How Is The Income Distribution In The USA?

According to the latest recent BLS data, the median weekly income for all full-time wage and salary American workers in the second quarter of 2022 was $1,045. This was an increase of 1.5 percent from the previous quarter and 4.9 percent over the previous year.

The average hourly wage for American workers in Q2 2022 was $26.13, based on a 40-hour workweek. The median income in America differs by gender. Men's median weekly earnings in the most recent quarter were $1,148, or nearly 21% more than women's median weekly earnings of $949.

Which Are The Top Paying Professions In The USA?

The top paying professions in the USA are-

1. Anesthesiologists: $331,190

Anesthesiologists work according to the operating room's timetable, which might be lengthy and unreliable. This is due to the fact that anesthesiologists are required for both routine surgeries and emergency procedures, such as childbirth and traumatic events.

• Education — In the United States, prospective anesthesiologists typically complete a four-year residency in anesthesiology, and in some cases even longer programs, depending on the subspecialty. This is done after four years of medical school.
• Job Prospects —According to the BLS, employment is anticipated to decline nationwide by 1% between 2020 and 2030.

2. Oral and Maxillofacial Surgeons: $311,460

Medical professionals that specialize in treating conditions affecting the mouth jaw, and surrounding areas include oral and maxillofacial surgeons. Among the more frequent issues they're likely to handle are troublesome wisdom teeth, misaligned jaws, tumors, and cysts of the jaw and mouth. Dental implant surgery may also be done by them.

• Education — Generally speaking, oral and maxillofacial surgeons need a bachelor's degree, a four-year dental degree, and at least four years of residency. Surgeons who want to practice in the United States must pass the American Board of Oral and Maxillofacial Surgery's two-part certification exam after completing their training.
• Job Outlook- The Bureau of Labor Statistics (BLS) projects that employment will grow by 8% between 2020 and 2030.

3. Obstetricians-Gynecologists: $296,210

Obstetricians-gynecologists, often known as OB-GYNs, are medical professionals with a focus on reproductive health and childbirth, and their annual salaries are only somewhat higher than those for general surgeons.

OB-GYNs are skilled at imparting knowledge to patients that enhances both their and their unborn children's health. They also do exceptionally well in high-stress circumstances, most notably childbirth, which might happen at unusual times of the day.

• Education — A four-year obstetrics residency program and a two-year gynecology residency program must be successfully completed before one may become an OB-GYN. These medical professionals need to pass a licensing exam after two years of clinical practice.
• Job Outlook - The BLS predicts that between 2020 and 2030, there will be a 2% decline in the number of OB-GYN positions.

4. Surgeons: $294,520

Although it takes years of specialized training to become a surgeon, these elite doctors are rewarded with one of the highest-paying professions. Depending on their specialty, surgeons could work a lot of erratic hours. While surgeons who focus on routine and elective procedures may have a more predictable schedule, those who specialize in trauma or neurosurgery frequently work long shifts, sometimes even overnight.

Surgeons undertake operations to treat conditions including cancer and shattered bones. Surgeons oversee the patient's postoperative and preoperative treatment. A surgeon may need to speak with a patient on the phone even though they are not scheduled to do so, and on-call surgeons may need to visit a hospital in an emergency.

• Education – Successful completion of medical school, a lengthy residency program, and occasionally a specialized fellowship are prerequisites for becoming a surgeon.
• Job Outlook- The BLS predicts that overall employment will rise by 3% between 2020 and 2030.

5. Orthodontists: $267,280

Orthodontists are specialists in dental correction techniques and are frequently recommended by patients' dentists. These medical professionals regularly take X-rays, put braces on, make mouth guards, and carry out other procedures as necessary.

Since they deal directly with patients, high-achieving orthodontists need to be skilled communicators as well as strong analysts and problem-solvers. Some people own their own practice, which calls for good management skills, while others work for major orthodontic offices.

• Education — Future orthodontists must complete a dental school curriculum that includes both classroom and clinical training after receiving a bachelor's degree. The next step for these recently graduated doctors is to finish a specific residency program and take a license exam.
• Job Outlook – According to the BLS, 6,900 orthodontic positions will be available in the United States by 2030, an 8% increase from 2020.

Which Are The Top Paying Degrees In The USA?

Top 12 Highest paying majors after graduation in the USA-

• Materials engineering
• Biomedical engineering
• Naval Architecture and Marine Engineering
• Engineering Mechanics, Physics and Science
• Engineering and Industrial Management
• Actuarial Science
• Applied Mathematics
• Economics
• Pharmacology
• Zoology
• Petroleum Engineering
• Health and Medical Preparatory (Pre-Med)

1. Health and Medical Preparatory (Pre-Med)

Unsurprisingly, Health and Medical Preparatory, also known as "Pre-Med," takes the top rank. A viable and well-liked major for students wishing to enter the field of medicine is one that combines biology, physics, anatomy, and physiology courses.

The average pay of graduates in this sector is $165,000 per year, suggesting that many students who major in this subject go on to become physicians, surgeons, or other members of the healthcare industry. They also appear to be compensated well for their work.

2. Petroleum Engineering

The United States extensively invests in its Petroleum Engineering graduates due to its long history with oil. If you chose this degree, which comes in second with an annual salary of almost $156,000, you'll be both comfortable financially and contributing to a sector with an estimated global value of $86 trillion.

Engineering positions in the oil industry include those in oil drilling, oil wells, production, and engineering for oil exploration.

When considering earnings, being a part of such a thriving industry is advantageous, with this major placing in close second.

3. Zoology

Third place goes to a degree in zoology, which in my opinion is the most enjoyable. Centered on the study of animals, both living and dead, with a focus on their surroundings, food sources, protection, and evolutionary processes. Gamekeepers, veterinarians, environmental consultants, and others are among the careers that zoology majors go on to pursue.

It is also obviously a lucrative industry, with graduates of this discipline making, on average, $142,000 in the United States. There are many options available, just like the variety of amazing creatures you'd be working with, and over 40 institutions offer it as a major. This major was chosen by about 110,000 American grads, showing how common it is.

4. Pharmacology

Numerous institutions offer concentrations in pharmacology and the closely related discipline of toxicology, capitalizing on the U.S.'s standing in the pharmaceutical sector. Graduates in pharmacology can work as an analytical chemist, a clinical research associate, or a medicinal chemist, among other positions. Harvard University, a member of the Ivy League, is the best university to study this subject. Their course covers everything from pharmacology and therapeutics to pharmacokinetics, pharmacodynamics, and drug discovery and development.

It ranks fourth with only 13,000 graduates and an average salary of about $136,000 per year.

5. Economics

Majoring in Economics is an easy choice for people who wish to secure sound finances after graduation because it is by far the most popular discipline on this list, with about 1 million graduates in the U.S. alone.

There is a connection between some of the most influential people in business and politics, including former presidents Ronald Reagan and Gerald Ford, businessman Elon Musk, and top CEO Meg Whitman. Other careers include those as a banker, credit analyst, business reporter, or economist.

The typical pay for graduates in this field is roughly $133,000 per year.

6. Applied Mathematics

Applied Mathematics comes in sixth in our rating and is consistently a good option for people who love numbers and want to have a solid financial account. It doesn't take a mathematician to understand the significance of those numbers, but the average graduate wage is an astonishing $130,000.

Graduates in this degree find employment in a wide range of fields, from data processing specialists to global pricing analysts, statisticians, and quantitative analysts.

By choosing this major, you will rank among the highest-earning graduates.

7. Actuarial Science

Actuarial Science, which is not the most fascinating major, is nonetheless very significant and ranks seventh.

Actuaries are risk specialists who work for insurance companies, financial institutions, and investment organizations. They are thought of as a great asset in the business for individuals handling large sums of money because they use data and create models utilizing computation.

It's actually a fantastic degree to take into consideration, with their average yearly wage reaching $129,500 and just about 21,000 people graduating in this sector.

8. Engineering and Industrial Management

When you are in your second (also known as sophomore) year of college in the United States, majoring in engineering and industrial management can be a wise choice. This broad major is made to equip you to manage in the engineering industry.

Some of the positions that recent graduates land include construction manager, quality assurance control manager, and industry production manager, all of which need the application of science, economics, and social study (along with practical abilities).

Picking engineering pays off with a $129,000 average yearly salary!

9. Engineering Mechanics, Physics and Science

Only three of the universities listed in the Times' Higher Education Guide for the topic are located outside of the United States, which has a high reputation for the sciences, particularly physics. The majority of American colleges and universities offer the subject, however Princeton University is often regarded as the best.

There are opportunities to work as a lab technician, technical specialist, design engineer, or in education or research. It ranks ninth with a graduate's average income reaching $129,000 per year.

10. Naval Architecture and Marine Engineering

This degree ranks tenth with an average yearly personal income of $128,000 for graduates in this sector. The statistics show that roughly 19,000 Americans possess at least a bachelor's degree in this field. Studying includes learning about everything from ship mechanics to the engineering and construction of large warships. Not only is it a specialized and fascinating topic of study, but it also has real-world applications and pays well!

The U.S. Navy, BAE Systems in the UK, Hyundai Heavy Industries in Ulsan, South Korea, and other commercial organizations and governments all across the world are hiring naval architects.

11. Biomedical engineering

With an average personal income of $128,000 for graduates in this industry, this degree comes in at number ten. According to the data, approximately 19,000 Americans have at least a bachelor's degree in this area.

Learning while studying encompasses gaining knowledge of everything from ship mechanics to the design and construction of substantial warships.

It is not only an advanced and fascinating field of study, but it also has practical applications and is lucrative!

Naval architects are sought after by the U.S. Navy, BAE Systems in the UK, Hyundai Heavy Industries in Ulsan, South Korea, and other private companies and governments around the globe.

12. Materials engineering

With a salary of $93,000, materials engineering will rank as the 12th highest earning degree in 2021. The study of materials based on their tensile, thermal, and resistive properties is a component of the materials engineering course. It also covers the various ways in which the materials are used in our daily lives.

You might become a metallurgist or a pioneer in the industrial sector if you decide to pursue a career in this area. You can also pursue career chances in the defense and armed services' weaponry division or become a valuable asset in the auto sector!

What Is A Good Salary In The USA?

In the US, any state will consider a yearly wage between $70,000 and $78,000 before taxes to be a decent salary. With that amount of money, you could live in a two-bedroom apartment near the city center in a medium-sized American city like Portland, own a car, go shopping, eat out, and take weekend trips.  This yearly wage equates to a monthly income of $5,800 to $6,500. Both in Portland and across the US, it is greater than the average wage. The Bureau of Labor Statistics (BLS) estimates that in 2020, the average yearly wage was $56,310.

Additionally, it's a respectable wage for a single individual that will allow you to live comfortably. On that income, a couple can also comfortably live. However, a family will probably require somewhere in the neighborhood of $100,000 to live comfortably. For instance, a person who earns $100,000 a year can buy a house, a car, and undoubtedly provide for a modest family. Most of the country, including small, medium, and major cities, views $100,000 as a good pay.

At the same time, you need a far greater amount to be deemed a good salary to live on in some of the biggest US cities, such as New York, Los Angeles, Chicago, and San Diego. The starting wage in New York is between $8,000 and $10,000 gross per month or between $96,000 and $120,000 yearly. After income taxes, $100,000 before tax will only leave you with $65,000.

However, studies have shown that happiness decreases when individuals reach income of around $70,000. So maybe you don’t need such high salary.