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What Factors Cause High Average Salaries?

The average salary for any job is influenced by a wide range of factors. Some of these are universal and apply to every niche, while others are more specific. Below are 4 areas of key criteria that influence becoming a high earner in a role across the job market.

Location

If you're working in a physical role, then this could influence the starting salary that you can command. That's because there's a higher cost of living in some large cities, such as London or Manchester, as opposed to small towns. However, just because the salary is higher, that doesn't mean you'll have more money to spend, as the costs of rent, travel, food and other necessities are usually higher.

In today's job market, more and more companies are embracing hybrid or remote working, so you might find that this affects how much modern jobs pay. While most remote jobs come with a good salary that reflects the average in the market, these salaries are often lower than those for employees who have to work in an office or other physical workplace. So, when you're looking for jobs that pay well or considering a career change, you should consider where you want to work and how this affects starting salaries across the corporate landscape.

Age

It is widely known that as we get older we gain more experience, and with more experience and knowledge, we are able to command a higher salary.

School leavers starting out in the world of employment can expect to be some of the lowest-paid employees, given their lack of experience. University leavers can hope to earn more, due to their extensive education, particularly if you go into a specific niche such as medical school or the legal sector.

When in the early stages of your career you should consider making ‘career investments.’ To invest in your career, you may consider seeking some form of work experience in a sector that appeals to you. This can be unpaid, part-time or working in an internship. Doing this work will help you to gain experience, and give you a good start in your career; hopefully, these foundations set you on the path to becoming a high earner.

When we reach our 30s we should see our earnings improve. With good experience and relevant success behind us, possibly combined with training and qualifications, we should start to reap the rewards of our hard-work and previous career commitments. Statistically, staff who are aged 40-49 are some of the best paid because they have, by this age, racked up a good 15 years or more of experience.

While it does influence your annual salary, age isn’t always the major factor in how much someone earns. High performing people, regardless of their age, can become a high earner much earlier in their career. Industries such as the financial sector can see employees realise huge earning potential at a young age. High-earning roles such as investment banker, financial analyst, software developer, computer programmer and others can be undertaken by employees of any age- experience, attitude and training can influence the best paid jobs, rather than just age.

Skillset and Education

Further education is expensive, but it can also help you to get jobs that have high demand for staff, and therefore command a higher salary. Also, additional training and education can help you to set yourself apart from other applicants when you're applying to good paying jobs.

The more qualifications you have, or the better educated you are, generally the more higher-paid jobs you are qualified for. Having a relevant degree for your industry may sometimes be a prerequisite, and it will also serve you well by putting you ahead of the competition.

To continue working in a high paid job it is important to keep your skills up to date and relevant. One of the most effective ways to ensure your salary increases steadily as you get older is to specialise within your industry. Having a specialist skill-set will improve your salary prospects and help you to become, and stay, a high earner.

Occupation / Industry

Different industries will have different requirements when it comes to education and skills. A job within the medical profession, or in the legal industry, will have very comprehensive requirements for job-seekers and it is common for jobs in this sector to be some of the highest paid jobs. 

That's because these industries have higher demand for staff than other markets. This could be short-term, due to market trends, or it could be longer term, because the industry is fast-paced and has lots of high paying job opportunities. Also, if staff can't receive training on the job, and need specific qualifications, then this could affect what jobs pay the most in each sector.

Certain industries like construction, energy, logistics and marketing, have seen a boom over the last few years, so working in one of these growth areas may also provide you with increased earning potential. Also, specific roles in these markets might be more in-demand than others, so you should explore the average salary for each role and find the high-paying career that you'd like to do.