Who doesn’t want a well-paying job? If you’re in that stage of life where you need to choose a career but are uncertain about what to select, here’s some data to help you along.
Financial Services, Banking and Insurance sectors top the list of best paying industries in the country.
Wondering which other industries made the cut? Want to know what it takes to secure a job in each of them? Read on to find out:
List of 5 Industries with the Highest Average Wage in India
1. Financial Services, Banking, Insurance
Median gross hourly wage: Rs 433
If BFSI is the highest paid sector in India, there’s a good reason for it. Working here requires a head for numbers, a solid grasp of economics, and even the law (since the sector is highly regulated). The industry attracts talented, dynamic individuals who are highly motivated and able to thrive under pressure.
Jobs on offer: Like any major industry, BFSI also encompasses a wide variety of jobs
including financial analyst, loan officer, teller, financial manager, financial controller, credit manager, risk and insurance manager, quantitative analyst, portfolio manager, etc.
Expertise required: Having the right skills is important if you want to succeed in the BFSI industry. A graduate degree in subjects like economics, finance, and business and accounting is a good platform. Having an MBA degree helps in terms of recruitment and pay. Some job profiles like chartered accountants require specialized degrees.
Since BFSI is a dynamic sector with constantly evolving rules and regulations, continuing education in terms of degrees and certifications is necessary to ensure long-term career growth.
2. IT Services
Median gross hourly wage: Rs 386.8
The IT industry might currently be in a state of churn, but it still remains a lucrative sector with positive long-term career prospects. However, the skills in demand are always evolving.
Jobs on offer: Software developer, network engineer, network administrator, computer analyst, business analyst, tech support, software tester and IT consultant are some of the traditional job avenues in this field. Cognitive systems engineer/machine learning specialist, virtual reality specialist, blockchain engineer and Internet of Things (IoT) architect are among the emerging new age careers.
Expertise required: Depending on your job role, you could either start with a certification or a full-fledged bachelor’s degree in IT. Given the dynamic nature of the field, it is imperative to keep updating your technical skills. Soft skills like communication, listening, teamwork, leadership, flexibility and creativity are essential in this field.
3. Construction, Technical Consultancy
Median gross hourly wage: Rs 288.7
Despite the slowdown in the real estate sector, the construction industry continues to be a good paymaster. With the government currently mulling opening up the construction sector further to foreign investment, incomes and job numbers can only be expected to rise.
Jobs on offer: The industry offers a host of career options spanning the entire spectrum of skills and income from bricklayers, plumbers, carpenters and electricians to heavy equipment operators, interior designers, land surveyors, architects and construction engineers.
Expertise required: Careers like architect and construction engineer require specialized degrees given their highly technical nature. Others like interior designer and landscape artist don’t necessarily require a degree, but having one is usually an advantage both in terms of recruitment and on the job.
Communication, time management, leadership and teamwork are some of the key soft skills that employers look for in this highly demanding and deadline-driven industry.
4. Legal, Market Consultancy, Business Activities
Median gross hourly wage: Rs 277.1
The legal and market consultancy sector has been on the uptick in recent years and seems poised for higher growth amid a swiftly developing corporate landscape.
Jobs on offer: The legal sector lends itself to a variety of careers encompassing a wide range of skills, experience, and training. Examples include litigation, corporate counsel, law firms, judicial and civil services, legal process outsourcing and academics. The field of corporate law in particular has been on the rise thanks to steady economic expansion and more intense corporate regulatory frameworks.
If you are an introvert or have a curious mind, market research could be the ideal career option for you. Market consultants deal with businesses and organizations providing services like market sizing and forecasting, market surveys, mapping the value chain, identifying profitable opportunities, due diligence studies, and merger and acquisition studies. You could look forward to being an analyst, statistician, research manager, fieldwork manager, research director or operations director.
Expertise required: A career in the legal field usually begins with a law degree (although some jobs like paralegal, litigation support professional and legal secretaries are also open to non-lawyers). Employers generally look for soft skills like persuasiveness, oratory skills, logical reasoning, sound judgment, writing ability, teamwork and attentiveness to detail.
At least a bachelor’s degree is required for a career in market research. While it could be from any stream, degrees in marketing, economics, statistics, psychology, sociology and political science hold a distinct advantage. Soft skills in demand include good communication skills (especially English), listening skills, critical thinking and analytical skills, apart from quantitative skills.
5. Transport, Logistics, Communication
Median gross hourly wage: Rs 257.4
Often regarded as the backbone of an economy, the logistics sector deals with the effective flow of goods on which businesses and commercial establishments depend. It includes the road transport sector (trucking etc), the storage and warehousing sector, and third-party logistics. The National Skill Development Corporation (NSDC) estimates that the sector will need around 28.4 million people by 2022.
Jobs on offer: The industry offers careers in customer service, supply chain, procurement, freight forwarding, distribution management, warehouse, storage and inventory management, and transport management and planning.
Expertise required: A bachelor’s degree or certification in logistic management or supply chain management is the ideal launch pad for a career in the field. Soft skills include commercial awareness, numeracy, good problem-solving skills and the ability to think quickly, logically and analytically. People skills like communication, leadership, team-building and interpersonal skills are also important.
No doubt, salary is an important issue while making a career choice. But it should not your only consideration. True career satisfaction lies at the intersection point of passion, talent, work-life balance, growth prospects and decent pay. While securing the ideal balance is a continuous challenge, it’s important to always keep trying until you #FindBetter.
FAQ on Industries with the Highest Average Wage
Q1. What are the top industries with the highest average wages in India for 2024?
A1. The top 5 industries with the highest average wages include IT & Software, Banking & Finance, Pharmaceuticals, Telecom, and Aviation.
Q2. What positions contribute to high wages in the IT & Software sector?
A2. Roles such as software architects, data scientists, and IT managers often command high salaries, contributing to the industry’s top average wages.
Q3. What types of jobs are available in the Financial Services, Banking, and Insurance (BFSI) sector?
A3. The BFSI sector offers a wide range of roles, including Financial Analyst, Loan Officer, Financial Manager, Credit Manager, Risk and Insurance Manager, Quantitative Analyst, and Portfolio Manager
Q4. Are there opportunities for career growth in these high-wage industries?
A4. Yes, there are substantial growth opportunities in these industries. With continuous skill development and experience, professionals can advance to higher positions, take on more significant responsibilities, and increase their earning potential.
Q5. Is it possible to transition into a high-wage industry from a different sector?
A5. Yes, transitioning is possible with the right skills and qualifications. Gaining relevant experience, acquiring new certifications, and networking within the target industry can facilitate a successful transition.
