US Job Market Overview

Millions of Americans left the workforce due to the COVID-19 pandemic. The Bureau of Labor Statistics predicts that certain jobs will be in high demand over the next decade, despite slow employment growth.

The BLS predicts 11.9 million new jobs by 2030, many in pandemic-affected industries. Servers, cooks, and fast food workers will add 1.5 million jobs by 2030.

Wind turbine service technicians were the most in-demand job of the next decade, expected to grow by 68.2%. Renewable energy, data, and health care jobs also rank. As installation costs drop and more countries prioritize carbon reduction, Bureau of Labor Statistics Division Chief Michael Wolf tells CNBC Make It that wind and solar energy interest has skyrocketed.

As people work remotely, data scientists and information security analysts will become more popular. Wolf says companies will invest more in software and systems to help remote workers be productive. “Online data protection is also emphasized.”

Top 10 Highest Paying Jobs In The US Today

1. Physicians

Photo Physician

They would rank sixth if you took the mean salary of all doctors working in all other specialties. Allergists, cardiologists, dermatologists, oncologists (who treat cancer), gastroenterologists (specialists in the digestive system), and ophthalmologists (eye specialists) are all included in this category of "other" professions. It also includes radiologists, who examine medical images and give radiation therapy to cancer patients, and pathologists, who examine body tissue for potential anomalies.

Education — After earning a bachelor's degree, any medical doctor (M.D.) or doctor of osteopathic medicine (D.O.) must attend medical school. Although some may continue on to receive fellowship training after that, the majority of clinical professions also demand the successful completion of a residency program.

Job Prospects According to the BLS, all physician employment will increase overall by 5% by 2029.

Anesthesiologists: Average salary: $271,440; Job outlook: 0.5% growth

Surgeons: Average salary: $251,650; Job outlook: -2.2% growth

Obstetricians and gynecologists: Average salary: $239,120; Job outlook: -1.4% growth

Physicians (all other) and opthamologists (except pediatric): Average salary: $218,850; Job outlook: 4.3% growth

Psychiatrists: Average salary: $217,100; Job outlook: 11.9% growth

Family medicine physicians: Average salary: $214,370; Job outlook: 6.1% growth

General internal medicine physicians: Average salary: $210,960; Job outlook: -0.6% growth

Pediatricians: Average salary: $184,570; Job outlook: -1.6% growth

Podiatrists: Average salary: $151,110; Job outlook: 0.2% growth

2. Dentists and Other Dental Specialists

Photo: Create Dental Harmony
Photo Create Dental Harmony

Dentists who specialize in other medical specialties are also fairly compensated. These other specialists are grouped together by the BLS and earn an average salary of $194,930, per the bureau's most recent data from 2020.

Endodontists, who carry out root canals and other procedures involving the interior of the tooth, and periodontists, who take care of the gums and supporting structures around the teeth, are two professionals in this group.37

Education — A bachelor's degree with coursework in biology and chemistry is typically required for dental programs. Specialists in dentistry, like other dental professionals, must pass the Dental Admission Test in order to enroll in an accredited dental program. After graduating from dental school, specialists typically pursue their chosen specialty for an additional two to three years.38

Employment in the aforementioned specialties is predicted by the BLS to grow by 5% over the following ten years.15

There’s a lot of money to be made in the dental world, but the financial opportunity varies by speciality. Some of the top-paying dental professions in the U.S. include:

Orthodontists: Average salary: $237,990; Job outlook: 2.4% growth

Oral and Maxillofacial Surgeons: Average salary: $234,990; Job outlook: 2.4% growth

Prosthodontists: Average salary: $214,870; Job outlook: 2.2% growth

Dentists (all other specialties): Average salary: $194,930; Job outlook: 0.2% growth

Dentists (general): Average salary: $180,830; Job outlook: 2.8% growth

3. Chief Executives

Photo Getty
Photo Getty

Average salary: $197,840

Job outlook: -10% growth

Companies are led by chief executives, also referred to as chief executive officers or CEOs. A chief executive position has many duties because it is the highest position in the company. In addition to managing daily operations, CEOs are in charge of establishing the company's mission and vision as well as making important strategic choices (such as whether to enter new markets, introduce a new product, or enlarge the team). Communication on behalf of the company, whether it be with the general public, the media, shareholders, or the board of directors, is frequently the responsibility of the chief executive.

There are no set educational requirements for chief executives; while many are seasoned business professionals with the corresponding advanced degrees (like MBAs), others are entrepreneurial-minded, business-savvy people who chose to forgo traditional education and concentrate on growing their businesses.

4. Nurse Anesthetists

Average salary: $189,190

Job outlook: 13.7% growth

Care for surgical patients that is specifically related to anesthesia is the responsibility of nurse anesthetists. This entails assessing patients prior to surgery, giving anesthesia, monitoring patients throughout surgery (including vital signs and other biological functions), adjusting anesthesia as required to keep patients unconscious and incapable of feeling pain, and overseeing post-operative care.

The education required to become a nurse anesthetist is extensive: Before pursuing advanced education in nurse anesthesia, nurses must first earn their bachelor's degree in nursing (BSN). Currently, a master's degree is sufficient to qualify as a certified registered nurse anesthetist (CRNA), but by 2025, all new CNRAs will be required to pursue a doctorate in order to practice.

5. Airline Pilots

Photo: USA Today
Photo USA Today

Salary range: $32,000-$74,000 per year

A commercial pilot flies an aircraft that transports people and goods from one place to another. Conducting pre-flight instrument checks, taxiing aircraft to and from airport gates, handling takeoffs and landings, and safely navigating aircraft between destinations are all part of your job as an airline pilot.

You must be competent and assured in your aviation skills in all weather conditions and at all hours of the day and night in order to captain a plane.

Top 15 Greatest Fighter Pilots In The World of All Time Top 15 Greatest Fighter Pilots In The World of All Time

6. Computer and Information Systems Managers

Average salary: $161,730

Job outlook: 10.4% growth

Information systems managers, also known as IS managers, are responsible for the design, administration, and upkeep of the hardware and software that a company uses to store, process, and share data. This entails assessing the organization's existing systems and technology and offering suggestions for enhancements, creating large-scale information systems strategies, and continuously checking the company's information systems to make sure everything is as safe, secure, and effective as possible.

IS managers need to be knowledgeable about information systems in order to be successful in their position, so they typically have at least a bachelor's degree in a technical field (like computer science or information technology).

READ MORE: Top 10 Highest-Paid Leaders In The World 2021: Lee Hsien Loong Get Paid More Than Joe Biden

7. Architectural and Engineering Managers

Average salary: $158,100

Job outlook: 2.6% growth

For businesses in the architectural and/or engineering fields, architectural and engineering managers organize, supervise, and control projects and activities. This may involve leading research and development, developing the plans for a new project (such as a new product or design), resolving technical issues, drafting budgets, hiring the required personnel, and overseeing operations at a construction or manufacturing site to ensure the project is finished on schedule, depending on the organization.

Managers in the fields of architecture and engineering must possess a bachelor's degree or higher; however, many employers prefer or demand that managers have a master's degree.

READ MORE: 3 Zodiac Signs Will Find A New Job in January 2022

8. Natural Sciences Managers

Average salary: $154,930

Job outlook: 4.8% growth

Research and development, testing, quality control, and production are just a few of the initiatives that managers in the natural sciences use their scientific backgrounds to develop or improve within an organization (such as a research and development firm or a manufacturing company). In collaboration with the leadership of a company, natural sciences managers define and comprehend the organization's goals before hiring and managing a team of researchers and scientists (including chemists, physicists, biologists, and others) to achieve those goals. In addition to having a solid foundation in the relevant scientific field, managers in the natural sciences need to be business savvy and have excellent project and people management skills.

The minimum educational requirement for managers in the natural sciences is a bachelor's degree in a scientific discipline (such as biology or chemistry), though many employers prefer that managers have advanced degrees.

9. Marketing Managers

Neither goods nor services sell themselves. Finding ways to market a specific offering and determining how much demand there is for it requires skilled professionals. The price that will generate the most profit for the business is also decided by marketing departments.

It may not come as a surprise that marketing managers are among the highest-paid occupations in the U.S. given that these duties are essential to a company's financial success. The average yearly salary for this position in 2020 was a swanky $154,470.

Marketing managers need to be creative and business-savvy in order to succeed. Everyday tasks range from gathering market research to organizing promotional events to creating websites and social media campaigns.

Education — A bachelor's degree is typically required for marketing managers, with coursework in management, economics, finance, computer science, and statistics being especially beneficial. A master's degree might be necessary for jobs with intense competition.

Job Outlook — The BLS anticipates a faster-than-average increase in demand for marketing managers, with a 10% increase by 2030.

10. Petroleum Engineers

Photo Career Girls
Photo Career Girls

The economy depends on energy sources, including fossil fuels like oil and gas. Petroleum engineers play a significant role in the efficient extraction of those valuable resources, which necessitates some serious expertise.

Their main objective is to design new ways to extract fossil fuels from existing wells and to create techniques for drawing oil and gas from fresh deposits beneath the Earth's surface. A petroleum engineer's duties typically include determining operational procedures, carrying out a cost-benefit analysis for a specific project, and analyzing survey or geographic data.

They may also hold the titles of reservoir engineers, who calculate the amount of oil and gas present in underground deposits known as reservoirs, drilling engineers, who determine the most effective and safe way to drill the well, production engineers, who assess oil and gas production after the well has been created, and completions engineers, who assist in developing the best way to finish a well.

Education — Beginning in high school, prospective petroleum engineers should enroll in rigorous math and science courses. A bachelor's degree is a minimum requirement for entry-level positions in the field, and engineering principles, thermodynamics, and geology are frequently covered in the curriculum. Some colleges and universities offer five-year combined programs that lead to both a bachelor's and a master's degree, which may be required for some jobs or for those looking to advance more quickly.

Job Prospects Petroleum engineering employment growth is predicted by the BLS to be 8% over the next ten years, or about average.

How COVID-19 affected US Job Market

The labor market collapse was truly universal

As businesses closed due to COVID-19, the U.S. workforce saw unprecedented layoffs. In May 2020, there were 20.5 million unemployed, up from 6.2 million in February 2020 (3.8%).

According to the U.S. Bureau of Labor Statistics, the number of Americans who wanted a job but were not in the labor force rose from 5 million in February to 9 million in March, indicating an actual unemployment rate of over 13%.

During the Great Recession, 8.8 million Americans were unemployed between late 2007 and early 2010. In late March/early April, 6 million people applied for unemployment insurance, compared to 1 million during the Great Recession.

Employer-employee relationships remained intact even with temporary layoffs

During recessions, we worry that employers will lay off workers permanently. Workers whose life cycle earnings never recover can suffer greatly from these cuts. Germany has programs to absorb some of the shocks and encourage employers to stay in touch with their workers. The U.S. has not adopted a similar policy because these programs always produce winners and losers. Keeping an employee tied to an employer can protect them from wage loss, but cutting ties can free up resources for more productive uses. However, COVID-19 is not a typical recession.

Employers and employees voluntarily maintained ties during COVID-19. Economists underestimated the extent of temporary layoffs during the crisis. In April 2020, 80% of unemployed workers expected their employer to call them back, suggesting that most employers thought the economic shock was temporary enough to not need to reallocate resources or close their doors.

Labor demand is surging as labor supply lags behind

2020 saw several false starts. In early summer, U.S. workers recovered half of all jobs lost, only to sputter in July and crash again in fall and winter. Job postings only rebounded this spring. Employers are ready.

Employees are less eager to return to work. In a typical recession, job seekers outnumber job openings. During the pandemic, job boards had more openings than workers. I see "Now Hiring" signs everywhere.

Top 20 Fastest Growing and Declining Jobs in the Next Decade Top 20 Fastest Growing and Declining Jobs in the Next Decade

The fastest-growing jobs and declining jobs over the next decade are predicted by Visual Capitalist. There are some you may already know, and some are ...

Top-Paying Jobs NO a University Degree in Australia Top-Paying Jobs NO a University Degree in Australia

It is understandable that it feels like everyone telling you to go to university and get a degree for earning a decent income.

Top 9 Highest-paying Jobs in 2020 in the World Top 9 Highest-paying Jobs in 2020 in the World

Choosing the perfect career can seem like a daunting task. Your skills, interests, and potential salary are some of the most important factors you should ...