A six-figure income can seem like a distant dream. After all, only 5 percent of Americans earn above $100,000 a year. But with careful planning, you can be one of them. Take the following six steps to set yourself up for a six-figure salary.
Set your sights on six figures
Earning over $100,000 a year isn't a matter of luck. Sound career decisions and the right training can lead you to the paycheck of your dreams.
Step 1: Choose a career with six-figure potential
Actors and athletes can earn over six figures--but only if they're talented and lucky. The rest of us are better off choosing a career for which $100,000 salaries are standard. Experienced designers, researchers and managers are likely to command premium compensation, for example. Career titles with high earning potential include: IT manager, engineer, biotech researcher, HR director, marketing manager, higher education administrator, health care administrator and many medical professionals.
Offer: Search for Schools
Master of Business Administration degree
For a quick route from point A to point $100,000, earn your M.B.A According to GMAC, the average annual starting salary for new M.B.A. hires in 2008 was $85,581. Add the estimated $16,000 signing bonus, and you're earning six figures right out of the starting gate. This two-year graduate degree is widely available online, making it accessible to mid-career business professionals.
Step 2: Earn a degree
You've decided on a career direction. Next stop: a college degree. Careers with six-figure prospects typically require at least a bachelor's degree, if not a graduate or professional school credential. These degree programs are generally available online helping working adults boost their earning power and keep their day job.
Sales representative
A career as a sales representative lets you earn while you learn. Many sales representatives work flexible schedules -- it's their results that matter, not time spent at a desk. Flexibility means you can fit an online degree into your schedule. A career as a sales representative typically requires a bachelor's degree. Sales representatives earned an average annual salary of $61,470. Technical and scientific sales representatives boost their average earning power to $79,260. Thanks to commissions, actual results may vary -- you might find yourself breaking the $100,000 barrier early. For a more reliable route to high earnings, however, trust in a college education.
Step 3: Network, network, network
In many careers, it's not what you know, it's whom you know. Networking can be the key to earning recognition for your work and that next big promotion. Knowing the right people can help you get your foot in the door or get an important initiative off the ground.
Public relations manager
A full rolodex will come in handy as a public relations manager. PR managers direct publicity programs, using a range of communications media to enhance a client's image, build brand recognition or raise funds for a nonprofit. A bachelor's or master's degree in public relations, business or journalism can get you started in PR. PR managers earned an average salary of $101,220 in 2008.
Step 4: Foster leadership skills
A good leader is hard to find. It's no wonder corporations pay effective leaders astronomical salaries. Whether you lead as a CEO, an entrepreneur or a nonprofit administrator, you're likely to command at least six figures. The highest paid CEO of 2008, Aubrey McClendon of Chesapeake Energy Corp, can claim nine figures: $112.5 million.
High school principal
Teachers quickly leave their modest salaries behind when they pursue administrative posts. If you're a natural leader, you might find your calling as a school principal. Principals typically gain experience as teachers before advancing into a leadership position. A master's or doctoral degree in education administration or educational leadership is the norm. The top quarter of elementary and high school administrators earned a median salary of $102,830 in 2008.
Step 5: Move up the ladder
Few careers offer six-figure salaries right off the bat. In most cases, you'll have to build work experience before you can command your dream salary. To accelerate your ascent up the ranks, take on projects with a high learning curve and find a mentor to help you along.
Hospital administrator
Hospital administrators enter the field with a master's degree in health care administration. But they enter the six-figure-salary club by moving up the ranks. Health care administration graduates start their career trajectory as department managers, then advance into higher-paying and more responsible positions such as assistant administrator, department head and ultimately, chief executive officer. Overall, hospital service managers earned $94,090 in 2008.
Step 6: Keep your career training up-to-date
Many six-figure earners are specialists in their fields. To become an expert -- and maintain your expertise -- rely on online career training programs. Continuing education is especially important for professionals in technical and medical careers. Targeted certification programs can help you stay up-to-date in your field and keep your competitive edge.
Computer software engineer
Computer software engineers can build six-figure incomes programming systems software and computer applications. Continuing education programs are a standard requirement for these jobs. As the Department of Labor observes, software engineers "must continually strive to acquire new skills if they wish to remain in this dynamic field." Professional development seminars help engineers keep up with changing technology.
Software engineers get their start with a bachelor's degree in computer science or software engineering. Average earnings in 2008 were $87,900 for applications developers and $94,520 for systems engineers.
The 5 percent of U.S. workers who earn six figures get their earning power from a combination of luck, talent, hard work and dedication. If you make strategic career decisions, earn the right credentials, and build work experience, you have a good shot at securing your spot among the salary elite.
