Because of the current competitive job market, choosing the right career path to pursue has included more factors. Prioritizing a career that offers substantial financial rewards while aligning with your respective passion is now the common consideration. So, by knowing the best-paying industries, you gain an advantage of which career best fits your needs and benefits your future.
The Top-Paying Industries You Can Go Into
Being aware of the in-demand careers in the Philippines can greatly affect your work decisions as the promise of financial stability generally influences major life milestones. And to help you finalize which career path to take, here’s a list of industries that pay the most:
1. Information Technology and Business Process Outsourcing (IT-BPO)
The boom of technology globally has significantly increased the demand in the IT-BPO industry, making it one of the pillars of the Philippine economy. This sector is projected to have an 8.5% growth rate until 2028, showing impressive growth throughout the years.
And because Filipinos are known for our skilled workforce, local IT-BPO companies are the ideal partners for foreign investors for various back-office functions and software development. This demand influx has led to revenue increases, which in turn has given professionals in the industry more benefits.
According to Indeed PH, here are a few of the more popular occupations in IT-BPO and their annual estimated gross income:
- IT Managers: ₱1,008,908
- Solutions Architects: ₱872,667
- Data Engineers: ₱718,066
Joining the Information Technology sector generally requires a degree in IT or Computer Science. Of course, attaining a Master’s in Information Technology in the Philippines or a Master of Science in Computer Science can significantly improve your chances of receiving high-earning positions with better benefits.
2. Banking and Finance
The banking and finance sector is another heavyweight in the Philippines when it comes to high-paying jobs. The development of financial systems, processes, and technologies has led to an increased demand for various financial experts—from investment bankers to financial analysts.
A career in these industries can be highly profitable, especially since banks are commonly known to offer competitive compensation packages. As per Indeed PH, the top-paying positions in the banking and finance sector are:
- Senior Loan Officers: ₱644,562
- Risk Management Officers: ₱1,054,323
- Investment Banking Analysts: ₱607,578
Generally, to be a financial consultant or advisor, you would need a degree in Accounting or Finance. Plus, there are usually extra certifications and seminars for you to take to be a licensed financial practitioner.
Mining has historically been a lucrative industry in the Philippines. Geologists and mining engineers are highly sought after for their expertise in resource extraction and sustainable mining practices. And as the demand for minerals and metals continue to grow worldwide, professionals in this industry can expect to command impressive salaries. Salary Expert estimates that the annual compensation in the Mining Industry are:
- Geological Engineers: ₱930,955
- Mining Engineers: ₱970,212
- Civil Engineers: ₱835,180
To enter the Mining sector in the country, a degree in Geology or Mining Engineering is usually required.
The strategic location of the Philippines in the Asia-Pacific region has led to the country’s growing aviation sector. Ensuring the safety and efficiency of air travel is a critical responsibility, and it comes with commensurate rewards.
The industry is popularly known for offering attractive compensation packages for the varying professions under its umbrella. Popular aviation industry occupations and their estimated yearly salaries are:
- Pilots: ₱913,400
- Aeronautical Engineers: ₱683,525
- Aerospace Technicians: ₱562,026
To be a pilot in the Philippines, you have to attend aviation schools to gain proper training and field experience. As for occupations like engineers and technicians, a degree in aeronautics, aerospace, or mechanical engineering is required.
5. Healthcare and Pharmaceuticals
The healthcare and pharmaceutical industries play a vital role in the well-being of society. Highly skilled medical professionals including doctors and specialists are constantly in demand, making the industry highly competitive. Other than that, the pharmaceutical sector offers well-paying jobs in research and development, contributing to both the nation’s health and economic growth.
The most common occupations in healthcare and pharmaceuticals and their annual salaries are:
- Nurse Practitioners: ₱587,741
- Pharmacists: ₱709,464
- General Physicians: ₱1,334,411
Entering this sector generally requires a medical degree especially if you want to be a doctor or nurse. Other than that, some jobs may require a doctorate like occupations in Psychology.
Engineering professionals are in constant demand in the Philippines. They are essential in infrastructure development, construction projects, and technology advancements––which is why they are rewarded with impressive salary packages. Some samples of engineering fields and their annual compensations according to Salary Expert are:
- Industrial Engineer: ₱832,856
- Electrical Engineer: ₱593,715
- Software Engineer: ₱967,044
Of course, to be an engineer, you must have the appropriate engineering degree for your chosen field.
7. Oil and Gas
The oil and gas industry has been a source of high-paying jobs in the Philippines for those with the right skills and expertise. Petroleum engineers and other professionals in related fields are crucial for the exploration and extraction of valuable resources. Working in this sector often comes with substantial financial rewards, reflecting the industry’s importance to the country’s energy needs.
Common jobs in the oil and gas sector and their annual gross income are:
- Petroleum Engineers: ₱1,231,139
- Drilling Engineers: ₱1,066,114
- Oil & Gas Production Engineers: ₱948,583
Entering the industry requires a lot of technical knowledge in gas and oil production and operations. This is why engineers with specific knowledge of oil and gas mining are the preferred experts working in this field.
The legal profession in the Philippines offers excellent earning potential, particularly for lawyers and legal experts working in corporate law, litigation, and legal consultancy. These professionals are instrumental in ensuring compliance with laws and regulations, and their specialized knowledge is generally well-compensated.
The highly-paid occupations in the legal industry are:
- Legal Counsel: ₱1,198,133
- Paralegals or Legal Assistants: ₱461,669
- Corporate Lawyers: ₱1,198,602
To practice law in the Philippines, there are a few requirements you need to accomplish:
- Earn a bachelor’s degree, typically in humanities or a related field.
- Complete four years of law school at an accredited law school in the Philippines.
- Pass the Philippine bar examination––a two-day exam that tests your knowledge of the law and your ability to apply it to real-world situations.
Once you’ve passed the bar and have attended your oathtaking, you can then provide legal counsel as a fully accredited lawyer.
As for legal aids, you only need to finish a bachelor’s degree in the social sciences and gain experience in administrative work in the legal sector. Of course, it’s possible to receive higher compensation if you have a Master’s Degree in Public Administration or other related graduate programs.
Working in any of these top-paying industries can be financially rewarding if you decide to pursue professions in either field of specialization. By having an overview of what to expect within each sector, you can make plans on how to effectively pursue your vocation.
Partnering with OEd Postgrad for Your Career Success
When going after your chosen industry, having solid credentials to improve your credibility gives you more leverage when negotiating better benefits from your employers. And one way to improve your qualifications is by receiving higher education that teaches you more about the complexities of your profession.
With that said, consider partnering with Online Postgrad as you pursue further studies in your field of expertise! With Postgrad, you’re receiving high-quality flexible education, accessible at your convenience. You have the freedom to simultaneously pursue a graduate degree as you gain relevant experiences in your industry.
To learn more about how we can help you, you can check out our course offerings on our website or you can contact us today!