Can electricians make 100k or more? Many people might wonder if it’s actually possible for electricians to earn a comfortable six-figure salary. While it’s not common, the answer is a definite yes.
In fact, some electricians do make a lot more than $100,000 annually. This is a significant milestone in terms of financial security and stability. To achieve this level of earning potential, electricians must carefully choose their career path and consistently invest in professional development. The following are two key points in relation to the maximum potential earning power for electricians (who make 6 figures or more).
Key takeaway 1: Based on data provided by the U.S. Labor of Statistics, a recent analysis has identified 34 industries where electricians have the potential to earn a six-figure salary. Specifically, the top earners in these industries, who fall within the 90th percentile, can potentially earn $100,000 or more annually.
Key takeaway 2: However, it’s worth noting that only two of these industries, Natural Gas Distribution and Hydroelectric Power Generation, offer a mean annual salary of $100,000 or more. This means that while there are many industries that offer the potential for electricians to earn a substantial income, these two industries stand out as particularly lucratively steady options.
To maximize earning potential, electricians can consider working in specialized industries with high demand. Additionally, experience and specialization are important factors that contribute to increased earning potential. By finding the right employment opportunities and investing in professional growth, electricians can reach their full potential and actually earn a substantial income of $100k or more.
Can Electricians Make 6 Figures? (How to Earn 100K as a Sparky)
To truly understand how electricians can achieve a yearly salary of 100k or more, we need to delve into the statistics surrounding the industry. Thankfully, the U.S. Bureau of Labour Statistics provides a wealth of information on wage statistics for electricians.
While it’s easy to suggest that becoming self-employed is the key to reaching high earning potential, this doesn’t necessarily provide us with concrete guidance. After all, success in self-employment requires significant effort and long hours of hard work.
And while some of the top-earning electricians are self-employed, many electricians can still potentially make six figures or more by making a strategic career choice in a lucrative industry. By choosing to work in an industry that demands specialized skills, knowledge, and experience, electricians can increase their earning potential and reach a comfortable salary benchmark. While hard work and dedication are necessary, making a smart career choice can go a long way in ensuring that you earn the salary you deserve.
By exploring the wage statistics, we can identify the industries that offer the greatest potential for higher salaries. This allows electricians to choose a career path that offers a greater chance of earning 6 figures without having to work extremely long hours or manage an entire staff.
Also Read: Are electricians happy with their career?
By examining the data, electricians can learn how to maximize their earning potential by choosing a specialized career path or working in an industry that offers higher salaries. This approach provides a clear roadmap for achieving a comfortable and secure income without having to sacrifice work-life balance or take on the risks of self-employment.
Table: Here Are 34 Industries That Pay Electricians 100K (or More)
The table displays 34 industries in the U.S. in which electricians can potentially earn an annual salary of $100,000 or more, making them some of the top earners in these fields. The table also includes the 90th percentile annual wage, which means that 10% of electricians in each industry earn at or above that amount.
Important: It’s important to keep in mind that the numbers provided here are not a guarantee for anyone considering a career as an electrician in these industries. These figures are based on data extracted from the U.S. Labor Statistics Query System and represent the top earners (top 10 percent) and mean wages of electricians in each industry. While they can be used as a guide to understanding the potential earning potential, it’s important to note that individual salaries can vary based on a variety of factors such as experience, location, and employer.
So, for instance, in the Building Material and Supplies Dealers industry, the top 10% of electricians earned $166,560 or more per year, while the average or mean wage for electricians in the same industry was $63,900.
|Industry||Annual 90th percentile wage||Annual mean wage|
|Building Material and Supplies Dealers||166560 $||63900 $|
|Building Finishing Contractors||134110 $||80840 $|
|Specialty hospitals – Privately owned||130650 $||89320 $|
|Performing Arts, Spectator Sports, and Related Industries||130580 $||89270 $|
|Highway, Street, and Bridge Construction||129790 $||87540 $|
|Seafood Product Preparation and Packaging||129790 $||79040 $|
|Natural Gas Distribution||128420 $||104920 $|
|Hydroelectric Power Generation||127390 $||108500 $|
|Nuclear Electric Power Generation||122620 $||99250 $|
|Fossil Fuel Electric Power Generation||120230 $||90280 $|
|Professional and Commercial Equipment and Supplies Merchant Wholesalers||120050 $||95260 $|
|Colleges, universities, and professional schools – Local government owned||119730 $||91700 $|
|Hospitals – Local government owned||119730 $||72260 $|
|Motion Picture and Video Industries||118190 $||81730 $|
|Remediation and Other Waste Management Services||111900 $||80030 $|
|Scheduled Air Transportation||106150 $||92550 $|
|Oil and Gas Extraction||104610 $||81880 $|
|Furniture and Related Product Manufacturing||103490 $||62580 $|
|Monetary Authorities-Central Bank||102250 $||94710 $|
|Aerospace Product and Parts Manufacturing||102250 $||85060 $|
|Offices of Physicians||102250 $||73020 $|
|Heavy and Civil Engineering Construction||102250 $||70390 $|
|Power and Communication Line and Related Structures Construction||102200 $||69540 $|
|Petroleum and Coal Products Manufacturing||101740 $||90320 $|
|Management of Companies and Enterprises||101740 $||74820 $|
|Nonmetallic Mineral Mining and Quarrying||101570 $||71880 $|
|Other Amusement and Recreation Industries||101530 $||61670 $|
|General Merchandise Stores||101210 $||84130 $|
|Local Government, excluding schools and hospitals (OEWS Designation)||100970 $||73840 $|
|Specialty Trade Contractors||100650 $||62680 $|
|Waste Management and Remediation Services||100320 $||77570 $|
|Labor Unions and Similar Labor Organizations||100270 $||68320 $|
|Cross-industry, Private Ownership Only||100010 $||63070 $|
Looking at the top-earning industries, it’s interesting to note that two sectors, Natural Gas Distribution and Hydroelectric Power Generation, had electricians earning more than $100,000 in both the 90th percentile and the mean wage. This indicates that these industries not only have a high concentration of high-earning electricians but that the earnings are consistently high across the sector.
It is, however, interesting to note that the top two earning industries based on the annual 90th percentile wage are not necessarily the same industries with the highest mean wages. For example, while Building Material and Supplies Dealers and Building Finishing Contractors have the highest 90th percentile wages, their mean wages are lower than several other industries, such as Natural Gas Distribution, Hydroelectric Power Generation, Nuclear Electric Power Generation, and Fossil Fuel Electric Power Generation.
Overall, the data in this table highlights the fact that electricians can earn a good salary across a range of industries, and that the highest-paying industries are diverse, including fields such as healthcare, manufacturing, and transportation. Additionally, it emphasizes the importance of skill and experience in the electrical trade, as those who have attained the highest levels of expertise and training are likely to earn the most.
Can an Electrician Become a Millionaire? (Thought Experiment)
Let’s have some fun with a thought experiment on becoming a millionaire as an electrician. Becoming a self-employed electrician would certainly be the fastest way to become a millionaire, but even if you work for a company or organization, you can still accumulate wealth over time by investing your salary.
Compound interest can be a powerful tool for building wealth over time. By investing a portion of your monthly income, you can potentially become a millionaire as an electrician. Let’s take a look at an example, powered by this compound interest calculator.
Suppose you earn a salary of $100,000 per year as an electrician, which breaks down to a monthly income of about $8,333 (before tax). If you were to invest $3,000 of that income each month, assuming a seven percent annual interest rate, in just 16 years’ time, your investments would accumulate to exactly $1,056,804.34.
That’s a significant sum of money that could potentially help you retire comfortably or achieve other financial goals.
Of course, this is just an example, and it’s important to remember that investing always carries risks. But it does demonstrate the power of compound interest and the potential to build wealth over time as an electrician. And even if you don’t reach millionaire status as a sparky, investing a portion of your income can still help you achieve financial stability and security.
Also read: What skilled trade is easiest to learn?
In summary, becoming a self-employed electrician is one way to potentially earn a substantial income, but there are other paths to reaching financial success as well. By choosing a high-paying industry, investing in your professional development, and using your salary to build wealth over time, you can maximize your earning potential as an electrician and achieve a comfortable and secure lifestyle.