In These Careers You Can Safely Earn Seven-Figures Yearly

As the cost of living keeps going up in the U.S., there is a greater need to earn more money. Research suggests that having a salary of six figures may not be sufficient to live comfortably and is no longer considered as being “rich.” Now is the time to aim higher and find a job that can earn you a salary of one million dollars per year.

Here are four careers where you have the potential to earn between $1 and $10 million per year. I will also explain what qualifications you need to enter these careers.

Corporate Lawyer (Partner)

While many lawyers earn a good income, not all of them make millions of dollars a year. In fact, most lawyers do not earn that much.

According to U.S. News & World Report, lawyers earned a middle salary of $135,740 in 2022. Although that amount of money is significant, it is not enough to make you a millionaire.

Corporate lawyers have the potential to earn a lot of money, often reaching seven figures per year, but this is usually only if they become a partner. For instance, according to ALM Global’s 2023 Global 100 Ranked by Profits Per Equity Partner, the law firm Kirkland & Ellis LLP pays its equity partners $7.52 million every year.

In order to become a corporate lawyer, you will need to complete the following steps, at the very least:

Earn a Bachelor’s Degree.
Complete an internship with a law firm or legal clinic.
Get into law school.
Earn your juris doctor degree.
Pass the bar.
Get licensed in your state(s).

Senior Investment Banker

Just like lawyers, investment bankers usually don’t earn a million dollars or more per year. Indeed states that the average starting salary for an investment banker in the United States is $86,824, which is less than six figures.

However, these professionals have the potential to achieve great success and earn a significantly higher income. Investment bankers at the highest earning level make $544,000.

Yes, that means you won’t be earning a salary of seven figures, but you have the potential to reach that level based on how long you’ve been with the company, your commission, and any bonuses you receive.

If you want to become an investment banker, follow these steps:

Earn a Bachelor’s Degree in finance.
Get an entry-level investment banking job.
Earn your Master’s of Finance degree.
Get a job (higher than entry-level) as an investment banker.

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CEO

The salary of a chief executive officer (CEO) varies based on several factors such as the industry, company size, and the number of years working in the role. If you are successful, you can make a lot of money.

The typical salary for a CEO in the United States is $838,489. However, that is just the average. People who earn a higher income make $1,080,346.

Being experienced, having a clear vision, being good at solving problems, and having leadership skills are important qualities for a CEO. To become one, follow these steps:

Get a post-secondary degree, ideally a Master of Business Administration (MBA).
Gain real-life experience in business environments.
Be ready to climb the corporate ladder.
Start a company or take one over.

Consultant

“Consultant” is a term that is not very specific. In simpler terms, it means an experienced professional who offers her knowledge and skills to help client organizations improve their performance. Their main areas of focus include finance, strategy, and supply chain management.

This is a career where you may not necessarily earn a salary of one million dollars or more. Indeed reports that the average annual salary for a consultant is slightly over $90,000.

However, you can increase your consulting business’s annual income to seven figures by directly charging clients instead of working as a subcontractor. This can be achieved by building a strong reputation and collaborating with an experienced strategist to create a compelling message that attracts high-paying businesses seeking your guidance.

Businesses depend on consultants to provide guidance, so having experience and a track record of success in a particular field is crucial. In order to become one, you need to do the following: