Can IT Career make you rich?
Today, IT is undoubtedly the most lucrative field for anyone looking to build a career. Here’s how an IT career can make you rich.
The success stories of Steve Jobs, Bill Gates, Larry Page, and Elon Musk have one thing in common – they started their careers as tech professionals with a love of coding and hardware. They have inspired thousands of individuals to enter IT and make a name for themselves.
Today, IT is undoubtedly the most lucrative field for anyone looking to build a career. This is partly because of the various streams in which one can make a career and partly because of the lucrative salary package.
So, how much do IT professionals earn?
Of course, a person’s salary is determined by their work experience, current job role, additional certifications, and educational qualifications. However, here are the latest figures:
According to Skillsoft’s Global Knowledge 2021 IT Skills and Salary Report, the median annual salary for global IT professionals is $85,115 (6.3 million). North American IT professionals earn $115,906 (86 million) annually, which is 36% higher than the worldwide average. By region, the EMEA median salary is second at $67,207 (4.9 million), followed by Asia-Pacific at $63,125 (4.6 million) and Latin America at $42,468 (3.1 million) respectively.
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IT professionals in other industries such as the pharma, medical and biotech industries earn the highest global salaries at $113,031 (8.4 million) annually.
The top-paying industries for IT professionals in Latin America and EMEA are insurance, real estate, and legal, while the highest salaries in Asia-Pacific are in government: military and homeland security.
The most popular industry is IT consulting, accounting for about 20% of respondents to Skillsoft surveys worldwide.
With these promising figures, IT professionals will remain in demand and add zero to their salaries. Provided they have the right skill sets and certifications.
Expand your existing skills
IT professionals have many opportunities to increase their salaries. Learning a new skill tops the list because it makes you more valuable to your organization, and thus increases your chance for a raise or bonus.
Globally, 91% of IT professionals took some form of training last year- up from 85% in 2019. The main reason to seek training is to build new skills. 78 percent of IT workers and decision-makers undergo training to improve their skill sets. Interestingly, 37% wanted to be ready for new technology or product migration.
Organizations are grappling with the existing skill gap and retaining their talent in the world to them. There are many reasons behind the skill gap, the most important being that the rate of technological change is outpacing skill development.
Another common reason is the difficulty in recruiting qualified job candidates. So, keep working on upskilling, constantly reskilling yourself to stay ahead of the curve.
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Increase Opportunities with Certification
IT professionals on average earn more than their non-certified peers. Key benefits of certification include better job performance, higher customer trust, and higher pay.
IT professionals make fewer mistakes and find their work more attractive with additional certifications.
According to the Equal IT Skills and Salary Report, 20% of professionals received a raise or promotion after becoming certified, with a meaningful impact of certification.
Among women, 86% have at least one certification, which requires a Certified Information Systems Auditor (CISA). In addition, Project Management Professional (PMP®) is the third most commonly held certification among women.
For organizations, managing and protecting their data is of utmost importance. Cyber security certifications come in handy for highly vulnerable business sectors, especially finance, banking, retail, healthcare, and supply chain management.
Organizations are willing to pay high salaries to cyber security professionals who can adequately demonstrate proficiency in this skill.
As you start rising in rank, your salary package will increase exponentially. This is true for any stream, including non-management IT staff such as cloud architects, network engineers, and IT auditors.
That’s how IT career can make you rich!