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If you’re looking for a career that makes a lot of money, you might want to start your search in the health and medical field. Healthcare jobs are the highest-paid jobs in the U.S., and overall employment in this sector is expected to grow faster than the average for all occupations over the next eight years, according to the U.S. Bureau of Labor Statistics (BLS).

Outside of healthcare, professional athletes and corporate chief executive officers (CEOs) are among the highest-paid professions. Three other fields that also made the top 25: Airline pilots, computer/information systems managers, and financial managers.

Read on for a snapshot of the highest-paying jobs across the U.S., followed by a listing of the best-paying occupations by state.

25 Highest Paying Careers in the U.S.

To compile this list of highest-paying jobs, we reviewed data from BLS’s most recent National Occupational Employment and Wage Estimates report (May 2022). We also used government data to cite the minimum education requirements, projected growth, and which industries provide employment for each occupation. For more job description details, we tapped the Occupational Information Network (O*NET).

Here’s a look of the highest-paid jobs in the U.S., ranked from highest average salary to lowest.

1. Cardiologist

Cardiologists diagnose, treat, manage, and prevent diseases or conditions of the cardiovascular system. They may further subspecialize in interventional procedures (e.g., balloon angioplasty and stent placement), echocardiography, or electrophysiology.

Average Salary

$421,330

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•   Administer emergency cardiac care for life-threatening heart problems.

•   Advise patients about diet, activity, and disease prevention.

•   Calculate valve areas from blood flow velocity measurements.

•   Compare measurements of heart wall thickness and chamber sizes to standards to identify abnormalities using echocardiogram results.

Projected growth (2022-2032)

Average (2% to 4%)

Top Industries

•   Offices of physicians

•   Hospitals

•   Outpatient care centers

•   Management of companies and enterprises

2. Orthopedic Surgeon

Orthopedic surgeons diagnose and perform surgery to treat and prevent rheumatic and other diseases in the musculoskeletal system.

Average Salary

$371,400

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•   Analyze patient’s medical history, physical condition, and examination results to verify operation’s necessity and to determine best procedure.

•   Conduct research to develop and test surgical techniques that can improve operating procedures and outcomes related to musculoskeletal injuries and diseases.

•   Direct and coordinate activities of nurses, assistants, specialists, residents, and other medical staff.

Projected growth (2022-2032)

Average (2% to 4%)

Top Industries

•   Offices of physicians

•   Hospitals

•   Outpatient care Centers

•   Colleges, universities, and professional Schools

3. Pediatric Surgeon

Pediatrics surgeons diagnose and perform surgery to treat fetal abnormalities and birth defects, diseases, and injuries in fetuses, premature and newborn infants, children, and adolescents.

Average Salary

$362,970

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•   Analyze patient’s medical history, physical condition, and examination results to verify operation’s necessity and to determine best procedure.

•   Conduct research to develop and test surgical techniques that can improve operating procedures and outcomes.

•   Consult with patient’s other medical care specialists to determine if surgery is necessary.

•   Describe preoperative and postoperative treatments and procedures to parents or guardians of the patient.

•   Direct and coordinate activities of nurses, assistants, specialists, residents, and other medical staff.

Projected growth (2022-2032)

Little or no change

Top Industries

•   Hospitals

•   Offices of physicians

4. Athletes and Sports Competitors

Athletes and sports competitors compete in athletic events.

Average Salary

$358,080

Typical Entry-Level Education

No formal educational credential

Primary Duties

•   Participate in athletic events or competitive sports, according to established rules and regulations.

•   Assess performance following athletic competition, identifying strengths and weaknesses and making adjustments to improve future performance.

•   Attend scheduled practice or training sessions.

•   Maintain optimum physical fitness levels by training regularly, following nutrition plans, or consulting with health professionals.

Projected growth (2022-2032)

Much faster than average (9% or higher)

Top Industries

•   Spectator sports

•   Other amusement and recreation industries

•   Promoters of performing arts, sports, and similar events

•   Colleges, universities, and professional schools

5. Surgeons

Surgeons operate on patients to treat injuries, such as broken bones; diseases, such as cancerous tumors; and deformities.

Average Salary

$347,870

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

Varies with specialty

Projected growth (2022-2032)

3% (as fast as average)

Top Industries

•   Offices of physicians

•   Hospitals

•   Outpatient care centers

•   Colleges, universities, and professional schools

6. Radiologists

Radiologists diagnose and treat diseases and injuries using medical imaging techniques, such as x rays, magnetic resonance imaging (MRI), nuclear medicine, and ultrasounds. They may also perform minimally invasive medical procedures and tests.

Average Salary

$329,080

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•   Perform or interpret the outcomes of diagnostic imaging procedures including magnetic resonance imaging (MRI), computer tomography (CT), positron emission tomography (PET), nuclear cardiology treadmill studies, mammography, or ultrasound.

•   Prepare comprehensive interpretive reports of findings.

•   Communicate examination results or diagnostic information to referring physicians, patients, or families.

•   Obtain patients’ histories from electronic records, patient interviews, dictated reports, or by communicating with referring clinicians.

Projected growth (2022-2032)

Average (2% to 4%)

Top Industries

•   Offices of physicians

•   Hospitals

•   Medical and diagnostic laboratories

•   Outpatient care centers

•   Colleges, universities, and professional schools

7. Dermatologists

Dermatologists diagnose and treat diseases relating to the skin, hair, and nails. They may perform both medical and dermatological surgery functions.

Average Salary

$327,650

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•   Conduct complete skin examinations.

•   Diagnose and treat pigmented lesions, such as common acquired nevi, congenital nevi, dysplastic nevi, Spitz nevi, blue nevi, or melanoma.

•   Perform incisional biopsies to diagnose melanoma.

•   Perform skin surgery to improve appearance, make early diagnoses, or control diseases such as skin cancer.

•   Counsel patients on topics such as the need for annual dermatologic screenings, sun protection, skin cancer awareness, or skin and lymph node self-examinations.

Projected growth (2022-2032)

Average (2% to 4%)

Top Industries

•   Offices of physicians

•   Outpatient care centers

•   Offices of other health practitioners

•   Medical and diagnostic laboratories

•   Personal care services

8. Emergency Medicine Physicians

Emergency medicine physicians make immediate medical decisions and act to prevent death or further disability. They provide immediate recognition, evaluation, care, stabilization, and disposition of patients. They may also direct emergency medical staff in an emergency department.

Average Salary

$316,600

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•   Analyze records, examination information, or test results to diagnose medical conditions.

•   Assess patients’ pain levels or sedation requirements.

•   Collect and record patient information, such as medical history or examination results, in electronic or handwritten medical records.

•   Communicate likely outcomes of medical diseases or traumatic conditions to patients or their representatives.

•   Conduct primary patient assessments that include information from prior medical care.

Projected growth (2022-2032)

Average (2% to 4%)

Top Industries

•   Offices of physicians

•   General medical and surgical hospitals

•   Outpatient care centers

•   Colleges, universities, and professional schools

•   Management of companies and enterprises

9. Oral and Maxillofacial Surgeons

Oral and maxillofacial surgeons perform surgery and related procedures on the hard and soft tissues of the oral and maxillofacial regions to treat diseases, injuries, or defects. They also diagnose problems of the oral and maxillofacial regions, and may perform surgery to improve function or appearance.

Average Salary

​​$309,410

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•   Administer general and local anesthetics.

•   Collaborate with other professionals, such as restorative dentists and orthodontists, to plan treatment.

•   Evaluate the position of the wisdom teeth to determine whether problems exist currently or might occur in the future.

•   Perform surgery to prepare the mouth for dental implants and to aid in the regeneration of deficient bone and gum tissues.

•   Remove impacted, damaged, and non-restorable teeth.

Projected growth (2022-2032)

Faster than average (5% to 8%)

Top Industries

•   Offices of dentists

•   Hospitals

•   Outpatient care centers

10. Anesthesiologist

Anesthesiologists administer anesthetics and analgesics for pain management prior to, during, or after surgery.

Average Salary

$302,970

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•   Examine patient, obtain medical history, and use diagnostic tests to determine risk during surgical, obstetrical, and other medical procedures.

•   Administer anesthetic or sedation during medical procedures, using local, intravenous, spinal, or caudal methods.

•   Monitor patient before, during, and after anesthesia and counteract adverse reactions or complications.

•   Record type and amount of anesthesia and patient condition throughout procedure.

•   Provide and maintain life support and airway management and help prepare patients for emergency surgery.

Projected growth (2022-2032)

Average (2% to 4%)

Top Industries

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•   Offices of physicians

•   Hospitals

•   Outpatient care centers

•   Colleges, universities, and professional schools

•   Offices of other health practitioners

11. Obstetricians and Gynecologists

Obstetricians and gynecologists provide medical care related to pregnancy or childbirth. They diagnose, treat, and help prevent diseases of women, particularly those affecting the reproductive system. They may also provide general care to women, and perform both medical and gynecological surgery functions.

Average Salary

$277,320

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•   Treat diseases of female organs.

•   Care for and treat women during prenatal, natal, and postnatal periods.

•   Analyze records, reports, test results, or examination information to diagnose medical condition of patient.

•   Perform cesarean sections or other surgical procedures as needed to preserve patients’ health and deliver babies safely.

•   Collect, record, and maintain patient information, such as medical histories, reports, or examination results.

Projected growth (2022-2032)

Average (2% to 4%)

Top Industries

•   Offices of physicians

•   Hospitals

•   Outpatient care centers

•   Colleges, universities, and professional schools

12. Ophthalmologists

Ophthalmologists diagnose and perform surgery to treat and help prevent disorders and diseases of the eye. They may also provide vision services for treatment including glasses and contacts.

Average Salary

$265,450

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•   Perform comprehensive examinations of the visual system to determine the nature or extent of ocular disorders.

•   Diagnose or treat injuries, disorders, or diseases of the eye and eye structures including the cornea, sclera, conjunctiva, or eyelids.

•   Provide or direct the provision of postoperative care.

•   Develop or implement plans and procedures for ophthalmologic services.

•   Prescribe or administer topical or systemic medications to treat ophthalmic conditions and to manage pain.

Projected growth (2022-2032)

Average (2% to 4%)

Top Industries

•   Offices of physicians

•   Offices of other health practitioners

•   Outpatient care centers

•   Colleges, universities, and professional schools

13. Neurologists

Neurologists diagnose, manage, and treat disorders and diseases of the brain, spinal cord, and peripheral nerves, with a primarily nonsurgical focus.

Average Salary

$255,510

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•   Interview patients to obtain information, such as complaints, symptoms, medical histories, and family histories.

•   Examine patients to obtain information about functional status of areas, such as vision, physical strength, coordination, reflexes, sensations, language skills, cognitive abilities, and mental status.

•   Perform or interpret the outcomes of procedures or diagnostic tests, such as lumbar punctures, electroencephalography, electromyography, and nerve conduction velocity tests.

•   Order or interpret results of laboratory analyses of patients’ blood or cerebrospinal fluid.

•   Diagnose neurological conditions based on interpretation of examination findings, histories, or test results.

Projected growth (2022-2032)

Average (2% to 4%)

Top Industries

•   Offices of physicians

•   Hospitals

•   Outpatient care centers

•   Colleges, universities, and professional schools

14. Pathologists

Pathologists diagnose diseases and conduct lab tests using organs, body tissues, and fluids. Includes medical examiners.

Average Salary

$252,850

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•   Examine microscopic samples to identify diseases or other abnormalities.

•   Diagnose diseases or study medical conditions, using techniques such as gross pathology, histology, cytology, cytopathology, clinical chemistry, immunology, flow cytometry, or molecular biology.

•   Write pathology reports summarizing analyses, results, and conclusions.

•   Communicate pathologic findings to surgeons or other physicians.

•   Identify the etiology, pathogenesis, morphological change, and clinical significance of diseases.

Projected growth (2022-2032)

Faster than average (5% to 8%)

Top Industries

•   Offices of physicians

•   Medical and diagnostic laboratories

•   Colleges, universities, and professional schools

•   Local government, excluding schools and hospitals

•   Scientific research and development services

15. Psychiatrists

Psychiatrists diagnose, treat, and help prevent mental disorders.

Average Salary

$247,350

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•   Prescribe, direct, or administer psychotherapeutic treatments or medications to treat mental, emotional, or behavioral disorders.

•   Gather and maintain patient information and records, including social or medical history obtained from patients, relatives, or other professionals.

•   Design individualized care plans, using a variety of treatments.

•   Collaborate with physicians, psychologists, social workers, psychiatric nurses, or other professionals to discuss treatment plans and progress.

•   Analyze and evaluate patient data or test findings to diagnose nature or extent of mental disorder.

Projected growth (2022-2032)

Faster than average (5% to 8%)

Top Industries

•   Offices of physicians

•   Hospitals

•   Outpatient care centers

•   State government

16. Chief Executives

Chief executives determine and formulate policies and provide overall direction of companies or private and public sector organizations within guidelines set up by a board of directors or similar governing body. They plan, direct, or coordinate operational activities at the highest level of management with the help of subordinate executives and staff managers.

Average Salary

$246,440

Typical Entry-Level Education

Bachelor’s degree

Primary Duties

•   Direct or coordinate an organization’s financial or budget activities to fund operations, maximize investments, or increase efficiency.

•   Confer with board members, organization officials, or staff members to discuss issues, coordinate activities, or resolve problems.

•   Direct, plan, or implement policies, objectives, or activities of organizations or businesses to ensure continuing operations, to maximize returns on investments, or to increase productivity.

•   Prepare or present reports concerning activities, expenses, budgets, government statutes or rulings, or other items affecting businesses or program services.

Projected growth (2022-2032)

Decline (-2% or lower)

Top Industries

•   Local and state government

•   Management of companies and enterprises

•   Elementary and secondary schools

•   Computer systems design and related services

17. Dentists

Dentists examine, diagnose, and treat diseases, injuries, and malformations of teeth and gums. They treat diseases of nerve, pulp, and other dental tissues affecting oral hygiene and retention of teeth. They may also fit dental appliances or provide preventive care.

Average Salary

$233,430

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•   Examine teeth, gums, and related tissues, using dental instruments, x-rays, or other diagnostic equipment, to evaluate dental health, diagnose diseases or abnormalities, and plan appropriate treatments.

•   Administer anesthetics to limit the amount of pain experienced by patients during procedures.

•   Use dental air turbines, hand instruments, dental appliances, or surgical implements.

•   Formulate plan of treatment for patient’s teeth and mouth tissue.

Projected growth (2022-2032)

Average (2% to 4%)

Top Industries

•   Offices of dentists

•   Federal executive branch

•   Hospitals

•   Outpatient care centers

18. Airline Pilots, Copilots, and Flight Engineers

Airline pilots, copilots, and flight engineers pilot and navigate the flight of fixed-wing aircraft, usually on scheduled air carrier routes, for the transport of passengers and cargo. This job requires a Federal Air Transport certificate and rating for the specific aircraft type used.

Average Salary

$225,740

Typical Entry-Level Education

Bachelor’s degree

Primary Duties

•   Start engines, operate controls, and pilot airplanes to transport passengers, mail, or freight, adhering to flight plans, regulations, and procedures.

•   Work as part of a flight team with other crew members, especially during takeoffs and landings.

•   Respond to and report in-flight emergencies and malfunctions.

•   Inspect aircraft for defects and malfunctions, according to pre-flight checklists.

Projected growth (2022-2032)

Average (2% to 4%)

Top Industries

•   Scheduled air transportation

•   Couriers and express delivery services

•   Federal executive branch

•   Support activities for air transportation

•   Management of companies and enterprises

19. General Internal Medicine Physicians

General internal medicine physicians diagnose and provide nonsurgical treatment for a wide range of diseases and injuries of internal organ systems. They provide care mainly for adults and adolescents, and are based primarily in an outpatient care setting.

Average Salary

$225,270

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•   Treat internal disorders, such as hypertension, heart disease, diabetes, or problems of the lung, brain, kidney, or gastrointestinal tract.

•   Analyze records, reports, test results, or examination information to diagnose medical condition of patient.

•   Prescribe or administer medication, therapy, and other specialized medical care to treat or prevent illness, disease, or injury.

•   Manage and treat common health problems, such as infections, influenza or pneumonia, as well as serious, chronic, and complex illnesses, in adolescents, adults, and the elderly.

•   Provide and manage long-term, comprehensive medical care, including diagnosis and nonsurgical treatment of diseases, for adult patients in an office or hospital.

Projected growth (2022-2032)

Average (2% to 4%)

Top Industries

•   Offices of physicians

•   Hospitals

•   Colleges, universities, and professional schools

•   Outpatient care centers

20. Family Medicine Physicians

Family medicine physicians diagnose, treat, and provide preventive care to individuals and families across the lifespan. They may refer patients to specialists when needed for further diagnosis or treatment.

Average Salary

$224,460

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•   Prescribe or administer treatment, therapy, medication, vaccination, and other specialized medical care to treat or prevent illness, disease, or injury.

•   Order, perform, and interpret tests and analyze records, reports, and examination information to diagnose patients’ condition.

•   Collect, record, and maintain patient information, such as medical history, reports, or examination results.

•   Monitor patients’ conditions and progress and reevaluate treatments as necessary.

•   Explain procedures and discuss test results or prescribed treatments with patients.

Projected growth (2022-2032)

Average (2% to 4%)

Top Industries

•   Offices of physicians

•   Hospitals

•   Outpatient care centers

•   Colleges, universities, and professional schools

•   State government

21. Orthodontists

Orthodontists examine, diagnose, and treat dental malocclusions and oral cavity anomalies. They design and fabricate appliances to realign teeth and jaws to produce and maintain normal function and to improve appearance.

Average Salary

$216,320

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•   Examine patients to assess abnormalities of jaw development, tooth position, and other dental-facial structures.

•   Study diagnostic records, such as medical or dental histories, plaster models of the teeth, photos of a patient’s face and teeth, and X-rays, to develop patient treatment plans.

•   Fit dental appliances in patients’ mouths to alter the position and relationship of teeth and jaws or to realign teeth.

•   Adjust dental appliances to produce and maintain normal function.

Projected growth (2022-2032)

Faster than average (5% to 8%)

Top Industries

•   Offices of dentists

•   Hospitals

22. Nurse Anesthetists

Nurse anesthetists administer anesthesia, monitor patient’s vital signs, and oversee patient recovery from anesthesia. They assist anesthesiologists, surgeons, other physicians, or dentists. They must be registered nurses who have specialized graduate education.

Average Salary

$205,770

Typical Entry-Level Education

Master’s degree

Primary Duties

•   Manage patients’ airway or pulmonary status, using techniques such as endotracheal intubation, mechanical ventilation, pharmacological support, respiratory therapy, and extubation.

•   Respond to emergency situations by providing airway management, administering emergency fluids or drugs, or using basic or advanced cardiac life support techniques.

•   Monitor patients’ responses, including skin color, pupil dilation, pulse, heart rate, blood pressure, respiration, ventilation, or urine output, using invasive and noninvasive techniques.

•   Select, order, or administer anesthetics, adjuvant drugs, accessory drugs, fluids or blood products as necessary.

•   Select, prepare, or use equipment, monitors, supplies, or drugs for the administration of anesthetics.

Projected growth (2022-2032)

Much faster than average (9% or higher)

Top Industries

•   Offices of physicians

•   Hospitals

•   Outpatient care centers

•   Offices of other health practitioners

•   Colleges, universities, and professional schools

23. Pediatricians

Pediatricians diagnose, treat, and help prevent diseases and injuries in children. They also refer patients to specialists for further diagnosis or treatment, as needed.

Average Salary

$203,240

Typical Entry-Level Education

Doctoral or professional degree

Primary Duties

•   Prescribe or administer treatment, therapy, medication, vaccination, and other specialized medical care to treat or prevent illness, disease, or injury in infants and children.

•   Examine children regularly to assess their growth and development.

•   Treat children who have minor illnesses, acute and chronic health problems, and growth and development concerns.

•   Examine patients or order, perform, and interpret diagnostic tests to obtain information on medical condition and determine diagnosis.

Projected growth (2022-2032)

Little or no change

Top Industries

•   Offices of physicians

•   Hospitals

•   Outpatient care centers

•   Colleges, universities, and professional Schools

24. Computer and Information Systems Managers

Computer and information systems managers plan, direct, or coordinate activities in such fields as electronic data processing, information systems, systems analysis, and computer programming

Average Salary

$173,670

Typical Entry-Level Education

Bachelor’s degree

Primary Duties

•   Direct daily operations of department, analyzing workflow, establishing priorities, developing standards and setting deadlines.

•   Meet with department heads, managers, supervisors, vendors, and others, to solicit cooperation and resolve problems.

•   Review project plans to plan and coordinate project activity.

•   Assign and review the work of systems analysts, programmers, and other computer-related workers.

•   Provide users with technical support for computer problems.

Projected growth (2022-2032)

Much faster than average (9% or higher)

Top Industries

•   Computer systems design and related services

•   Management of companies and enterprises

•   Software publishers

•   Management, scientific, and technical consulting services

•   Computing infrastructure providers, data processing, web hosting, and related services

25. Financial Managers

Financial managers plan, direct, or coordinate accounting, investing, banking, insurance, securities, and other financial activities of a branch, office, or department of an establishment.

Average Salary

$166,050

Typical Entry-Level Education

Bachelor’s degree

Primary Duties

•   Establish and maintain relationships with individual or business customers or provide assistance with problems these customers may encounter.

•   Oversee the flow of cash or financial instruments.

•   Plan, direct, or coordinate the activities of workers in branches, offices, or departments of establishments, such as branch banks, brokerage firms, risk and insurance departments, or credit departments.

•   Recruit staff members.

•   Evaluate data pertaining to costs to plan budgets.

Projected growth (2022-2032)

Much faster than average (9% or higher)

Top Industries

•   Credit intermediation and related activities

•   Management of companies and enterprises

•   Securities, commodity contracts, and other financial investments and related activities

•   Accounting, tax preparation, bookkeeping, and payroll services

•   Insurance carriers

Highest Paying Jobs by State

The top-paying occupations in the U.S. vary by location, so here’s a look at the best-paid jobs by state based on the BLS’s State Occupational Employment and Wage Estimates. This listing goes in alphabetical order and includes all 50 states plus the District of Columbia.

Alabama

Career: Cardiologist
Average Salary: $466,030

Alaska

Career: Surgeon
Average Salary: $311,440

Arizona

Career: Plastic Surgeon
Average Salary: $430,870

Arkansas

Career: Orthopedic Surgeon
Average Salary: $365,580

California

Career: Dermatologists
Average Salary: $371,450

Colorado

Career: Anesthesiologists
Average Salary: $384,860

Connecticut

Career: Dermatologists
Average Salary:$308,230

Delaware

Career: Orthopedic Surgeons
Average Salary: $509,820

District of Columbia

Career: Orthopedic Surgeons
Average Salary: $509,820

Florida

Career: Cardiologist
Average Salary: 428,810

Georgia

Career: Neurologists
Average Salary: $332,760

Hawaii

Career: Orthopedic Surgeon
Average Salary:$554,520

Idaho

Career: Cardiologists
Average Salary: $521,690

Illinois

Career: Dermatologists
Average Salary: $360,560

Indiana

Career: Athletes and Sports Competitors
Average Salary: $702,270

Iowa

Career: Dermatologists
Average Salary: $398,590

Kansas

Career: Surgeons
Average Salary: $374,300

Kentucky

Career: Orthopedic Surgeons
Average Salary: $410,760

Louisiana

Career: Surgeons
Average Salary: $534,920

Maine

Career: Surgeons
Average Salary: $450,330

Maryland

Career: Cardiologists
Average Salary: $456,280

Massachusetts

Career: Dermatologists
Average Salary: $414,270

Michigan

Career: Orthopedic Surgeons
Average Salary: $412,260

Minnesota

Career: Dermatologists
Average Salary: $514,330

Mississippi

Career: Surgeons
Average Salary: $362,430

Missouri

Career: Cardiologists
Average Salary: $370,910

Montana

Career: Surgeons
Average Salary: $435,940

Nebraska

Career: Anesthesiologists
Average Salary: $422,040

Nevada

Career: Dermatologists
Average Salary: $344,980

New Hampshire

Career: Orthopedic Surgeon
Average Salary: $425,620

New Jersey

Career: Chief Executives
Average Salary: $414,350

New Mexico

Career: Emergency Medicine Physicians
Average Salary: $332,590

New York

Career: Pediatric Surgeons
Average Salary: $415,810

North Carolina

Career: Surgeons
Average Salary: $429,010

North Dakota

Career: Psychiatrists
Average Salary: $390,140

Ohio

Career: Athletes and Sports Competitors
Average Salary: $648,120

Oklahoma

Career: Emergency Medicine Physicians
Average Salary: $312,940

Oregon

Career: Anesthesiologists
Average Salary: $395,060

Pennsylvania

Career: Cardiologists
Average Salary: $478,340

Rhode Island

Career: Radiologists
Average Salary: $343,450

South Carolina

Career: Ophthalmologists
Average Salary: $386,460

South Dakota

Career: Oral and Maxillofacial Surgeons
Average Salary: $347,390

Tennessee

Career: Surgeons
Average Salary: $324,550

Texas

Career: Cardiologists
Average Salary: $413,510

Utah

Career: Dermatologists
Average Salary: $402,230

Vermont

Career: Orthopedic Surgeon
Average Salary: $413,870

Virginia

Career: Neurologists
Average Salary: $368,650

Washington State

Career: Anesthesiologists
Average Salary: $419,950

Washington, D.C.

Career: Surgeons, Except Ophthalmologists
Average Salary: $286,160

West Virginia

Career: Surgeons
Average Salary: $365,560

Wisconsin

Career: Dermatologists
Average Salary: $455,200

Wyoming

Career: Family Medicine Physicians
Average Salary: $295,570

The Takeaway

Whether you look at the top-paying fields nationally or by state, healthcare professions dominate the list. However, a few other careers also consistently show up in the highest-paid job rankings, including professional athletes, chief executives, airline pilots, and computer/information systems managers.

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SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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Raising the minimum wage, which is a hot-button political issue, could have immediate effects on the lives of low-wage hourly workers. It could help them to move out of poverty and keep up with inflation. Some economists argue that other pros of raising the minimum wage could include increased consumer spending, reduced government assistance (and increased tax revenue), and stronger employee retention and morale.

Alternatively, other financial experts point to the cons of raising the minimum wage, including potentially increasing the cost of living, reducing opportunities for inexperienced workers, and triggering more unemployment.

Learn more here, including the purpose of the federal minimum wage, where the minimum wage currently stands, and the pros and cons of raising it.

What Is the Federal Minimum Wage in 2024?

The federal minimum wage in 2024 is $7.25 per hour. The last time that minimum wage increased was on July 24, 2009, when it grew $0.70 from $6.55 an hour. This was part of a three-phased increase enacted by Congress in 2007.

It’s worth noting that tipped employees (say, waiters) have a different rate. The current federal tipped minimum wage is $2.13, as long as the worker’s tips make up the difference between that and the standard minimum wage.

Some states have their own minimum wage laws with a higher (or lower) starting wage than the federal minimum. In such states, employers must pay out the higher of the two minimum wages.

Here are some minimum wage fast facts:

•   The highest current minimum wage is in Washington, D.C., where it is $17.00.

•   There are 58 cities and counties with minimum wages higher than their state’s figures. Of these, the city of Tukwila, Washington, currently has the highest wage at $20.29 per hour.

•   As of 2023, about 20.6 million US workers make less than $15 per hour, and many are making the federal minimum wage of $7.25 per hour or less.

•   While the minimum wage has been stagnant since 2009, inflation has not. The spending power of $7.25 in 2009 is equivalent to $10.55 today. This means that $7.25 can buy today about 68% (or just over two-thirds) of what it could buy in 2009.

💡 Quick Tip: Help your money earn more money! Opening a bank account online often gets you higher-than-average rates.

What Is the Purpose of the Minimum Wage?

So why was the minimum wage originally created? The minimum wage was an idea that gained traction during the Great Depression era. During that time, President Franklin D. Roosevelt worked with Congress to pass the Fair Labor Standards Act of 1938, which officially established the minimum wage. Even then, politicians bickered over the hourly rate and potential impacts on the economy, and the final legislation (25 cents an hour) was not what FDR originally had in mind.

Regardless of the final number that Congress landed on, FDR’s vision for this minimum wage law was to “end starvation wages and intolerable hours,” according to the Department of Labor. The Legal Information Institute of Cornell Law School paints an even clearer picture: The minimum wage was designed to create a minimum standard of living to protect the health and well-being of employees.

In short, early proponents of the minimum wage legislation intended for it to be a living wage. And as the Kenan Institute of Private Enterprise points out, in today’s economy, “there is a stark difference between the federal minimum wage and a living wage.”

Recommended: Salary vs. Hourly Pay

Benefits of Raising the Minimum Wage

Many economists point to several pros of raising the minimum wage, including the following:

Helping Families Get Out of Poverty

Even without minimum wage increases in today’s market, inflation is skyrocketing. In July 2022, it was up 9.1% year-over-year, a four-decade high. In 2023, it was 4.98%. The average American family is likely trying to cut grocery costs, gas prices, and utility bills.

The Raise the Wage Act of 2023 focuses on raising the minimum wage to $17 an hour by 2028, giving almost 30 million American workers a long overdue raise and more buying power to make ends meet.

While raising the minimum wage will not stop inflation’s effects, it could help families more easily afford basic necessities. It can also fulfill the legislation’s original intention of eliminating starvation wages and establishing a minimum standard of living.

Increasing Consumer Spending

Multiple studies over the last decade have demonstrated that low wage earners are more likely to put their income directly back into the economy. That’s because low wage workers spend a larger portion of their budget on immediate needs, like food, clothing, transportation, and shelter.

Increased consumer spending is a boon to the economy, as it is a positive economic indicator reflecting consumer confidence in the market — and brings more revenue to small businesses and corporations alike.

Increasing Federal Revenues

Reports have found that federal spending would both increase and decrease if the minimum wage were raised. While those with newly raised wages might rely on government assistance less (for example, there could be reduced spending on nutrition programs like SNAP), workers who lose their jobs as a result of minimum wage increases will put an excess burden on unemployment.

However, increased tax revenue from higher wages should boost federal revenues overall.

Increasing Employee Retention and Performance

The theory of efficiency wages suggests that higher-paid employees are more motivated to work harder and thus produce more goods and services faster. If that theory is true, increasing the minimum wage could help businesses become more profitable.

Further, employees are more likely to stay with a company longer if they earn good wages. The longer an employee is with a company, the more skilled that employee can become — and thus more valuable to the business.

On top of that, employee turnover is expensive. Replacing an employee with a new candidate can cost up to 150% of the worker’s salary or possibly more. In many cases, it might be cheaper for a business to pay an employee a better salary to keep them from leaving. It could be cheaper than recruiting and training a new worker to replace them after they’ve left.

Cons of Raising the Minimum Wage

There are multiple downsides to raising the minimum wage to consider when debating this policy as well:

Increasing Labor Costs and Unemployment

The largest concern with raising the minimum wage is increased labor costs. If the minimum wage increased to $15 an hour, businesses would suddenly need to give raises to everyone making less than that.

But if some employees were making $10 to $15 an hour, they might not be thrilled to hear that other workers with less tenure and experience are suddenly being paid the same. And employees who were making $15 an hour or slightly above it may also expect a raise once entry-level workers are bumped to $15.

The problem? Not all businesses can afford that. Restaurants, for example, operate at a 3% to 5% profit margin. Increasing labor costs could shrink (or eliminate) their margins, meaning they might have to let go of some staff or go out of business.

Another aspect of this is that if employers have to raise their wages, they might well raise their prices, passing along the increase to their customers.

Increasing Cost of Living

As businesses adjust prices to accommodate higher labor costs, consumers should expect that their dollars won’t go as far as they used to. That is, many economists argue that minimum wage is correlated with inflation. Some say that if business owners have to raise the minimum wage they pay workers, they will pay along those costs to their customers, ratcheting up their prices and contributing to inflation.

That said, other economists paint inflation as the boogeyman of the minimum wage debate. For example, Daniel Kuehn, a research associate at The Urban Institute, has said that, though increasing wages will increase the cost of goods and services, it’s not really a 1:1 ratio. In other words, it won’t be “enough for consumers to really feel a burn in their wallet.”

Recommended: Compare Texas Cost of Living to California Cost of Living

Decreasing Opportunity for Inexperienced Workers

Typically, employees without specialized skills — first-time workers in high school and college, people with disabilities, and the elderly — fill some minimum wage jobs to earn what might be considered entry-level salaries. But as employers are forced to pay workers more, some argue that companies will look for employees with more experience (or will invest in automated technology). This could make it more challenging for unskilled laborers to find work.

Handling the Effects of Raising the Minimum Wage

Businesses may need to adjust practices to pay employees a higher hourly rate if the federal or state minimum wage increases. Here are a few ways company leaders might be able to handle the effects of increased wages:

•   Raising prices: If a company’s labor costs go up, the company may need to offset those expenses with higher prices for its goods and services. Paying attention to what competitors are doing and how consumers are reacting to price hikes can be helpful in determining how much you raise prices.

•   Working with independent contractors: Independent contractors might be more affordable than full-time employees for specific job duties. For instance, the employer would save on paying benefits (though that could mean staff workers get laid off and go on unemployment).

Before establishing an independent contractor model at your business, it’s a good idea to research the guardrails around independent contractors, as defined by the IRS.

•   Automating some positions: Technology continues to offer new ways to automate certain business functions, which may allow employers to reduce headcount, avoid future hires, or reassign existing employees to more revenue-generating work.

•   Reducing hours or cutting costs: Business owners who do not want to lose any employees might be able to reduce overall hours or find other ways to cut costs instead (perhaps a less expensive benefits package, for instance).

•   Getting creative: Offsetting increased labor costs can be as easy as generating more business. But then generating more business isn’t always so easy. Some creative ideas to get customers in the door could include loyalty programs or offering low-cost alternatives for budget-conscious customers.

The Takeaway

The original intention for establishing a minimum wage was to enable workers to have a standard of living that allowed for their health and well-being. While opponents may still argue over “living wage vs. starting wage,” many signs point to today’s federal minimum wage not being enough to have a basic standard of living. Raising the minimum wage has several pros, but it’s important to remember that there are many negative effects to minimum wage increases as well. The economic solution may not be simple, but it will likely be a debate that’s in the spotlight today and in the near future.

A high-yield bank account can be a good idea no matter what your wages are.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

How does increasing the minimum wage affect the economy?

Some economists argue that increasing the minimum wage encourages consumer spending, helps families out of poverty, and boosts tax revenue while reducing tax-funded government assistance. Other economists point out the cons of raising the minimum wage, like increased inflation and unemployment.

How does decreasing the minimum wage affect the economy?

In general, the discussion around minimum wage is about increasing it. Economists and politicians are not considering decreasing the minimum wage; doing so would send more families into poverty and decrease consumer spending.

Why are state minimum wages different?

States are able to enact their own laws that supplement or deviate from federal laws. Many states with a higher cost of living, like California and Washington, have increased their minimum wage to roughly double the federal minimum. If a state’s minimum wage differs from the federal minimum wage, employers must pay the higher of the two rates.

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Photo credit: iStock/MicroStockHub

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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If you have a thin credit profile or want to build your credit, you may come across secured credit cards when searching for a card you can qualify for. But what’s the difference between a secured vs. unsecured credit card? And how can you gauge which one is right for you?

Here, delve into how both types of credit cards work and the differences between secured cards and unsecured credit cards, so you can decide which to choose.

What Is a Secured Credit Card?

Like a traditional, or unsecured, credit card, an unsecured credit card is a type of revolving loan. This means that it offers a line of credit that you can borrow from as needed and then repay. However, with a secured credit card, you’ll need to put down a deposit, which “secures” the credit card.

The bank holds onto that money as a form of collateral if you default on payments, but it’s refundable if you close your account or upgrade to an unsecured credit card. Your secured credit card’s credit limit, an essential part of what a credit card is, usually is the same amount as your deposit. The deposit is typically at least $200 to $500, though it can range as high as $25,000 depending on the specific card and how much you can afford to put down.

A secured credit card is designed for building credit. So, if you’re working on rebuilding your credit or don’t have much in the way of a credit history because you’re young or new to the country, it could be a good option. The age requirement to get a credit card that’s secured is the same as for an unsecured credit card.

How Secured Credit Cards Work

As mentioned, you’ll need to put in a deposit to open a secured credit card. Your available line of credit is usually the same amount as your deposit. Just like how credit cards work when it’s an unsecured card, you’ll need to repay the balance, and your credit limit will get replenished as you make payments.

As with an unsecured credit card, there’s a minimum monthly payment you’re responsible for. If you carry a balance from month to month, you’ll incur interest charges. Your credit card activity, including your payment history, is generally reported to the three major credit bureaus, Experian®, Equifax®, and TransUnion®.

Your deposit on a secured credit card isn’t used to make payments should you fall behind or miss payments altogether. If you’re unable to make payments and your account goes to default, you’ll lose your deposit. Plus, it can hurt your credit. If the balance you owe is larger than the deposit, you might be on the hook for the difference owed.

Secured credit cards may offer a “graduation” option. In other words, if you make on-time payments and show a track record of responsible financial behavior, the credit card issuer might offer you an unsecured credit card.

Recommended: Tips for Using a Credit Card Responsibly

Pros and Cons of a Secured Credit Card

Let’s look at some of the advantages and downsides of a secured credit card:

Pros of a Secured Credit Card	Cons of a Secured Credit Card
May qualify with a low credit score or limited credit history	Need to provide a deposit
Could be easier to get approved for than an unsecured credit card	Credit limit is usually low
Can be a way to build or rebuild credit as activity is reported to credit bureaus	Can have higher interest rates and more fees than secured credit cards
Offers a revolving line of credit you can use as long as you make payments	Could lose your deposit if you’re late or miss payments

What Is an Unsecured Credit Card?

Also known as a traditional credit card, an unsecured credit card doesn’t require a deposit or collateral of any sort. Instead, you’re offered a credit limit based on your creditworthiness and other factors, such as your income and existing debt. The lender simply has your word that you’ll pay back what you borrow, which is why you’ll also generally need a higher credit score and a more robust credit history to qualify.

Just as with a secured credit card, the credit remaining on an unsecured credit card dwindles as you rack up a balance. Once you make a payment, your limit replenishes. For example, say your credit limit is $5,000. If your balance is $500, your credit limit goes down to $4,500. Once you pay off your balance, your credit limit goes back up to $5,000.

The annual percentage rate (APR) and terms associated with an unsecured credit card are usually better than they are for a secured credit card. Typically, the better your credit score, the better your rates and terms are for an unsecured credit card. The average credit card APR is currently 22.3%; meanwhile, many of the top secured credit cards have APRs that are close to 30%.

How Unsecured Credit Cards Work

Because an unsecured credit card is a form of revolving credit, you have access to that credit line as long as you remain in good standing and your account stays open. Unsecured credit cards also require you to make minimum monthly payments to avoid incurring late payment fees and harming your credit score. You’ll owe interest on any balance that carries over from month to month.

Sometimes, unsecured credit cards might offer perks, such as cash-back rewards and travel insurance.

Pros and Cons of an Unsecured Credit Card

Here are some of the pros and cons of traditional, or unsecured, credit cards:

Pros of an Unsecured Credit Card	Cons of an Unsecured Credit Card
Higher credit limits compared to secured credit cards	Can be harder to get approved for
Need at least a fair credit score to qualify (580+)	Can still incur interest and fees
Can help you build your credit	May entice you to spend more than you can afford due to higher credit limits
Opportunity to earn rewards and enjoy other benefits	Could damage your credit if not used responsibly

Recommended: Does Applying For a Credit Card Hurt Your Credit Score

Similarities Between a Secured Credit Card and an Unsecured Credit Card

When it comes to a secured credit card vs. an unsecured credit, there are a number of similarities:

•   Both are revolving lines of credit, so you’ll have access to those lines of credit as long as you keep the card open and your account in good standing.

•   Your payments are reported to credit bureaus. If you make on-time payments, your credit score will improve. Conversely, it can drop if you don’t use your credit card responsibly.

•   The process of how to apply for a credit card is usually similar with a secured vs. unsecured credit card. You can usually fill out an application online, in person, over the phone, via an app, or through the mail.

•   Both secured and unsecured credit cards come with interest rates and fees. Depending on the card, there might be an annual fee.

•   Both types of credit cards usually offer a grace period, which is the period between when your billing cycle ends and your payment due date. During this time, you may not be charged interest as long as you pay off your balance in full by the payment due date.

•   While it’s less common among unsecured credit cards, both types of credit cards might feature perks, such as cash-back rewards, car rental insurance, trip and travelers insurance, extended warranties, and price protection.

Recommended: What is a Charge Card

Differences Between a Secured Credit Card and an Unsecured Credit Card

There are a handful of features that set these types of credit cards apart:

•   For starters, secured credit cards require a security deposit, whereas unsecured credit cards do not.

•   The credit limit for a secured credit card usually matches the deposit amount. With unsecured credit cards, the credit limit usually depends on a handful of factors, such as your creditworthiness.

•   Secured credit cards generally carry higher interest rates and fees, whereas unsecured credit cards typically have lower interest rates and fees.

•   Unsecured credit cards usually have one variable interest rate, meaning the card’s interest rate fluctuates over time based on an index. Secured credit cards can have a fixed or variable rate.

Secured vs. Unsecured Credit Card: Which Is Right for You?

Now that you know the similarities and differences between a secured and unsecured credit card, you can start to assess which one might be right for you. Here’s a high-level overview to help you better compare what sets secured vs. unsecured credit cards apart:

Secured Credit Card	Unsecured Credit Card
Requires a deposit to open	Does not require a deposit
Usually available for those with thin credit histories or lower credit scores	Usually need at least fair to good credit to qualify
Lower credit limits, which are based on the amount of the deposit	Higher credit limits, which are based on creditworthiness
Fewer card options available	Variety of card options, such as cash-back cards, travel cards, business cards, and retail cards

Staying on Top of Your Credit After Choosing a Card

No matter if you decide on a secured credit card or an unsecured credit card, it’s important to stay on top of your payments. Ideally, you’ll pay the balance in full each billing cycle. Otherwise, you’ll owe interest.

At the very least, make sure to make the minimum payment each month. That way, your credit will stay intact and you’ll avoid late fees. If you’re struggling to make payments, reach out to the lender and see what they can do. They might be able to change the payment due date so it’s more in line with what’s feasible for you, or let you temporarily skip a payment to catch back up.

Recommended: When Are Credit Card Payments Due

The Takeaway

Whether you should apply for a secured credit card and an unsecured one may depend largely on your credit history and score. A secured card may be best if you have yet to establish credit or have a low credit score, while an unsecured card can be beneficial if your credit is more established and you want to earn rewards.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

Is an unsecured or secured credit card better?

Whether a secured vs. unsecured credit card is better depends on your situation. An unsecured credit card might be better if you’re having trouble getting approved for a secured card and can afford to make the deposit. On the other hand, a secured credit card may be better if you have at least an average credit score, are looking for a higher credit limit, and would like more card options.

Should your first credit card be secured or unsecured?

It really depends. If you have a thin credit history, are looking to build credit, and can afford the security deposit, a secured credit card might be the best route to take as they’re generally easier to qualify for. Note, however, that you’ll probably need to stomach a higher interest rate and a lower credit limit. While an unsecured credit card doesn’t require a deposit, it might be harder to get approved for one if your credit is less-than-stellar or you don’t have much of a credit history yet.

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Photo credit: iStock/cesar fernandez dominguez

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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The median annual salary for pediatricians is $198,420, according to the most recent data from the Bureau of Labor Statistics. There are many different paths a doctor can take when it comes to choosing their medical specialty. Doctors who enjoy helping children feel their best and live healthy lives will likely find a lot of fulfillment in their jobs.

To learn more about how much a pediatrician makes a year, keep reading.

What Are Pediatricians?

A pediatrician is a type of doctor who provides medical care to children ranging from infancy to adolescence. They specialize in diagnosing and treating injuries, developmental issues, and illnesses children commonly experience. From routine exams to issuing vaccines to providing medicine to sick children, pediatricians can help.

The path to becoming a pediatrician can be a long and expensive one. Typically, that means college, medical school, a residency, and possibly a fellowship. Medical school can easily cost $250,000 in tuition. It’s wise to consider this investment when pursuing a career as a pediatrician. Many doctors have a high amount of medical school debt when starting out.

Also, keep in mind that being a pediatrician involves interacting with children and their families all day. This may not therefore be the best job for introverts.


💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

How Much Do Starting Pediatricians Make a Year?

While pediatricians can eventually earn very competitive salaries, like any job, they tend to earn less when they are entry-level. The lowest 10% of earners in this role make just $75,670, which is significantly lower than the median annual salary for all physicians of $198,420.

What is the Average Salary for a Pediatrician?

On average, a pediatrician can make a salary that is considerably higher than the American average for all jobs. Where a pediatrician chooses to work can greatly impact how much a pediatrician earns. This is a quick glance at the annual mean wage for a variety of workplaces where a pediatrician may be employed:

•   Offices of physicians: $203,690

•   General medical and surgical hospitals: $180,790

•   Outpatient care centers: $232,420

•   Colleges, universities, and professional schools: $84,810

•   Specialty (except psychiatric and substance abuse) hospitals: $201,100.

Another factor that also affects pediatrician earning potential is the state the doctor works in. This table below highlights how average pediatrician salaries vary by state, with typical pay arranged from highest to lowest by location.

In addition, it shares how much a pediatrician’s hourly pay vs, salary is.

What is the Average Pediatrician Salary by State for 2023

State	Annual Salary	Monthly Pay	Weekly Pay	Hourly Wage
Oregon	$222,171	$18,514	$4,272	$106.81
Alaska	$221,079	$18,423	$4,251	$106.29
North Dakota	$221,044	$18,420	$4,250	$106.27
Massachusetts	$218,405	$18,200	$4,200	$105.00
Hawaii	$216,375	$18,031	$4,161	$104.03
Washington	$211,404	$17,617	$4,065	$101.64
Nevada	$209,030	$17,419	$4,019	$100.50
South Dakota	$208,910	$17,409	$4,017	$100.44
Colorado	$206,290	$17,190	$3,967	$99.18
Rhode Island	$205,782	$17,148	$3,957	$98.93
New York	$196,083	$16,340	$3,770	$94.27
Delaware	$193,921	$16,160	$3,729	$93.23
Vermont	$191,477	$15,956	$3,682	$92.06
Virginia	$191,115	$15,926	$3,675	$91.88
Illinois	$191,057	$15,921	$3,674	$91.85
Maryland	$187,806	$15,650	$3,611	$90.29
Nebraska	$183,797	$15,316	$3,534	$88.36
Missouri	$182,659	$15,221	$3,512	$87.82
California	$182,152	$15,179	$3,502	$87.57
South Carolina	$181,082	$15,090	$3,482	$87.06
Pennsylvania	$179,627	$14,968	$3,454	$86.36
New Jersey	$179,258	$14,938	$3,447	$86.18
Oklahoma	$177,994	$14,832	$3,422	$85.57
Maine	$177,900	$14,825	$3,421	$85.53
Wisconsin	$177,526	$14,793	$3,413	$85.35
North Carolina	$177,345	$14,778	$3,410	$85.26
New Hampshire	$174,681	$14,556	$3,359	$83.98
Idaho	$174,250	$14,520	$3,350	$83.77
Texas	$173,077	$14,423	$3,328	$83.21
Kentucky	$172,518	$14,376	$3,317	$82.94
Wyoming	$171,910	$14,325	$3,305	$82.65
Minnesota	$171,467	$14,288	$3,297	$82.44
Michigan	$170,777	$14,231	$3,284	$82.10
New Mexico	$170,501	$14,208	$3,278	$81.97
Indiana	$169,638	$14,136	$3,262	$81.56
Ohio	$166,670	$13,889	$3,205	$80.13
Arizona	$166,130	$13,844	$3,194	$79.87
Connecticut	$165,286	$13,773	$3,178	$79.46
Mississippi	$164,126	$13,677	$3,156	$78.91
Iowa	$163,921	$13,660	$3,152	$78.81
Montana	$163,627	$13,635	$3,146	$78.67
Arkansas	$163,030	$13,585	$3,135	$78.38
Alabama	$161,584	$13,465	$3,107	$77.68
Utah	$159,236	$13,269	$3,062	$76.56
Tennessee	$159,121	$13,260	$3,060	$76.50
Kansas	$154,538	$12,878	$2,971	$74.30
Georgia	$150,529	$12,544	$2,894	$72.37
Louisiana	$149,706	$12,475	$2,878	$71.97
West Virginia	$138,728	$11,560	$2,667	$66.70
Florida	$133,219	$11,101	$2,561	$64.05

Source: ZipRecruiter

Pediatrician Job Considerations for Pay & Benefits

Alongside earning a $100,000 salary or more, most pediatricians also receive superior employee benefits. If a pediatrician runs their own practice, they will need to supply themselves and their employees with these benefits.

Those who are employed by employers like hospitals or medical groups can expect to gain access to benefits like paid time off, health insurance, and retirement accounts. They may also have unique benefits like continuing education allowances and malpractice insurance coverage.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of Pediatrician Salary

The main advantage associated with competitive pay for pediatricians is that they are quite high. With a median salary of $198,420, pediatricians are greatly rewarded for their hard work.

However, they must pursue many years of higher education to earn that salary. Many young doctors struggle under the weight of their student loan payments. So, while this salary may seem high at first glance, much of it can go towards student loan debt initially.

It’s also worthwhile to consider work-life balance. Being a pediatrician and improving the health of children can be a very rewarding career, but it can also involve long, tiring hours and being on call for patients on nights and weekends. Medical problems and emergencies crop up all the time, so this is a factor to acknowledge.

Recommended: How Much House Can I Afford?

The Takeaway

Pediatricians can earn very high pay while making a big difference in the lives of their patients and their families. They do have to commit to many years of schooling and education to become a pediatrician, but once they do, they can earn a great living.

SoFi helps you stay on top of your finances.

FAQ

Can you make 100k a year as a pediatrician?

Most pediatricians make $100,000 a year or more, especially after gaining a few years of work experience. The median annual salary for a pediatrician is $198,420.

Do people like being a pediatrician?

Pursuing a career in pediatric medicine is a major commitment and those who are passionate about this field and patient care are likely to really enjoy their work. However, this role requires many hours of patient interaction a day, so even if someone finds the work fascinating, it won’t be a good fit for them if they are antisocial.

Is it hard to get hired as a pediatrician?

The main challenge in getting hired as a pediatrician surrounds not having the right credentials. Potential pediatricians must pursue medical school and any required medical licenses in order to find a job in this field, which is no easy feat.

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Photo credit: iStock/alvarez

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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The median annual pay for a sonographer is $78,210 annually for the most recent year studied, according to the Bureau of Labor Statistics. Working as a sonographer is a great way to enter the medical field without having to pursue an expensive advanced degree. Typically, only an associate’s degree is needed to work as a sonographer, which can be obtained quickly and affordably.

Read on to learn more about how much a sonographer can earn and what it’s like to work as this kind of professional.

What Are Sonographers?

A sonographer — also known as a diagnostic medical sonographer — uses sonography technology and tools to create images typically known as ultrasounds or sonograms. These images can give us a detailed look at organs and tissues within the body or of embryos and fetuses. There are many different types of sonographers who specialize in distinct areas of medicine, such as:

•   Abdominal sonographers

•   Breast sonographers

•   Cardiac sonographers (echocardiographers)

•   Musculoskeletal sonographers

•   Pediatric sonographers

•   Obstetric and gynecologic sonographers

•   Vascular technologists (vascular sonographers).

As briefly mentioned above, training for this career usually doesn’t involve medical school and its cost. Instead, diagnostic medical sonographers may obtain a bachelor’s degree, an associate’s degree, or perhaps a vocational school degree or hospital training program certificate. Some may be trained in the Armed Forces.

It’s also worth noting that working as a sonographer will likely involve a high degree of patient interaction. For this reason, it may not be a good job for introverts.


💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.

How Much Do Starting Sonographers Make a Year?

Entry-level sonographers should expect their salary to be on the lower side until they gain more experience. The lowest 10% of earners make less than $61,430 per year.

However, the top 10% of earners working as sonographers make more than $107,730, meaning this is a career path that can lead to a job that pays $100,000 a year.

In addition to experience level, other aspects that can lead to competitive pay is your geographical location (big city vs. rural community) and whether the employer is a major hospital network, say, or a small, independent medical office.

Recommended: What Trade Earns the Most Money?

What is the Average Salary for a Sonographer?

Those who work full-time as a sonographer can expect to earn a median annual salary of $78,210. However, some sonographers choose to work part-time and are paid by the hour. In terms of how much a sonographer makes an hour, the median hourly pay for sonography work is $37.60 per hour.

Many factors can influence how much a sonographer earns and the state they work in is a major one. The following table illustrates how average sonographer salaries can vary significantly by state, with earnings shown from highest to lowest.

What is the Average Sonographer Salary by State for 2023

State	Annual Salary	Monthly Pay	Weekly Pay	Hourly Wage
New York	$130,753	$10,896	$2,514	$62.86
Pennsylvania	$119,728	$9,977	$2,302	$57.56
New Hampshire	$117,077	$9,756	$2,251	$56.29
New Jersey	$115,302	$9,608	$2,217	$55.43
Wyoming	$114,058	$9,504	$2,193	$54.84
Washington	$113,902	$9,491	$2,190	$54.76
Wisconsin	$113,086	$9,423	$2,174	$54.37
Massachusetts	$113,082	$9,423	$2,174	$54.37
Alaska	$112,787	$9,398	$2,168	$54.22
Oregon	$111,873	$9,322	$2,151	$53.79
Indiana	$111,695	$9,307	$2,147	$53.70
North Dakota	$111,668	$9,305	$2,147	$53.69
Hawaii	$109,499	$9,124	$2,105	$52.64
Arizona	$109,385	$9,115	$2,103	$52.59
New Mexico	$108,705	$9,058	$2,090	$52.26
Colorado	$107,986	$8,998	$2,076	$51.92
Minnesota	$107,959	$8,996	$2,076	$51.90
Montana	$107,737	$8,978	$2,071	$51.80
Nevada	$106,643	$8,886	$2,050	$51.27
Alabama	$106,391	$8,865	$2,045	$51.15
South Dakota	$105,538	$8,794	$2,029	$50.74
Vermont	$105,369	$8,780	$2,026	$50.66
Ohio	$105,308	$8,775	$2,025	$50.63
Rhode Island	$103,621	$8,635	$1,992	$49.82
Iowa	$102,378	$8,531	$1,968	$49.22
Delaware	$102,241	$8,520	$1,966	$49.15
Connecticut	$102,051	$8,504	$1,962	$49.06
Virginia	$101,059	$8,421	$1,943	$48.59
Mississippi	$100,644	$8,387	$1,935	$48.39
Tennessee	$100,545	$8,378	$1,933	$48.34
Utah	$100,028	$8,335	$1,923	$48.09
Illinois	$99,727	$8,310	$1,917	$47.95
Georgia	$99,110	$8,259	$1,905	$47.65
Maryland	$99,089	$8,257	$1,905	$47.64
California	$98,791	$8,232	$1,899	$47.50
Nebraska	$97,188	$8,099	$1,869	$46.73
Maine	$96,740	$8,061	$1,860	$46.51
Missouri	$96,025	$8,002	$1,846	$46.17
South Carolina	$95,081	$7,923	$1,828	$45.71
Kansas	$94,735	$7,894	$1,821	$45.55
Idaho	$94,316	$7,859	$1,813	$45.34
Louisiana	$94,256	$7,854	$1,812	$45.32
Oklahoma	$94,119	$7,843	$1,809	$45.25
Texas	$93,511	$7,792	$1,798	$44.96
North Carolina	$93,119	$7,759	$1,790	$44.77
West Virginia	$92,468	$7,705	$1,778	$44.46
Kentucky	$89,668	$7,472	$1,724	$43.11
Michigan	$89,461	$7,455	$1,720	$43.01
Florida	$87,711	$7,309	$1,686	$42.17
Arkansas	$85,099	$7,091	$1,636	$40.91

Source: ZipRecruiter

Sonographer Job Considerations for Pay & Benefits

If a sonographer chooses to work part-time, they may not gain access to the same suite of valuable employee benefits that full-time sonographers typically earn. While employee benefits can vary by employer, full-time sonographers can generally expect to receive healthcare coverage, paid time off, and retirement plans as a part of their overall compensation package.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of Sonographer Salary

One of the biggest pros associated with a sonographer’s salary is that they don’t have to take on expensive medical school debt — which can really eat into a worker’s monthly budget. An associate’s degree or a postsecondary certificate may be required but will cost less than pursuing other degree requirements commonly found in the medical field.

Regarding cons, some may find the salary doesn’t outweigh the hardships of the job. Many sonographers work nights and weekends and are on their feet for long periods of time.

Recommended: Pros and Cons of Minimum Wage

The Takeaway

Sonographers currently earn an average of $78,210 per year. They have a very valuable medical-service skill set, and demand for that skill is growing. It’s anticipated that job openings for this role will grow by 10% from 2022 to 2032, which is above the national average rate. As they navigate their careers, sonographers will likely want to make progress in their financial lives, with smart budgeting and saving.

SoFi helps you stay on top of your finances.

FAQ

Can you make 100k a year as a sonographer?

It is possible to earn $100,000 or more each year as a sonographer. On average, sonographers in the state of New York earn $130,753 per year. Where someone lives, how many years of experience they have, and their specialty can all impact how much they earn.

Do people like being a sonographer?

Working as a sonographer is a great fit for anyone who finds the work interesting and who enjoys patient interaction. Because this role requires so much patient care throughout the day, it’s not the best fit for those who are antisocial.

Is it hard to get hired as a sonographer?

Around 9,600 openings for diagnostic medical sonographers are anticipated to be available each year. Because of this high demand, if someone has the right education and qualifications, they should be able to find work as a sonographer.

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Photo credit: iStock/dusanpetkovic

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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