Trades that pay 100k at 35 years
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To become rich, which sector and which profession to choose? We have looked at Robert Walters' new compensation study, which allows us to show you where you can work to make a good (even very good) living without necessarily waiting until your hair turns white.
The slight slowdown in economic growth in 2019 has not affected the excellent dynamics of the French executive labor market. The proof: the unemployment rate for executives is only 3.8%. This is why, "the difficulty for companies to recruit is expected to increase in 2020. Candidates, conscious of their position of strength, will start to move and will not hesitate to negotiate higher pay levels", explains Coralie Rachet, Director of Robert Walters France, who published her annual pay study on January 23rd.
In which professions and fields do professionals do best? We decided -totally arbitrary- to focus on positions that have an annual salary of at least €100,000 when hired in 2020 (excluding bonuses and benefits) for professionals with about 10 years of experience (because before this threshold, it is still much more difficult to reach this fixed level). All this is broken down by sector.
Real estate: fastest salary progression
"This is the sector that will stand out in 2020 in the context of a very dynamic framework job market," reveals Coralie Rachet. In barely 10 years of experience, executives working in real estate asset management seem to be able to easily reach 100k euros annually. Climbing the ladder is indeed faster than in other sectors. After 6 years of experience, it is possible to become a financial director and earn between 85k and 115k euros.
In addition, the vast majority of real estate management professions have salaries in excess of 100k with key positions that can be reached after 10 years of experience. A manager/director in investment or asset management can earn more than 140k euros. In real estate development, the salary of a development manager/director reaches 120k euros while that of a general manager exceeds 160k euros.
Consulting, finance and business law: the winning trio
Strategy consulting is the sector that pays more. With an average seniority level of 8 to 12 years in the sector, consultants with a title of "principal" are eligible for a salary ranging from 130k to 200k euros. With more than 12 years of experience, a "partner" can earn more than 250k euros! In management and organizational consulting, the figures are a little less impressive. However, senior managers (10-12 years of experience) earn between 85k and 135k euros.
Not surprisingly, finance in general, not only in investment banking but also within companies, allows them to benefit from very high salaries. With more than 10 years of experience, an M&A manager can expect a fixed salary of more than 110k euros. An investment manager with between 6 and 12 years of experience can earn between 90k and 140k euros. Please note that bonuses and commissions can considerably inflate these amounts!
At the level of finance functions in a company, a director of financial affairs (CFO) can earn more than 90k euros while the salary of a manager/management control director is between 85k and 110k euros. In the insurance sector, on the other hand, you need at least 12 years of experience to hope to exceed 100k euros.
Business lawyers have nothing to envy from their colleagues in consulting and finance. With 7 years of experience, a senior partner can earn 95k. In the firm, when the lawyer is promoted to the next higher level, that of counsel, his salary is even between 120k and 170k euros! Thus "the legal profession is under very high pressure. The desire of companies to internalize their legal processes only increases the attractiveness of lawyers on the job market," says Coralie Rachet.
Construction, IT and digital: specific positions that make you want to work in a law firm.
Although the construction sector is booming, it is still necessary to have more than 12 years of experience and hold a position of very high responsibility to exceed 100k. For example, a general manager in project management earns more than 120k euros.
At the same time, "in a context of accelerating digitalization of companies, the trend of strong search for IT and digital profiles continues," says Coralie Rachet. Therefore, joining IT departments with 10 to 15 years of experience in a company can go beyond the 100k euro threshold, as evidenced by the salaries of IT and digital/innovation directors, both between 90k and 140k euros. However, some cross-functional functions also allow the symbolic 100k threshold to be exceeded. This is the case, for example, of the head of IS security, who earns between 90k and 120k euros for the same level of experience. Cybersecurity is a key issue for all businesses today.
HR, marketing, health: hierarchy matters...
In other sectors, you really have to reach the top of the hierarchy to earn more than 100k euros. This requires 10 to 15 years' seniority. So, in human resources, only the HR Director manages to break the 100k euro barrier with an average salary of between 90k and 140k euros. For sales and marketing functions, you must have at least 12 years' experience and be a director or key account manager to reach this threshold.
In the health sector, the highest salaries are offered for the positions of Chief Operating Officer (90-130k euros), Chief Scientific Officer (100-140k euros) and Chief Medical Officer (100-150k euros) with more than 10 years of seniority.