Part VI of VI: Earning The Most You Can

Consumers Credit Union presents its last in a six-part series: “Why Women Need to Save Differently”. This series is designed to offer tips to meet the needs of women and their finances.

While women still only earn 80 cents for every dollar a man does, the breach is narrowing. And, there are significant ways women can strategically plan for their education and career to put them in a better position to find work they enjoy along with competitive pay. What are the most important points?

Get the education you need. Plan ahead. Negotiate both your pay and benefits.

Appearing in Forbes.com, a statement made by Caren Goldberg (management professor at American University’s business school in Washington, D.C), was particularly intriguing:

“It pays to be in a field that’s female-dominated, because in a large group of women you’re less likely to be seen as a ‘typical’ female and thus less likely to experience discrimination.”

Forbes Magazine, renown in the world of business and finance, along with staff writer, Jenna Goudreau, continued with its in-depth look at the top-paying fields for women. The magazine delved into stats compiled by the US Bureau of Labor and Statistics – looking at median income and potential income levels for women compared to their male counterparts – and delivered several key trends, notably:

Healthcare jobs came out on top in terms of the best salaries, with high female representation in many fields.

Forbes also lists the top 20 careers for women; all require some college and most are focused in health care, science and technology, or business. The number one job for women – earning approximately $99,000 a year – is a pharmacist. According to Forbes, women comprise more than half (56%) of all pharmacists and earn nearly as much as men in the job. The industry also has more than 10,000 annual openings, and by the year 2020, will see an expected growth rate of 25%.

One more positive aspect garnered from the stats? Women now surpass men in achievement of bachelor’s and master’s degrees.

The Best-Paying Jobs for Women in 2012

From the US Bureau of Labor Statistics & Forbes Magazine

No. 1: Pharmacists

Median weekly earnings: $1,898
Approximate median yearly earnings: $99,000
Women as percentage of the profession: 56%
Earnings as percentage of men’s earnings: 95%

No. 2: Lawyers

Median weekly earnings: $1,631
Approximate median yearly earnings: $85,000
Women as percentage of the profession: 34%
Earnings as percentage of men’s earnings: 87%

No. 3: Computer and Information Systems Managers

Median weekly earnings: $1,543
Approximate median yearly earnings: $80,000
Women as percentage of the profession: 26%
Earnings as percentage of men’s earnings: 97%

No. 4: Physicians and Surgeons

Median weekly earnings: $1,527
Approximate median yearly earnings: $79,000
Women as percentage of the profession: 36%
Earnings as percentage of men’s earnings: 79%

No. 5: Chief Executives

Median weekly earnings: $1,464
Approximate median yearly earnings: $76,000
Women as percentage of the profession: 25%
Earnings as percentage of men’s earnings: 69%

No. 6: Nurse Practitioners

Median weekly earnings: $1,432
Approximate median yearly earnings: $74,000
Women as percentage of the profession: 85%
Earnings as percentage of men’s earnings: data not available

No. 7: Software Developers

Median weekly earnings: $1,388
Approximate median yearly earnings: $72,000
Women as percentage of the profession: 18%
Earnings as percentage of men’s earnings: 86%
*Applications and systems software

No. 8: Operations Research Analysts

Median weekly earnings: $1,326
Approximate median yearly earnings: $69,000
Women as percentage of the profession: 44%
Earnings as percentage of men’s earnings: 105%

No. 9: Human Resources Managers

Median weekly earnings: $1,273
Approximate median yearly earnings: $66,000
Women as percentage of the profession: 72%
Earnings as percentage of men’s earnings: 86%

No. 10: Psychologists

Median weekly earnings: $1,244
Approximate median yearly earnings: $65,000
Women as percentage of the profession: 71%
Earnings as percentage of men’s earnings: data not available

For the full slide show, go to: http://www.forbes.com/pictures/lmj45jmhi/no-1-pharmacists/

Sources:

U.S. Bureau of Labor Statistics

Forbes.Com:  http://www.forbes.com/sites/jennagoudreau/2012/07/16/the-20-best-paying-jobs-for-women-in-2012/

http://www.forbes.com/pictures/lmj45jmhi/no-1-pharmacists/

Jenna Goudreau (Forbes staff)

Caren Goldberg (management professor at American University’s business school in Washington, D.C)

Katie Bardaro (lead economist at compensation research firm, PayScale)

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