According to the Bureau of Labor Statistics, the annual mean wage for all of Boston occupations is $70,010, but the top jobs in IT, Accounting, and Finance make quite a bit more than that. We’ve provided a breakdown of the average salary for the highest paying jobs in Boston for each industry so you can set some goals on that higher-paying position and find a company that is right for you.
Information Technology (IT) Jobs
Information Technology is a booming job industry right now as technological advancements have accelerated with insane speed. Companies across the world are prioritizing digital transformation and IT spending worldwide is predicted to reach 4.3 trillion USD in 2021.
IT professionals have a high chance at securing those six-figure salaries compared to other industry professionals. Let’s take a look at the annual mean wages of the highest paying IT positions in Boston according to the Bureau of Labor Statistics:
- Computer and Information Systems Managers- $167,500
- Computer Network Architects- $136,370
- Computer and Information Research Scientists- $121,850
- Computer Science Teachers, Postsecondary- $118,660
- Data Scientists and Mathematical Occupations- $115.730
- Database Administrators and Architects- $114,000
- Information Security Analysts- $109,220
- Computer Systems Analysts- $105,650
- Network and Computer Systems Administrators- $101,540
- Web Developers and Digital Interface Designers- $91,480
- Computer Network Support Specialists- $89,130
This salary data is taken from May of 2020 and as IT spending increases, we can only expect these salaries to increase, as well. As of 2020, there were 3.9 million job postings available in Tech occupations across the US but many of these openings will be entry-level positions, too. We can predict that millions of people will pursue jobs in IT in future decades, so the competition to stand out will increase.
This also means that there will be more Computer Science and IT professors needed to teach the next generation of professionals. Boston is a huge hub for high-quality college education and according to the study, Computer Science Postsecondary teachers are in the top five highest-paying IT jobs by average salary. Many IT professionals may consider pursuing a teaching position towards the end of their career in the industry as there will be a high demand for these types of professors.
The first IT professionals were just highly driven and intelligent people without a professional degree because the profession hardly existed. As the industry has grown there will be a higher demand for at least entry-level education requirements. The applicant pool will become more saturated in the coming years as young people chase that high average salary and a graduate education or professional degree may be a way to set yourself apart.
However, for every IT position right now, research shows that there are more positions available than job applicants or job seekers. It is the job seeker’s market for IT professionals so this is definitely something to keep in mind throughout your job search and salary negotiation with potential employers.
Accounting and Finance Jobs
Accounting and Finance professionals also have a very high chance of securing that six-figure salary in Boston. As long as business and money exist, there will always be a demand for Accounting and Finance professionals which is why they are among the top earners.
These are the highest-paid positions for Accounting and Finance professionals in Boston by mean annual salary according to the Bureau of Labor Statistics:
- Chief Executives- $235,550
- Financial Managers- $164,500
- Personal Financial Advisors- $151,210
- Purchasing Managers-$143,340
- Actuaries- $131,070
- Financial Examiners – $121,960
- Management Analysts- $113,390
- Statisticians- $118,900
- Securities, Commodities, and Financial Services Sales Agent- $110,480
- Financial and Investment Analysts, Financial Risk Specialists- $107,730
- Cost Estimators- $92,910
- Credit Analysists- $96,460
- Accountants and Auditors- $90,690
- Compliance Officers- $88,620
- Budget Analysts -$88,350
This data is taken from May of 2020 and the employment of Financial Managers is predicted to grow 15% from 2019 to 2029. Even after the pandemic, Accountants are in demand and over 14,000 accounting jobs were added in May.
The Covid-19 pandemic has led many businesses and individuals to analyze and readjust how they manage their finances, so Accountants and Finance professionals are needed now more than ever. Accounting and Finance have been among the highest-paying occupations by average salary for decades so it is a great industry to pursue.
Accounting and Finance entry-level education requirements often include at least a bachelor’s or professional degree in business, finance, or accounting. Some of those higher-paying roles may require a graduate education or continued development.
Beyond Salary
Beyond those high salaries goals, you should also take the employee benefits package into strong consideration. Benefits like healthcare paid time off, life insurance, retirement plans, and student loan repayment plans are also super helpful in improving the daily lives of professionals. Companies may also offer other perks like laptops, smart devices, paid travel, and more that will bring down your overall personal costs of living.
Flexible schedules are another employee perks to consider when applying for a job. Many companies have kept a remote work plan for employees even after quarantine has ended and many other companies offer a hybrid of remote and in-office work schedules. You can save significant earnings when you don’t need to commute to the office or spend money on lunch, so these work styles are definitely something to consider.
Employee experience and company culture are also driving forces in how satisfied you will be with a potential employer. Millions of people have pushed for a better work/life balance and research shows that companies are finally listening. As employers everywhere have created a unified voice to demand better working conditions and higher pay, especially after the pandemic, you can set your expectations higher for pay, benefits, and company culture.
When you are looking for a new job, know what you want beyond just a high salary. If the job’s pay is tremendous but you have to nearly break your back and rarely sleep to stay afloat, then the position may not be worth it. Do you value working with a passionate team or a fascinating workplace? How many vacation days do you expect? Do you mind working on the weekends? These answers will help you narrow down your job search.
If you have your sights set on one of the highest-paying jobs that we just listed, then a staffing agency can help. The most effective job seekers are proactive about their job search, contact us today to get started.