Yahoo Finance 4 Careers Where You Can Earn Seven-Figures Yearly
As the cost of living continues to rise in the U.S., the need to make more money further intensifies. Some research shows that even a six-figure salary may not be enough to comfortably get by and no longer classifies you as “rich.” It’s time to raise the bar and seek out a career where you can make seven figures a year.
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Let’s look at four careers where you can potentially pull in seven figures a year, meaning you’ll make between $1 and $10 million annually — and what you need to get in the door.
Corporate Lawyer (Partner)
Though most lawyers make good money, not all of them make seven figures a year — far from it.
According to U.S. News & World Report, lawyers made a median salary of $135,740 in 2022. Though that’s far from pocket change, it’s certainly not landing you in the earnings tier of a millionaire.
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That said, corporate lawyers generally stand to make the most and can pull in seven figures a year — if they make partner. For example, according to ALM Global’s 2023 Global 100 Ranked by Profits Per Equity Partner, the global law firm Kirkland & Ellis LLP pays their equity partners $7.52 million annually.
To become a corporate lawyer, you’ll need to do the following, at minimum:
Earn a Bachelor’s Degree.
Complete an internship with a law firm or legal clinic.
Get into law school.
Earn your juris doctor degree.
Pass the bar.
Get licensed in your state(s).
Senior Investment Banker
As with lawyers, investment bankers don’t often make a million or more a year. According to Indeed, the average base salary for an investment banker in the U.S. is $86,824, not even six figures.
But these professionals can go far and rake in a lot more money. On the highest earning end of the spectrum, investment bankers make $544K.
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Yes, that’s still not seven figures, but you can cross over into that territory; it all comes down to tenure, commission and bonuses.
To become an investment banker, do the following:
Earn a Bachelor’s Degree in finance.
Get an entry-level investment banking job.
Earn your Master’s of Finance degree.
Get a job (higher than entry-level) as an investment banker.
CEO
How much a chief executive officer (CEO) makes depends on a slew of factors including industry, company size and profitability of years working in the role. If you’re successful, you can make a pretty penny.
The average CEO salary in the U.S. is $838,489. That’s just the average though. Higher-end earners make $1,080,346.
Experience, vision, problem-solving skills and leadership are key CEO traits. To become one, do the following:
Get a post-secondary degree, ideally a Master of Business Administration (MBA).
Gain real-life experience in business environments.
Be ready to climb the corporate ladder.
Start a company or take one over.
Consultant
“Consultant” is a rather vague term. In this sense, it means a seasoned professional who provides her expertise to client organizations to help them optimize their performance. They have several areas of focus, ranging from finance and strategy to supply chain management.
This is another career where you’re certainly not guaranteed a seven-figure salary. According to Indeed, the average base annual salary for a consultant is just a little more than $90,000.
But you could get your consulting business to make seven figures a year by charging clients directly (rather than as a subcontractor), cultivating an elite reputation and working with an expert strategist to craft a message that reels in businesses that will pay big bucks for your guidance.
Businesses rely on consultants to help lead the way, so experience and proven success in a specific field are key here. To become one, you must do the following:
Have at least an undergraduate degree.
Build actionable knowledge through relevant professional experience.
Get certified in your industry.
Earn a Master’s Degree or more, reflecting your specific expertise
Grow and nurture your network.
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This article originally appeared on GOBankingRates.com: 4 Careers Where You Can Earn Seven-Figures Yearly
