what does it mean to make six figures

What is a Six-Figure Bacon?

In the corporate world, in that location is such a thing equally a six-figure salary. Information technology means getting a salary that is at to the lowest degree $100,000. Individuals who earn less than that, just at least $10,000, have a five-effigy salary. If you're making a one thousand thousand dollars, you've got a seven-figure salary (and obviously a slap-up job).

Check outCFI'South Career Map to accept a look at different Career Paths.

Who wouldn't want to earn lots of money, specifically receive a six-figure bacon? One of the deciding factors when applying for a job is the salary. Most, if non all, professionals, are always on the sentinel for jobs that come with financially rewarding compensation and benefits Remuneration Remuneration is any type of compensation or payment that an individual or employee receives as payment for their services or the piece of work that they do for an organization or company. It includes whatever base bacon an employee receives, along with other types of payment that accrue during the form of their work, which .

How to Earn a Six-Figure Bacon?

Exercise you want to earn a 6-effigy salary every twelvemonth? The showtime pace is to accept your didactics seriously. Having a solid foundation volition significantly aid y'all choose a career that will lead yous to financial success. According to the Occupational Outlook Handbook of the Bureau of Labor Statistics, but 55 out of 818 jobs listed offer median salaries of at to the lowest degree $100,000 every year. Out of the 55 jobs, 53 crave at to the lowest degree a available's caste.

Several industries pay well and offer more opportunities for advancement, so it is crucial to cull your career path carefully. If you lot want to accept a career that offers a vi-figure salary, standing your education is your best bet. To requite you an idea, here are some jobs that you lot may want to consider if you want to earn a six-effigy salary:

1. Actuary

Insurance companies employ actuaries who assess risks and reduce costs by using statistics and mathematics. They earn $100,610 on boilerplate, as of 2018. Actuaries Actuary An actuary substantially acts as the backbone of financial security for insurance and reinsurance companies, multinational corporations, and financial planners. The primary job of an actuary is to analyze run a risk and the costs associated with risks and dubiety.  typically hold a bachelor'south degree in mathematics, statistics, or actuarial scientific discipline. Many besides take courses in databases and programming languages.

ii. Finance manager

Banks Meridian Banks in the USA According to the US Federal Deposit Insurance Corporation, there were 6,799 FDIC-insured commercial banks in the U.s.a. as of February 2014. , insurance companies, and other organizations employ finance managers who are responsible for developing strategies to keep the company financially sound and stable. The median annual six-figure salary of a finance managing director is $121,750. Interested in becoming a finance director? Y'all need to obtain a available's degree in finance, accounting, or a related field. Bear in listen that some employers adopt job applicants with an MBA.

three. Internist/Internal medicine doctor

Information from the Bureau of Labor Statistics evidence that doctors typically earn a six-figure salary annually. For case, internists receive a median salary of $182,370 per year. Everybody knows that professionals in the field of medicine spend many years in school. Doctors should hold a bachelor's degree and exist medical schoolhouse graduates. They as well go through internship and residency for three to vii years.

four. Petroleum engineer

Petroleum engineers are in charge of creating ways to extract oil and gas from the earth. Every year, they become a median 6-figure salary of $128,230. If you lot desire to work in an oil company as a petroleum engineer, you need to possess a bachelor'due south degree in petroleum, civil, chemical, or mechanical engineering.

5. Software developer

Those who are into software development are always in demand in this twenty-four hours and age when everything is going digital. App developers earn a median six-figure salary of $102,280 annually. They are normally holders of a bachelor's caste in informatics. However, many professionals find success in this field fifty-fifty without a degree.

Key Takeaway

The certain-fire way to getting a high-paying job is to have avant-garde education, but it doesn't mean that information technology's the but manner. Just like in software evolution where some employers hire job candidates fifty-fifty without a degree, the next clear path to a six-figure salary is acquiring in-demand skills. Developing sought-after skills tin more than make upwardly for a lack of formal education. With the right skillset and experience, you can still earn a vi-effigy bacon – or even more.

More than Resources

Thanks for reading CFI's guide to a six-effigy salary. CFI offers the Financial Modeling & Valuation Analyst (FMVA)™ Become a Certified Financial Modeling & Valuation Annotator (FMVA)® CFI's Financial Modeling and Valuation Annotator (FMVA)® certification will assist you gain the confidence yous demand in your finance career. Enroll today! certification program for those looking to accept their careers to the adjacent level. To go along learning and advancing your career, the following resources will exist helpful:

• Annual Income Annual Income Almanac income is the total value of income earned during a fiscal year. Gross annual income refers to all earnings before whatever deductions are
• Employee Stock Ownership Plan (ESOP) Employee Stock Ownership Plan (ESOP) An Employee Stock Ownership Program (ESOP) refers to an employee benefit program that gives the employees an ownership pale in the company. The employer allocates a percentage of the company's shares to each eligible employee at no upfront price. The distribution of shares may be based on the employee'due south pay scale, terms of
• Salary Computer Salary Calculator This salary computer can exist used to estimate your annual salary equivalent based on the wage or rate you are paid per hour. Follow the instructions below to convert hourly to annual income and make up one's mind your salary on a yearly basis. Simply enter your information and this form volition turn hourly to salary
• Salary Guides for Finance and Business Compensation Compensation and bacon guides for jobs in corporate finance, investment banking, equity research, FP&A, accounting, commercial cyberbanking, FMVA graduates,

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Source: https://corporatefinanceinstitute.com/resources/careers/compensation/six-figure-salary/

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