. The gap must be huge they are charging and they are doing mega hours. I'd believe a hard working one would make over 200k. 300k is a massive stretch unless they are working in the day procedure field (injectables/minor cosmetic stuff etc.)
I know many specialist physicians/surgeons who make 1-2 mil/year, if not more. A few would be on 4m+. It's insane, and the current golden era wont last forever. A lot of private anaesthetists earn 500k-1.5m.
Agreed.
Most public consultants all make around the same amount of around $300k - 350k. GPs typically make $200k - $400k depending on how well they bill, patient load, etc…
Private consultants make $500k - $3M+ depending on skills, experience, business acumen etc. It will take a while to build full books and you have to be smart in how you bill and what kind of cases you take. Obviously people working part-time whilst doing teaching and other pursuits will make less. The hours required for this level of income would be atleast 50 - 75 hours a week. Also this is in terms of pure revenue, a lot of specialties have significant overheads and business expenses which would affect your take home pay. Also I've referring to the good specialists in this list, not the one who bulk-bill, have a poor reputation or have otherwise poor business acumen.
Most private psychiatrists make $500k - $750k.
Most cardiologists make $500k - 1.5M+
Cosmetic GPs (ie fillers, botox injectors etc) would be on $500k - 750k+
Dermatologists make $500k - 1M+
Radiologists make $500k - 1.5M+
Anesthetists make $500k - 1.5M+.
Gastroenterologists make $750k - 1.5M+
Plastic surgeons make $1M - 3M.
Orthopedic surgeons make $1M- 3M
Ophthalmologists make $1M - 3M.
Neurosurgeons make $1M - 3M.The best combo would obviously be a Plastic Surgeon husband (who specializes in boobies) and an anesthetist wife.
You get the idea.
Partner works in safety on 220 base. Large business and also has 15+ years experience
At that point, get good at something and start your own business.
Or, work in Investment Banking.
upper management for pretty much all jobs
High ranking officer in the ADF (Captain or higher), Police Commissioner, Private Military Contractor (Mercenary).
I don't think public servants such as ADF members or Police Officers make that much….. Only the top 1% of them.
As for private contractors, yeah some, if you work in the Middle East and Africa you can make good coin.
Engineering consulting field - lots of managers in the high 200 to 300k annual salary range. I think the important thing is whether you are talking about gross salary or net. Also need to take into account running your own business where there are a lot more ways to reduce your taxable income. The biggest 'expense' of being on a salary is the PAYG income tax.
I'd say there are tens of thousands of people and businesses all around Australia deducting anything and everything on their 'small business' to reduce their taxable income. That's something a lot of these surveys and statistics never account for.
Don't forget to subtract $50k per annum off your salary for each kid you have. That's what it'll feel like.
Easiest way to make money is to not have kids.
Just thankful that your parents didn't think the same way.
Judicial appointment - Tribunal Members start at $250K, Magistrates at $300K and so on. Some appointments are cushy and some are not anywhere near worth it - example, VCAT. Some Members earn $250K for not much, some are running Lists and working harder than some Judges.
Unless you love public service and the law, probably not the best way to earn >$200K though. Much easier and for the same skill set, time and effort you'll hit 200K in the private sector before you get an appointment.
But that appointment is for life yeah? With defined benefits pension?
Application / IT/System / Security Architect
doge coin
in VIC train drivers used to make this much. Would be even more now.
They went on strike in order to get these wages. Turns out, if your not easily replaced by someone else quickly, you have a lot of clout if you decide to go on strike. The nurses, teachers, emergency service workers all figured this out also.
Train drivers only if they do ridiculous overtime. If they just worked regular hours mon-fri then the pay is average.
apparently QLD drivers have it even better.
https://www.news.com.au/finance/work/at-work/queensland-trai…
https://www.brisbanetimes.com.au/politics/queensland/top-tra…
I work in back office for a corporate advisory company, the front office grads start at $100k, bonus can be up to 100% of your salary. If you get to the top the bonus depends on the money you make for the company. 12 hour days can be regular, and if you are under the pump you often work more and/or on weekends, but I don't think anyone is burnt out.
I'm assuming the question relates to a salary $200K + super.
The more "common" jobs I can think of that are typically associated with earnings of $200K + super are:
- Doctor
- Dentist
- Lawyer
- Tradie
But each one has its own difficulties to get to that $200K/year + super.
Doctors
Most doctors are general practitioners. Depending on where they practice, they may be in a place where they can only bulk bill if there is a high level of competition. Unless if a GP is seeing an unsafe amount of patients or they own the practice with multiple GPs under them, I very much doubt a regular GP working in a bulk billing practice can earn $200K + super given they are sometimes hired as independent contractors with their own ABNs and have to pay company tax and their own super.
Specialist consultants will typically earn more than $200K a year, but to get there after internship one needs to get into a specialist training program, which given the increasing amount of medical graduates entering the market is getting more and more competitive every year particularly in higher paying specialities such as surgery, anaesthetics, radiology and it could take 5-10 years + many years of moving from city to city before someone is able to get into a training program they want (assuming that training program does not have any limits on times you can apply).
During training it is unlikely they will earn $200K a year + super unless if they are working some crazy long hours with approved overtime (however $100K + super or more is pretty much guaranteed at this point) and again this comes with the sacrifices of working long hours, away from home, and sacrificing social relationships for work.
Once training is completed, a consultant job need to be secured, and depending on the speciality that is not a guarantee either, as that may require the new consultant to move away from family and friends to go regionally, rurally or another state/city to get that job.Dentist
Out of all the professions I've listed, I think dentists earn the highest graduate level salary and arguably have the best work-life balance. However, given the increasing amount of dental graduates, finding jobs are getting harder and overall earnings are limited if working for someone else because earnings are a fraction of what they bill so it may be difficult to earn $200K/year + super unless if they specialise or own their own practice which could take years and years to save up for as dental equipment is expensive.
However, dentists can increase their earnings by practicing regionally and rurally where there is less competition and as a result higher prices can be justified.Lawyer
Lawyer means someone who is actually practicing as a lawyer and has a practicing certificate, not someone who finished a law degree/PLT and was admitted and is not practicing.
Most law graduates who are admitted do not ever end up getting a practicing lawyer role, as there are far too many graduates for the number of roles available.
Contrary to what seems to be popular belief most lawyers are not living a high-flying lifestyle. Most lawyers work in small and/or suburban type practices and it is unlikely for those types of lawyers to come close to breaking $200K/year + super unless if they charge their clients a lot of money because there is not much competition or their own the firm with several lawyers working under them.In mid-tier/top-tier firms depending on the area of law and possible bonus structures, SA with over 9-10+ years of experience may earn ~200K/year + super, but this is not common. Typically, it is special counsel or partners that will earn above 200K/year.
Law also has a big issue of attrition. Most people who enter into lawyer practicing roles, end up quitting the profession and doing something else before they hit the 5 year PAE mark.
Tradie
Tradies start out being paid very well (as apprentices) and the work that is done is very physical in nature.
Depending on where they work and the specific trade there could be quite a lot of competition and even with their own business earnings could be well below $100K/year after expenses are paid.A tradie with their own successful company and lots of people working under them could be well over $200K/year.
It is clear from this thread there are lots of other jobs that can pay over $200K/year which are not one of the more "common" jobs. It's more important to love your job (taking the and the bad) instead of chasing money. Money is important, but it isn't the most important thing.
I'm really confused about lawyers. What's the difference between "admitted" and one that "practices" it?
All practicing lawyers are admitted.
Today to become admitted as a lawyer, the steps generally taken are:
1) Complete a law degree (LLB/JD)
2) Complete PLT
3) Apply to the State/Territory Supreme Court for admission.
4) Go to the court with a bunch of other people to be admitted.A practicing lawyer takes a step further by getting a lawyer role in a law firm, or at a corporation or government body as an in-house lawyer, or being a barrister. Basically roles that involves professionally giving legal advice. This requires getting a practicing certificate and taking the steps to maintain the practicing certificate including ensuring continting practicing development points are achieved.
Interesting, so you can get "admitted" without currently being employed in a law related job?
So what happens to the people they get to stage 4 but can't get a job in a firm?
@Homr: Ideally a graduate role would have been obtained during the end of step 1 or during step 2.
People who are admitted but don't get a job in a firm, they tend to either work in another area unrelated to law, go back to study something else, find work as a paralegal or legal admin role (non lawyer role in a firm) or if they did a double degree work in an area related to their other degree.
@Daemos: Few law grads work as paralegals or legal admin roles, because most firms wont hire them for that work. Law grads tend to suck as assistants. They dont have experience, they dont intend to stay, their skills are overkill for the role.
I do think the profession should hire more in these roles, because I think the profession has become too focused on just addressing their immediate needs and always wants someone else to take the burden of training new people. I also think there can be good scope to learn. That being said, if picking an assistant for myself i'd almost never pick a law grad for the reasons above.
What does it mean by going to the bar or taking the bar?
@Orico: You go to the bar to become a barrister (basically its like a specialist role where you focus on court work). You need to be a lawyer first. It's a practice that dates back to England.
A regular lawyer can argue in court (and may on smaller matters), but a barrister, which historically were the only ones able to do so, have some additional benefits and typically argue more important/complex cases. Barristers work for themselves and are hired and instructed by lawyers typically litigators. But depends on the area of law. Barristers tend to make decent money, but it can be hard to have a steady stream of work. Most judges are former barristers, and very rarely are non-barristers made judges, this is because it is barristers who are most well versed in the rules and procedures of court.
Its a common misconception that most lawyers do court work. In my experience, people generally expect lawyers to:
- be experts in every area of law. In reallity. most practice in a very specific area and have very little idea about others in any real practical sense. There are generalists, these tend to be smaller firms or suburban solicitors, who frankly often just 'give it ago' with predictably mixed results.
- do lots of criminal work (there is so little of this work, I'm not sure what percentage of the profession does criminal law but would be like 5-10%) except for the best specialists in this area most who do this work supplmeent with other general law work or family law. A lot of the legal shows on TV make no sense, they portray these massive firms practicing crim law. Suits is the closest I've seen to being some what realistic (if you ignore all the constantly illegal things they do).
- make lots of money, i think the median salary is like 80k. Lots make a lot more, but a lot don't.
Most of the time, lawyers just give advice and dont take much action, or refer to a specialist when more action is required. They advise on risks, structures and actions clients can take to avoid or minimise risk, and may be send a threatening letter or two.
The amount of money they take from you
Easy for dentists to setup an ABN and work as a contractor. Good tax returns as well. I think thats what most do.
Getting hard when health funds like Bupa or other corporate type buying up dentist practice like they did buying up GP practices back in the early 2000's.
Then run the practice/practitioners into the ground.
Some may practice like a bulk billing GP shop thing - ~30% goes to the practice owner for providing the facilities, equipment, dental nurse, booking assistance, payment processing etc. Still good money but not as lucrative as being the owner/operator type arrangement.
find a rich dady
I use to be a mid-senior (not quite senior) engineer at a San Diego based company. Was earning around $160k USD. Rent was high (around $2.5k USD a month).
Shares were the main reason I stuck around at like $30k USD a year and the company is very profitable in their area. |
I left because working for Americans is stressful and there's too much dodgy shit that goes on that I couldn't steer clear from.
what engineer were you?
Electrical Engineer but I did work that no other electrical engineer enjoyed doing. Lot of documentation like electrical specification, thermals and regulatory work.
Did you take a pay cut when you came back to Aus?
Senior data scientists, actuaries that have 10 years experience or any engineer jobs at Apple or Google.
Mining, 100% CBD based (well, mostly WFH currently), and including bonus there would only be the quite junior staff, grads and PAs not on $150k. There would be a LOT of engineers, geos, finance/commercial staff with no one reporting to them that are on over $200k including bonus.
Anyone managing a team, considerably more.
what kind of engineers work there?
Software automation, control systems and mining/civil with a bit of travel.
my cousin works for BHP in one of those roles and he rarely goes to the sites except to survey the progress of the tunnels and structures being built inside.various, but many petroleum/reservoir
Thought I would post a serious comment.
Electrical engineer studied a 4 year bachelor's degree and graduated in 2012. Jumped between the big miners and now in a senior level role with a 200k package.
My advice is don't stay with the same company for too long. They don't reward you with an increased salary. Everyone joining the company new will begin to start on money than you very quickly.
Nice, do you fly around the country alot?
I used to but now it's just flying to a couple sites every now and then
Qualified Actuary. 200k is very achievable for Fellowships.
Construction trade business owners with steady work can easily reach this. Contracting work can earn you +$1,000 a day. Painting, carpentry, tiling, bricklaying, of course you have to be efficient. Seen many jobs contracted to pub pokie fiends… $1,000 earned then into the machine.
The other thing to consider when earning higher incomes is how is it taxed
Psi?
Can you set up a company?Eg as a psi earner it sucks that people with bs Mickey mouse companies can pay significantly less tax and have access to tax deductions that are really rorts.
But you no you REALLY need that ranger to carry your toolbox don't you.
Contract Software Developer or DevOps Engineer.
Went to uni with some actuaries and most easily hit 200k not long after qualifying, although from what it seems the people who can pass those exams could do well in any field they entered.
You ask how to get 200K+?
Just listen to my lecture, listen, listen carefully! OK?
"A" stand for a good job, OK? You have to get "A", OK? "A" stand for a good job, "A" stand for a… a doctor, a lawyer, a dentist, OK? All a good job!Gabbage man stand for a "G"!!!
How did no one get the reference lol
IT and Finance is probably two areas which you can make $200k (or close to) relatively easily.
It doesn't require you to be proper smart like an Engineer or a Doctor, you do need to be able to learn and absorb things quickly and be switched on.
Although someone made a point around $ per hour.
I am on 200K~ depending on the bonus, compared to my friend who is on 500k including incentives, our hourly wage is pretty much the same.
By the same token when I was an system admin on 80k I was probably on the same hourly wage as well.
Now I typically work 45-50 hours a week, during deals I would do 12 hours days until the deal is done, there is a price to pay for high wage in Australia.
Are you in finance now?
Im in IT, mainly working on bidding and negotiating outsourcing contracts.
This thread makes me feel inadequate
clearly you haven't spend enough time around whirlpool where the minimum salary starts at $200k and everybody has a share portfolio they made 1000% on within 12 months
Create mining company or herbal treatment company and then list it on ASX…. you are set for life… ! CR every 7 years will keep you engaged and visiting HC keeps you entertained… ! :)
Airleg mining, easily clear 300k if your commited and the site provides enough headings.
Not for the faint of heart though.
IT: programming, project management, engineering and architecture will get you over the line as a contractor (or very skilled and experienced employee).
I work in the cybers as a contractor and earn a little under $300k.
My tenant is a brick layer and makes $180k and that's only what he declares…
I'd be very surprised if that was profit rather than revenue. That would be almost $500 in profit every single day of the year.
Any IT professional on Whirlpool.
$200k is ok .. u pay a lot in tax though especially on the second $100k which normalises it back down to an extra $50k in ur pocket so not much between the $75k and $120k take hone pay really.
$300-500k now ur talking.
I’m just shy of it but next year I’ll break into it and in 2-3 push beyond the $500k as I’ve got a stake of sorts in a fast expanding business that doubled during COVID a d should quadruple again this year.
I know someone that gets $500k in saas security
$2000 day rate is standard for some top tier contracts I’d also put sap erp military contractors AI and a few emerging ones.
I know a Riverbed gun was earning that 15 years ago. While at Idiot Becomes Manager too.
I don't wanna know his billable rates…
I know people at NBN who where on 200k plus in 2013. I may or may not have been one of them.
most no longer work for NBN, but sub contract part time. Rates are daily and depend on engagement but range from 1000 - 1800/day.
Pretty lucrative.
Not surprised at all, I remember when I look out from my office some years ago, you know the NBN boys are here for a meeting when the 15 minutes parking is packed with >100k cars/numeral only number plates and give no fks at parking tickets.
Did the exodus have anything to do with the LNP taking charge and turning the NBN into the dogshit it is now?
Yes to a point. NBN should have been handled as a nation building type project, rather than what it turned out to be.
Political interference and changes of direction made for a very confusing place to work. Early on costs were out of control. People travelling to wherever on the company purse for 1 meeting, lining up the travel and accom to coincide with either family visits or major events like the Grand prix etc. So many people with platinum frequent flyers..
Corporate jobs:
Senior Managers, Risk Management
Senior Investment Analysts
Head of DepartmentsYep HO and Senior Managers start around the 200k mark… most of the time that's a 10-20 year journey and for some never at all. For a teeny tiny percentage you might do it quicker.
I'll +1 the IT Contractors in here.
I have been doing mostly Independent IT Strategy or IT Implementation work through my own company. (I take contractor, short term consulting, SOW, panel gigs - you name it - frankly, any work is good work - especially in this market).
—
Back of napkin math tells me my average salary growth is roughly 23% p.a. since graduating and accepting my first grad role. This is very likely to decline due to the COVID market. Regardless, I am still quite proud of my accomplishments, having not hit 30 yet.
I also didn't have a particularly high GPA or a high ATAR either. I did a lot of continuous learning and made a point to find good mentors from various pockets of industry and walks of life. Also found the time to complete my MBA which I found to have been helpful in keeping up my growth.
From first day of Uni to now, this journey from $0 to 200k+ took me under 10 years to accomplish and I think it's a decent enough platform for the next 10 years.
Good luck!
Hi OG Puppy Banana - Great work!
How many years of FTE work experience did you have before landing your first contract gig?
I've just started my IT career and have 1+ year of BA experience. I can see on SEEK that BA Contracts tend to ask for 5+ years of experience, but my mate told me to fake it till I make it and apply anyways as landing the first contract is the hardest.
I work in tech sales and I’m 22.
100 base + super, 50 in total bonus (30/year spread quarterly, 20 Christmas).Sales can be stressful though and exhausting. Lots of rejection and socialising. Even though I’m an ambivert, by weekend I don’t usually like big nights haha.
150k total including bonuses is possible after 1-3 years experience.
Usually, American tech companies (and FAANG) pay more. Most of it is on OTE TOO eg 300k OTE on a 50/50 split means 150k base, 150k for commission. Possible and doable.
My startup has hit Series A funding and is going for B - should be a nice pay bump then. Also nice to get equity in it on top after 4 years + of service. I believe my start up will definitely IPO within the next decade or so - and even if it doesn’t, I struggle to find a job @ 21/22 that pays 100 base this quickly. I worked full time during full time uni to get it though.
Feel free to AMA.
150k at 22 yrs of age, nice well done
I would probably call it 100k base, with 50k bonus.
Although - if you’re being sarcastic, I’m also happy to show proof (have had this issue many times haha).
For what it’s worth, I had 4 years professional experience in sales prior to joining - just so happens to be I started at 18 on the dot
That's to be applauded for someone your age- well done indeed. All the best with your startup and let us know if you're hiring :-)
@Telex: thanks mate and will do! if we ever hire, and i have a say in it, i am planning on involving OzBargain hahah :)
Anything tied to large ($1b +) construction projects. Project manager, commercial director, senior QS/CA. I work in an advisory capacity on these projects for a consulting firm, although very junior. I know that everyone else in the team is north of the $200k mark as otherwise they would leave for the aforementioned roles on the projects.
You don't get rich from a salary. You get rich from wise investments.
For those who don't come from money a salary is necessary to get the capital to invest.
Convert your 200k into an hourly rate and see how well you did.