Making a career switch? These are the most lucrative industries to be in 2024 and beyond

It takes years of dedication to build a stable career, but it takes even more courage to make a career switch. There are many reasons for making a profession change. For some, changes in life circumstances, such as expansion of family, may demand for more predictable working hours.

There are also those who discover new passions or interests that align more with their personal aspirations. An example is Michael Jordan, who left his basketball career briefly to pursue a career in professional baseball, even though he did eventually go back to basketball.

No matter the reason for a career switch, there are many factors you must take into consideration before ditching your current profession. Especially if you are looking for a career upgrade with the highest paying jobs in Singapore, you must be ready to shoulder the time and expense required for upskilling before you are eligible for the role.

Factors to consider before switching careers

Switching careers is a big decision. To ensure you are not making a hasty one, here are some factors you must consider.

Financial implications

Is the switch going to impact your financial income? Can you sustain the financial impact? These are questions you must answer frankly especially if the switch is not a career upgrade but rather one that is in a completely new field of work. It is important to plan for potential financial adjustments during the transition period.

Self-assessment

Evaluate your skills, strengths, weaknesses, interests and values because they can help you identify the areas you are lacking and how you can excel in the new career. An effective skills gap analysis can let you determine if upskilling is required to perform critical tasks in the new role. Common skills gaps you should assess include hard skills like technical know-how and soft skills like time management and leadership.

Market demand

Go the extra mile to research if there is a growing demand for professionals in the new field you are interested in exploring. A role in a sunset industry may imply smaller opportunities for career growth or salary hike while one in a sunrise industry characterised by innovative technology may offer more potential career upgrade.

Also, refer to reliable information like the Ministry of Manpower (MOM) that will publish current employment outlook. For example, a recent report highlighted that Manufacturing and Finance & Insurance are slow-performing industries while Air Transport and Accommodation and Retail Trade and Food & Beverage Services are growing in tandem with rising international tourism. Such information is helpful to determine if your career switch is truly worthwhile.

Upskilling before a career switch

In today’s rapidly changing work environment, the importance of upskilling can no longer be overlooked. It is a proactive approach to personal and professional development that ensures you remain competitive, adaptable and valuable in your career journey.

Whether you intend to stay on your current career track or venture off to a brand-new path with the highest paying jobs in Singapore, when you close the skill gap, your chance of acing the role will increase exponentially, there is no two ways about it.

Not sure what is the first step to upskilling? You can always register for complimentary career guidance from Workforce Singapore (WSG). The team will offer advice ranging from tailoring your resume for jobs and offering workshops to improve your skills.

Alternatively, if you already know where you need more training, you can easily upskill with the large variety of WSG courses using SkillsFuture Credits that is made available to all Singaporeans aged 25 and above.

Highest paying industries and roles

If you are looking for high paying jobs for mid-career switch, you may want to take a look at these highest paying jobs and industries in Singapore for all experience levels:

Industry	Entry Level (Median salary)	Senior Executive (Median salary)	Senior Manager (Median salary)
Computer/ Information Technology	S$3,150	S$6,000	S$10,750
Accounting/ Finance	S$3,000	S$4,500	S$10,800
Engineering	S$2,500	S$5,000	S$9,250
Sciences	S$2,500	S$5,050	S$8,450
Building/Construction	S$3,000	S$4,500	S$9,000
Sales/Marketing	S$2,750	S$4,200	S$9,000
Healthcare	S$2,500	S$4,500	S$8,500
Admin/ Human Resources	S$2,300	S$4,200	S$9,500
Manufacturing	S$2,250	S$4,250	S$9,000
Services	S$2,250	S$4,000	S$9,100
Source: Singapore Institute of Management

1. Computer and Information Technology

The job vacancies available in the Computer and Information Technology (IT) sector grew to over 1,600 in 2021. The job roles include software, web, and multimedia developers. Those who are keen to have a career upgrade to this sector must go through upskilling to acquire theoretical knowledge and practical experience in IT management.

2. Accounting and Finance

Reportedly, there were as many as 20,000 finance jobs available in Singapore in the last five years. If you are keen to make a career switch to this sector, you should brush up on your accounting and financial knowledge and techniques to analyse financial information. A Diploma or Degree in Business Management will grant you easier access into the industry.

3. Engineering

The basic requirement for an engineering job is having a Diploma or Degree in the Engineering specialisation of your choice. The common engineering majors in mechanical engineering, civil engineering or computer engineering. Undergraduate courses usually take three to five years, depending on the institution and specialisation.

4. Sciences

This sector is related to more technologically advanced disciplines such as in cloud computing, artificial intelligence, quantum computing, and data analytics. The demand for such expertise can often be seen in healthcare, energy and aviation. Most employers in this sector will have a minimum requirement of a Degree in the related field. Some positions may even require Master's Degrees or Doctorates.

5. Building and Construction

Even though this sector was hard hit by the pandemic, the industry has since bounced back to life and offers some of the highest-paid jobs in Singapore.

Roles like architects, engineers, construction project managers, surveyors and technical officers are always in demand. Those who are keen to join this sector acquire sufficient knowledge through construction management courses to attain relevant certification or a degree in the desired field of work.

Conclusion

If you are ready to make a career switch, you will be wise to shore up enough emergency funds to stabilise your financial position before handing in your resignation letter. You can even make the most of your funds by saving in a high-yield savings account.

ALSO READ: How do I negotiate my salary when switching careers?

This article was first published in ValueChampion.