People yearn for high-paying jobs and such roles help the economy too. But is it just the skills and experience that ensure a multi-figure pay cheque? They are important but geography, industry and value created matter too in a job market where not all sectors are growing alike.
India’s job market
The India Employment Report 2024, released by the Institute for Human Development (IHD) and International Labour Organisation (ILO) in March, pointed to a concerning youth unemployment crisis as seven million young people enter the workforce annually but have limited job opportunities.
The Centre for Monitoring the Indian Economy (CMIE) in June reported a rise in unemployment to 9.2 per cent , up from 7 per cent in May. Women face particularly high unemployment, with rates rising to 17.5 per cent in June 2024. The report also recognised this problem to be prevalent in both urban and rural job markets.
The information technology (IT) sector, which boomed during Covid-19, has witnessed mass layoffs, with more than 136,000 professionals sacked across 422 companies in 2024. Last year, more than 260,000 workers were laid off at 1,150 IT companies.
On the other hand, the Ministry of Labour and Employment in July highlighted positive data from the Periodic Labour Force Survey (PLFS), showing over 80 million jobs created between FY18 and FY22, with the worker population ratio increasing to 56 per cent in FY23. Formal employment was also growing, as 13 million new Employees’ Provident Fund Organisation (EPFO) subscribers joined in FY24.
While government initiatives like Skill India and Make in India have helped, challenges such as youth unemployment, gender disparity, and rural joblessness persist, as technology and innovation is constantly shifting market and skill demand. Addressing these issues requires focused reforms in education, skilling, and industry-specific job creation.
As India’s retail inflation eased to 3.54 per cent in July 2024 and went below the Reserve Bank of India’s (RBI) target of 4 per cent for the first time in nearly five years, the significance of well-compensated jobs became more apparent.
These jobs contribute to economic stability by allowing individuals to maintain their purchasing power even during periods of inflation. With the RBI pausing rate hikes and maintaining the repo rate at 6.50 per cent, high-paying jobs help households navigate inflationary pressures without compromising their standard of living. Moreover, they foster greater savings and investments, driving long-term economic growth.
Highest-paying jobs in India, 2024
According to upGrad, an online skilling, training and education platform, these are the highest paying jobs in India in 2024:
1. Marketing director: Average annual salary Rs 47.5 lakh, highest salary Rs 98 lakh
2. Pilot: Average salary Rs 36.5 lakh, highest salary Rs 84 lakh
3. Software architect: Average salary Rs 31 lakh, highest salary Rs 50 lakh
4. Judge: Average salary Rs 27 lakh, highest salary Rs 33 lakh
5. Product management: Average salary Rs 21 lakh, highest salary Rs 37 lakh
6. Investment banker: Average salary Rs 17 lakh, highest salary Rs 45 lakh
7. Aerospace engineer: Average salary Rs 16.8 lakh, highest salary Rs 30 lakh
8. Construction manager: Average salary Rs 16.8 lakh, highest salary Rs 36 lakh
9. Hotel general manager: Average salary Rs 15.8 lakh, highest salary Rs 35 lakh
10. Real estate developer: Average salary Rs 15 lakh, highest salary Rs 35 lakh
Factors contributing to high salaries
Specialised skills
According to PwC’s 2024 ‘Global AI Jobs Barometer’, higher-paying jobs require specialised skills such as artificial intelligence (AI), data science, blockchain development, cybersecurity, and quantum computing. High-paying jobs stem from a combination of factors — demand for niche skills, technological advancements, global competition, and productivity gains. Individuals with these skills also benefit from the high demand to low supply ratio.
Value created
Another factor shaping salaries is the economic value that a job creates. Jobs that directly generate revenue for companies or society typically pay more, according to PwC’s report. That is why investment bankers are highly compensated for managing large sums of money and facilitating business growth.
Essential workers like cleaners and maintenance staff are invaluable but do not generate direct income and get modest wages. Industries with high AI adoption have witnessed nearly 4.8 times higher productivity growth. Therefore, AI experts are likely to earn more.
High risk jobs
High-paying jobs often come with greater risks and responsibilities. Airline pilots, doctors, and chief executive officers (CEOs) are entrusted with people’s lives or the future of companies, which explains their higher pay. When an operation or company fails to perform, these are also the same people likely to lose their careers or reputation.
On the other hand, jobs with lighter responsibilities, such as administrative roles, tend to offer lower salaries. Office assistants, for instance, typically do not make high-stakes decisions, and their compensation may reflect this.
Geography and cost of living
Jobs in areas with a high cost of living, such as Bengaluru or Mumbai, usually pay more than similar roles in smaller cities like Indore or Jaipur.
Companies adjust wages to account for the higher cost of living in metropolitan areas, where competition for talent is fierce. However, thriving in these cities often requires a higher skill level, linking back to the importance of specialised expertise. Salaries for the same position also may vary between employees going to office, working in a hybrid model, or remotely. Benefits provided to employees, based on these markers, may also vary.
Industry, economic health
Jobs in booming sectors like technology, finance, and pharmaceuticals tend to offer higher salaries because these industries generate substantial revenue. Software engineers, for instance, benefit from the high profitability of the tech industry.
Conversely, industries with thinner profit margins, such as hospitality and retail, generally offer lower wages. Waiters, for example, tend to earn less because restaurants often operate on low margins.
Therefore, the value placed on a job is determined by a mix of factors, including skills, economic impact, risk, location, and industry health. Any change in these factors can also quickly change one’s compensation, as recently witnessed during Covid-19.
So, how can you earn more?
In India, professionals in emerging technology fields have witnessed substantial salary growth due to the rapid digital transformation across industries.
For instance, the average annual salary for an AI specialist can range between Rs 12 lakh to Rs 20 lakh depending on experience and location, according to a 2023 report from LinkedIn.
Data scientists with one to four years of experience typically earn Rs 6 lakh to Rs 10 lakh per year, with more senior professionals earning upwards of Rs 20 lakh annually. Similarly, cybersecurity professionals can expect to earn between Rs 5 lakh and Rs 12 lakh per year, with more specialised roles in demand offering even higher salaries.
High-earning traditional careers
Someone aiming for established high-paying careers like being a doctor, engineer, or lawyer, investing in your education is vital. Doctors, especially specialists such as surgeons or cardiologists, earn significantly higher than many other professions. The average salary for doctors can range from Rs 6 lakh to Rs 18 lakh per year, with specialists earning significantly more.
Engineers in sectors like IT, mechanical, and civil engineering earn between Rs 3 lakh to Rs 12 lakh annually, with management roles fetching even higher salaries.
Lawyers in top-tier firms or those specialising in corporate or intellectual property law can expect annual earnings of Rs 8 lakh to Rs 25 lakh, depending on the firm and individual expertise.
High-growth industries and management roles
Certain industries such as technology, finance, and healthcare offer higher-paying roles due to their rapid growth. For example, finance professionals working in investment banking, equity research, or portfolio management can earn Rs 7 lakh to Rs 30 lakh per year. The healthcare sector, beyond medical professionals, also offers lucrative roles in hospital management, with professionals earning Rs 10 lakh to Rs 20 lakh annually.
Transitioning into management or leadership roles within any sector significantly boosts earning potential. Middle managers in most industries earn between Rs 10 lakh to Rs 25 lakh annually, and this figure climbs as you move towards senior leadership roles like director or vice president.
Freelancing and entrepreneurship
If you possess a specialised skill, freelancing or starting your own business can offer considerable financial rewards. Many professionals in fields like web development, graphic design, or consulting earn more as freelancers than they would in traditional employment roles. On average, successful freelancers in India can make anywhere between Rs 5 lakh to Rs 15 lakh annually, with highly experienced or in-demand freelancers earning even more.
How do you get trained in highly specialised skill sets?
Studies suggest that focusing on acquiring in-demand skills, pursuing higher education or certifications, and targeting industries with high growth potential are key strategies to boost earnings. Hence, the goal would be to position yourself in a field where skills acquired are both rare and highly valued.
However, in many cases skill training programmes or degrees may be difficult to come by for highly specialised skills. With tech advancing day by day, industry, academia, and training institutes are placed in the difficult task of designing courses – which requires specialists that may not exist, funding they do not have, and candidates who have no way of determining the return on investment in a new course.
This is where the role of industry-academia partnerships and government incentives become crucial.
When done correctly, these collaborations can bridge the gap between theoretical knowledge and practical application, equipping learners with the expertise needed to thrive in a rapidly evolving job market.
