What Is a Good Salary for Your Job Title and Industry

What Is a Good Salary for Your Job Title and Industry Salaries are all across the board and can sortiment from $19,440, which is the median annual wage for food preparation and serving workers to $269,600 for anesthesiologists, according to the U.S. Bureau of Labor Statistics (BLS). Even among workers with a college degree, the difference in wages is astonishing. For example, the Georgetown University Center on Education and the Workforce (CEW) reveals that, over the course of a lifetime, graduates with the top-paying college majors earn $3.4 million more than those with the lowest-paying majors.To help explain these disparities, well examine typical salaries for a variety of jobs and industries, and also analyze factors that can affect wages.Recent GraduatesAccording to the CEW, recent high school grads earn a median average annual wage of $22,000. The average recent college graduate earns $33,000 a year. Among major college supergroups, wages for recent college graduates are as fo llowsArchitecture and engineering$50,000Computers, statistics, and math$43,000Health$41,000Business$37,000Social sciences$33,000Physical sciences$32,000Education$32,000Law and public policy$31,000Communications and journalism$31,000Humanities and liberal arts$30,000Agriculture and natural resources$30,000Biology and life sciences$29,000Psychology and social work$28,000Arts$28,000Industrial arts, consumer services, and recreation$27,000Career WagesWhat is a good salary to live comfortably? That depends on how old you are and what your responsibilities include. Between the ages of 25 to 59, the CEW reports that high school grads earn a median average annual wage of $36,000. The average college graduate earns $61,000 a year. Among major college supergroups, career wages for college graduates are as followsArchitecture and engineering$83,000Computers, statistics, and math$76,000Health$65,000Business$65,000Physical sciences$65,000Social sciences$60,000Agriculture and natural resources$56 ,000Biology and life sciences$56,000Communications and journalism$54,000Law and public policy$54,000Humanities and liberal arts$52,000Industrial arts, consumer services, and recreation$52,000Arts$49,000Psychology and social work$47,000Education$45,000Notice how physical science majors now out-earn social science majors. Also, agriculture and natural resources majors, along with biology and life sciences majors, have leapfrogged several spaces, while education majors are now in the bottom spot.Those with Graduate DegreesHow much of a difference does a graduate degree make? Well, it depends on the major. Below is a sample of career wages for graduate degreesHealth and medical prep programs$128,207Chemical engineering$108,603Zoology$104,256Finance$101,453Computer science$99,915Advertising and public relations$65,162Psychology$64,915Commercial art and graphic konzept$62,751Human services and community organization$53,858Early Childhood Education$53,420Fairygodboss also has a salary data base compiled from anonymous member submissions that can help you gauge whether your wages are in line with the national average.Other Key FactorsWhile education plays a key role in your salary, there are other factors that determine pay.StatusAccording to Lisa Kaess, Founder of Feminomics, Are you starting out or starting over? With little to no experience, Kaess says it might be unrealistic to expect the same wages as someone who has spent years performing the same job.Neal Stern, CPA, member of the American Institute of CPAs National CPA Financial Literacy Commission agrees. Where are you on the career trail? If youre relatively new, Stern says your salary will reflect this. However, if youve grown in skills, credentials, experience and responsibilities, you need to weigh what youre making in comparison to what youre worth in the market.Stern also says that your line of work could determine the feasibility of your salary. If youve chosen a career that is typically limited in mone tary rewards (but perhaps offers rich intangible rewards, for example in helping others or developing your creative talents), your salary may pale in comparison to what the market offers for the skills you bring to the table.For example, jobs in nonprofits or small organizations tend to pay less than those in large, corporate companies. Case in point, according to Robert Half, the starting salary for entry-level accountants in private accounting ranges from $44,250 to $59,500. However, for public accountants who work in auditing and assurance services, entry-level salaries range from $50,000 in small companies to $73,500 in large companies.As we can landsee from CEW data, certain majors pay significantly more (or less) than others both at the entry level and throughout the employees career.Certain majors can make you a good middle- to upper-class income. What is considered middle class in the United States? The Pew Research Center defines the US middle class as anyone earning 67 per cent to 200 percent of the median household income and middle-class Americans earned about $39,000 to $118,000 in 2016.LocationDepending on your parte of the country, wages tend to reflect the cost of living and/or the level of demand for your services. For example, according to the BLS, mental health counselors earn an annual mean wage of $46,050. However, they earn $35,440 in Missoula, MT, and $72,630 in Napa, CA.In major cities and higher cost areas along the East/West coasts, taxes and housing will account for a major chunk of that income, explains Kaess.Employers in more expensive areas are likely to offer higher wages.Benefits and OpportunitiesOften, your wages arent the only part of your compensation package. If the job includes the big three - medical insurance, retirement (401k), paid vacation- personal days, your all-in package can run fifteen to twenty percent higher, Kaess explains. That doesnt include the peace of mind knowing youre building for your future, can take t ime, and will be ok if an emergency arises, she says.While employees tend to take these benefits for granted, Stern says they shouldnt. The cost of some of these benefits, if you had to purchase them on your own (assuming you were able to) might surprise you, Stern says. Be sure to consider the value of what your employer is providing in addition to salary in thinking about whether the salary is good and comparing it to alternatives.Stern also advises readers to consider intangibles. Does your job offer good work/life balance? He says its important to consider how your salary fits with your lifestyle and a higher salary might bedrngnis make up for what you would have to forfeit. Its hard to put a price on flexible hours or work-at-home options when you really need them, and some jobs come with a boatload of overtime work hours, possibly with additional pay.On the other hand, Stern says that a job that is two hours away and requires a $300 monthly train ticket should also be factore d into the equation. Consider the net reward from your job - what youre really earning is your salary minus what it costs you to get to work, measured in both time and money, Stern says. Another consideration is the opportunity for advancement and other perks. Is the job with a company or sector thats expanding, and does it offer ways to enhance your skills on the job, or with training, or career development? Kaess asks. Some places will help cover costs of graduate degrees and assist with covering costs of ongoing education - and that offers tangible payoffs now and in the future, she says.Sometimes, the most important question isnt how much a job pays, but how well you can manage your finances. Leslie Tayne is a New York Debt Attorney and the author of Life and Debt. According to Tayne, If you are budgeting properly, not spending more than you earn, using credit cards minimally and are able to put money into savings, money might not be the determining factor.Money isnt everything and since working takes up most of your time, its important to know for yourself what makes a job good or not, Tayne says. In fact, she warns that you could make a ton of money, but if you have to work 80 to 90 hours a week, you wouldnt have time to do anything else. A happy workplace, good coworkers, reasonable commute and a fair boss are all factors that determine this, Tayne concludes. So what is a good salary in the US? The average salary for every job and industry varies, but you should be aware if the salary offer you recieve from a potential employer at least meets the average salary of your field. You deserve a fair income, and the annual salary your new employer suggests should align with the aforementioned labor statistics ideal salary range of your industry. So before you accept the salary offer right away, study up on the annual salary you think you should earn and make sure its somewhere in that salary range. Good luck.---Terri Williams is a business, higher ed, tech, a nd finance journalist with bylines at The Economist, USA Today, Yahoo, U.S. News World Report, About.com (dotdash), Realtor.com, and Business.com. Follow her on Twitter Territoryone.