While many millionaires work in finance, engineering, accounting and law, they also often do other jobs that pay well. Those include managers and teachers.
A Cornell sociologist looked at data from the National Center for Education Statistics and determined that the children of more affluent parents frequently pick majors in college that might not yield lucrative careers.
Business Development Manager
Business Development Managers research and develop new sales leads for companies, which often include products or services that aren’t currently available. They also help businesses identify new markets and develop growth strategies.
Business development managers can work in a variety of industries, including manufacturing and professional services. They typically make between $97,625 and $103,515 per year.
While there’s no national standard for education requirements, many employers prefer candidates with a bachelor’s degree in sales and marketing, business administration, or entrepreneurship. Additionally, business development managers with higher levels of seniority might earn a master’s degree.
The main qualifications for a business development manager job include a strong track record of winning new business, relevant industry experience and a good book of contacts. During an interview, hiring managers look for self-motivated and disciplined people who are articulate and polished. They are also typically looking for those who have a positive attitude and good telephone manner.
Many people assume that lawyers are rich and successful, but it is not always the case. In fact, a majority of millionaires are not lawyers.
Most lawyers work long hours and put in a lot of hard work to become successful. Generally, it takes about 15 years of experience before a lawyer can earn a substantial salary.
But once they do, they can earn millions of dollars. The key is to promote themselves and their brand.
Whether they are attorneys for big corporations or small firms, they must promote their skills and experiences. If they do not do this, they will never make a large income.
The best lawyers are able to build a strong reputation by appealing to companies and consumers. They are also able to build relationships with attorneys who can advance their careers.
Information Technology Manager
Information technology managers are in demand because they can handle any IT task, from evaluating new hardware to assisting others and even running cables for the creation of new work areas.
While this career isn’t the most glamorous, it offers a high salary and the opportunity for long-term growth. The Bureau of Labor Statistics projects that the number of openings will increase by 10 percent through 2029, and employment is projected to grow by more than 44,000 in the next decade.
To succeed in an IT management position, you need to have a blend of education and work experience. Most employers want to see a bachelor’s degree in IT or business and several years of experience in the field before you can assume supervisory roles.
Architectural and Engineering Manager
Most of us can’t afford to chuck a checkbook at an architecture firm on the loose, so the lucky few have opted for the path of least resistance. These bêtes de bras get to brag about their accomplishments in the company of an elite group of peers with the best of the best benefits and perks including but not limited to paid leave and matching retirement savings. They also have an edge on other affluent households with the best of the best health care in a class of its own.