As we navigate through the evolving job market of 2024, identifying roles that offer both financial stability and growth potential is the key. Recognizing the highest paying careers early on is a crucial step toward securing your dream job.
We take a look at the top 10 highest-paying jobs in India, based on average salaries. Please note that the ranges here are based on information entered by users across multiple job platforms. This article offers insights into each role’s salary, responsibilities, and required qualifications. So if you are planning your career path or even considering a switch, read this.
This article presents the average salaries for different roles based on information shared by employees and users on platforms like GlassDoor and Indeed. Keep in mind that how much you get paid can change a lot based on things like how many years you’ve worked, where in India you’re working, or the company you work for. Even if two people have the same job title, like in data science, one might earn ₹4 lakhs a year and another might earn up to ₹25 lakhs. So, these numbers only give a general idea of salaries across different roles.
10. Software Engineer
Avg base pay per year: ₹5L – ₹13L
The average salary for a software engineer is ₹21,91,843 per year in India as per Glassdoor. Whereas on Indeed the average salary for a software engineer is ₹7,64,885 per year in India.
Roles and responsibilities
Software engineers in India are responsible for designing, developing, and maintaining software systems that meet the evolving needs of businesses and consumers, ensuring functionality, reliability, and scalability.
Educational Background
A Bachelor of Technology (B.Tech) or Bachelor of Engineering (B.E.) in Computer Science, Information Technology, or related fields from a recognized university is required to become a software engineer.
9. DevOps Engineer
Base pay range per year: ₹5L – ₹11L
The national average salary for a DevOps engineer is ₹7,00,000 pa in India as per Glassdoor. On Indeed the average base salary for the same is ₹8,89,490 annually.
Roles and responsibilities
Setting up and managing automation tools for software testing and deployment to speed up development cycles and ensuring the smooth operation of servers and software, troubleshooting issues, and keeping systems secure are some of the responsibilities of a DevOps engineer.
Educational Background
A degree in computer science, information technology, engineering, or related fields is required to become a DevOps engineer.
8. Business Analyst
Base pay range per year: ₹6L – ₹12L
The national average salary for a Business analyst is ₹8,00,000 in India on Glassdoor and ₹7,62,086 per year on Indeed.
Roles and responsibilities
Business analysts bridge the gap between IT and business needs by identifying and analyzing improvements for processes and systems, gathering and specifying requirements, and ensuring solutions meet business objectives. Their work is crucial for data-driven decision-making and operational efficiency.
Educational Background
To become a business analyst, the educational qualifications typically include:
- A bachelor’s degree in Business Administration, Information Systems, Finance, Computer Science, or a related field is often the minimum requirement.
- While not always required, a Master of Business Administration (MBA) or a master’s degree in a relevant field can enhance prospects, especially for advanced positions.
7. Data Scientist
Base pay range per year: ₹7L – ₹19L
As per Glassdoor, “the average salary for a data scientist is ₹12,60,468 per year in India. The average additional cash compensation for a data scientist in India is ₹60,468, with a range from ₹58,015 – ₹62,922 per month”
On Indeed, the average salary for a data scientist is ₹11,00,322 per year.
Roles and responsibilities
Data scientist’s responsibilities include collecting and cleaning data, conducting in-depth analyses, developing predictive models using machine learning algorithms, and visualizing data findings for easy comprehension. By extracting valuable insights from data, they help organizations identify opportunities, predict trends, and make informed decisions.
Educational Background
A bachelor’s degree in computer science, statistics, mathematics, engineering, or a related field is often the minimum requirement. This foundational education provides the necessary technical and analytical skills.
Many data scientists hold a master’s degree or higher in data science, statistics, computer science, or related areas. Advanced degrees are preferred for more complex roles and can significantly enhance career opportunities.
6. Machine Learning Engineer
Base pay range: ₹8L – ₹14L
The national average salary for a Machine learning engineer is ₹11,00,000 as per Glassdoor and ₹10,60,331 on Indeed.
Roles and responsibilities
Machine learning engineers develop and deploy models to automate decision-making, involving data preparation, model training, and integration into production. They ensure model accuracy through continuous monitoring and updates, collaborating with data scientists and developers to leverage big data for organizational efficiency and innovation.
Educational Background
A degree in computer science, data science, mathematics, statistics, or a related technical field, providing foundational knowledge in programming, algorithms, and data structures.
Advanced degrees in machine learning, data science, artificial intelligence, or related fields are highly valued and can enhance career prospects, especially for roles requiring complex problem-solving skills.
5. Chartered Accountant
Base pay range per year: ₹7L – ₹13L
As per Glassdoor, the average salary for a chartered accountant is ₹82,79,992 per year in India. The average additional cash compensation for a chartered accountant in India is ₹72,79,992, with a range from ₹1,59,984 – ₹1,44,00,000.
Roles and responsibilities
Chartered Accountants (CAs) are vital to the financial sector, tasked with auditing financial statements, managing taxation, and ensuring legal compliance. They offer expertise in financial reporting, corporate finance, and advisory services, guiding businesses in strategic financial planning and decision-making. CAs also play a role in insolvency proceedings, forensic accounting, and management consulting, ensuring corporate governance and financial integrity.
Educational Background
To become a Chartered Accountant (CA) in India, individuals must complete the program offered by the Institute of Chartered Accountants of India (ICAI). This entails passing the CA Foundation Course after 10+2, the CA Intermediate Course, undergoing three years of practical training, and finally clearing the CA Final Course.
Graduates and postgraduates in certain streams can directly enter the Intermediate Course based on their qualifications. Successful completion of these steps and registration with the ICAI qualifies one to practice as a CA, ready to navigate the complexities of accounting, taxation, and finance.
4. Finance Manager
Base pay range per year: ₹9L – ₹20L
The average salary for a finance manager is ₹3,75,29,060 per year in India as per Glassdoor. The average additional cash compensation for a finance manager in India is ₹3,61,29,060, with a range from ₹3,44,78,280 – ₹3,77,79,840.
On Indeed, the average salary for a finance manager is ₹5,40,367 per year in India.
Roles and responsibilities
In India, a finance manager plays a crucial role in guiding an organization’s financial planning and decision-making processes. They are responsible for budget planning, monitoring cash flow, analyzing the company’s financial strengths and weaknesses, and proposing corrective actions. Additionally, they oversee investments, manage risks, ensure compliance with financial regulations, and prepare financial reports.
Educational Background
To become a finance manager, typically one needs a bachelor’s degree in finance, accounting, economics, or business administration as a foundational qualification. Further enhancing career prospects, a Master’s degree in finance, an MBA with a specialization in Finance, or professional certifications like Chartered Accountancy (CA), Cost and Management Accountancy (CMA), or Chartered Financial Analyst (CFA) are highly regarded.
3. Lead Developer
Base pay range per year: ₹15L – ₹30L
The average salary for a lead developer is ₹26,77,115 per year in India. The average additional cash compensation for a lead developer in India is ₹4,77,115, with a range from ₹4,58,002 – ₹4,96,229.
Roles and responsibilities
In India, a lead developer’s responsibilities include designing and implementing software solutions, setting coding standards, and ensuring the quality and reliability of the code. They collaborate with project managers and stakeholders to align development objectives with business goals, oversee the development process, troubleshoot technical issues, and ensure the timely delivery of software projects.
Through their leadership, Lead Developers drive the successful execution of development projects, ensuring they meet quality standards and satisfy customer needs.
Educational Background
A lead developer requires a bachelor’s degree in computer science or a related field, with advanced degrees or certifications being beneficial. Essential qualifications include strong technical proficiency in programming languages and software development methodologies, extensive experience in software development and team leadership, excellent problem-solving and communication skills, and a commitment to continuous learning to keep up with evolving technology trends.
2. Management Consultant
Base pay range per year: ₹15L – ₹29L
The second highest paying job in India is management consultancy. The average salary for a management consultant is ₹4,54,06,920 per year in India. The average additional cash compensation for a management consultant in India is ₹4,30,36,920, with a range from ₹4,11,75,648 – ₹4,48,98,192.
As per Indeed, the average salary for a management consultant is ₹14,27,238 per year in India.
Roles and responsibilities
A management consultant is tasked with analyzing organizational problems, developing strategies for improvement, and facilitating changes to enhance business performance. They work across various domains, including operations, finance, human resources, and IT, to provide expert advice and solutions. Responsibilities include conducting research, compiling data, interviewing personnel, and presenting recommendations to management.
Educational Background
In India, aspiring management consultants typically need a bachelor’s degree in business administration, management, finance, or a related field as a foundational qualification. A Master of Business Administration (MBA) or equivalent postgraduate degree is highly preferred and can significantly enhance career prospects, especially if obtained from a reputed institution. Additionally, certifications in project management, consulting, or specific industries can provide an edge.
1. IT Director
Base pay range per year: ₹30L – ₹55L
As per Glassdoor, The average salary for an IT director is ₹14,89,87,100 per year in India. The average additional cash compensation for an IT director in India is ₹14,46,33,600, with a range from ₹13,94,26,560 – ₹14,98,40,640. This makes it the top highest paying jobs in India.
The average salary for a director of information technology is ₹9,92,184 per year in India on Indeed. This makes it one of the highest paying corporate jobs in India.
Roles and responsibilities
An IT director oversees the information technology strategy and infrastructure of an organization, ensuring alignment with its business goals. They play a key role in planning, implementing, and managing IT systems that support enterprise operations and growth. Responsibilities include leading IT projects, managing the IT department and staff, overseeing technology budgets, ensuring data security and compliance, and staying updated with emerging technologies. Additionally, they facilitate communication between IT and other departments, make decisions on technology investments, and work to optimize IT operations for efficiency and effectiveness. The IT Director’s leadership ensures the organization’s technology resources are used strategically and effectively to achieve competitive advantage and operational excellence.
Educational Background
To become an IT director in India, one typically needs a bachelor’s degree in computer science, IT, or a related field, complemented by a master’s degree or MBA with an IT focus. Advanced professional certifications in IT management, cybersecurity, and project management are also advantageous.
The landscape for the highest paying jobs in India in 2024 reflects a blend of technology, business acumen, and specialized knowledge. Navigating this landscape with the right qualifications and skills can open doors to not just financial rewards but also challenging and fulfilling career paths.
Curated latest data from Paylabs, Glassdoor, and Indeed as of March 2024.
Remember to research and verify the educational and professional requirements as you plan your career journey in one of these lucrative highest paying jobs in India.
Interested in how we think about the markets?
Read more: Zen And The Art Of Investing
Watch here: ELSS: Saving tax through mutual funds
Start investing through a platform that brings goal planning and investing to your fingertips. Visit kuvera.in to discover Direct Plans and Fixed Deposits and start investing today.
