Like most graduates, do you dream to reach that financial state where you earn up to seven figures monthly salary; speaking in naira? That will make you a happily employed millionaire. There are professionals, experts in different fields earning that much from their jobs and more. You can too, but the question is, what does it take?
The uncomfortable reality is that most talented, intelligent and educated people will never attain that financial state in their life time.
If you are like most potential employee, you sometimes imagine how a regular salary of a typical employee can give you the life you dream of. You are thinking, with a typical monthly salary of N100, 000 (if you are among the lucky 30%), I earn N1, 200,000 in one year. If I develop a good save habit, I save N800, 000 in one year. In 5 years that will amount to N4, 000,000 (not considering economic factors).
In a typical situation, with the level of graduate unemployment, you’ll agree, only a fraction of graduates will be that lucky. A greater number of graduates spend years searching for jobs that will pay half or less of that amount, which makes the dream of 1 million naira per month in salary almost unachievable. What would it take to earn N1, 000,000 and above a month in salary?
Professions that earn N1million naira per month
According to the Jobberman salary survey conducted months ago, of the 10,000 professionals surveyed, participants that earn one million and above, 22% are in the Oil and Gas industry which is the highest paid, 18% in ICT/Telecommunication and 15% are in the Banking/Financial Services Industry. This reflects that 55% of employees earning up to one million monthly salaries are in the fields mentioned above. Despite being the highest paid industries, employees don’t quickly get on the list of one million naira monthly salary earners.
What it takes
Professionals building a career in these high demand industries are more likely to earn up to a million in salary in their work life, than those in the education and other sector. In truth, the highest proportion of professionals that are least paid, or that earn less than N20,000 per month are those in the Education industry.
Evaluating the academic background of those who earn one million naira and above in monthly salary, Master’s degree holders account for the highest proportion, followed by Bachelor’s degree holders. Only 0.7% of those earning above N1, 000,000 per month are PhD holders.
Years on the Job
The greater proportion of respondents to the survey who earn N100,000 and below are those who have the least number of years of experience. 31.4% of respondents who earn between N101,000 and N200,000 have spent 3 to 5 years on the job. The largest proportions of highly paid respondents are those who have spent above 8 years on their jobs. 57% of those who earn above N1, 000,000 have spent over 8 years on the job. 12% have spent 6 to 8 months.
This clearly indicates three major factors that influence your paid income, among other things:
- Your professional field
- Your academic qualification and
- years of experience
There is no hard and fast rule here. And no guarantee that higher academic qualification and years of experience will get you on the fat pay.
Getting your master degree will not guarantee you’ll eventually earn seven figures in monthly salary; neither will staying with a job for 8 years; even in the high paying industries. There are things that the survey did not reveal, like the personal skills; professional qualifications; achievements on the job; and may be unusual favor. Whatever the case, it’s certain that, if you are going the employment route, you have to put a lot more into self-development and time to reach similar height of financial achievement in your career.