Top 25 Highest Paying Jobs in the World in 2024 [A Complete Guide]

Updated on 30 June, 2024

1.14M+ views
54 min read
Highest Paying Jobs in the World

Table of Contents

  1. The Top 25 Highest Paying Jobs in the World
    1. 1. Chief Executive Officer (CEO)
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
      6. How to become a CEO?
    2. 2) Anesthesiologist
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
      6. How to Become an Anesthesiologist?
      7. Top Employers
    3. 3. General Surgeon
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
      6. How to become a General Surgeon?
    4. 4) Psychiatrist
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
      6. How to Become a Psychiatrist?
      7. Top Employers
    5. 5. Data Scientist
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
      6. How to Become a Data Scientist?
    6. 6) Dentist
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
      6. How to Become a Dentist
      7. Top Employers
    7. 7. Internet of Things Architect (IoT Architect)
      1. Salary
      2. Industry
      3. Job Profile
      4. Skills required
    8. 8. IT Systems Manager
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
      6. How to become an IT systems manager?
    9. 9) Pharmacist
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
      6. How to Become a Pharmacist
      7. Top Employers
    10. 10. Patent Attorney
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
      6. How to Become a Patent Attorney
      7. Top Employers
    11. 11. Optometrist
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
      6. How to Become an Optometrist
      7. Top Employers
    12. 12. Project Manager
      1. Salary
      2. Industry
      3. Job Profile
      4. Skills Required
    13. 13) Petroleum Engineer
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
      6. How to Become a Petroleum Engineer?
      7. Top Employers
    14. 14) Data Engineer
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
      6. How to Become a Data Engineer
      7. Top Employers
    15. 15. Senior Software Engineer
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
    16. 16) Marketing Manager
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
      6. How to Become a Marketing Manager
      7. Top Employers
    17. 17) Corporate Lawyer
      1. Salary
      2. Industry
      3. Job Profile
      4. Qualifications
      5. Skills required
    18. 18) Investment Banker
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
      6. How to become an Investment Banker?
    19. 19) Computer Scientist
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
      6. How to Become a Computer Scientist
      7. Top Employers
    20. 20) Veterinarian
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
      6. How to Become a Veterinarian
      7. Top Employers
    21. 21) Machine Learning Engineer
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
      6. How to Become a Machine Learning Engineer
      7. Top Employers
    22. 22) Occupational Therapist
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
      6. How to Become an Occupational Therapist
      7. Top Employers
    23. 23) Radiation Therapist
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
      6. How to Become a Radiation Therapist
      7. Top Employers
    24. 24. Speech-Language Pathologist
      1. Salary
      2. Industry
      3. Qualification
      4. Skills
      5. Job Profile
      6. How to Become a Speech-Language Pathologist
      7. Top Employers
    25. 25. Web Developer
      1. Salary
      2. Industry
      3. Job Profile
      4. Skills required
      5. How to Become a Web Developer?
  2. Conclusion
  3. Frequently Asked Questions (FAQs)

Summary

In this article, you will learn about the top 25 highest-paying jobs in the world. And you will be able to get the answer to ‘Which job has the highest salary in the world?’ Take a glimpse below.

Here is the updated list of job designations in the specified order:

1. CEO (Chief Executive Officer)
2. Anesthesiologist
3. Surgeon
4. Psychiatrist
5. Data Scientist
6. Dentist
7. Internet of Things (IoT) Architect
8. IT System Manager
9. Pharmacist
10. Patent Attorney
11. Optometrist
12. Project Manager
13. Petroleum Engineer
14. Data Engineer
15. Senior Software Engineer
16. Marketing Manager
17. Corporate Lawyer
18. Investment Banker
19. Computer Scientist
20. Veterinarian
21. Machine Learning Engineer
22. Occupational Therapist
23. Radiation Therapist
24. Speech Language Pathologist
25. Web Developer

Check out the video below to explore the highest paying jobs in the world

Read the full article to learn more in detail.

Choosing a career path is one of the most daunting tasks for any aspirant. The plethora of career choices, high salaries, and rapidly skyrocketing growth trajectories makes the decision further challenging for students and professionals. 

After all, who doesn’t want a big paycheck? Honestly, we all do!

It makes sense that the pay scale would be important when beginning a new job. It is a crucial component of your job hunt because you put a lot of effort into getting where you are now during a significant chunk of your time as a student.

There may be a myriad of roles available in the market, but one cannot deny the overwhelming competition that both freshers and experienced individuals have to go through when it comes to job hunting. 

If you are a student spending your final years in academics, it is high time you pulled up your socks and spared a thought for what you want for your future career. For starters, you may be thinking about which is the highest paid job that market has to offer. However, a hefty salary package does not constitute what you actually want to do, even if it is the driving factor that influenced your choice. 

Even though the ranking of highest-paying jobs in the world changes every year, the list, however, remains almost the same.

When looking for a job, the most crucial aspects to consider include career scope, salary, work environment, and job satisfaction. The quest for the highest paying jobs in the world is what most of us are after, and rightly so. After all, who wouldn’t want to work at an established organization and earn a six-figure salary? 

But there’s a catch – bagging a high-paying job isn’t a cakewalk. Besides, not every person is a cut-out for it, considering the demanding nature of such job profiles and the increased stress level that not everyone can endure.

That said, if you’re on the hunt for the highest paying jobs in the world today, keep reading till the end!

The Top 25 Highest Paying Jobs in the World

1. Chief Executive Officer (CEO)

Salary

Chief Executive Officer is one of the highest paying jobs in the world. The average salary of a CEO in India is around Rs. 4,210,000 annually, whereas in the US, it is around $840,468.

Country Average Salary Per Year
USA $840,468
India ₹4,210,000
Australia A$1,064,000
UK £434,500
Singapore S$810,000
Germany €368,000
Japan ¥98,150,000
Spain €349,600

Industry

If you are wondering what the #1 best paying job is, CEO. A chief executive officer (CEO) is the highest-ranking position of an executive in a company. Every company, whether small or big, has a CEO who handles its corporate affairs. CEOs make crucial corporate decisions, manage resources, and supervise all managerial operations. CEO is the company’s public face and is chosen by the board of directors and the company’s shareholders.

Qualification

A minimum qualification of a Bachelor’s in Business Administration (BBA) is required to become a CEO. In many large organizations and companies, a Master’s in Business Administration (MBA) is preferred. The curriculum in bachelors and masters of administration usually covers topics like taxation, accounting, marketing, finance, and organizational behaviour and structure. Many corporations also require their CEOs to have legal knowledge. Having legal knowledge is considered a plus point as it can help manage the company’s corporate affairs better.

As one of the most paid jobs in the world, the key responsibility of a CEO is communicating with the board of directors. The board monitors his/her performance and can replace or remove the CEO via mutual election if the CEO’s performance is not up to the mark. 

The CEO is not only the key communicator but also the primary decision-maker and manager of the company. They ensure the company’s functional operations are working at their maximum capacity, ensuring the strategic directions align with its aims. 

This position falls under the top 10 powerful jobs in the world because it requires extensive experience in the industry they are working in. And most importantly, they are tasked with steering the company towards success.

Skills

  • Excellent communication and interpersonal skills are a must for the CEO as he needs to represent the company in various situations. He/She is also the mediator between the stakeholders, the board of directors, managers, and the company’s workforce. Most CEOs of globally acclaimed companies also serve as the organization’s public face. As one of the richest jobs in the world, this position calls for mastery in not only managerial and communication skills but also interpersonal skills.
  • Decisiveness is a quality that makes the job of a Chief Executive Officer easier, as they often have to make decisions in a short time. The CEO is the key decision-maker of a company. All company-driven decisions should be either made or approved by the CEO. He/She is also responsible for ensuring that all decisions align with the company’s best interests.
  • Competent management and negotiation abilities. Aside from being the key communicator in the company, the CEO must be able to negotiate well to drive a company towards its intended success. He/She should be highly competent when it comes to managerial responsibilities. 
  • Time management and organizational skills. Regarded as the richest profession in the world, a CEO has his/her work cut out for them as they have a lot on their plate 24/7. Starting with hosting meetings with stakeholders and directors, communicating the business scope and aims with managers, and being the backbone of operational management, they need to be at the top of their game when it comes to organizational skills. 

Job Profile

A CEO plays various roles in a company, and the roles differ from one company to another. The job profile of a CEO depends on the size and the nature of the company. In higher-tier companies, CEOs make strategic decisions that run the company and direct its overall growth. In smaller companies, Chief Executive Officers are primarily involved in the day-to-day activities and functions of the company. Whether the company is small or big, CEO’s set the vision, culture, and tone of the organization.

How to become a CEO?

Since CEOs are C-suite professionals, getting there requires years of industry experience and advanced degrees. Companies prefer candidates for the position of CEO who have degrees specific to the line of business in which the companies operate (for example, IT, or banking, or manufacturing).

When it comes to the public sector, a bachelor’s degree in public administration, law, business administration are preferred over other degrees. However, one factor that makes you stand out is an MBA degree or a professional certification. Amid the raging pandemic situation, your best bet is to opt for online courses, such as the Master in International Management (MIM), PG Program in Management, MBA (Global), Deakin Business School (DBS)

2) Anesthesiologist

Salary 

If you ask what is the highest paid job in the world, you may get the answer that an Anesthesiologist is among the highest paying job in the world. In fact, it is one of the highest paying jobs in America. The average annual salary for anesthesiologists is approximately between $322,900 and $542,100, while in India, it can range from Rs. 10,00,000 to Rs. 30,00,000 per year, and earn Rs. 1,255,587 per year making it one of the highest paying jobs in the world.

Source

Country Average Salary Per Year
USA $465,612
India ₹1,255,587
Australia A$170,544
UK £109,494
Singapore S$359,640
Germany €248,400
Japan ¥19,932,000
Spain €198,720

Industry 

Anesthesiologists are integral to the medical field and offers highest paying jobs in the world. They play a crucial role in surgical procedures, ensuring patients receive proper anesthesia and pain management during surgery. Anesthesiologists work in hospitals, clinics, and surgical centers.

Qualification 

Becoming an anesthesiologist with highest paying job in the world requires an extensive educational journey. Candidates typically start with a bachelor’s degree in pre-medical or related fields, followed by four years of medical school. Afterward, they undergo residency training in anesthesiology, which can take four to five years. Board certification is also necessary to practice as an anesthesiologist.

Skills

The following are the skills required to get this highest paid profession in the world:

  • Attention to detail and precision in administering anesthesia.
  • Strong knowledge of pharmacology and medical equipment.
  • Ability to handle high-pressure situations in the operating room.
  • Effective communication with patients and medical teams.
  • Critical thinking and problem-solving skills.

Job Profile 

Anesthesiologists are responsible for assessing patients’ medical histories, administering anesthesia, monitoring vital signs during surgery, and managing pain post-surgery. They work closely with surgeons and other medical professionals to ensure patients’ safety and comfort during procedures.

How to Become an Anesthesiologist? 

To consider applying for one of the most paid jobs in the world, you must:

  • Obtain a bachelor’s degree in a pre-medical or related field.
  • Complete medical school to earn a Doctor of Medicine (M.D.) or Doctor of Osteopathic Medicine (D.O.) degree.
  • Complete a residency program in anesthesiology.
  • Pass the board certification exam to become a licensed anesthesiologist.
  • Consider fellowship training for specialized practice areas.

Top Employers

The most paid job in the world from this field are:

  • Hospitals and medical centers
  • Surgical clinics
  • Private anesthesiology practices
  • Academic medical institutions

3. General Surgeon

Salary

The average salary of a general surgeon in India is approximately Rs. 1,570,000 per year. In the US, general surgeons make $438,200 annually. If you wondering which job pays more than 10 lakh per month in India, general surgeon is one of the popular ones.

Country Average Salary Per Year
USA $438,200
UK £64,701
Australia A$150,480
India ₹1,570,000
Singapore S$369,630
Germany €248,400
Japan ¥49,830,000
Spain €149,040

Industry

In terms of revenue and employment, the healthcare industry has rapidly expanded to become one of India’s largest industries. This is mainly due to the increased demand for quality and affordable healthcare services and the influx of public and private players. The healthcare industry encompasses hospitals, telemedicine & mHealth, medical tourism, medical equipment, health insurance, etc. It is one of the highest paying job in the world per month.

Qualification

The qualifications that you need after 10+2 to become a general surgeon in India include a 5-year MBBS degree recognized by the MCI (Medical Council of India) and then an MS in General Surgery.

Skills

  • In-depth knowledge of a wide range of medical issues. General surgeons need to know a lot about various medical conditions because they might encounter diverse problems in their patients. They study extensively to understand diseases, how they affect different body parts, and the best treatment methods. This knowledge helps them make informed decisions during surgeries.
  • Excellent hand-eye coordination and visuospatial awareness. Surgery involves using instruments and tools to perform precise movements within the body. Surgeons need great coordination between their hands and eyes to handle these tools skillfully. They also need to have a good sense of spatial awareness to navigate and operate within the body effectively.
  • As many procedures can be lengthy and tedious, a general surgeon must possess crucial qualities like agility, precision, and stamina. Surgeries can be long, and they require sustained focus and physical endurance. Surgeons must be agile, moving swiftly and smoothly during procedures. They must be precise, ensuring every movement they make is accurate and purposeful. Additionally, having stamina is crucial as surgeries can be physically demanding, requiring the surgeon to maintain their concentration and energy for extended periods.

General surgeons, therefore, are among the professionals who have the highest paying job in the world per month, given the scarcity of skilled expertise in the field of healthcare. Their high pay package reflects both their years of training and their role in handling critical procedures and medical situations.

Job Profile

Life as a general surgeon is usually very tough and challenging, but it is also rewarding to know that you can save many lives. The job description includes a host of responsibilities like –

  • Examining and prepping patients for surgical procedures.
  • Review and evaluate patients’ medical history and advise them about the pros and cons of specific surgical processes.
  • Performing surgeries on patients to prevent and correct their injuries/deformities/diseases.
  • Adhering to established surgical techniques and ethical and regulatory protocols.
  • Prescribing postoperative and preoperative treatment plans and medicines.

How to become a General Surgeon?

To become a general surgeon, you must first pass 12+2 with at least 60% in Biology, Chemistry, and Physics. After this, you need to appear and qualify NEET (National Eligibility cum Entrance Test). On clearing this exam, you can enroll in a medical college/university to complete your undergraduate degree in medicine (MBBS), either a government or a private university. After completing MBBS, you have to undergo at least a year of internship, following which you can apply for MS in general surgery. For this, you must qualify the NEET PG entrance exam again.

4) Psychiatrist 

Salary 

Psychiatrists are medical doctors specializing in mental health. It is one of the highest salary jobs in india per month. For starters, in the United States, psychiatrists can earn an average annual salary of approximately $288,108 making it one of the highest paying jobs in America. While in India, salaries range from Rs. 8,00,000 to Rs. 20,00,000 and average salary being Rs. 967,122 per year.

Country Average Salary Per Year
USA $288,108
India ₹967,122
Australia A$266,851.20
UK £99,540
Singapore S$79,920
Germany €119,232
Japan ¥16,942,200
Spain €139,104

Industry 

Psychiatrists work in the field of mental health and healthcare. They diagnose and treat various mental illnesses, emotional disorders, and behavioral issues. Psychiatrists can practice in hospitals, clinics, private practices, or mental health institutions.

Qualification 

To become a psychiatrist and get this highest paid job in India, candidates typically need to complete a bachelor’s degree in pre-medical or a related field, followed by four years of medical school. After medical school, they undergo a psychiatric residency program, which can last four to six years. Psychiatrists must also obtain a medical license and board certification in psychiatry.

Skills

The following are the skills required to get this highest paid profession in the world:

  • Strong diagnostic and assessment skills.
  • Empathy and active listening.
  • Effective communication and rapport-building with patients.
  • Knowledge of various therapeutic techniques and treatments.
  • Commitment to patient confidentiality and ethical practice.

Job Profile 

Psychiatrists assess patients’ mental health, diagnose conditions, develop treatment plans, and provide therapy or medication as needed. They work with individuals of all ages, from children to the elderly, to address a wide range of mental health issues.

How to Become a Psychiatrist? 

To get the best paid jobs in the world, you must:

  • Earn a bachelor’s degree in pre-medical or a related field.
  • Complete medical school to earn an M.D. or D.O. degree.
  • Undertake a psychiatric residency program.
  • Obtain a medical license and board certification in psychiatry.
  • Continuously engage in professional development and stay updated on the latest research in the field.

Top Employers

The most paid job in the world from this field are:

  • Hospitals and psychiatric units
  • Mental health clinics
  • Private psychiatric practices
  • Government healthcare facilities

5. Data Scientist

Salary

In the current day and age, a data scientist is one of the most prized jobs globally, with an average annual salary of Rs. 1,440,000 in India. In the US, the average pay of data scientists is $276,169 per annum.

Country Average Salary Per Year
USA $276,169
India ₹14,40,000
Australia A$115,368
UK £51,760.80
Singapore S$109,890
Canada C$88,750
Spain €32,200
Germany €50,600

Industry

There is no specific industry for data scientists. They are in-demand data experts who find employment prospects across the length and breadth of the industry. From retail to healthcare, media & entertainment to transportation, education to BFSI, data scientists are everywhere.

Qualification

The qualification required to become a data scientist is not very specific. One can be a graduate in any discipline and opt for data science in their higher studies. This will make them qualified for the data scientist’s profile. 

Skills

  • The most important prerequisite for this role is to have a deep understanding of the data science fundamentals. This role has a high rank in the list of world highest salary job as it includes understanding statistical methods, data structures, algorithms, and the overall workflow of collecting, processing, analyzing, and interpreting data.
  • Knowledge of statistics, data manipulation, programming language, and data analysis. Data scientists should be skilled in using statistical methods to draw meaningful insights from data. They also need expertise in programming languages like Python, R, or SQL for data manipulation, cleaning, and analysis. Additionally, knowledge of data analysis techniques and tools helps extract valuable information from large datasets.
  • In-depth knowledge of Machine Learning (ML), Deep Learning, and Big Data. Machine Learning involves creating algorithms and models that enable computers to learn patterns and make predictions from data. Deep Learning, a subset of ML, deals with complex neural networks and is used for tasks like image recognition and natural language processing. Understanding Big Data technologies and tools is essential for data scientists to analyze massive volumes of data efficiently.
  • Communication skills, structured thinking, and curiosity are other essential skills that data scientists possess. Data scientists need to communicate their findings effectively to non-technical stakeholders. Clear communication is essential for presenting complex technical information in a way that is understandable to a broader audience. 

Job Profile

The main job of a data scientist is to gather data from disparate sources and then process and analyze it to extract business-relevant insights from within. They process vast volumes of structured and unstructured data and analyze them to discover valuable trends and patterns. They work with data analysts to develop strategies for addressing business challenges. Data scientists also use different data visualization techniques to present information.

How to Become a Data Scientist?

A STEM (Science, Technology, Engineering, and Mathematics) background is usually preferred for a job in data science. Though STEM is preferred, candidates with bachelor’s or master’s in other disciplines can also apply for higher studies in data science. After you’re a graduate, you can apply for courses online like Master’s of Science in Data Science and Executive PG Program in Data Science.  

6) Dentist 

Salary 

Many people ask which job has highest salary in world in the medical field. Dentists are well-compensated healthcare professionals. In the United States, general dentists can earn an average annual salary ranging from $156,853 and $242,718, while specialists such as orthodontists and oral surgeons can earn higher salaries. In India, general dentists typically earn between Rs. 6,00,000 and Rs. 12,00,000 annually.

Country Average Salary Per Year
USA $195,683
India ₹846,600
Australia A$185,592
UK £84,609
Singapore S$104,895
Germany €44,712
Japan ¥16,942,200
Spain €44,712

Industry 

Dentists provide oral healthcare services, including preventive care, restorative procedures, and cosmetic treatments. They work in private dental practices, hospitals, clinics, and academic institutions.

Qualification 

To become a dentist, candidates usually complete a bachelor’s degree in pre-dentistry or a related field, followed by four years of dental school to earn a Doctor of Dental Surgery (DDS) or Doctor of Dental Medicine (DMD) degree. Dentists must also obtain a license to practice.

Skills

The following are the skills required to get this highest paid job in the world:

  • Proficiency in diagnosing and treating oral health conditions.
  • Dexterity and attention to detail in dental procedures.
  • Communication skills for patient education and rapport-building.
  • Business acumen for managing dental practices.
  • Compassion and empathy in patient care.

Job Profile 

Dentists diagnose and treat dental issues, perform dental procedures, and educate patients on oral hygiene. General dentists offer a wide range of services, while specialists like orthodontists focus on specific areas such as braces and alignment correction.

How to Become a Dentist

To get the best paid jobs in the world, you must:

  • Earn a bachelor’s degree in pre-dentistry or a related field.
  • Complete dental school to obtain a DDS or DMD degree.
  • Pass licensing exams to practice dentistry.
  • Consider specialization through postgraduate programs.
  • Stay updated on advancements in dental technology and procedures.

Top Employers

  • Private dental practices
  • Dental clinics and hospitals
  • Academic institutions
  • Government healthcare facilities
  • Dental service organizations

7. Internet of Things Architect (IoT Architect)

Technology is getting advanced, and so is the requirement for the people who can provide solutions to the IoT. It is considered one of the highest salary jobs in world. 

Salary

In India, the average pay of a IoT solution Architect is around Rs 19,80,000 per annum, whereas the same in the US is $164,300

Country Average Salary Per Year
USA $164,300
India ₹19,80,000
Australia A$90,288
UK £77,641.20
Singapore S$64,935
Germany €79,488
Japan ¥14,949,000
Spain €59,616

Industry

Manufacturing: IoT architects in manufacturing develop smart manufacturing systems to increase efficiency and reduce costs.

Healthcare: IoT architects in healthcare design smart healthcare systems to improve patient outcomes and reduce costs.

Smart cities: IoT architects in smart cities design connected systems to improve the quality of life for residents.

Agriculture: IoT architects in agriculture design smart farming systems to improve crop yields and optimize resource usage.

Job Profile 

The IoT solutions Architect are responsible for monitoring, evaluating, and tracking the developmental strategy and helping in the architectural development of solutions. This is one of the reasons why it is considered the highest-paying job in the world.

Skills required

  • Knowledge of IoT solutions: Understanding of IoT protocols, platforms, and technologies.
  • Programming skills: Ability to write code for IoT devices and cloud platforms.
  • Machine learning: Knowledge of machine learning algorithms and frameworks for intelligent IoT systems.
  • Hardware Design: Ability to design and integrate hardware components for IoT devices.
  • Architecture: Ability to design scalable and secure IoT architecture.

8. IT Systems Manager

Salary

In India, the average pay of an IT Systems Manager is around Rs.1,750,000 per annum whereas the same in the US is $164,070.

Country Average Salary Per Year
USA $164,070
India ₹1,750,000
Australia A$140,448
UK £59,724
Singapore S$99,900
Germany €79,488
Japan ¥6,976,200
Spain €49,680

Industry

The Indian IT industry is among the fastest-growing sectors in the world. India has the largest number of market shares in the global services sourcing industry, is the second-largest hub for tech startups, and has the second-largest number of internet subscribers in the world. This makes it an ideal market for an IT career. The IT sector includes a host of services like software development, software management, cloud services, IT consultancies, and BPO(Business Process Outsourcing).

Qualification

IT managers must have a bachelor’s degree in Information Technology/Computer Science/Software Engineering/ Information Systems Management.

Skills

  • Strong technical skills and in-depth subject knowledge of computer systems (both hardware and software).
  • Analytical and problem-solving skills along with the ability to work under stressful situations and compact deadlines. 
  • Teamwork, management, and leadership skills, and attention to detail.
  • Interpersonal and communication skills, time management, and organizational skills. 

Job Profile

IT systems managers usually are in charge of supervising the companys’ computer-related functions and activities. They plan, install, and monitor both hardware and software to meet all the IT needs. Also, they oversee information security and implement the new technologies as and when needed.

How to become an IT systems manager?

You must enroll in a graduate program in computer science or information technology if you want to have a career as an IT systems manager. This can include courses like BSIT or B.Sc IT, or B.Sc CS. Any of these courses will set you on a path to becoming an IT systems manager. Apart from a bachelor’s degree, internships will further help you land lucrative jobs because they expose you to real-world experiences.

9) Pharmacist 

Salary 

If you ask which job has highest salary in world, many will tell you to become a pharmacist. Pharmacists are well-compensated professionals who play a critical role in healthcare. In the United States, the average annual salary for pharmacists ranges from $135,807 and $171,656.

Country Average Salary Per Year
USA $152,660
Hungary HUF591,000
Canada C$150,000
UK £54,747
Singapore S$64,935
Germany €49,680
Japan ¥6,976,200
Spain €64,584

Industry 

Pharmacists work in various healthcare settings, including retail pharmacies, hospitals, pharmaceutical companies, and government agencies. They are responsible for dispensing medications, providing patient education, and ensuring drug safety.

Qualification 

Becoming a pharmacist requires a Doctor of Pharmacy (Pharm.D.) degree in the United States or a Bachelor of Pharmacy (B.Pharm) degree in India. After completing the educational requirements, pharmacists must pass licensing exams to practice legally.

Skills

The following are the skills required to get this highest paid profession in the world:

  • Expertise in pharmacology and medication management.
  • Attention to detail in dispensing and verifying prescriptions.
  • Strong communication and patient counseling abilities.
  • Knowledge of drug interactions and side effects.
  • Compliance with regulatory and ethical standards.

Job Profile 

Pharmacists play a crucial role in healthcare by ensuring the safe and effective use of medications. They dispense prescriptions, provide medication counseling to patients, collaborate with healthcare professionals, and manage pharmacy operations.

How to Become a Pharmacist

To get the best paid jobs in the world, you must:

  • Complete a Pharm.D. or B.Pharm degree program.
  • Pass state or national licensing exams.
  • Gain practical experience through internships or pharmacy rotations.
  • Consider pursuing postgraduate residency or specialization in areas like clinical pharmacy.
  • Stay updated on new medications and healthcare regulations.

Top Employers

Some of the highest paying companies in India from this field are:

  • Walgreens
  • CVS Health
  • Hospitals and healthcare institutions
  • Pharmaceutical companies
  • Government healthcare agencies

10. Patent Attorney

Salary

Patent attorneys are among the most paid jobs in the world, with an annual salary of approximately $150,954 in The USA and Rs. 14.7 lakhs in India. Their specialized knowledge in intellectual property law and the demand for their expertise in patent-related matters contribute to their status as one of the most highly paid jobs in the world.

Country Average Salary Per Year
USA $150,954
India ₹1,474,000
Australia A$105,336
UK £69,678
Singapore S$104,895
Germany €64,584
Japan ¥13,952,400
Spain €39,744

Industry

Patent attorneys, the highest paid profession in the world, operate within diverse sectors like law firms, corporations, and government agencies. They specialize in intellectual property law, adeptly navigating patent intricacies, safeguarding innovation, and commanding substantial incomes due to their unique expertise and demand.

Qualification 

The highest paying jobs in 2024 requires meeting specific prerequisites. To enter the field of patent law, candidates must first attain a law degree, typically a Juris Doctor, followed by successfully passing the bar exam. However, to excel and stand out in this highly lucrative profession, specialized training in patent law is essential. 

Skills

  • Profound understanding of intellectual property laws and regulations, particularly patent laws, is crucial.
  • A strong grasp of the technical aspects of various industries is vital. 
  • Patent attorneys must possess exceptional analytical skills to assess the novelty and patentability of inventions.
  • Thorough research is integral to the patent process. 
  • Effective communication is essential in patent law.
  • Precision is critical in patent law. 

Job Profile 

Patent attorneys play a pivotal role in safeguarding inventors’ and companies’ intellectual property. They secure patents, ensuring exclusive rights to innovations, and expertly navigate complex legal matters, providing essential protection and enabling clients to capitalize on their inventive endeavors.

How to Become a Patent Attorney

  • Obtain a bachelor’s degree in either engineering, science, or technology.
  • Earn a JD degree by enrolling in an accredited law school. This typically takes three years.
  • Successfully pass the bar exam in your jurisdiction to become a licensed attorney.
  • Pass the United States Patent and Trademark Office (USPTO) patent bar exam, which is separate from the regular bar exam.
  • Work under the guidance of experienced patent attorneys to gain practical knowledge and exposure to patent prosecution.
  • Apply for positions in law firms, corporations, or government agencies specializing in patent law, or consider starting your own practice.

Top Employers

  • Law Firms
  • Corporations
  • Government Agencies
  • Startups and Tech Companies
  • Pharmaceutical and Biotech Companies
  • Universities and Research Institutions

11. Optometrist

Salary

Optometrists, while not the highest-paying job in the world, still command a respectable median annual salary of approximately $150,761 in The USA. Their expertise in eye care and vision health contributes to their solid income, making it a lucrative profession within the healthcare field.

Country Average Salary Per Year
USA $150,761
India ₹528,680
Australia A$115,368
UK £59,724
Singapore S$54,945
Germany €39,744
Japan ¥11,959,200
Spain €79,488

Industry

Optometrists, while playing a crucial role in eye care, are typically considered one of the highest paying jobs in the world. Their versatility allows them to provide essential eye care services and vision correction to diverse patient populations across these environments, ensuring widespread access to quality eye care.

Qualification 

To become an optometrist, individuals must complete a rigorous educational path, earning a Doctor of Optometry (OD) degree. Additionally, they must obtain state licensure, ensuring they meet strict professional standards and are qualified to provide comprehensive eye care services.

Skills

  • Optometrists must excel in diagnosing various eye conditions
  • Precision is critical in their work
  • In-depth knowledge of eye anatomy, diseases, and treatment methods.
  • Proficiency in prescribing and fitting eyeglasses, contact lenses, and other vision correction devices.
  • Effective communication is key

Job Profile 

Optometrists conduct comprehensive examinations to examine and diagnose a wide range of eye conditions, from refractive errors to more complex issues. They prescribe corrective lenses and offer essential vision care services to enhance and maintain optimal eye health.

How to Become an Optometrist

  • Start by completing a bachelor’s degree in a related field, such as biology or chemistry. 
  • Take the Optometry Admission Test (OAT) and perform well to enhance your chances of admission to optometry school.
  • Enroll in a Doctor of Optometry (OD) program, typically a four-year graduate program. 
  • Apply for and obtain a state optometry license.
  • Once licensed, you can work in various settings, such as private practices, healthcare institutions, or retail optical stores, providing comprehensive eye care services and prescribing corrective lenses.

Top Employers

  • Private Optometry Practices
  • Healthcare Institutions
  • Retail Optical Stores
  • Academic and Research Institutions
  • Government and Military
  • Ophthalmology Practices

12. Project Manager 

The project managers are responsible for making sure successful projects happen. They are highly significant for the company’s growth and success. It is one of the best jobs in the world. 

Salary

In India, the average pay of a project manager is around Rs.17,30,000 per annum whereas the same in the US is $143,357. It changes based on skills, experience, location and companies.

Country Average Salary Per Year
USA $143,357
India ₹1,730,000
Australia A$91,200
UK £51,350
Singapore S$54,000
Germany €64,400
Japan ¥7,550,000
Spain €36,800

Industry

Construction: Project managers in construction oversee building and infrastructure projects, working closely with architects, engineers, contractors, and stakeholders.

Information technology: Project managers in IT oversee software and other technology projects, working closely with developers, engineers, and other professionals to ensure successful completion.

Healthcare: Project managers in healthcare oversee the planning and implementation of initiatives such as new medical facilities or electronic medical records systems.

Marketing: Project managers in marketing oversee the planning and execution of campaigns and initiatives, working closely with creative professionals to ensure successful completion.

Job Profile 

The project managers are responsible for leading a team and completing a project within the set timeline and budget. 

Skills Required

  • Leadership skills: Ability to lead and motivate teams towards a common goal.
  • Communication: Ability to clearly and effectively communicate project goals and progress.
  • Negotiation: Ability to negotiate with stakeholders for project success.
  • Project methodologies and tools: Knowledge of project management methodologies and tools for efficient project planning and execution.

13) Petroleum Engineer 

Salary 

Petroleum engineers are well-compensated professionals in the global energy sector. On average, petroleum engineers can earn an annual salary ranging from $80,861 and $208,925 in the United States. In India, salaries typically range from Rs. 8,00,000 to Rs. 25,00,000 per year, average being Rs. 990,000 making it one of the highest salary jobs in the world

Country Average Salary Per Year
USA $129,976
India ₹990,000
Australia A$150,480
UK £59,724
Singapore S$69,930
Germany €129,168
Japan ¥13,952,400
Spain €39,744

Industry 

Petroleum engineers are crucial in the oil and gas industry, where they focus on the exploration, extraction, and production of hydrocarbons. They work for oil companies, drilling contractors, and consulting firms, contributing to energy resource development.

Qualification 

To become a petroleum engineer, candidates usually pursue a bachelor’s degree in petroleum engineering, chemical engineering, or a related field. This is followed by relevant internships and on-the-job training. Advanced degrees such as a Master’s in Petroleum Engineering can enhance career prospects. However, to determine which job has highest salary, you must do your research before applying.

Skills

The following are the skills required to get this highest paid job in the world:

  • Proficiency in reservoir engineering and drilling techniques.
  • Strong knowledge of geology, geophysics, and hydrocarbon extraction.
  • Analytical skills for data interpretation and decision-making.
  • Adaptability to work in diverse and challenging environments.
  • Effective communication for team collaboration and project management.

Job Profile 

Petroleum engineers are among the top 25 highest paying jobs. They are responsible for planning and overseeing drilling operations, designing oil and gas extraction processes, and optimizing production methods. They assess the feasibility of drilling sites, monitor drilling operations, and address technical challenges to maximize resource recovery.

How to Become a Petroleum Engineer? 

To consider yourself for this one of the most paid jobs in the world, you must:

  • Obtain a bachelor’s degree in petroleum engineering or a related field.
  • Gain practical experience through internships or entry-level positions in the oil and gas industry.
  • Develop expertise in reservoir simulation, drilling technologies, and production optimization.
  • Consider obtaining relevant certifications from organizations like the Society of Petroleum Engineers (SPE).
  • Stay informed about industry trends and technological advancements.

Top Employers

Some of the highest paying companies in India from this field are:

  • ExxonMobil
  • Chevron
  • Shell
  • BP
  • ONGC
  • Schlumberger

14) Data Engineer 

Salary 

Data engineers are among the top 25 highest salary jobs in India. They are essential in the field of data management and analytics. In the United States, data engineers earn an average annual salary ranging from $84,271 and $195,361, while in India, salaries typically range from Rs. 6,00,000 to Rs. 15,00,000 per year and average being Rs. 1,080,000 per year.

Source

Country Average Salary Per Year
USA $128,310
India ₹1,080,000
Australia A$130,416
UK £64,701
Singapore S$104,895
Germany €59,616
Japan ¥6,477,900
Spain €39,744

Industry 

Data engineers work across various industries, including technology, finance, healthcare, and e-commerce. They are responsible for designing, constructing, and maintaining data pipelines and databases that enable data analytics and insights.

Qualification 

To become a data engineer, candidates usually hold a bachelor’s degree in computer science, information technology, or a related field. Advanced degrees or certifications in data engineering or data science from upGrad can enhance career prospects.

Skills

The following are the skills required to get this highest paid job in the world:

  • Proficiency in data modeling, ETL (Extract, Transform, Load) processes, and database management.
  • Programming skills in languages like Python, Java, or SQL.
  • Knowledge of big data technologies such as Hadoop and Spark.
  • Problem-solving abilities for data-related challenges.
  • Collaboration and communication skills for teamwork.

Job Profile 

Data engineers develop and maintain data infrastructure, ensuring data is collected, stored, and processed efficiently. They collaborate with data scientists and analysts to provide access to structured and unstructured data for analysis and reporting.

How to Become a Data Engineer

To get the best paid jobs in the world, you must:

  • Obtain a bachelor’s degree in computer science or a related field.
  • Gain experience in database design and ETL processes.
  • Develop programming skills and proficiency in data tools and technologies.
  • Consider obtaining certifications in data engineering or cloud platforms.
  • Stay updated on emerging data technologies and best practices.

Top Employers

  • Technology companies (e.g., Google, Amazon, Microsoft)
  • Financial institutions
  • Healthcare organizations
  • E-commerce and retail companies
  • Consulting firms

15. Senior Software Engineer

Salary

A senior software engineer earns around Rs. 1,251,000 per year in India and $127,330 in the US. In the world highest salary job, the software engineer’s name comes in it.

Country Average Salary Per Year
USA $127,330
UK £51,350
Australia A$114,000
India ₹1,251,000
Singapore S$99,900
Germany €69,000
Japan ¥11,325,000
Spain €46,000

Industry

Today, software engineers work in almost all sectors, thanks to the rapid penetration of technology across all parallels of the modern industry. They can find job opportunities in retail, healthcare, research and development, business, IT/ITES, government agencies, defense (army, navy, airforce), insurance, banking, and finance, to name a few.

Qualification

B.Tech (Bachelor of Technology) or B.E. (Bachelor of Engineering) in software engineering is the most vital qualification to become a software engineer. You can also pursue an M.Tech in software engineering if you want to receive better annual packages and climb up the promotional ladder.

Skills

  • Software development, computer programming, and debugging.

Software engineers need to know how to create computer programs and applications. They write code using programming languages like Python, Java, or JavaScript. They also need to debug, which means finding and fixing code errors or problems to ensure the software works correctly. All in all, they have one of the best jobs in the world because of the hefty pay package that comes at the expense of their expertise in this field. 

  • Logical thinking and problem-solving abilities. 

Software engineering involves breaking down complex problems into smaller, manageable parts. Engineers need to think logically and creatively to solve these problems efficiently. They use their analytical skills to find solutions and make the software work as intended.

  • Team spirit and coordinating skills. 

Software development is often a team effort. Engineers work with other developers, designers, project managers, and sometimes clients. They need good collaboration skills to share ideas effectively and work together towards a common goal. Coordinating tasks and communicating well within the team is crucial for success.

  • Excellent verbal and written communication skills. Software engineers must clearly communicate complex technical information to team members, stakeholders, and sometimes non-technical people. They may need to explain their ideas, report their progress, or document how the software works. Strong communication skills help ensure everyone is on the same page and the project progresses smoothly.

Job Profile

The main job of a software engineer is to research, develop, design, and write new software and computer operating systems. They analyze the user requirements and write code accordingly. They test, refine, and rewrite the code several times as and when required. Software engineers also evaluate software systems, create technical specifications, and experiment with new technologies.

How to Become a Senior Software Engineer?

The candidates must have passed 10+2 with Maths, Physics, and Chemistry with a minimum of 55% from a recognized board. Then the next step would be to pursue a B.Tech or B.E. in software engineering. As for higher studies, M.Tech is the best option for software engineering graduates.

If you wish to pursue trending technologies, you can opt for certification courses in data science, machine learning, business analytics, and blockchain. Some of the best online programs in these new-age domains include Master of Science in Computer Science, Full Stack Development etc.

16) Marketing Manager 

Salary 

If you are searching the internet for what is the highest paying job in the world, consider your luck at being a marketing manager. Marketing managers are essential in driving business growth through effective marketing strategies. In the United States, marketing managers can earn an average annual salary ranging from $91,153 and $153,644, while in India, salaries typically range from Rs. 6,00,000 to Rs. 15,00,000 per year average being Rs. 12.4 Lakh per year.

Country Average Salary Per Year
USA $120,109
India ₹1,240,000
Australia A$167,200
UK £71,100
Singapore S$155,250
Germany €110,400
Japan ¥15,704,000
Spain €82,800

Industry 

Marketing managers work across industries, including advertising, technology, consumer goods, and healthcare. Hence, this makes it one of the highest paying jobs in 2024. They are responsible for planning and executing marketing campaigns, analyzing market trends, and managing marketing teams.

Qualification 

It is among the top 25 powerful jobs in the world. To become a marketing manager, candidates typically hold a bachelor’s degree in marketing, business administration, or a related field. Some marketing managers pursue master’s degrees (MBA) for career advancement. Relevant certifications in digital marketing or marketing strategy can also be beneficial.

Skills

The following are the skills required to get this highest paid profession in the world:

  • Strategic thinking and market analysis.
  • Effective communication and presentation skills.
  • Leadership and team management abilities.
  • Data-driven decision-making and analytics.
  • Creativity in developing marketing campaigns.

Job Profile 

Considered one of the best jobs for those seeking thrill, marketing managers lead marketing teams, set marketing goals, and develop strategies to promote products or services. They oversee advertising, digital marketing, branding, and market research efforts to reach target audiences effectively.

How to Become a Marketing Manager

  • Obtain a bachelor’s degree in marketing, business administration, or a related field.
  • Gain experience in marketing roles and progressively assume leadership positions.
  • Pursue an MBA or relevant master’s degree for career advancement.
  • Attend marketing workshops and obtain certifications in digital marketing or advertising.
  • Stay updated on marketing trends and consumer behavior.

While the path to becoming a marketing manager encompasses a myriad of skills and experiences, upGrad’s course on Generative AI for Marketing Professionals offers an advanced edge. By integrating AI-driven insights and techniques into their skillset, marketing professionals not only strengthen their strategic acumen but also position themselves as forward-thinking leaders in the dynamic world of marketing.

Top Employers

  • Advertising agencies
  • Technology companies
  • Consumer goods manufacturers
  • Healthcare organizations
  • E-commerce and retail companies

17) Corporate Lawyer

Corporate lawyers are seeing a growing demand in today’s times. There are various opportunities for corporate lawyers in the market today. It is one of the highest paying jobs in the world.

Salary

In India, the average pay of a corporate lawyer is around Rs.930,000, per annum whereas the same in the US is $118,384. It changes based on skills, experience, location and companies.

Country Average Salary Per Year
USA $118,384
India ₹930,000
Australia A$150,480
UK £74,655
Singapore S$109,890
Germany €74,520
Japan ¥10,962,600
Spain €49,680

Industry

Technology: Corporate lawyers in technology work with companies that develop or use technology, such as software or hardware manufacturers.

Finance: Corporate lawyers in finance work with financial institutions, including banks and investment firms, on issues such as securities regulation and compliance.

Real Estate: Corporate lawyers in real estate work with developers and property owners on legal matters such as property acquisitions, leasing, and zoning.

Healthcare: Corporate lawyers in healthcare work with hospitals and healthcare providers on regulatory and compliance issues.

Job Profile 

They are legal business advisors for various companies and institutions. They are also responsible for counselling their clients on legal rights and responsibilities.

Qualifications

Corporate lawyers should complete their Bachelor’s in Law before they begin working on their future steps. Check out upGrad’s Master of Laws in International Business and Finance Laws from GGU which is designed for working professionals.
 

Skills required

  • Commercial awareness: Understand clients’ business objectives for tailored legal advice.
  • Negotiation skills: Represent clients’ interests and collaborate for mutual benefit.
  • Business awareness: Understand clients’ priorities for legally sound, commercially viable advice.
  • Company law: Expertise in corporate governance, mergers and acquisitions, and compliance.
  • Interpersonal skills: Build relationships, communicate legal concepts clearly.

18) Investment Banker

Salary

The average annual Salary of an Investment banker in India is Rs. 1,740,000 and $116,184 in the US. The answer to the question of ‘Which profession has highest salary in world?’, Investment banker would be the answer.

Country Average Salary Per Year
USA $116,184
India ₹17,40,000
Australia A$104,332.80
UK £24,885
Singapore S$99,900
Germany €119,232
Japan ¥4,983,000
Spain €74,520

Industry

The banking industry in India includes 27 banks in the public sector, 21 banks in the private sector, and 49 foreign banks. Apart from this, there are many regional rural banks and thousands of urban and rural cooperative banks. In the financial year 2019, public sector banks accounted for 61.21% of the total banking assets. Investments have fast picked up in India and have become the second-largest constituent in the assets of the banks’ balance sheets. 

Qualification

If you’re looking to become an investment banker, several qualifications will work, such as B.Com, BA in economics, BBA in finance, or a CFA.

Skills

  • Time management, teamwork, and the ability to work under minimum or no supervision are non-negotiable qualities for investment bankers. Investment banking is a sector known to have job roles with the highest salary in the world. As an investment banker, you will often handle multiple tasks and projects simultaneously, requiring excellent time management skills to meet deadlines. While they collaborate within teams, they also need to work autonomously at times, making decisions and progressing with tasks without constant supervision.
  • Strong networking and communication skills are also necessary qualities. Building relationships and networking are crucial in investment banking. Bankers need to establish connections with clients, colleagues, and industry professionals. Effective verbal and written communication is essential for presenting ideas, negotiating deals, and conveying complex financial information clearly.
  • Excellent financial modelling skills. Investment bankers analyze financial data to assess the potential outcomes of various financial transactions or deals. Strong financial modeling skills involve creating complex spreadsheets and models to accurately evaluate investment opportunities, mergers, acquisitions, and other financial strategies.
  • Proficiency in MS Office. Investment bankers rely heavily on software like Excel, Word, and PowerPoint for financial analysis, organization of data, and creating presentations. Proficiency in these tools is crucial for performing financial modeling, creating reports, and delivering presentations to clients or stakeholders.
  • Impeccable quantitative and qualitative skills, including research expertise. Investment bankers must have a deep understanding of financial markets, economics, and industry trends. They need strong quantitative skills to analyze numerical data and qualitative skills to interpret market trends, industry reports, and conduct in-depth research. This expertise helps in making informed investment recommendations and strategic decisions.

Job Profile

The main job of an investment banker includes making financial models for various acquisitions, mergers, and capital-raising transactions. They perform valuation methods and develop product offerings. Investment bankers also have to deal with private equity transactions.

How to become an Investment Banker?

After completing 10+2, the candidates must get a graduate degree in Bachelor of Commerce (B.Com), Bachelor of Arts in Finance or Economics, Bachelor of Business Administration in Finance, or enroll in a Chartered Financial Analyst Programme. Any one of these degrees will make you eligible for the job of an investment banker. Two to three years of experience and an MBA degree will further help candidates boost their careers and reach higher-level positions in the field.

19) Computer Scientist

Salary

Computer scientists, considered among the highest paying jobs in the world, command a median annual salary of approximately $113,528 in the USA and Rs. 39 Lakhs in India. Their expertise in software development, data analysis, and technology innovation fuels demand, securing their financial success in various industries. 

Country Average Salary Per Year
USA $113,528
India ₹3,934,600
Australia A$93,297.6
UK £59,724
Singapore S$159,840
Germany €54,648
Japan ¥15,945,600
Spain €28,814.4

Industry

Among the best paid jobs in the world, computer scientists find opportunities in diverse sectors such as technology, academia, research, and finance. Their versatile skills in programming and problem-solving drive substantial income, reflecting their essential role in today’s global job market.

Qualification 

Attaining a bachelor’s, master’s, or Ph.D. in computer science or a related field is the pathway to enter one of the highest paid professions in the world, offering substantial earning potential.

Skills

  • Proficiency in programming languages
  • Exceptional problem-solving skills
  • Profound expertise in data analysis
  • Strong ability to develop algorithms
  • Advanced mathematical capabilities

Job Profile 

Computer scientists, one of the highest paying jobs in 2024, specialize in software design, development, and groundbreaking research, applying their skills to solve complex computational problems and drive innovation across industries.

How to Become a Computer Scientist

  • Get a strong foundation in maths and computer science during high school.
  • Pursue a bachelor’s degree in computer science with UpGrad
  • Consider pursuing a master’s degree to specialize further or for certain advanced roles.
  • Pursue a Ph.D. for research-focused roles in academia or industry.
  • Gain practical experience through internships or personal projects.
  • Master programming languages relevant to your chosen field (e.g., Python, Java, C++).
  • Enhance problem-solving abilities to tackle complex computational challenges.

Top Employers

  • Technology Companies like Google, Microsoft, and Apple.
  • Banks, investment firms, and fintech companies
  • Healthcare and Pharmaceutical Companies
  • Government and Defense Agencies
  • Academia and Research Institutions
  • Management and technology consulting firms 
  • Tech Startups

20) Veterinarian

Salary 

Veterinarians typically earn a median annual salary of around $63,000 to 163,000 which reflects their extensive education and expertise in caring for animals. This income of one of the most paid job in the world compensates for the rigorous training and the responsibilities of diagnosing, treating, and safeguarding the health of various animal species.

Country Average Salary Per Year
USA $107,811
India ₹697,200
Australia A$105,336
UK £69,678
Singapore S$129,870
Germany €39,744
Japan ¥7,972,800
Spain €24,840

Industry

Veterinarians enjoy a wide array of career opportunities spanning veterinary clinics, animal hospitals, research institutions, and even zoos. Their multifaceted expertise plays a pivotal role in delivering essential medical care to a myriad of animals, from beloved pets to valuable livestock. Additionally, veterinarians contribute significantly to vital research initiatives, ensuring the well-being of animals across diverse environments and industries.

Qualification 

To become a veterinarian, one of the highest paid professions in the world, individuals must earn a Doctor of Veterinary Medicine (DVM) degree, which involves rigorous education and training. Additionally, they must obtain state licensure to practice legally, ensuring competence and public safety.

Skills

  • Diagnostic expertise
  • Compassion for animals
  • Surgical proficiency
  • Effective communication with pet owners

Job Profile 

Veterinarians play a crucial role in the domain of animal health. Their expertise spans the diagnosis and treatment of a broad range of illnesses and injuries that impact animals’ well-being. Beyond this, they administer preventive care through vaccinations and conduct comprehensive wellness exams.

How to Become a Veterinarian

  • Attain bachelor’s degree with pre-veterinary coursework.
  • Enroll in and complete a Doctor of Veterinary Medicine (DVM) program, typically lasting four years.
  • Gain hands-on experience in various veterinary specialties.
  • Pursue postgraduate education or internships for specialization, if desired.
  • Start a career in veterinary clinics, hospitals, research, or other related fields.
  • Become a member of veterinary associations for networking and professional development.

Top Employers

  • Veterinary Clinics and Hospitals
  • Research Institutions
  • Government Agencies
  • Zoos and Aquariums
  • Educational Institutions

21) Machine Learning Engineer 

Salary 

Machine learning engineering is among the top 25 powerful jobs in the world. These engineers are highly sought after in the field of artificial intelligence and data science. In the United States, machine learning engineers can earn an average annual salary ranging from $88,212 and $124,224, while in India, salaries typically range from Rs. 8,00,000 to Rs. 20,00,000 per year.

Country Average Salary Per Year
USA $105,920
India ₹10,76,000
Australia A$150,480
UK £69,678
Singapore S$129,870
Germany €79,488
Japan ¥6,677,220
Spain €37,756.80

Industry 

Machine learning engineers work across industries that leverage machine learning and artificial intelligence. They are responsible for designing, implementing, and deploying machine learning models and algorithms for various applications.

Qualification 

To become a machine learning engineer and land some of the best jobs, candidates usually hold a bachelor’s degree in computer science, data science, or a related field. Advanced degrees (master’s or Ph.D.) in machine learning or artificial intelligence are valuable for specialized roles. Proficiency in programming languages like Python and knowledge of deep learning frameworks such as TensorFlow and PyTorch are essential. You can explore upGrad’s AL/ML courses for more information.

Skills

The following are the skills required to get his highest paid job in the world:

  • Expertise in machine learning algorithms and deep learning frameworks.
  • Programming skills for model development and deployment.
  • Data preprocessing and feature engineering abilities.
  • Problem-solving and critical thinking for model optimization.
  • Collaboration and communication for cross-functional teams.

Job Profile 

Machine learning engineers work on developing, training, and deploying machine learning models. They collaborate with data scientists to understand business requirements, create predictive models, and integrate them into production systems.

How to Become a Machine Learning Engineer

  • Obtain a bachelor’s degree in computer science, data science, or a related field.
  • Build proficiency in machine learning algorithms and frameworks.
  • Work on real-world machine learning projects and build a portfolio.
  • Consider pursuing advanced degrees or certifications in machine learning.
  • Stay updated with the latest developments in artificial intelligence and machine learning.

The Master of Science in ML and AI offered by upGrad, in collaboration with LJMU and IIITB, provides students with hands-on experience, bridging the gap between academic theories and real-world applications. This comprehensive course equips aspiring machine learning engineers with the essential skills and industry insights, paving their way to spearhead innovative AI-driven solutions in the professional realm.

Top Employers

  • Technology companies (e.g., Facebook, Amazon, Apple, Google)
  • Financial institutions
  • Healthcare and pharmaceutical companies
  • E-commerce and retail companies
  • Autonomous vehicle manufacturers

22) Occupational Therapist

Salary 

Occupational therapists can secure a median yearly income of approximately $99,354. This competitive salary reflects their expertise in helping individuals regain independence and improve daily life skills, making it a financially and personally rewarding career choice. Here is the diagram of hourly charges in the US.

Country Average Salary Per Year
USA $100,000
India ₹498,000
Australia A$100,320
UK £39,816
Singapore S$44,955
Germany €54,648
Japan ¥7,972,800
Spain €44,712

Industry

Occupational therapists are found in diverse healthcare settings, including hospitals, rehabilitation centers, schools, and private clinics. Their expertise extends to enhancing patients’ quality of life by addressing physical, cognitive, and emotional challenges, making a significant impact across various care environments.

Qualification 

Becoming an occupational therapist necessitates earning a master’s degree in occupational therapy, followed by obtaining state licensure. This comprehensive educational background and licensure ensure that professionals are well-equipped to provide quality care and adhere to regulatory standards in their practice.

Skills

  • Occupational therapists must excel in both verbal and non-verbal communication
  • A critical skill, empathy enables therapists to connect with patients on an emotional level
  • Analyze complex situations, identifying obstacles to a patient’s functional independence.
  • A profound knowledge of the human body’s structure and function is essential 

Job Profile 

Occupational therapists help individuals facing physical, mental, or developmental obstacles. They empower these individuals to regain independence in their daily lives through personalized treatment plans, encompassing tailored interventions that enhance functional abilities and overall well-being.

How to Become an Occupational Therapist

  • Obtain a bachelor’s degree, preferably in a related field like biology, psychology, or kinesiology.
  • Pursue a Master’s in Occupational Therapy (MOT) or a similar graduate-level program accredited by the Accreditation Council for Occupational Therapy Education (ACOTE).
  • Complete supervised clinical fieldwork
  • After graduating, pass the National Board for Certification in Occupational Therapy (NBCOT) exam to obtain state licensure.
  • Stay updated on the latest developments in the field
  • Search for job opportunities in healthcare settings like hospitals, schools, rehabilitation centers, or private clinics.

Top Employers

  • Hospitals
  • Rehabilitation Centers
  • Schools
  • Nursing Homes and Long-Term Care Facilities
  • Home Health Agencies
  • Pediatric Clinics

23) Radiation Therapist

Salary

Radiation therapists, one of the highest paying jobs in the world, command a median annual salary of roughly $76,124 and $114,906 in the USA. They play a critical role in cancer treatment, operating advanced radiation equipment to administer therapy, improving patients’ lives while securing their own financial stability.

Country Average Salary Per Year
USA $93,700
India ₹531,400
Australia A$90,288
UK £39,816
Singapore S$49,950
Germany €79,488
Japan ¥7,972,800
Spain €64,584

Industry

Ranked among the most paid jobs in the world, radiation therapists are employed in hospitals, specialized cancer treatment centers, and outpatient clinics. Their expertise in radiation therapy is integral to battling cancer, ensuring both job satisfaction and financial rewards.

Qualification 

To pursue a career as a radiation therapist, candidates must obtain either a bachelor’s or associate degree in radiation therapy. Additionally, they must secure state licensure, which involves passing standardized exams and meeting specific requirements, ensuring competence and patient safety.

Skills

  • Technical proficiency
  • Attention to detail
  • Patient care
  • Radiation equipment operation

Job Profile 

Radiation therapists, among the highest paid profession in the world, administer radiation treatments to patients battling cancer and other illnesses. They collaborate closely with oncologists, playing a pivotal role in the fight against diseases, while enjoying financial rewards.

How to Become a Radiation Therapist

  • Obtain a high school diploma or equivalent.
  • Pursue a bachelor’s or associate degree in radiation therapy.
  • Acquire state licensure, typically requiring passing an exam.
  • Complete clinical training to gain hands-on experience
  • Consider earning certification from a recognized organization.
  • Stay updated with advances in radiation therapy through ongoing education.
  • Seek employment in hospitals or cancer treatment centers.
  • Adhere to ethical and safety standards in patient care.

Top Employers

  • Hospitals
  • Cancer Treatment Centers
  • Radiation Oncology Departments
  • Outpatient Clinics
  • Research-oriented medical universities

24. Speech-Language Pathologist 

Salary

The field of speech-language pathology is anticipated to experience a rapid 19 percent growth between 2022 and 2032, outpacing the average growth rate for all professions. The average annual salary of a speech-language pathologist in the US is around $75,360 to 109,748 Their expertise in diagnosing and treating speech and language issues contributes to their competitive compensation in the healthcare field.

Country Average Salary Per Year
USA $91,790
India ₹498,000
Australia A$100,320
UK £29,862
Singapore S$69,930
Germany €72,532.8
Japan ¥10,962,600
Spain €49,680

Industry

Highly trained speech-language pathologists can be found in diverse settings like healthcare facilities, schools, and rehabilitation centers. Their expertise addresses speech and language disorders, making them vital contributors to communication and education, one of the highest paid job in the world. The best paid jobs in the world often include professions in fields such as medicine, finance, technology, and law.

Qualification 

To become a speech-language pathologist, individuals must complete a master’s degree course in speech-language pathology and obtain state licensure. This rigorous education and licensing process ensure they possess the important skills and knowledge to effectively diagnose and treat communication disorders.

Skills

  • Deep understanding of human communication, encompassing both verbal and non-verbal 
  • aspects.
  • Patience is crucial
  • They must empathize with their clients, understanding the frustration and emotional toll that communication disorders can bring.
  • Skills to accurately assess and diagnose a wide range of speech and language disorders. 

Job Profile 

Speech-language pathologists play a vital role in healthcare, evaluating and providing therapeutic interventions for people dealing with speech and language challenges and individuals with swallowing disorders, ensuring effective communication and safe eating and drinking abilities for improved quality of life.

How to Become a Speech-Language Pathologist

  • Get a master’s degree in speech-language pathology from an accredited program.
  • Secure state licensure or certification, which typically requires passing an exam.
  • Complete supervised clinical practicum hours as part of your education.
  • Consider specializing in a specific area of speech pathology, if desired.
  • Maintain ongoing professional development to stay current in the field.
  • Develop strong communication, diagnostic, and treatment skills to help clients with speech, language, and swallowing disorders.

Top Employers

  • Large medical centers and hospitals
  • Educational institutions
  • Rehabilitation Centers
  • Private Practice
  • Nursing Homes and Long-Term Care Facilities
  • Research Institutions

25. Web Developer

It is one of the in-demand and highest paid jobs in the world. It is a very lucrative work today responsible for developing robust web applications.

Salary

In India, the average pay of a web developer is around Rs 10,80,000 per annum whereas the same in the US is $79,172.

Country Average Salary Per Year
USA $79,172
India ₹1,080,000
Australia A$85,272
UK £34,839
Singapore S$44,955
Germany €44,712
Japan ¥7,972,800
Spain €24,840

Industry

E-commerce: Web developers in e-commerce work on websites and applications for online retailers, focusing on driving sales and revenue growth.

Education: Web developers in education work on websites and applications for schools and universities, ensuring easy navigation and relevant information.

Finance: Web developers in finance work on websites and applications for financial institutions, focusing on security and ease of use.

Job Profile 

The major aim is to design, modify and develop the websites. The web developers are also responsible for proper monitoring of the web applications. 

Skills required

  • Graphic Designing: Ability to create visually appealing designs and layouts for websites.
  • HTML: Ability to write and structure HTML code for web pages.
  • CSS: Ability to write CSS code to style and format web pages.
  • JavaScript: Ability to write JavaScript code to add interactivity and functionality to web pages.
  • PHP: Ability to write PHP code for server-side scripting and back-end development.
  • Technical Computer Skills: Knowledge of computer hardware, software, and troubleshooting to ensure optimal website performance.

How to Become a Web Developer?

The Executive Post Graduate Program in Software Development – Full Stack Development, in partnership with IIIT-B, gives learners the practical skills needed for web development. Covering both frontend and backend, it’s a direct route to becoming a capable full stack web developer.

Conclusion

While these are some of the highest-paying jobs in the world, there are numerous other jobs in different specializations that promise above-average salaries and high job security and satisfaction. What’s important is that you choose a career that not only pays well but also gives you ample scope to learn and grow as a professional. 

You now have the opportunity to establish a career in one of the top-paying professions in the world. We hope you were able to gain a good understanding of the jobs, as well as their particular qualities. It is a fallacy that the highest-paid positions are held only by CEOs, actors, and executives of large businesses. You can get one of these highest-paying jobs, too, with some effort and research. Work smartly as well as diligently, and you can take your career to new heights.

We hope this was helpful to you!

Frequently Asked Questions (FAQs)

1. What is the role of a CEO?

The CEO is the person who currently has the title of being the highest post in charge of the company’s operations, their execution, and the management. The CEO of a company is the person who leads it and is responsible for its overall decisions and strategy. He/she is considered the most important position in the company. He/she is also the person who reports to the board of directors and stakeholders too. The role of the CEO is to lead and manage the day-to-day deliverables of the organization. The CEO will be responsible for and accountable for the company's financial results and the overall performance of the company.

2. Which companies require software engineers?

Many companies in India require software engineers. Some of these include Infosys, TCS, Satyam, WNS, Cognizant, Mindanao Financial Group, etc. There are other companies based out of the US which require software engineers. The best part about working for these companies is that you get to learn new technology. Also, these companies are known for having a culture of mentorship which gives you a lot of opportunities to learn. Software engineers usually deal with data, software, and mathematics at the integration level. They also write software, fix bugs, and maintain the software's infrastructure.

3. Why is it important to have teamwork as a skill?

Teamwork is important because every member of the team brings something unique to the team and helps it work as a whole. There are many benefits to having a team to work with. It is easier to achieve a common goal, it allows members to learn from each other and be open to different ideas. Teamwork makes the team stronger, and it makes it easier to identify the problem and the solution. The process by which we get the greatest possible results with the least amount of effort can be defined as the process of maximizing the amount of work done by everyone involved in the project.

4. What is the highest-paying job in the world?

Big Data Scientists currently stand in the No.1 position with a whopping rise of 256% since 2013. They have pay that can go as high as $150,000, which makes it one of the most paying jobs in the world.

5. Which job is considered the best in the world as of 2024?

As per LinkedIn’s Emerging Jobs Report, there has been a 74% rise for AI specialists over the last four years. This makes it one of the top paying jobs in the world.

6. Which is the highest salary in the world?

Information Security Analysts have an excellent pay of $103,590, and Physician Assistants have an average salary that ranges from $115,390 to $130,000 and is expected to grow even more at a rate of 31% in the future.

7. Which domain offers the highest paying job in the world?

Few jobs that offer the highest salary in the world cater to specific industries. This includes Chartered Accountants, Data Scientists, CEOs of Multinational Companies, and Surgeons.

8. What are the other jobs that offer the highest pay in the world?

Many of the highest-paying positions in the world place little importance on the qualifications or work history of potential hires. If you have enough talent, you may get hired even if your educational background does not match the requirements of the job posting. The creative industries, including TV, movies, media, radio, and other fields, are the best examples of these types of occupations. Here are some career choices that offer you one of the highest salaries in the world. a. RJ or VJ – If you have a good speaking voice, you can easily become a radio host or TV host. A melodic voice, spontaneity, and attention to detail are some necessary qualities. b. Actor – You can become an actor if you have an attractive on-screen presence and the ability to express emotions at cue. c. Writer – If you can write, i.e. frame proper sentences, then you can become a writer. You may now advertise and publish your books thanks to free self-publishing.

Did you find this article helpful?

Nitin Gurmukhani

There is no better service to society than helping voluntarily. Grammarly fan, random reader, and an avid learner.

See More

RELATED PROGRAMS

Explore Free Courses



SUGGESTED BLOGS

India’s Education Sector needs a new Avatar, a Contemporary Approach

5.18K+

India’s Education Sector needs a new Avatar, a Contemporary Approach

This article was originally published in Economic Times. Everyone seems to be talking about disruption. Like “startup” and “funding”, “disruption” has become a part of our daily parlance and evinces a strong sentiment among entrepreneurial enthusiasts. We are seeing disruption across sectors and levels, all of which is helping us in reimagining the world around us. Education, meanwhile, is crying out for disruption but is going unheard. It is a sector that is brimming with opportunities and waiting to be tapped with an innovative approach. The Need of the Hour The question is, are our institutions and universities imparting knowledge for a world that does not exist anymore in its old avatar? And are all of us, especially our youth, becoming smarter learners? The answer for both these questions is a resounding “yes”. The Idea Called UpGrad: Why Education is Serious Business India has the largest college-age population in the world — close to a staggering 125 million — but it is startling to know that less than one in five of them is doing their post-secondary education. This means only 20% of college-age youngsters are doing their higher education as opposed to 90% in the US. Will India be able to achieve its gross domestic product (GDP) growth targets at this rate? No. Will we need to double our participation rates in higher education in the next five-ten years? Yes Can pure offline, brick-and-mortar college and university models fill this massive gap? Again, the answer is obvious. Look at the challenges. One, it takes four-eight years to set up one campus/university and at its peak it could cater to 5,000-10,000 students. Two, we need to have enough trainers and teachers to feed into these facilities, many of them in remote areas or away from cities. Three, the cumulative outlay at scale for private or public-private partnership (PPP) models to cater to the entire college-going population will be nothing short of $100 billion. Four, over half of this 125 million youngsters, I believe, will have compulsions to take up a job very early in life for socio-economic reasons and may not have the flexibility to go back to college after that. In this scenario, online education can be the big disruptor for India. Of course, there will be myriad challenges, but it offers exponential solutions: it can reach the remotest parts of India, aggregate the best faculty as everyone from the offline world can participate with much less demand on their time and lastly our youth can stay in their jobs while continuing to learn. Kushagra Saran’s Journey while Impacting Education Disruption in online education can be the answer to the gigantic challenge that India, called the youngest nation in the world, is facing. If we do not create equal opportunities and access to the best learning/upskilling/upgrading centres for our ambitious and aspiring youth, our demographic dividend can turn into a demographic debt. Skill India too has a goal to train over 400 million people by 2022 and this audacious outreach can be achieved only by radical disruptive thinking and bold execution. However, online will not succeed if it simply copies traditional teaching methodology. Online education should be more focused on professional education and post-graduation as those demographics look for flexibility and augmentation. For early years and K-12, brick-and-mortar schools will continue to play a big role in the holistic development of the child and online education will only be a supplement. Five-Year Plans For online education to be disruptive and for it to succeed, education will have to be thought through as a digitalfirst medium. Technology will have to be integrated to create a superior learning experience on the online platform. Online education has to move away from being a glorified content library; it has to involve peer-to-peer discussions, alumni chats, group studies and more. It has to shed its reputation of providing isolated, individual learning platforms and evolve into a social platform where you are not learning alone but studying together with a lot of individuals. Let’s come to terms with a few things. In the 21st century, what we learn will have less and less relevance after five years and hence there is a need for constant upgrade. Convergence of new forms of learning will be the fuel for and engine of economic growth. Universities need to develop programmes that are linked closely with employer demands. Otherwise, the results will be disastrous: while job seekers overspend on education programmes that are less likely to result in ideal employment opportunities, employers will be hiring poor fits. We need to change the mindsets of multiple stakeholders — academia, companies, students, young professionals and, most important, families — because how we learn and who we learn from have transformed. Our dependence on experts and figures of authority has diminished while our ability to learn from each other has spiralled dramatically. All I can say is, I wish I was back in college today. If you like to have one-to-one with industry experts, networking with hundreds of entrepreneurs, and bag a seed funding to start your idea, check Leadership & Management program
Read More

by Ronnie Screwvala

11 Mar'16
Working Professional’s Need of Staying Relevant

5.54K+

Working Professional’s Need of Staying Relevant

Online education across segments and students population is emerging as a popular option for individuals. Across age groups, online education is getting adopted. A segment where we at UpGrad feel that online adoption will be rapid, is the working professional segment. And there are multiple reasons for the same – from their ability to pay, their willingness to move up in their career etc. In this piece I want to touch upon a key trend that we are targeting – changing requirements of the industry and the need to continuously upgrade for working professionals. To give an example, a few decades ago – a farmer’s son would be a farmer; a carpenter’s son would be a carpenter. Things changed over time, and a farmer’s son started becoming an engineer. And in today’s world, an engineer goes through 5+ career shifts in his/her career span. There’ll Be A Billion-Plus Job-Seekers By 2050, So Get Yourself Skilled NOW! Marketing is not the way it used to be 10 years back. Payment is not the way it used to be 5 years back. Data analysis has undergone drastic changes. And in this digital age, the rate of this change is going to further accelerate. Industry will evolve rapidly, and as working professionals, each one of us has to keep up with this changing requirement. Industry is not going to wait for the individual to get upskilled or upgraded, and a large part of the onus will lie with the individual. Further, the rate at which the needs of the industries are changing; our current university system is not able to cope up. Therefore, individuals have to look for alternate options to add relevant skills to their portfolio. This is where online education comes into the fore. Professionals today do not have the flexibility of leaving their jobs and going to a school to learn new skills. Online education platforms are great options for these professionals who are looking to continuously upgrade, while continuing to stay in their jobs. Unlike offline education, online medium provides the advantage of being able to update the program curriculum and content regularly, and keep it relevant to the industry needs. Online medium also allows real-life problems to come to working professionals learning, where an individual can actually live the real-life situations in the form of case studies. Top 10 Essential Tools For Startup Business in India In the digital age, each individual will have to continuously upskill himself/ herself to stay relevant, and that would provide a large opportunity for edtech startups to create scale platforms. EdTech startups will have to look for opportunities where there is a significant demand supply gap, and look at providing right education programs. The biggest challenge in this will be the ability of edtech startups to design the program content for digital medium, rather than replicate what is being covered in the offline programs. Taking advantage of the digital channel will be key here. So for all edtech startups, keep your ears on the ground, and look for areas and skills that will allow you to build scale learning platform.
Read More

by Mayank Kumar

20 Apr'16
Google I/O 2016 – Day 1 | Recap

5.07K+

Google I/O 2016 – Day 1 | Recap

The most awaited Google I/O 2016 Conference was filled with announcements about improvements in current products and launch of some new products. In this article, we have summarized the biggest announcements from Day 1 of the conference. Google Allo Allo is Google’s new messaging app with resident chatbot. It has features like whisper/shout, expressive stickers, smart replies- which evolve with time and wide range of bot support especially the Google Assistant search bot. One of the most important features of Allo is that all its chats are encrypted but incognito mode offers end-to-end encryption and an option to send messages that self-destruct. Additionally, once you close a chat, the entire conversation is deleted forever. Google Duo Duo is Google’s mobile only companion app for Allo that helps in video calling. One of its special feature is ‘Knock Knock’ which lets users see the incoming video call feed before even answering the call. So, the receiving party can see who’s calling and where they are before they even pick up the call. Google Assistant Google takes search to the next level. Google Assistant supports “conversational understanding” to make search more natural and to better support voice searches. Google Home Home is built on the Chromecast standard, which lets it push media to other Cast-compatible speakers and screens, change temperature or lighting through Nest devices, and integrate with third party services. The entire experience is hands-free, powered entirely by voice. In fact, it doesn’t even have any buttons. Simple voice commands will control every aspect of the Home. Android N Android N comes with new features that include more control over notification size from different apps and a new picture-in-picture mode. Android N uses a new API called Vulkan that lets developers directly control a phone’s GPU for sharper 3D graphics. Android N will also download and install system updates automatically. The name of Android N has not yet been released. It is going to be selected through a crowdsourced contest. Google Daydream Google has a new VR platform built on top of Android N, and the new VR platform is called Google Daydream. It is an optimized virtual reality platform that aims to standardize the mobile-based VR experience. It also spans both software and hardware; Its biggest limitation is that it will be available only in new phones with special sensors and screen. Android Wear 2.0 Android Wear 2.0 can function independently of a smartphone. Apps no longer need a connected smartphone in order to function. Apps can function and even communicate without a phone, as long as the wearable device is connected to the internet via cellular or Wi-Fi. Users can also make data from any app show up on any watch face. Instant Apps One of the most interesting announcement was google Instant Apps. With Instant Apps, users can begin using an app instantly from right within the Google Play store without even having to download and install the app. As we can see, Google has made some big moves in the three hottest areas of tech – virtual reality, messaging, and smart assistants. However it would be interesting to see how these new products will compete with their competitors and how much of market share would they capture after their launch.
Read More

by Dilip Guru

19 May'16
There’ll Be A Billion-Plus Job-Seekers By 2050, So Get Yourself Skilled NOW

898.94K+

There’ll Be A Billion-Plus Job-Seekers By 2050, So Get Yourself Skilled NOW

This isn’t just a catchy headline meant to shock you, though that would be a justified reaction. If you are 25 years old, have graduated from a reputed institute in a traditional higher education discipline and are looking for a job, you may not be handed one on a platter any time soon. You may be cushioned within the famous Indian demographic that is supposed to yield a “dividend”, but unlike what you’ve been reading everywhere, this does not guarantee you employment. Between 1980 to 2010, 90% of world labour force growth occurred in developing countries and about 500 million new workers emerged in India and China alone (workers went from 260 million to 470 million in India, between this period). India, along with other developing counterparts, is all set to fuel 60% of the global growth in labour in the upcoming years. Keep in mind that enrolment in Indian higher education is only 24% right now. With India attaining almost universal elementary education and increased retention in secondary schools, the projected demand for higher education and jobs thereafter, will only escalate. By 2050, India will be home to more than a billion job seekers. This means providing jobs for over 12 million new entrants annually. There is also the challenge of finding jobs for the backlog, which reached 60 million by 2014. So isn’t this good news? India finally placed on the world map with a solid advantage where labour supply is concerned. Well, it may not all be good news. The new-age job-seeker must strive to acquire specific skill sets to be considered employable. Currently, only 43% of Indian youth are considered fully employable. Indian millennials are being touted as the future of jobs and the saviours of the working world. But this won’t hold true if in-demand skills are not imparted to the youth entering the workforce. The world of work is changing and industries are transforming. It’s a fact that we are moving towards a massive labour pool, but we are possibly riding a low-skill, low-wage cycle to get there. The country is on a trajectory that involves a surplus of millions of low-skill workers, whereas most nations, including India, will be increasingly demanding a high-skill workforce. Impacting Education: My Journey and UpGrad Most industries are replacing low-skill jobs with high-skill ones. Skills relating to upcoming technologies like cloud computing, social media, artificial intelligence, robotics, nanotechnology, etc, are gaining immense relevance. Unfortunately, our education system is not preparing students well enough to enter the workforce as high-skill workers or equipping them with skills in the mentioned emerging domains. Gone are the days when just holding a graduate degree was enough to get employers to clamour to hire you. Education is not enough. The new-age job-seeker must strive to acquire specific skill sets to be considered employable. Currently, only 43% of Indian youth are considered fully employable. Gone are the days when just holding a graduate degree was enough to get employers to clamour to hire you. Education is not enough. The positive connotation associated with our demographic shift has been taken for granted and assigned the term “dividend.” But if we don’t strategically harness this change, we could very easily be faced with a demographic disaster. We don’t want to be stuck in a situation where we have too many job-seekers with inadequate skills, and therefore not enough jobs for them. India is moving workers out of farm jobs at a very fast rate, and this will only add to the burden of providing jobs in other sectors. We need a wake-up call and more concerted efforts towards large-scale skill development and training. We may have a situation of too few high-skill workers and not enough jobs for medium- or low-skill workers. This needs to be rectified by adjusting the education and skilling system to ready ourselves for the jobs of tomorrow. UpGrad develops various programs such as Digital Marketing Certification Program, and Product Management Certification Program in collaboration with IIIT Bangalore, specially designed for working professionals looking to up-skill themselves.  Check out the free courses.
Read More

by Mayank Kumar

20 Jun'16
Only 25% Of Indian Graduates Are Employable, And The Solution Is Obvious

6.57K+

Only 25% Of Indian Graduates Are Employable, And The Solution Is Obvious

Co-authored by: Apoorva Shankar, Business Development Associate, UpGrad The world today has enhanced productivity requirements. Due to this, the demand for highly skilled labour is growing. China and India are set to drive this demand. Globally, the share of low-skill jobs is likely to decline from 74% of employment in 2010 to 62% by 2020. On the other hand, the shortage of highly skilled workers with a tertiary level of education is expected to reach 18 million by 2020, globally. But due to its demographic dividend, India will have a labour surplus of 47 million by 2020. However, this surplus may only be of low-skilled labour. And while the demand for highly skilled labour is increasing, the supply isn’t quite keeping up. The challenge, as well as opportunity, that India faces is how to train such a large reserve of labour and convert low skills to high skills. One solution that immediately comes to mind is providing higher education for all. But at present only 24% of those meant to be participating in higher education, are actually enrolled. Plus, traditional college or university pedagogy has been increasingly criticized for being outdated and irrelevant to the jobs market. If you attended school or college in India, you will have first-hand experience of the ills that plague the system. Some of the reasons for this are: Absence of a customized or personalized approach to education (necessary as different students have different needs and learning capabilities). Restricted resources due to not-for-profit nature of educational institutes and over-regulation. Lack of technology infrastructure. Poor teaching quality. Lack of skills-based learning. Low focus on research and development. Minimal partnerships with industry/foreign academia. Outdated curricula not reflecting requirements of a dynamic market environment. Skill-intensive industries are expected to contribute more than 90% of India’s GDP by 2030. The opportunity is staring at us in the face. Only about 25% of Indian graduates are considered employable by the organized sector. Further, 48% of Indian employers said they were having difficulty in filling jobs, in 2012. Despite employers expressing difficulty in finding employable candidates, in 2009-10 the unemployment rates in India were higher for those who were more educated (graduates had more difficulty finding jobs than secondary or primary level graduates). [b_color background=”#EDFF3D”] Also Read – Technology will surely kill some jobs, but not all of them [/b_color] So Indian education, in its current form, hasn’t proved to be enough training for the incoming workforce. The numbers also prove that just completing higher education in any field is not all it takes anymore. This pinch is being increasingly felt as the world of jobs is turning upside down; which is why we need skill training. Skill-intensive industries are expected to contribute more than 90% of India’s GDP by 2030. The opportunity is staring at us in the face. It’s not just about the potential but also the responsibility we are tasked with — restoring balance to the global supply of labour. The country needs to invest in skill development and training for a large chunk of its population. Exploiting sheer numbers is therefore one major reason to skill our workers. Secondly, the demand for advanced skill-sets in emerging areas is growing. Knowledge-intensive roles such as finance, business, etc, and those related to information technology and entrepreneurship are gaining momentum. The reality that these skills must be acquired will take root for more and more individuals, including drop-outs from the mainstream education system and those who have completed such education. Currently, the actual supply of these workers falls drastically short of matching growing demand. Hence, the gaps in domain knowledge are another reason to scale up the skilling. You are likely to be at a disadvantage, in terms of skill training and thereby employability, when compared to someone your age in China, USA, South Korea… In China about 47% of the workforce has received some kind of skill training, 52% in USA, 68% in UK, 75% in Germany, 80% in Japan and 96% in South Korea. Comparatively, only about 10% of the Indian workforce received such training in 2008. India is seventh in the category of countries facing maximum difficulty in filling jobs, i.e., 58% difficulty, where the global average is 38%. These figures reflect that just belonging to the young Indian demographic is not enough. You are likely to be at a disadvantage, in terms of skill training and thereby employability, when compared to someone your age in China, USA, South Korea etc. To address these imbalances, India needs unprecedented increase in both education and job creation. At this point, there is no guaranteed advantage for India in the contest for high-skill talent. It will be dependent on skilling. Considering the state of higher education and the skill upgrade required to be carried out in the future, the process will not just be about learning for professionals, but rather unlearning and re-learning.
Read More

by Mayank Kumar

13 Jul'16
7 reasons to watch UpGrad Talks today

5.19K+

7 reasons to watch UpGrad Talks today

There is really no secret sauce for success. Provided you have had the opportunity to view the exclusive online tete-e-tete sessions brought to you by UpGrad Talks. With an amazing roster of world-class speakers, some from the top 1000 companies of India such as Mahindra & Mahindra, Tata Sky, Coca Cola, JP Morgan, JWT to start-up poster children such as RedBus, Snadeal, Ola & Zivame and many more, Upgrad Talks provides insights into their formulae for success. The talks also share deep learning from situations that didn’t work out and many valuable nuggets of honest, down-to-earth and practical advice from successful entrepreneurs, experts and industry leaders. While some lip service has been paid to new-age technologies and skill sets, and the evolution of industries because of these, a deeper understanding of what this signifies is missing. Upgrad Talks intends to fill this gap by bringing together thought-leaders from different walks of life and raising the level of discourse in this area, as they share their experiences. Here are the top reasons why you must visit talks.upgrad.com today and make it your daily source of insights and motivation: Get Inspired Inspiration can come from many different sources. You may get inspired when you see a problem that needs a solution, which you are able to ideate, or get inspired when you hear stories of adversity being overcome by sheer willpower. Rarely does the simple existence of wealth inspire us. It may motivate us to work harder, but inspiration stems from a deeper place that needs real stories. Upgrad Talks are stories from the folks who have lived these stories, first hand. Not only does hearing someone’s complete story of challenges, thought process and subsequent outcome inspire, it also gives birth to new ideas and provides impetus to grow in your own space.  Moreover, inspiration also stems from well-put statements such as, ‘attitude will sail you through,’ by Harit Nagpal, CEO of Tata Sky. A key benefit of listening to industry leaders is that it also inspires us to think. ‘What we think, we become,’ is a quote by Buddha that sums up this well. Go ahead, face challenges It does not matter if you are a startup or an established financial organization; challenges, big or small, exist in every level of most businesses. Challenges faced, strategized and overcome is the rite of passage for almost everyone. Not only do Upgrad Talks cover challenges faced by leading industry veterans, it also covers it from various stages of businesses along with discussion of the solutions that helped overcome them. Upgrad Talks speakers’ discuss challenges faced by businesses in different spaces, which makes these talks an interesting listen. Furthermore, is quite motivating to hear the candid conversations of business leaders. So what is the common thought on challenges in the Upgrad Talks? No challenge is too big. It also strengthens the belief that challenges help you grow and become stronger and develops a sense of confidence to take on the next big challenge. Learn from influencers People who can motivate are great influencers. To hear success stories at Upgrad Talks, which have been driven by deep-rooted passion as well as courage of conviction can be a great influence on most people. It is likely to help you push yourself to greater heights and also follow your dreams a bit more diligently. To quote Snapdeal’s Kunal Bahl, ‘ there is a fine line between stubbornness and persistence.’ Upgrad Talks is likely to help you define the lines as an excellent selection of influencers talk also about the key soft skills required to make it a significant mark on the industry that you belong to. Mentoring As you listen to entrepreneurs, business leaders and experts on models that have worked, one can also start drawing parallels to one’s one business or profession. Mentoring of this kind is both subtle and effective as it helps you choose some key takeaways from the shared experiences that are most relevant to you. Follow the series to get premium access to the best mentors in the country as they talk about education, the emerging digital age and its impact on businesses, talent shortages and advice to youngsters. A bit of crystal gazing In the series of Upgrad Talks, one is likely to come across a vast amount of business knowledge which has been converted into digestible insights that can also help you choose the next steps in your career. Speakers’ at Upgrad Talks share their business mantras and what the future is likely to be.  This is crystal gazing of the finest variety and yet another reason to tune into the talks. A healthy dash of optimism One of the unique selling points of the Upgrad Talks is that they also brings out the combined optimism in business from key industry leaders. Apart from that one can learn what is next in the industry, and explore potential future opportunities in the workspace. The upbeat and positive nature of these talks makes them a must-listen. Easily available online Just in case you were wondering how far you would need to travel to listen to such a wide range of speakers, you can breath easy. Upgrad Talks are delivered online and you can listen to them at your own convenience. All you need to do is to long onto talks.upgrad.com and you can access high quality, pre-recorded sessions online. Upgrad is making content richer, bigger and better as it kicks off with 15+ talks delivered by entrepreneurs, experts & business leaders.  You definitely do not want to miss out on the educational transformation that UpGrad is fuelling in partnership with some of the greatest minds. Remember, one can never stop learning. So, if you always aspired to hear great advice and insights from the top Indian business leaders on how you can grow your business, choose a career goal or get inspired, do take a look at Upgrad Talks. They are truly the voices that impact. Join us today and be a part of it at talks.upgrad.com.
Read More

by Omkar Pradhan

06 Aug'16
Evolving online education: Learning Together

5.36K+

Evolving online education: Learning Together

Technologies in online learning have been making promises since early 20th century. From radio to present day MOOCs,  multiple new technologies were seen as silver bullet in revolutionising education. These promises were indeed laudable, to make education accessible to everyone, affordable for everyone and more effective. Yet, the same history of unmet expectations has been repeated every time*. Although a lot has happened over the past decade in terms of growth and expansion of online education, there are many challenges yet to be solved before we can say online learning has truly arrived. We, at UpGrad, believe the following three challenges are the biggest hurdles to the success of online education. Isolation: Online learning is solitary experience   Acceptability: Online learning’s validity in the Job Market   Not Engaging: Interplay of distractions and motivations in learning online The dismally low completion rates and high failure rates are reflection of these challenges [1]. Our goal at UpGrad is to fight these challenges and provide an unmatched learning experience for the working professionals. We believe, with the flexibility of online learning, every working professional can “UpGrade” himself without going back to full-time formal education. Hence, we need to to make online learning mainstream. In this article we would be sharing how are setting the online learning as a ‘Social Experience’ for our students, ie the first of the three mentioned challenges. In 2000s, internet surfing was mainly an individual experience and on the other hand, in 2016 almost all of internet time is a social experience. We do not feel alone in 2016 version of internet. We believe online education will have much higher engagement and completion rates once it becomes a social experience. An average student’s e-learning journey is an individual experience making him/her feel isolated. Learners move through the course with limited interactions with both their instructor and classmates. We at UpGrad, are building a new learning platform specifically designed keeping our students and their needs in mind. We believe this would be key to provide the kind of engagement levels the students deserve. The perception of social presence (or lack of) is a big concern among students and teachers in online learning. Teachers develop courses in isolation and the students take the courses in isolation. Researchers have found strong correlation between the sense of social presence facilitated by the course and student’s perceived learning [3,4,5]. Also there is good re correlation between withdrawal in the course and student’s perceived lack of social interaction and instructor presence [3]. Lack of social interaction in e-learning increases the distraction, since a learner would look for social interaction elsewhere which is usually Twitter, Whatsapp or Facebook. If there is another learner doing the same course in my apartment building, there are limited chances that I would know about him. As learners of online courses, we are oblivious of everyone else’s presence except few replies on the discussion forum. They do form Facebook groups or Whatsapp groups organically, yet the whole online learning format ends up being mostly a solo experience. Here are the steps we are taking at UpGrad in making our online programs a social experience.: Profiles : The first step in ‘social’ e-learning is knowing your classmates. We have learner profiles with education and work history along with other details. Almost everyone is encouraged to fill in their full profile along with a descriptive ‘bio’ section. There are multiple points where learners are nudged to click on the profiles. To improve discoverability of relevant profiles we not only leverage cohort social graph but also use interest graph, performance graph, complementary skills graphs. Combined with other semi random** algorithms like who was recently online, learners bump into each other in interesting ways. In the first month of Data Analytics Program, an average engaged learner viewed peer profiles 110 times. Discussions: We have a discussion forum which is contextual and relevant to the course content. We designed it from the ground up to involve learners during the course. They help each other, solve doubts, ask questions, have healthy debates on the forum. Only when there is no consensus a Teaching Assistant gets involved in clearing the doubts. Last 3 months data shows that on a daily basis 50% of the students who are engaged on the platform, also engaged actively on the discussion forum. As most professionals have different backgrounds, sharing of experiences on the forum is much valuable to everyone in the cohort. We have seen learners fall into three buckets on the forum. First is the majority producers, the top 30% of forum content producers are responsible for around 70% of the discussions. The next 50% do the rest of 30% of the content but continue to voice their opinions through upvotes. Rest of the 20% are mere observers. These numbers are highly encouraging and we will be investing more time in finding out how student-student social interactions can help in overall engagement. Figure 1: Forum topic distribution in one of our programs. Share in the pie is (questions * votes) for each topic. Bigger share of the pie is a proxy for doubts. This lead us to start live sessions on those topics. Thought Leader AMAs: Initiating and maintaining engagement on the forum is hard. To set the ball rolling, we started the discussion forum for a new cohort with getting a thought leader to do an AMA on the platform. This way not only the students got a product onboarding experience but also the social expectation was set amongst the peers. In some months, the total content creation during AMAs ended up around 20% of the total cumulative content. We also observed a side benefit of starting the program with thought leader – that learners are more helpful, behave with more civility and show much more respect for each other. This is not very unusual because it is known that a group’s eventual social dynamics are very much impacted by behaviour in initial few days. In a way, it sets the trend which follows upto the end of the course. We also explored bringing in external motivations to see how does it impact on engagement levels. At times, there were small gifts for top forum contributors and at times we included forum participation in the grading. Our primary observations show that this is to be used cautiously. We are working on establishing a balance between extrinsic and intrinsic motivations for social involvement. Facebook Groups: For all cohorts we have Facebook groups for students apart from the platform discussion forum. We were not very confident how much our forum will be used for non academic discussions and generic social sharing. However, we found more and more discussions of generic nature and sharing of articles & blogs also started happening on the forum. Hence facebook group ended up becoming redundant. We are thinking of doing away with a cohort’s facebook group with this expanded use of discussion forum In summary, having a strong sense of community within the students is a big predictor of learning outcomes. This has been researched multiple times [7, 8]. Our platform’s usage data of course progress and social interaction activity strongly confirms this research. At a time, a learner who is socially engaged on our platform has usually completed 4 times (Figure 2) course materials than a learner who does not participate in social discussions. This high correlation has been repeated across multiple cohorts. Figure 2: At a snapshot of time course completion rates for learners active on forum vs non active. Apart from the student isolation e-learning content creators and facilitators tend to work in isolation, reflecting and sharing of best practices is minimal[6]. We at UpGrad are aware of this problem, and making sure different program teams collaborate and share solutions to common problems. We do not have complete solution to isolation in learning yet. We as a company are focussed on solving this problem, we are testing out few ideas and are willing to share the results with the community. With these changes we are expecting online learning experience to be more engaging, more involving and eventually pushing up the low completion rates of online learning. These are early days of online education and we have miles to go. Bibliography [1] http://collegequarterly.ca/2007-vol10-num03-summer/rolfe.html [2] Online Social Networks as Formal Learning Environments: Learner Experiences and Activities, The International Review of Research in Open and Distributed Learning, Vol 13, No 1 (2012) [3] Tello SF (2007). An analysis of student persistence in online education. International Journal of Information and Communication Technology Education [4] Herbert, M. (2006). Staying the course: A study in online student satisfaction and retention. Online Journal of Distance Learning Administration, 9(4). [5] Morris, T. A. (2009). Anytime/anywhere online learning: Does it remove barriers for adult learners. In T.Kidd (Ed.), Online education and adult learning: New frontiers for teaching practices. Hershey, PA:IGI Global. [6] Duncan, H & Barnett J (2009) Learning to teach online. [7] Kaulback, B (2015). Learning Together : Community and Network from the perspective of designers of online learning. (Doctoral dissertation) [8] Bernard, R. M., Abrami, P. C., Borokhovski, E., Wade, C. A., Tamim, R. M., Surkes, M. A., & Bethel, E. C. (2009). A meta-analysis of three types of interaction treatments in distance education. Review of Educational Research, 79(3), 1243–1289.
Read More

by Ankit Mittal

08 Aug'16
Skill deprivation: Education alone won’t guarantee a job, in-demand skills need of hour

898.95K+

Skill deprivation: Education alone won’t guarantee a job, in-demand skills need of hour

If you are 25 years old, hold a degree in a traditional arts discipline from a well-regarded institute and are looking for a job, you may not be handed one on a platter any time soon. You may be cushioned within the famous Indian demographic that is supposed to yield a ‘dividend,’ but unlike what you’ve been reading everywhere, this does not guarantee you employment. Between 1980 to 2010, 90% of world labour force growth occurred in developing countries and about 500 million new workers emerged in India and China alone (workers went from 260 million to 470 million in India, between this period). India is all set to power most of global growth in labour in the coming years. Enrolment in Indian higher education is 24% right now. With India attaining almost universal elementary education, and increased retention in secondary schools, the projected demand for higher education and jobs will only escalate. India has finally been placed on the world map with a solid advantage where labour supply is concerned. Impacting Education: My Journey and UpGrad It’s not all good news though. Indian millennials are being touted as the future of jobs and the saviours of the working world. But this won’t hold true if in-demand skills are not imparted to the youth entering the workforce. The world of work is changing and industries are transforming. It’s a fact that we are moving towards a massive labour pool, but we are possibly riding a low-skill, low-wage cycle to get there. The country is on a trajectory that involves a surplus of millions of low-skill workers, whereas most nations, including India, will be demanding high-skill workers more and more. Most industries are replacing low-skill jobs with high-skill ones. Skills relating to upcoming technologies in advanced areas – think AI, robotics, data science and mining – are gaining immense relevance. Unfortunately, our education system is not preparing students well enough to enter the workforce as high-skill workers nor equipping them with skills in emerging domains. Curricula is outdated and pedagogy poorly-developed. Gone are the days when just holding a graduate degree was enough to get employers to clamour to hire you. Education is not enough. The new-age job-seeker must strive to acquire specific skill sets to be considered employable (currently only 43% of Indian youth are considered fully employable). This applies to all sectors of the economy, as most industries and businesses are adopting new-age technologies and going digital within most functions. There’ll Be A Billion-Plus Job-Seekers By 2050! The positive connotation associated with our demographic shift has been taken for granted and assigned the term ‘dividend.’ But if we don’t strategically harness this change, we could easily be faced with a demographic disaster. We don’t want to be stuck in a situation where we have too many job-seekers with inadequate skills, and therefore not enough jobs for them. India is moving workers out of farm jobs at a very fast rate, and this will only add to the burden of providing jobs in other sectors. Realising this, even the government has begun focusing on skill development and training. Creating an entirely new Ministry and launching the Skill India Mission are clear indications of this. Another sign that skill training is gaining momentum is reflected in the growth of the Indian education and skills industry at an average rate of 13% over four years. From Rs 1.21 trillion in 2008 to Rs 2.35 trillion in 2012. However, these measures have not been enough to successfully skill India’s young. Only 2% of the Indian workforce has received some kind of formal skills training so far, and 8% have received informal training. Comparatively, 47% of China’s workforce is skill trained, 52% in USA, 68% in UK, 75% in Germany, 80% in Japan and 96% in South Korea. Almost half of Indian employers find it difficult to fill jobs and a similar proportion of employed youth suffer from some degree of skill deprivation. By 2050, India will be home to more than a billion jobseekers. This means providing jobs for over 12 million new entrants annually. There is also the challenge of finding jobs for the backlog, which reached 60 million by 2014. The pace of accretion to the labour market will keep increasing, given our demographic profile and declining age-dependency ratio. Our working age population (15-64 years) will peak in 2050 and till then pressures for jobs will only become worse. We need a wake-up call and more concerted efforts towards large-scale skill development and training. We may have a situation of too few high-skill workers and not enough jobs for medium or low-skill workers. This needs to be rectified by adjusting the education and skilling system to ready ourselves for the jobs of tomorrow. Article Source: http://www.firstpost.com/business/skill-deprivation-education-alone-wont-guarantee-a-job-in-demand-skills-need-of-hour-3020568.html
Read More

by Apoorva Shankar

08 Nov'16
Why The Growth Of Higher Education In India Hinges On The Private Sector

5.13K+

Why The Growth Of Higher Education In India Hinges On The Private Sector

For the sake of simplicity, let’s say that the public sector’s role in education can be identified as a three-fold one. Firstly, it is tasked with universalizing access to education. Its next responsibility would be to regulate the sector and finally, to ensure quality education for all. In the context of the access provider role, estimates show that just in terms of physical infrastructure, more than a US $100 billion spends would be required in higher education alone, to double enrollment, from where it stands today (24%). Where regulation is concerned, bodies such as the University Grants Commission (UGC) and other higher education regulators are in-charge but leave much to be desired in terms of quality checks and monitoring, accreditation, etc. In fact, the UGC merely acts as a grants disbursing body now for universities and colleges, rather than a regulator. This is despite the fact that about 16% of the Ministry’s budget (2016-17) was allocated to UGC. Regarding quality, the government struggles to set standards and measure outcomes. Accreditation in the country is irregular and sub-optimal. In addition, unlike school education, where a certain level of learning outcomes may be gauged, this is difficult to do in higher education – especially assessing employability of a student post completing such education. So is there a role the government should prioritise? Further, because the government is entrusted with these roles, does it necessarily mean that they are its exclusive mandate? Or should the government act as an enabler and allow external participation if it means better execution and a higher success rate? The education and training industry is extremely large today and has strong further growth potential. With total educational spending of $2.7 trillion, the industry accounted for about 4.25% of the world’s GDP in 2010. In India alone, the spending on education and skilling has touched approximately Rs 74,000 crore. This may seem like a daunting figure but is still not sufficient. India spends about 4% of its GDP on all of education (about 1% on higher education), whereas globally the minimum recommended expenditure on education is 6% of GDP. Most of the public expenditure on higher education is used upon salaries and maintaining existing institutions, leaving very little to be spent on curriculum, research, and technology. However, spending on education still has enormous scaling to do and this is where the private sector comes in. Private players will have opportunities from rising demand in segments not well covered by the public education system (like adult education and vocational training). They bring in additional capital and are able to make huge investments, especially when government spending is insufficient and results in substantial infrastructure and investment deficit. For instance, the government had set a target of achieving a 30% enrolment ratio in higher education by 2020. The enrolment ratio currently is 24%. Judging by historical trends, and the current pace of rising enrolments, this target seems difficult to achieve. We may need a better, plan to succeed. Plus, the demand for higher education is only set to accelerate with growing population, higher enrolment as well as retention of students in schools. The private sector could play a crucial role in plugging these gaps and matching demand. In fact, it is already capturing the market in a big way, as can be seen in the adjacent graph. Enrolment in, and share of, private higher education institutions has surpassed that of government institutions (data as on 2013). Even the online education market in India expected to grow to US $40 billion by as soon as 2017. Unlike the education sector, which is legally mandated to operate on a not-for-profit basis, for-profit skill training institutes can be set up. This, coupled with initiatives of the National Skill Development Corporation, has encouraged the private sector to set up vocational training institutes. Corporate interest has also increased in the skill development space because of the benefits that accrue to businesses themselves, in the form of adequately trained manpower as a ready pool for future hiring. Majority of institutions offering professional disciplines are now in the private sector. There is a tendency of the public sector to view the private sector’s involvement in the education space with scepticism. But the private sector is necessary because of its ability to match industry demand for superior skilled manpower. It supplements infrastructure, facilities, technology and pedagogy and has an added advantage of escaping bureaucratic control and retaining autonomy to a large extent. Private players often collaborate with reputed international universities for faculty and other benefits which can be attractive to prospective students. They are also heavily investing in research-based education. As consumers of skilled manpower as well, the private sector is in a position to understand what type of skill training is to be imparted, and eventually benefit from it. This makes skill-training more efficient and effective. All three education-related roles of the government are equally important. However, while regulation should remain outside the purview of the private sector, nothing should stop them from assisting the public sector in maximising enrolments and improving quality of education. Public needs to work with private and create a level-playing field, in order to uplift the overall quality of education. Article Source: http://www.huffingtonpost.in/mayank-kumar/why-the-growth-of-higher-education-in-india-hinges-on-the-privat/
Read More

by Apoorva Shankar

08 Nov'16