Yahoo Finance Top Earning Careers 10 Years From Now — Where Will Your College Degree Pay Off Most?
For decades, a career in information technology (IT) spelled the promise of a bright financial future. As of May 2022, the median annual wage for those in IT was $100,530, more than double the average median annual wage of $46,310 across all professions, according to the latest data from the Bureau of Labor Statistics.
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In spite of these high wages, IT salaries have dropped by 3% over the past year. A study by Hired, as reported by ZDNet, found that IT salaries actually dropped 9% when adjusted for inflation. Hired’s salary estimate was much higher, to start, than BLS data. The study showed IT salaries fell from $161,000 to $156,000 between 2022 and 2023.
Will this trend continue? According to a new study from TollFreeForwarding.com, it’s likely to continue through 2033. If you’re considering shelling out big bucks for an IT degree, you may want to re-think that move.
TollFreeForwarding.com evaluated salaries in a multitude of careers from 2013 through 2023, and then projected earnings through 2033. Figures were also shown adjusted for inflation. Let’s explore some of the most profitable degrees as we advance into the next decade — some statistics that might surprise you.
Healthcare Careers Show Promise, But Salaries Won’t Keep Pace with Inflation (Except for Nursing)
Perhaps not surprisingly, careers in healthcare will remain lucrative into the next decade. However, they won’t be as profitable as they have been in the past, per the study. While doctors and dentists top the charts for hourly rates, their future salaries don’t fare as well as some other professions amidst high inflation.
Doctors are projected to have the highest paying salary in 2033. Their hourly earnings will jump from $121.51 per hour up to $150.72. However, adjusted for inflation, doctors will see a loss. That $150 per hour will only have the spending power of $118.
Similarly, dentists will earn $93.95 per hour in 2033, but when the salary is adjusted for inflation, will only be earning $73.94. That’s a drop of $13.74.
Registered nurses will see a hefty raise, with or without inflation. Wages will rise from an average of $45.49 per hour in 2023, up to $74.09. After inflation, that’s an hourly wage of $58.31 — more than a $12 per hour jump and the highest on the list. Nursing jobs are currently growing at a rate of 6%, according to current BLS statistics. For those who want to get into a financially and personally rewarding field, a nursing degree is worth considering.
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Don’t Mock That Liberal Arts Degree
If you’re considering a career in communications or entertainment, it could pay off. In today’s world, careers based on information and entertainment can be highly profitable. And there’s a lot more you can do with a liberal arts or communications degree than teach English, despite some common criticisms.
The study found that artists, writers and performers will experience the greatest increase in pay out of all the careers explored, after the figures are adjusted for inflation. Current hourly earnings of $51.14 will rise to $75.14, or $59.13 after inflation. Likewise, journalists and reporters will see an increase from $37.90 to $53.72, which is $42.27 after inflation.
But not every creative career promises salary growth. Graphic designers, another content creation role, will see their salaries remain roughly flat after adjusted for inflation. Currently, designers make an average of $37.54 per hour. That will rise to $47.37 by 2033, but adjusted for inflation that’s just $37.28, a slight decrease from current earnings.
Advances in technology, along with raises for entertainers following recent strikes, have made many creative jobs more profitable. Many creative types can also use AI to streamline their work, which means they can generate more deliverables faster.
Workers in Trades Will Fare Well
A pricey college degree isn’t for everyone. If you are considering trade school as a path to steady income, your salary is likely to keep pace with inflation, based on the research. Workers in certain trades may even see an increase in their salaries after accounting for inflation.
Construction workers will see a salary boost of more than $4 an hour after inflation, with wages predicted to rise from $33.89 to $38.52. Telecom professionals will see their hourly wages increase by roughly $1 between 2023 and 2033, when adjusted for inflation. They will go from earning $41.46 to $42.47. Electricians will see a slight surge in their salaries, with wages rising from $32.33 to $32.82 when adjusted for inflation.
Workers in Lower Wage Jobs Will See Some Relief
Workers in lower wage jobs not requiring a degree will see slight increases in their wages as we move toward the next decade. Janitors will go from earning $16.83 per hour up to $18.64 after inflation.
Cashiers will see a larger boost, from $14.55 up to $17.93 per hour. Bartenders will earn $17.40 when adjusted for inflation, compared to the $16.29 per hour they make, on average, now.
However, let’s keep these salary increases in perspective. A bartender in 2033 will only earn $36,192 per year, which is less than the median annual salary of $58,136 across the U.S. — and less than you need to earn a living wage in any of the 50 states, based on a recent study from GOBankingRates.
If you want to build wealth, pursuing a career that requires special skills, and perhaps a college degree or trade school training, will yield higher returns than most service-industry jobs.
Avoid These Jobs If You Want to Keep Pace with Inflation
In addition to certain health care jobs, other careers in a variety of sectors will also see pay decreases after adjusting for inflation. IT workers will continue to see their wages drop, earning just $52.41 by 2033, after adjusted for inflation, compared to $53.96 right now.
Teachers will also lose out, seeing their effective hourly rates drop from $42.88 to $40.16 by 2033.
Passenger drivers, one of the only service industry jobs to see a pay decrease in the study, will go from earning an average of $20.49, hourly, in 2023 to just $20.12 in 2033 after inflation.
Careers Showing the Most Growth When Adjusted for Inflation
Choosing the right career path means evaluating multiple factors, including the degree required (and the cost of that degree) compared to the expected pay. Of course, you also want to consider personal enjoyment and fulfillment, which could mean looking at jobs that are well-matched to your interests and skillset.
These careers show the most promise for salary growth after accounting for inflation.
Career | Hourly Wage 2023 | Projected Hourly Wage 2033 (adjusted for inflation) | 10-year Wage Increase |
Registered Nurses | $45.49 | $58.31 | $12.82 |
Artists/Writers/Performers | $51.14 | $59.13 | $7.99 |
Construction | $33.89 | $38.52 | $4.63 |
Journalists / Reporters | $37.90 | $42.27 | $4.37 |
Cashiers | $14.55 | $17.93 | $3.38 |
Janitors | $16.83 | $18.64 | $1.81 |
Bartenders | $16.29 | $17.40 | $1.11 |
Telecoms | $41.46 | $42.47 | $1.01 |
Electricians | $32.33 | $32.82 | $0.49 |
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This article originally appeared on GOBankingRates.com: Top Earning Careers 10 Years From Now — Where Will Your College Degree Pay Off Most?
