Can We Earn More in a Non-IT Field?
The age-old question of whether careers outside Information Technology (IT) can offer comparable or even higher earnings has been a topic of much debate. The non-IT field is vast and diverse, encompassing various academic and professional disciplines beyond the tech domain. This article explores the earning potential in key non-IT fields, comparing them to those in the IT sector and offering insights on how one can maximize their earning potential in these roles.
Academics and Professional Fields in Non-IT
Non IT is a broad umbrella term that includes a myriad of academic and professional fields excluding Information Technology. For our purposes, we will focus on fields that typically attract graduates from and MBA programs, as these are the most common academic pathways leading to non-IT careers. Among the diversity of options, fields such as Management Consulting, Investment Banking, Branding and Marketing, and Offshore Petroleum Industry stand out. Each of these fields presents unique opportunities and challenges for career advancement and earning potential.
Management Consulting
Management Consulting is a field that attracts top-tier MBA graduates from prestigious institutions across the world. In India, fresh graduates from top Indian Institutes of Management (IIMs), Indian School of Business (ISB), and others often start their careers with a starting salary north of 30 Lakh Per Annum (LPA). The growth potential in this field is exponential, with junior partners commanding salaries of more than 1 Crore (10 million INR) later in their careers. The rigorous training and the valuable skills acquired in this field make it a rewarding career option for those seeking substantial earnings and continuous learning opportunities.
Investment Banking
Investment Banking is another field that caters to highly talented individuals with top-tier MBAs, alongside some of the-best Chartered Accountants (CAs). This sector is known for its high earning potential, as the sky is indeed the limit in terms of salary and bonuses. Graduates from top-tier business schools often command substantial salaries and benefits, reflecting the high value placed on their skills and contributions to the firm.
Branding, Marketing, and Sales
For graduates interested in Branding, Marketing, and Sales, working for major FMCG (Fast Moving Consumer Goods) companies can offer a competitive starting salary of more than 30 LPA. Careers in these areas are highly dependent on individual performance and market trends; thus, the potential for growth is substantial. For sales roles, career advancement is often tied to achieving specific targets, which can lead to higher earnings and bonuses.
Other MBA Profiles
Careers in General Management, such as those at companies like Tata Consultancy Services (TAS), Reliance Industries (RIL), and Aditya Birla Group, similarly demand graduates from the most prestigious business schools. The earning potential in these roles is high, with companies often offering attractive salaries to attract and retain top talent. These positions involve strategic management and the potential for significant career growth.
Offshore Petroleum Industry
Engineers in the Offshore Petroleum Industry are among the highest-paid workers, often commanding high salaries for their specialized skills in drilling, extraction, and refinement processes. The engineering background required in this field contributes significantly to the earning potential, making it a promising career path for those with a technical background.
CEO Roles and Technical Background
Men and women in CEO roles do not necessarily need a technical background, as they can act as a bridge between technical and non-technical staff. A CEO with a technical background can be seen as a bridge, allowing non-technical staff to see this individual as a wizard or translator and technical staff as an ally. Conversely, a CEO without a technical background can become a highly valued leader by understanding and effectively communicating the needs and perspectives of both technical and non-technical teams.
The IT Bridge Role
Individuals with a technical background can fill a critical role in non-IT settings by acting as a bridge between technical and non-technical teams. In the IT world, such individuals are often referred to as tech translators or technical allies, and their role is invaluable for facilitating collaboration and understanding between different departments.
The Reality of Non-IT Earnings vs. IT Earnings
The reality is that roles in Business Administration and Engineering rank highly in terms of pure earnings, making them the most desirable. However, prestige and earning potential in MBA roles often rely heavily on the brand of the educational institution. Tier 3 alumni struggle to achieve the status and earnings of those from top-tier B-schools like IIMs or ISB. In contrast, a Tier 3 individual with a solid technical background and grit can still rise to the heights of tech companies like FAANG.
Conclusion and Motivation
While the earning potential in non-IT fields may be lower than in some IT roles, it is entirely possible to earn substantial sums in these areas. Perceptions around technical vs. non-technical fields in the modern era are changing, and motivation, determination, and hard work can greatly influence earning potential. Remember, if you love what you do, you have a higher chance of achieving your goals and earning a rewarding income.