The Finance Bible

#85 Australia's Top 15 Highest Paying Jobs

• Zeke Guenthroth and Oscar Don

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Can a career in tech or medicine bring you both immense financial reward and personal satisfaction? Join us for an eye-opening exploration of Australia’s top 15 highest paying jobs where we break down the roles, responsibilities, and salaries of positions from computing professional security specialists to neurosurgeons. Discover how the landscape of artificial intelligence and technology has influenced earnings and job opportunities for roles like enterprise software architects, ICT managers, and company directors. We provide critical insights into the substantial earnings and day-to-day duties of engineering managers and investment advisors, offering a comprehensive guide for anyone seeking to maximise their career potential in today’s tech-driven world.

But it’s not just about the money. We dive into serious issues, highlighting the alarming rise in mental health problems among young Australians, with shocking statistics and personal stories that reveal the gravity of the situation. Hear about the rigorous demands and high stress levels faced by professionals such as internal medicine specialists, financial dealers, anaesthetists, and the top-earning neurosurgeons. We discuss the importance of professional help and mental resilience in these high-stakes careers, concluding with a light-hearted suggestion that pursuing psychiatry could be a fulfilling path. Stay connected and share this compelling episode with anyone curious about lucrative and impactful career opportunities in Australia.

For any enquiries or to connect with Oscar, Zeke, or their company, Asset Road, listeners can visit the following links:

The advice shared on The Finance Bible is general in nature and does not consider your individual circumstances. The Finance Bible exists purely for educational / entertainment purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs.

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Speaker 1:

Welcome back to another episode of the Finance Bible Podcast. Zeke here and your co-host, oscar. But before we get into it, please note that nothing in this podcast should ever be considered as personal financial advice. Of course, if that is what you are seeking, reach out. We'll get you in touch with the correct professionals to get the job done properly. Sit back, relax and enjoy the show. Let's get into it.

Speaker 1:

Today we're going to be discussing the top 15 highest paying jobs in Australia. So simple, easy 15 jobs, the highest paying, based on average salary. Let's jump into it. Starting off at number 15, a computing professional security specialist. This wage $135,739, does actually look very similar to clients we have in that field. Yeah, it does. It professionals yeah, yeah, it's a good wicket and there are a lot of them out there, and I think right now, with artificial intelligence and technology, spaces get more and more important. But at the same time, it's a bit of a risk for people in this industry with keeping their jobs. So wouldn't be surprised if we look back in this in five years.

Speaker 1:

This probably won't be on the list list. Yeah, oh, I don't know. I think it will be. I think it'll maintain it because you've as much as, like ai will come in. I think that people are going to have to find a way to combat with it and basically be able to identify when things are happening. It's a weird one, but I don't know. You never know. But whether they're, whether they stay in or like actual security security of you know, hacks and that kind of thing or if they actually just turn into like something to do with data strictly, I don't know. But it's a high-paying job, that's a good one. I do think that, regardless of ai, that it will stick around in some form, whether they become like they transition maybe even into like ai specialists or something. But there's one that we know day in, day out and we can confirm yeah, roughly.

Speaker 1:

Next one along Enterprise and software architect slash manager. So we're looking for the range here around $138,933 to $142,355. Very interesting. Yeah, so they're running the IT network. That's quite similar to Blow, it is. Yeah, they're just like the one step above in terms of tier. Yeah, so the others do like the security of it, whereas these people are normally like upgrading and improving it, basically implementing all the hardware and software, all the installations, staying on top of trends and basically, in this digital age, just keeping versatile on their toes and making sure that they're evolving and adapting as they should be, and then probably helping the guys in the security team manage the risks associated, I guess. So so far, two in tech. Yeah, two tech right now. So if you're out there, I wonder if the? Uh, the next one will be tech number 13. We'll find out in a minute, but if you're out there and you're trying to get a good wage and you're good with computers, you like a bit of tech. So far you've got a pretty good strike rate 135 to 142k.

Speaker 1:

Oh, the next one along is a director. So just a director of any company, by the sounds of it. Average salary about $154,358 per year. And we all know what a director is. I'd assume they're just like the senior executive in any company. They run the company, they're in charge of it, they manage it, they do the long-term, short-term operations, all the organizing, oversee all the staff where the company's heading projects and manage the employees. I wonder if this director also includes entrepreneurs, like your own director, because the average salary here is $154,000. Obviously, if you're your own director of your own company, you could be making a whole different range up to the mill or even beyond that. So I wonder if this has included, like entrepreneurs, it absolutely will. What it'll be is it'll be based on you know how you do, like the all the surveys, and on your tax and everything. Yeah, like what your role is. Yeah, it'll be people who've ticked director and they've taken the average out of that next one along.

Speaker 1:

I have a feeling we're going back to where we were before and we are there we go. We are an ict manager 138 614. I'm confused why that is. Why has that dropped down in value? This list is magical. We'll just disregard that one, move up to 11. There we go back up. I mean, we'll read it anyway, because maybe we'll just say change it around. Or maybe it's because directors vary so much. This one might be a bit more consistent. I don't know why they've changed the list around on us here.

Speaker 1:

But ICT, they do, like you know, direction, performance and all the technical aspects of the IT network specifically. So they're normally basically working directly alongside Oversee the software, the architect and the managers. So they're pretty close to one in the same. Maybe that's why it's a bit odd, but we'll move along there, jump straight into the next one Engineering manager. Beautiful, there we go. So generally those are individuals who oversee teams of engineers and plan all the operations, like the projects and based on clients who have met their civil engineers or people like that we've actually seen this wage is pretty similar to what we do see day in, day out as well. You know 161 grand. I feel like going to school. Everyone knows engineers get paid pretty well and a few people go and do engineering at uni. They always drop out or do something different because I hear it's pretty boring to do the course that is in uni. But engineering 160K pretty good pay, nearly double the average Australian wage. So if anyone wants to earn some good dollars and likes engineering, go get into it Top 10. Now we're getting to the fun stuff.

Speaker 1:

Oh, an investment advisor. So only a little bit more $169,000. Generally just applying statistics and maths to analyze the financial data and risk management for a company and if the company, try and help them make good business decisions. So qualifications for this one generally a bachelor's degree in any finance related field and then I guess it's you know, once you get your foot in the door you can make your way up and if you put in the hours because I know investment advisors and managers. They work in pretty ridiculous hours. Yeah, a lot of them do, and obviously having a master's in mathematical finance would be quite advantageous if you wanted to go down this route. But if you're someone it sounds like me actually if you're someone who loves numbers, a bit of stats, a bit of math, you love finance, risk management. Go ahead and get into something like this. You don't necessarily have to love maths in the school, because I certainly didn't. It's very boring for me, but 169k to do do what you love, go do it and jump into it and it's actually not that difficult like it's so in demand. I mean difficult to land the job if you've got the qualifications. It's something that every company needs and wants. They're really in demand. There's not a huge amount of them and a lot of companies will employ more than one, so not a terrible one to jump into.

Speaker 1:

Next one along is a mining engineer coming in at number nine. Now we're getting up to the 200K mark. This is at 196,000 per year and some mining engineers are generally in charge of, you know, evaluating, planning, overseeing the construction of mines, so they do all the actual tunnel work and that figure out the construction of it. If they're underground, what support beams and everything they need and how it's going to work, and they normally collaborate with like geologists and do the surveys of the mineral deposits and everything, and they help with the staffing and all of that too. So another engineering one. Qualifications for this you normally need a bachelor in engineering and you know mining or geotechnical engineering as well. Generally speaking, they reckon it's about three or four years to do that, and then after two years as a graduate engineer. If you want to go the other way is basically jump straight in and become a professional mining engineer after two years in the graduate. You know you're mining.

Speaker 1:

So another drop-off from the previous job, this one $177,000 as a CEO or managing director, and I'm not sure why this is number eight as opposed to number nine. Well, the way I've seen, if you look at this it probably varies. You've got the CEO or managing director, which is they've gone back, and then you've got director, where they went back as well. I think that means that the two, like this one and the previous one, must vary so much that they're like oh, we'll just put it there because the range is so high. Well, yeah, a CEO or a managing director is the most senior position in a company, mainly in charge of managing the operations, organization, all of its staff and the resources. So qualifications for this is a business-related bachelor's degree. It can vary whatever business relation that is. Also another big one is on-job experience.

Speaker 1:

So there's so many CEOs or directors nowadays who actually don't have a degree, who have just been in a startup and then the startup's grown and they've been there from the start and they've grown with the company and then all of a sudden, they are the head of it or they have started their own company. Without going to you, especially with the, you know the technology right in front of our fingertips. It's so easy just to to be your own ceo and have your online business and make a lot, but quite a bit of money. Like here's 177k, which is a lot of money, especially for if you're in your 20s, yeah, and you see a lot of people too that are really good in their job and the actual director will start promoting them and they work their their way through and then eventually they go all right. Well, I might take a bit of a step back. You're now the managing director and you take over from there, so that's an interesting one to have on there. The next one along is $193,000, which again is a drop-off from the mining engineer. So, very confused of this list by monarcheduau, we're going to throw them out there and tell them that they've confused us a bit. We're a bit baffled.

Speaker 1:

Judicial or other legal professionals that's pretty self-explanatory. We know about the legal sector. We know what judges are. We know what tribunal members are. Jury, doctor, there's a bunch of different things. And this one you have to have a bachelor of law to get in here. Yeah, it's not like a ceo or managing director, we can kind of wing it. This one is you. You actually need the paperwork to get through the door. Yeah, there's a fair bit of work involved in this and you've got to go through different, different roles and stuff to progress into other ones.

Speaker 1:

I remember when I did legal studies we're talking about how long you have to be in certain things to be able to go into another thing. Like, as in, you can't just go straight to being a judge, um, but yeah, that's, that's an interesting one if you, if you love law, but you you want to sit there for five years of your life doing things and going through university and I hear it's a tough gig. I've got a friend who does law and, um, yeah, they, they struggle with their studies a bit and the commitment of that, and our solicitor as well went through that whole shenanigan of doing it and said she wouldn't wish it upon her worst enemy. So, moving on, other medical practitioners Now we're jumping up quite a bit here $251,000. So this is quite a nice jump from the 193s. But basically there's like dermatologists, emergency medicine specialists and pathologists.

Speaker 1:

So qualifications, it's like the legal professionals you need degrees, like you need a medical degree from uni. You need an internship for at least one year. Um, you need to be on the medical board of australia and be registered there as well. As you know, two, two, I think it's one or two years of training on deck, like actually physically training of it yeah, pre-vocational, and then you can get through. But there's a lot to do with it and you've really got to be committed to getting into it, especially if you're wanting to start your career early, like if you know this is what you want to do from a young age, at school. You've got to head start because this is a career where it takes time. Not just you can jump into it. It does take a long time. One of my friends just graduated as a doctor and then, from there, if you want to get up to this sort of salary, you kind of specialise in something specific and to do that you need to stick it out and then transition into that.

Speaker 1:

So, yeah, this would strictly be specific niches like, as you said, dermatologist, pathologist and that kind of thing, and there's a bunch of different specialties. The ones that we do not mention moving forward will be included in this. The ones that we do not mention moving forward will be included in this. The ones that we mentioned will be paying above this. Yeah, there's many other medical practitioners than dermatologists and the ones we spoke about. Yeah, there's more in that bracket. But as we move up the list, I guarantee there'll be more medical professionals that don't fall into this category because they get so much more. For example, moving up, number five psychiatrists 270K per year.

Speaker 1:

We know what a psychiatrist is very popular in today's day and age. I was actually doing a little bit of research earlier and if we go back to 2007, people between 15 and 24, how many of them do you reckon back then were reporting mental health illness? Not many one year. Not many, you'd be shocked. It was about 20 really. Yeah, even back then. Yeah, which is like it's got a lot more popular. Well, people are talking about it now. These days it's more popular, it's in trend, um, well, people talk about it like it's, it's a thing which is actually spoken about. Back then then, when did you say 2009? 2007. Oh, 2007. Yeah, I don't remember it being spoken about often.

Speaker 1:

In the last, the most recent study available on it, within a one-year period, it was about 45% of people between 15 and 24 had reported mental illness and that is why that's number five on the list In the last 12-month period. Yeah, it's ridiculous. So, like, imagine how many would like experience it in their lifetime then, if that's in a 12-month period, that's crazy to think about. Yeah, I don't even want to know, but yeah, I can confirm. Like, even just, I understand that we're still young, young, so I'd hate to see it from an older person's perspective. But the change that's occurred just during our lifetime of people you know going through it suicide rates, especially in men, um, and just the level of people who are, you know, going through depression or anxiety or whatever it be and getting on the medications. I've seen it be at least tripled from what I used to see. Yeah, it's becoming a big thing. So people like you know, in their 50s and their 60s and stuff I'd love to get their perspective on it. In fact, it'd probably be fun to Even our Uber driver the other day basically said he's had so many people around in the last 12 months like take their own lives and he's talked to us about his nephew, who was what? 30, I think roughly who took his own life literally like two weeks ago, just for example. So it's happening everywhere and it's just, it's insane. I can't even count on my hands and toes combined how many people I know that have killed themselves. That's crazy.

Speaker 1:

Moving along to the next job, which is funny, it's another medical field Internal medicine specialist. I don't actually know what that means. I'm going to read it out. I like the salary though. 334 grand grand, that is a nice salary. That is a good salary. We're getting up there now. 330k is a lot. Um, we've got a little blurb here. So they're trained to diagnose, manage and treat complex and complicated or difficult to diagnose health disorders and they normally consult with other practitioners or subspecialties with diseases cardiology, geriatric medicine so ultimately it's just someone who, if there's something going on that you know your regular doctor might know, they call in this professional by the seams of it and they come in and help diagnose difficult to diagnose disorders. I should say. So that's a very interesting one. The list of qualifications goes on and on and on. This is when it gets pretty intense, that's if you've gone through medicine and you go oh, I want to be some kind of specialist. This one looks like it's promising.

Speaker 1:

Number three a financial dealer. So this is a salary of $341,000. So I'm assuming this one here is around like accountants, economists, etc. Because the blurb doesn't really say too much. So it's financial dealers. Analyze social trends, market conditions and government regulations, as well as analyze and interpret their clients' financial circumstances in order to buy and sell commodities for a profit. So, maybe like a mortgage broker no, that's more, not a mortgage broker. A stockbroker, stockbroking yeah. So maybe like a mortgage broker no, that's more, not a mortgage. A stockbroker, stockbroking, yeah. So they'd actually be registered with ASIC and they're cleared to basically trade as a financial dealer. Yeah, so a stockbroker. Have a degree in commerce, accounting, finance or economics and then, yeah, apply, as Zeke said, for a license through ASIC and then, once you're accepted there, you're clear to trade. That's what it would be. It would be a stockbroker. Yeah, it's basically a finance broker. That's interesting.

Speaker 1:

Number three we have an ether test. Big jump, more medicine. I feel like everyone knows that this is up there in the top three. We love them. Put you to sleep. We do love them. They help you go to bed. So anyone who doesn't know, the anaesthetist is basically when you're getting a surgery, they control the drugs to like knock you out, give you the laughing gas or whatever, and they basically are in charge of making sure that you don't wake up during that procedure and that you can wake up afterwards. So, yeah, it's a very important. It's a pretty hefty job. Yeah, if they get it, you know whatever they're injecting you with by you know, maybe a couple of mils out, you're probably going to die. So they're a very important job and I'm happy to have them, because when I got my wisdom teeth out, I did not want to be awake, same with my nose, and yeah, just waking up.

Speaker 1:

And yeah, just waking up. Wake up comfortable. Yeah, I wouldn't say I was comfortable, mate. I love waking up after that. Yeah, oh, it's so good. I hated it. This is the moment when I broke my nose twice, both times just waking up. You feel like you've had such good sleep.

Speaker 1:

I do recall, actually, when I woke up, there was a lady next to me in the bed Not in my bed, two beds next to each other. Oh yeah, I looked over and I thought I recognized her and started waving. I was like hey, how'd you go? Turns out I didn't know I was waving at some poor little girl. Oh no, it's a bit awkward, oh no. And then, um, I sat there for a while, didn't feel too good. Um, I'd ended up vomiting, actually as well.

Speaker 1:

Everything went wrong with that surgery. That's not a good surgery. We'll move on from there. That's number two. Then number one, the big one Neurosurgeon. That doesn't make sense. There's a huge lack of them. A huge lack $604,000. Insane. So, brain surgeon, spinal cord and also your nerves. So anything affecting your nervous system, neurosurgeons will sort it out. Qualifications here quite extensive, not even going to read about there's too many. There is a lot of them, and the years to become a neurosurgeon would be insane. Yeah, so there's a whole bunch of different types of surgeons we should note. Like you know you've got um, reconstructive surgeons, like plastic surgeons and stuff, and they they still actually earn a good amount of money, like 500k and so on, but neurosurgeons are the very top and they're basically doing all the the in-depth surgeries on your brain and stuff.

Speaker 1:

I remember this is like a fuck statistic. I remember a statistic that stuck with me because my uh, someone close to our family, recently had a huge neuro issue and they were actually flown to the hospital and you know taken care of, and they had to. They were figuring out, oh, which hospital? And you know taken care of? And they had to. They were figuring out, oh, which hospital can we fly her to? Because you know we need a neurosurgeon.

Speaker 1:

And the interesting thing was that really shocked me there's only 119 practicing neurosurgeons in Australia right now. Insane, 119 in the whole country. So, yeah, they deserve their 600K wage. Oh yeah, and anyone out there that wants to get into it definitely do it, because I mean you're going to make a whole bunch of money, plus, the country needs it and we desperately need it.

Speaker 1:

Like, yeah, neurosurgeons right now are under the pump, they're busy literally 24-7. And I mean it just needs to be done 119 in the whole country. I wonder how many there is in the world. Let's have a quick Google Only 50,000. So, in the whole world, a quick Google, there's only about 50,000 in the whole world, which is not many when you consider how many people there is. Yes, yeah, that's a huge problem. We need toia, wouldn't everyone down that numbers? Yeah, well, when you've got 119 people servicing like 28 million, that is ridiculous.

Speaker 1:

How's that going to work? And you know, you've got car crashes, you've got people having strokes and you've got all these different things happening around the world, or around the country, I should say specifically. And then you've got to find a neurosurgeon who can actually get in there and get stuff done and then like, how do they back-logger Back-logger as well would be back-logger surgeries. Yeah, that's right. And you'd be prioritising the stuff that's like imminent death or imminent brain damage and stuff, and you're like, okay, well, good luck.

Speaker 1:

So that's a crazy statistic, but they're the top 15 paying wages and jobs in Australia right now, as of 2024. And we'll redo that next year because I think it will change. Yeah, it'll be an interesting one to watch. It's been pretty similar the last couple of years, but I do think there's going to be a couple of changes coming up, especially in like, like the ai realm. I think there'll be more that's going to come in.

Speaker 1:

That's related to that, um, but yeah, go out there, look for one of these 15 jobs and I'm pretty sure you'll be. You'll be happy, very happy with you once you get the qualifications, or your stress levels might go up, but then you can go and help the psychiatrist by paying them more as well. So maybe just become a psychiatrist and you'll be happy, happy days. Ciao. Catch you next time. We hope you enjoyed the episode. As always, you know exactly what to do. Hit that follow button, subscribe whatever platform you listen to this podcast on. Also share it to friends, families, co-workers, whoever you think may benefit from it. But unfortunately it's the end and we'll see you next week.

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Oscar Don

Co-host
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Zeke Guenthroth

Co-host