In this article, we explore 10 of the highest paid careers in the next 30 years, or at least in the next 10 years.
We also explore the possibility of some jobs, particularly in the retail industry, becoming obsolete as well.
This comes with the introduction of AI, Blockchain and other new technologies that are beginning to take over the world.
#1 – Freelancing
Freelancing will grow into a very common industry. As of today, thousands of people have begun to leave the 9 to 5 norm of having a job and commuting to it.
With technology and the internet, “telecommute” or “work from home” has become a very viable option to a lot of employers.
There are a lot of benefits for businesses using freelancers such as paying for specific projects, minimal if not zero overhead for maintaining the business (a leased office building with monthly utilities is no longer a requirement), and not having to provide employer paid health benefits.
There are no regional restrictions to finding employees or freelancers which opens the market for both employers and freelancer. There is no limit to where an employer or a freelancer can work out of or from.
Every day there are more and more jobs posted with freelancers being hired.
The average worker is starting to change their mentality regarding which careers to choose from, and is seeing freelancing as a viable way to escape being a traditional employee.
#2 – Entrepreneurs
Lot of platforms will enable doing businesses sitting at home and earning handsome salary. People will be registered on platforms or have small businesses and still be earning very high.
#3 – Programmers
We have a long way to go in terms of utilising computers. Programmers are going to be in demand. Programming languages, frameworks can change.
But programmers are going to be in demand. Most of the complex programming jobs will be highly paid and most of the low end programming jobs will be eliminated due to automation.
#4 – Data Scientists
There is so much data/patterns around us. World is just full of them.
We will need lot of data scientists who can make sense out of these patterns and improve our life.
Salary of a data scientist or for any profile has a high variance.
Obviously there are a lot of factors that the salary depends on. Especially in case of a data scientist.
Data Scientist is one such profile where there is a desperate need of its services and the number of data scientists around is scarce – lots of potential to become one of the highest paid careers in the world right now!
- Post Qualification Experience
- Firm Type
- Market Condition
- Company Location
- Company’s Financial Situation
- Performance Metric
#5 – Designers
This world needs to be more beautiful. In almost every aspect. Aesthetics, Usability, Graphics, 3D, VR etc.
This also depends on what specialisation you are in, but they all follow a basic process.
Viewers usually think of design focusing on the end result. But a lot of “design” is actually in the idea.
Ideation is the most basic step for any design. This includes basic what why how who questions, followed by iteration – trying out ideas in forms.
Iteration requires going back and forth, make trials and errors which gives out newer ideas which you again try until you are satisfied with a particular piece of design.
The next step is Execution. When you’ve locked down on your idea with trials, this step is to finalise and beautify it.
This includes basic what why how who questions, followed by iteration – trying out ideas in forms.
Iteration requires going back and forth, make trials and errors which gives out newer ideas which you again try..until you are satisfied with a particular piece of design. The next step is Execution.
When you’ve locked down on your idea with trials, this step is to finalise and beautify it.
*This is a very general overview of a design process. More specific, intermediate steps depend on which kind of designer you are i.e. Graphic designer or space designer etc.
Artists and designers can never work in isolation. A lot of good ideas come out of experiences, engaging with different kind of cultures and communities and getting your hands dirty.
Like many of other jobs, if done right, working in Design could become one of the highest paid careers in the world. (Think: Apple)
#6 – Doctors
Mediocre ones will not survive. Once considered one of the highest paid careers in the world, doctors may see their wages fall in the coming decades.
Excellent ones will find so many avenues to earn more money. The system will enable better ones to impact more and more patients using technology.
Rachel Kwon wrote an interesting piece in the Guardian – I quit medicine. Here’s what future doctors should know going into it.
#7 – Digital Banking Services
Automation, artificial intelligence, and digitizing what was once physical will most likely become the norm.
I think a lot of conventional jobs regarding the banking industry, transportation, and retail sales will either undergo a facelift or become obsolete.
Since money is becoming highly digitized, a lot of banking is now being conducted online.
With this is in mind, how long will it be before banks drastically reduce the number of branches that they have, and even go completely online?
Some banks as of today are entirely conducted online but have a single drawback; depositing cash.
#8 – Transportation Industry
The transportation industry is undergoing a lot of changes as well. With the addition of self-driving cars and trucks, wages for drivers will most likely fall, and the demand for skilled and experienced drivers will fall as well.
Consider Uber’s impact on the taxi companies. Uber does not own a single vehicle, yet has profits higher than any one cab company.
In 2018 the first self driving cars will appear for the public. Around 2020, the complete industry will start to be disrupted. You don’t want to own a car anymore.
You will call a car with your phone, it will show up at your location and drive you to your destination.
You will not need to park it, you only pay for the driven distance and can be productive while driving. Our kids will never get a driver’s licence and will never own a car.
It will change the cities, because we will need 90-95% less cars for that.
We can transform former parking spaces into parks. 1.2 million people die each year in car accidents worldwide.
We now have one accident every 60,000 miles (100,000 km), with autonomous driving that will drop to one accident in 6 million miles (10 million km). That will save a million lives each year.
#10 – 3D Printing
The price of the cheapest 3D printer came down from $18,000 to $400 within 10 years. In the same time, it became 100 times faster.
All major shoe companies have already started 3D printing shoes.
Some spare airplane parts are already 3D printed in remote airports. The space station now has a printer that eliminates the need for the large amount of spare parts they used to have in the past.
At the end of this year, new smartphones will have 3D scanning possibilities. You can then 3D scan your feet and print your perfect shoe at home.
In China, they already 3D printed and built a complete 6-storey office building. By 2027, 10% of everything that’s being produced will be 3D printed.
Jobs that are likely to lose value
Repeatable Jobs: Automation is coming big time. Any thing which is repeatable will be eliminated. Technology will evolve patterns and it will eat up easily repeatable jobs first. Clerical jobs, Drivers, Courier, delivery boys etc.
Banking jobs: These might get impacted big time. Only jobs related to investments might stay. Rest everything will go away since digital currencies will eliminate most of the administrative work.
Low end IT jobs: Most of the low end IT jobs will be eliminated. Either there will be very high paying IT jobs or nothing.
Customer Care: There will be far fewer customer care executives than there are right now. Bots will take up most of these jobs.
Teachers/Instructors: Technology will leave space for only excellent teachers/Instructors, others will go away. People will prefer learning from the best teachers/trainers which will be available online.
Will retail stores become obsolete?
Retail stores are likely to become obsolete.
There will be grocery stores and other places to find fresh foods, but most products can be sourced online and delivered to your door.
These products include household items, toiletries, and other items normally purchased in a store setting. Some stores even deliver fresh produce, meats, and dairy; negating the need to ever step foot in a store.
With these jobs becoming obsolete, you might want to consider looking at Digital Marketing to boost your skills.
Many retail jobs including cashiers and sales will become obsolete as well.
Why? We have seen massive advancements in the self-checkout technology in the last 10 years. It is much cheaper to have one employee watching 10 self-checkout terminals than to hire 10 cashiers.
This is even more true since cashiers will operate at a slower rate than the machines.
However, in the future especially with the advent of technology such as Amazon Go, where customers are able to just “walk out” with their selections, will completely eliminate the need for any employees inside the store.
Also, it is important to remember the increasing business of online shopping. Each and every year consumer shift their habits from shopping in brick-and-mortar stores to shopping online.
These warehouses do not require human pickers and will be fully automated to lower costs as well as time in transit.
All of this being said, where would the best careers be?
I think the next 30 years will have a lot of changes to the world as we see it, but the top ten highest careers will be the leaders of freelancing, automation, artificial intelligence, and digitizing money and currency.
If any of your jobs are mentioned above, you might want to start looking at building your own business.
Building your own business is not that difficult – 6 Myths about Starting your Own Business in 2019