In a recent link to a PowerPoint by
the Birmingham Business Journal, I found a list of the highest paying
jobs in the Birmingham market. The list
includes an interesting category from mining and geological engineering coming
in at 25 in rank at an income of $92,670 to your general Internist being the
number one paying job in the Birmingham market coming in at $246,460.
The
specifics of the survey pull from the US Bureau of Labor and Statistics. The rank order for Birmingham is as follows:
25
Mining and Geological Engineers $92,670
24
Purchasing Managers $94,600
23
Medical and Health Services Managers $95, 580
22
Marketing Managers $102,910
21
Advertising and Promotions Managers $103,950
20
Education Administrators, Post Secondary $103,970
19
Sales Managers, $104,900
18
Human Resource Managers $106.090
17
Computer and Information Resource Managers $108,060
16
Architectural and Engineering Managers $111, 010
15
General and Operations Managers $111,530
14
Pharmacists $111,720
13
Aerospace Engineers $112,090
12
Financial Managers $117,770
11
Administrative Law Judges, Adjudicators and Hearing Officers
$137,840
10
Lawyers $138,130
9 General Pediatricians $138,670
8 Family and General Medicine $142,490
7 Biological Teachers (postsecondary) $150,260
6 Anesthesiologists $155, 150
5 Psychiatrist $158,900
4 General Dentists $179,770
3 Chief Executives $198,220
2 Physicians and Surgeons $210,700
1 General Internists $246,460
As
you read through the list you may be struck by the dollar figures, but I
challenge you to think a bit deeper. The
devil is in the details as they say, and not factored into these numbers are a
few key questions that are not discussed in the absolute number. Take a minute to think about two key business
concepts. The first is Opportunity Cost
and the second is the Time Value of Money.
For
the most part, every job title on this list requires some level of graduate
work with rare exception. This means
seeing your time through high school, college, and then graduate school before
really getting down to the business of work that pays a higher income. To accomplish this, there is a high level of
focus, sacrifice and at least some delayed gratification.
A
simple example is the opportunity cost of blowing off studying for the long
weekend to head to the beach vs. the payoff of taking your books, relaxing, but
remaining focused on the work that waits for you when you return. The idea is simple. What costs more in the long run?
The idea of the time
value of money means that for every minute or dollar that you invest today, you
will see dividends in the future that will be missed if you choose to not invest
your time or money. This too is a
no-brainer, but it is the rare person indeed who is willing to forgo what they
“want or deserve” today for some future reward like interest on money, or the
fruits of some hard work toward an education for a better job.
As you review the above
list of top Birmingham earners, think not on their income, but the sacrifice
that was made to achieve this type of opportunity. In addition, think about the work that starts
at 630 or 700AM and is never really over, but the person tries to end it around
12 or 13 hours later. These jobs require
not just dedication but patience. It may
take years for many of these jobs to create enough revenue to pay off the
academic debt incurred on the road to the role.
Also, don’t overlook the value of all of the additional jobs that these
earners create or support.
In business, in school
and at home, begin today to value education and expect hard work. This is how true change begins.