Australia’s highest-paying professions revealed in new research

Ten professions now get paid more than chief executive officers. See the full list, and find out how to strive for a job that pays the big bucks.

Chief executive officers are no longer top of the ladder when it comes to salaries, with new research revealing 10 professions that get paid even more.

Chief growth officers (CGOs) are Australia’s highest-paid professionals, receiving a whopping $266,000 a year – making them $45,000 a year better off than a CEO.

Chief investment officers are not far behind, earning $264,000, well above the $221,000 received by CEOs, according to an Employment Hero analysis of the median income of Australians working at small to medium businesses.

The national median salary is just $67,000, Australian Bureau of Statistics data shows.

While the list of high-earning professions is bound to make many reassess their choice of career, those looking for jobs attached to eye-watering pay packets are being warned that landing one of the top 10 roles can be exceptionally difficult.

Executive recruitment specialist Richard Triggs says the number of companies hiring senior growth officers is minuscule, with less than 230 CGOs employed in Australia, compared to about 78,000 CEOs.

“Getting some of those roles is not as easy as people might think,’’ says Triggs, author of Winning the War For Talent.

“Having been an executive recruiter working at the C-level for 20 years, I’ve never recruited a CGO.’’

Chief executive officers now have the 11th highest average salary in Australia.

Exploring higher salaries

The research shows a year-on-year pay increase of 16.5 per cent helped to push CGOs into the No.1 spot for highest median salary.

Country managers – who oversee a company’s operations and activities within a specific country – notched an 18.3 per cent annual rise to a median yearly salary of $251,000.

Development directors, radiologists and engineering directors all saw their earnings shrink compared to this time last year, but still managed to retain incomes of at least $236,000.

Employment Hero senior insights manager Eddie Kowalski hopes the data will encourage Australians to explore careers in more lucrative fields, so long as they have the right skill set and “can handle the pressure’’.

“I’m quite certain that, if asked, very few would have predicted that CGOs would be out-earning CEOs or radiologists in 2024,’’ Kowalski says.

“Many people might be unknowingly sitting on the knowledge and experience to take up some of the spots on this list but are unaware of the earning potential.

“In a world where living costs continue to rise, the importance of job selection cannot be overstated.

“The allure of a high salary is undeniable but it’s essential to remember that a rewarding career isn’t solely about financial gain.’’

Amber Main, CEO of home management service Ambient Home Group and social connection app LikeMinded.

‘Didn’t do it to become a billionaire’

Amber Main, CEO of home management service Ambient Home Group and social connection app LikeMinded, is not fussed about the drop in rankings when it comes to her pay.

Having founded both companies, Main says she chooses to take home a smaller salary to allow her to reinvest in the businesses. At times, her decision has seen her earn less than if she was employed elsewhere. “I’m not really doing this for the money. I didn’t have this idea to start (the companies) because I wanted to be a billionaire,’’ she says.

“I started them because I was passionate about the problems (surrounding limited social connections and sourcing quality education and home care) and I have innovative solutions.

“As long as I can pay my bills and do some fun things now and then, I’m happy.’’

‘Reverse engineering’ your career

Triggs warns against placing too much emphasis on the earnings list and says actual salaries will vary according to the size and success of individual businesses.

But he says “fee earners always get paid more than fee burners’’ and those seeking higher salaries should target roles geared towards generating revenue for their employer.

Leadership coach Shivani Gupta, author of Getting Your People to Step Up, says cost-of-living pressures have forced workers to become increasingly selective about the jobs they choose, with salaries now a key factor.

“People are feeling the pinch and an extra $15,000 to $20,000 (in salary) can pay the school fees or a bit of the mortgage or a lot of other things,’’ she says.

Gupta advises workers to take a long-term view of salaries and “reverse engineer’’ their careers by looking two roles above the one they have now, getting the skill sets required for those jobs and then seeking a promotion.

“Don’t just think about your next job in terms of three to five years, think about the next 25 years and then work backwards (to determine how to get there),’’ she says.

“Those jobs on that list are all very senior roles – even the development director or the director of engineering had to start off in a $35,000 or $40,000 role and do it a bit tough before they got to where they are now.’’

Top-paying jobs

1. Chief Growth Officer (responsible for driving a company’s growth) – $266,000

2. Chief Investment Officer (manages an organisation’s investment portfolio, overall financial growth) – $264,000

3. General Counsel (provides legal advice to a company) – $258,000

4. Development Director (oversees fundraising, donor relations, strategic partnerships) – $257,000

5. Chief Commercial Officer (oversees a company’s commercial strategy, drives business growth) – $256,000

6. Radiologist (interprets medical images to diagnose, treats diseases and injuries) – $253,000

7. Country Manager (oversees all operations and activities of a company within a specific country) – $251,000

8. Director of Engineering (oversees technical strategy, manages engineering teams, ensures development and delivery of products or projects) – $236,000

9. Chief Customer Officer (oversees overall customer experience strategy) – $225,300

10. Regional Director (oversees operations, implements strategies and manages teams within a specific geographic area) – $225,000

11. Chief Executive Officer (leads and manages the overall operations and resources of a company) – $221,000

Source: Employment Hero

Originally published as Australia’s highest-paying professions revealed in new research