There are plenty of career paths available in the UK but if you’re looking for the highest paid jobs, then high powered roles in finance and law, to specialised fields like medicine and aviation can all secure candidates a high-paying job, but they’re not easy!
Whilst the definition of a high paid job will vary from person to person, there are certainly more lucrative industries where earning potential is higher than others. Read on for an exploration of 12 of the most financially rewarding professions in the UK to understand the earning power they bring, responsibilities, qualifications needed and the pros and cons of each role.
The figures quoted below aren’t definitive and are only intended to provide a ball park figure in the context of this article.
1. Chief Executive
Chief Executives, also known as Chief Executive Officers or CEOs, are the leaders of organisations whose responsibility is to make sure the company is profitable. A Chief executive earns between £100,000 and £200,000 per year.
A potential chief executive has to fulfil some requirements before applying to the position. Many years of experience in senior management, as well as excellent communication and decision making skills are prerequisites for getting the job.
A Chief Executive receives a high salary, and has the opportunity to positively change an organisation. On the other hand, such a well-paid job has its downsides, like working for long hours and living under a lot of stress.
2. Doctor
One of the highly appreciated professions in the world is being a doctor. This prestigious profession offers doctors an average income of £50,000 per year in the UK. However, if they are specialists and work in private clinics, they might earn up to £90,000 per year or more. Specialist fields can command up to six figure salaries in private medical institutions.
Being a doctor in the UK requires completion of a medical degree. The duration of study ranges between five and six years, followed by two years of foundation training. After that, you need to have three or more years of specialty training to be given permission to practise your role as a doctor.
In addition to its rewarding salary, being a doctor offers great job satisfaction for those who genuinely love to help people. This good feeling doesn’t come easy though as you will need to put in years of studying and then long hours of work. Doctors who work for the NHS live under the pressure of targets and budget cuts so can often end up working extra hours that are not included in their contract and are not paid for. Some also work second jobs as private doctors to supplement their NHS income.
3. Judge
Being a judge is a prestigious and lucrative job. After all, judges have the first and last word in legal cases. The importance of the judge’s role lies in presiding over legal cases and ensuring that law is followed, so judges typically earn between £100,000 and £200,000 per year.
Qualified lawyers are potential candidates to become judges, although they need ten years of experience working as solicitors or barristers. Judges also have to undergo training to handle cases after being appointed.
Like all high-paid jobs, being a judge has its pros and cons. The prestigious position that enables you to ensure fairness and preside over trials certainly provides a high salary. However, judges experience a lot of pressure resulting from the long working hours, as well as the mental and emotional stress that accompanies difficult cases. Unpopular decisions of high-profile judges may lead to public dissatisfaction and criticism, which some may find hard to take.
4. Lawyer
The legal profession includes different types of lawyers and not all of them are paid the same. Their salary varies depending on their area of speciality, the experience of the lawyer and the firm they work for.
Lawyers in the UK should hold a law degree that is completed in three years followed by Legal Training Practice which takes an additional year. After that, they can start their career in a law firm or any other organisation that deals with legal matters.
Solicitors are the most common type of lawyer in the UK. Becoming a solicitor requires a three-year law degree in addition to a two-year training contract with a law firm. Those who qualify as solicitors are expected to earn an average of £40,000 per year.
To increase your earnings, you can become a barrister however, you are supposed to pass the Bar through finishing a one-year postgraduate course, and a period of pupillage, which is an apprenticeship to become a member of the Bar. Qualified barristers earn around £60,000 annually.
All major companies and important people like politicians and celebrities have their own lawyers who are likely paid a retainer to be ready when needed. These lawyers can earn millions, especially if they are on the most sought-after list.
In addition to decent earning potential, lawyers are often highly regarded roles in society, but they too are likely to have to put in a huge number of hours, and navigate a lot of paperwork.Their reputation may be affected, especially when they defend unpopular clients, which can initiate public criticism for high-profile lawyers.
5. Risk Manager
Risk managers are hired by financial organisations such as banks and insurance companies. Their role is crucial since they identify and assess risks that might occur in these institutions. They earn an average of £50,000 per year.
Risk managers hold degrees in risk management, economics or finance. Working in a more junior risk role allows you to gain required skills and experience for the job before becoming a risk manager.
Risk managers must be able to take on risk and make high pressure decisions where the outcome impacts huge sums of money. The decisions you make will have a good or bad impact on companies, so if considering this role, you must be comfortable taking that on.
Calm, logical thinkers and a high threshold for risk are prerequisites for this role. As it can be stressful to manage with tight deadlines to meet, you will need to be level headed and able to manage your time effectively too.
6. Marketing Expert
Marketing experts are responsible for creating and implementing marketing campaigns. They typically work in advertising agencies, PR firms or large organisations and earn an average of £40,000 per year. The most successful marketing experts are highly sought after and are able to charge high rates for their services either as a member of an agency or as a freelancer.
Marketing experts are paid good salaries with most managerial roles starting at around £35,000 – £40,000. This role helps to promote a positive image of an organisation through designing and implementing marketing campaigns.
Advertising agencies, PR firms, and other large organisations need marketing experts and are ready to pay high rates for those who have long years of experience and a high profile in the marketing business. Whether working in an agency or as freelancers, they can still generally earn a minimum of £40,000 per year.
Marketing experts usually hold degrees in marketing or other related fields such as business or communications. High-value experts usually mix between years of experience in the marketing field, and postgraduate qualifications in marketing or MBA.
Other than the rewarding salary, being a marketing expert enables you to work in a free and creative environment, where you can guarantee that projects are never dull. However, the job lacks security and stability especially when working remotely.
7. University Professor
University professors in the UK also earn a decent income that ranges between £30,000 and £50,000 per year. Professors who work in the most prestigious universities in the UK and hold international positions can consequently have higher salaries that match their experience and expertise.
University professors hold PHD degrees in the fields of their study. After several years of work as lecturers and researchers, they can become university professors. Their job includes teaching and conducting research.
Being a university professor brings with it job stability that can be enjoyed with a good salary since a good university professor can be tenured. In addition, university professors are always conducting research and adding new findings to the field. However, they are usually overloaded with paperwork and live under the pressure of publishing new research papers.
8. Commercial Pilot
Commercial pilots usually gain £40,000 as beginners and may reach £100,000 when they become experienced pilots. This is a highly competitive industry. British Airlines and other airlines compete to have the best names in the field and seek to attract the best commercial pilots by offering them huge salaries.
To become a commercial pilot, you need to fulfil certain requirements. These include a Private Pilot’s Licence and a Commercial Pilot’s Licence. For the Private Pilot’s Licence, you need to complete 45 hours of flight time, while the Commercial Pilot’s licence includes completing 250 hours of flight time. After earning these qualifications, you can start looking for a job with airlines and other private companies.
Commercial pilots have the advantages of a good salary, travel, and lifestyle, but they also have to cope with the long flight hours and the risks of flying while holding the responsibility of carrying passengers safely to their destinations.
When commercial pilots start searching for a more relaxed and less demanding job, they can work as flight instructors. It is an ideal job for retired pilots who can work part-time and earn between £20,000 and £30,000 per year.
9. Dentist
Medical practitioners’ annual income varies depending on the sector they work in. Dentists who work in the public sector (NHS) are expected to earn between £50,000 & £80,000 per year, while those who work in the private sector earn higher salaries. Dentists who have their own dental clinics and perform surgeries often have an annual income that exceeds £100,000 per year.
Dentists need to have a five-year degree in dental surgery. After graduation, they are required to be registered with the General Dental Council. Now that they have all the needed qualifications, they can start working with the NHS or open your private practice.
If you are wondering what are the advantages of being a dentist, you should know that you will gain a good income, have status in society and have the opportunity of owning your clinic or medical practice. However, working as a dentist means standing for long hours in your workplace. In addition, treating conditions related to people’s teeth leaves zero tolerance for errors, which creates pressure on the dentist.
10. Website Developer
Establishing a career in website development is profitable since it is highly demanded in all industries. It guarantees a good salary and yields job satisfaction. Web developers earn between £30,000 and £50,000 per year. Large companies are ready to pay higher salaries for the most experienced web developers. If they choose to have their own consultancy, they might earn much more.
Website developers should have a strong background in computer programming and web design, usually by holding a degree in these fields. If you choose to be a web developer, you need to update your information regularly to be familiar with the latest software and development tools. Your qualifications enable you to apply for jobs in different companies or start your own business.
In addition to the good salary, web developers have the privilege of flexible work hours, since they can work from home and set their own schedule. However, if you choose to be a web developer, you have to stay updated and meet tight deadlines. This adds to your experience and credibility.
11. Investment Banker
Investment bankers hold a lot of responsibility since they handle large amounts of money. This demanding job and the long hours of work are rewarded with a very high salary that exceeds £100,000 per year.
The qualifications that should be held by an investment banker include a degree in economics or finance. Work experience in the financial industry and stock markets is also a privilege. With the right qualifications, you can fill the vacancies in Investment banks and other financial institutions.
An investment banker can accept job offers from different parts of the world, is paid well, and has a good status. However, this exhausting job is at risk when a financial crisis occurs.
12. Cosmetic Surgeon
A cosmetic surgeon’s earnings have the potential to run into five figures if the business is marketed well. The public’s obsession with improving appearance has reached its peak and people are willing to spend large amounts of money to look better. High-profile cosmetic surgeons who work for the rich and famous have higher annual earnings.
Cosmetic surgeons usually hold a degree in medicine or dentistry and continue to specialise in cosmetic surgery. As a cosmetic surgeon, you can get a job at a clinic or start your own practice.
Your role as a cosmetic surgeon includes improving people’s lives and helping them to feel more confident. Therefore, your status and salary will both be high. However, you should be ready for the long hours of work and the responsibility of giving your patients flawless results.
Final Thoughts
Pursuing a high paying career in the UK needs the right combination of skills, tenacity, dedication and willingness to work hard in your chosen profession. While the financial gain can be substantial, the downside is you will need to put in long hours, take on a lot of responsibility and be under pressure to perform.
Review your interests, priorities and temperament to find a career that aligns with what you’re looking to achieve in terms of finances and work-life balance.
