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How much money are you really worth? A look at salaries across industry and professions.

This may not be the best time to ask for a raise. But with at least 2,000 jobs vanishing daily, it is a good time to evaluate where to go--if you have to--from here. And if you are switching jobs, you will probably want to increase your salary. Lots of luck.

In order to cut short-term expenses, one in five companies is extending the review period for salary increases, says a survey by Hewitt Associates, a Lincolnshire, Ill.-based compensation consulting firm. Executives will be the most affected--their "annual review" will take place every 15 months. In 1993, most salary increases, not incentive or performance-based raises, will be about 5%--a dip from the near 15% increases of the '80s.

Corporate reasoning is clear. "Merit" pay is the buzzword as companies ask employees, "What have you done for me lately?" In 1991, according to Hewitt, 40% of companies lowered salary increase budgets and lifted performance criteria.

Hewitt projects that 55% of companies will freeze executive pay in response to continued economic weakness. In 1992, 16% of companies froze executive salaries and 8% iced employee wages across the board. The average base salary increase for executives went up 5%, barely covering inflation and cost-of-living constraints.

Of course, if you were in the right profession, enviable raises were still available. The creme de la creme of this group includes accounting and legal services employees, who earned 6.4% raises. Among senior managers, accounting executives were prime, with a 5.6% salary boost. Insurance executives held on to second place with their 5.3% salary increase. Health care practitioners earned 5.2% more than the previous year, and banking executives earned 4.3% more. Not surprisingly, government employees received the lowest raises, just over 2.8%.

The future for salary increases may be grim. Most jobs through 2005 will be replacement spots for those who have retired, been promoted or switched careers. And salary increases will remain low until the economy gathers speed.

The BLACK ENTERPRISE Salary Survey examines 15 industries and their salary ranges for selected positions. Compare and contrast your salary, make your decisions and tread carefully.

ACCOUNTING

Companies use information provided by their accounting departments as an economic tool. A key example is environmental accounting: By analyzing the cost of government regulations, these number-crunchers command top dollars. Accounting jobs are projected to grow 34% through 2005. Blacks make up 7.6% of the industry.(*)
CHIEF FINANCIAL OFFICER $55,000-132,000
CONTROLLER $43,000-129,000


ENVIRONMENTAL
 ACCOUNTANT $30,000-125,000
TAX MANAGER $52,600-99,500
ACCOUNTANTS-INTERNAL $23,000-61,000


TRAINING:B.A.-Accounting, CPA certification; M.A./M.S./MBA in finance, economics or accounting. SOURCE: Robert Half International Inc.

COMMERCIAL BANKING

The expansion of commercial banking services will lead to more hires. Banks are always looking for good credit administrators and loan officers. Another growing area is providing employee trust and benefits packages for commercial clients. Officers experienced in fund management and the sale of complex financial products are also in demand. Blacks make up 11.2% of bank personnel. Projections show 28% growth for loan officers to 219,000 by 2000.
SR. V.P./HEAD OF LENDING $190,000-200,000
COMMERCIAL LENDER $39,000-77,000
INVESTMENT BANKER $50,000-68,000
LOAN REVIEW OFFICER $42,000-52,500


EMPLOYEE BENEFITS

TRUST OFFICER $32,000-42,000

TRAINING: B.S./B.A./MBA in accounting, economics or finance. SOURCE: Robert Half International Inc.

EDUCATION

While teaching remains an important but financially thankless profession, there are jobs for engineering and physical sciences teachers. College and university teachers' ranks may grow to 846,000 by 2005. African-Americans total 4.8% of collegiate teaching ranks. The rest of the teaching industry can expect 34% growth to 4.5 million. Blacks hold 346,494 (8.6%) of these positions.
DEAN-BUSINESS/MEDICINE $70,000/160,172
H.S. PRINCIPAL $59,106
COLLEGE/UNIV. PROFESSOR $56,200
ASSOCIATE PROFESSOR $41,800
TEACHER (15 + YEARS) $32,800
TEACHER (STARTING) $21,542


TRAINING: B.A./B.S. in education, teachers certification, Ph.D. SOURCE: 1992 Occupational Outlook Handbook; American Federation of Teachers.

ENGINEERING

If President Clinton's infrastructure repair plan is approved, engineers, especially civil engineers, will be in demand. Currently, there are 1.8 million engineers, and 2005 projections show a 32% growth rate to 2 million. Engineers can specialize in more than 25 fields, and most are in manufacturing industries. Blacks earned 3.1% of engineering degrees and make up 66,456 or 3.6% of all engineers. PROFESSIONAL ENGINEER:
 FORENSIC CERTIFICATION $92,000
 ENVIRONMENTAL CERTIFICATION $75,400
 PROFESSIONAL ENGINEER $60,600
 CIVIL (STRUCTURAL) $58,000
 NO REGISTRATION/CERTIFICATION $45,900


TRAINING: B.S./M.S./Ph.D. in engineering. SOURCE: National Society of Professional Engineers.

ENVIRONMENTAL

There are shortages of environmental professionals with degrees in biology, chemistry and health education. Environmental health is hot, and toxicologists, whose findings shape government regulations, are its stars. Biological scientists will grow 34% by 2005 to about 83,000. Blacks make up 5.2% of the profession.
BIOLOGICAL SCIENTIST $17,000-70,000
CHEMIST $20,200-50,000
TOXICOLOGIST $25,000-70,000
CONSERVATION SCIENTIST $21,023-53,090
ENVIRONMENTAL ENGINEER $24,000-50,000


TRAINING: B.A./B.S. in biology, chemistry, engineering, health education and statistics. Master's degrees are a plus. SOURCE: National Environmental Health Association; 1992 Occupational Outlook Handbook.

FINANCE

The finance industry projects it will create 114,000 new jobs by 2005, This includes a 28% increase in financial managers; blacks make up 4% (19,240). Of the total 618,000 finance industry employees, 5.7% are black.
INSTITUTIONAL BROKER $238,829
RETAIL BROKER $98,401
CERTIFIED FINANCIAL PLANNER $76,000
RESEARCH ANALYST $42,936-110,837
BLOCK TRADER $38,088- 85,473
INVESTMENT PROFESSIONAL $20,000-100,000+


TRAINING: B.A./B.S. in accounting or finance; CFP-Certified Financial Planner license, CPA-Certified Public Accountant license. SOURCE: Robert Half International Inc.; National Association of Securities Professionals.

INSURANCE

Insurance companies assume billions of dollars in risks annually. The underwriters who decide whether to issue policies have enormous responsibility. The industry anticipates 24% job growth for underwriters and 34% for actuaries. Blacks hold 7.2% of underwriting spots and 8.1% of insurance positions.
MANAGING ACTUARY $66,264-102,731
MANAGER, AUDITING $50,771-78,615
SENIOR GROUP UNDERWRITER $32,548-49,705
AUDITOR $27,727-42,188
ACTUARIAL STUDENT $27,040-40,611


TRAINING: Preferably a B.A. in accounting, actuarial studies, finance, economics. Those with proficient mathematical, statistical or accounting backgrounds may transfer to entry-level positions. SOURCE: Life Office Management Association, LOMA 1991 Managerial, Professional and Technical, Compensation Survey.

JOURNALISM/MEDIA

The hours are grueling and the industry is shrinking, but there are opportunities. Experts project there will be 303,000 editor and reporter positions by 2005. Currently, there are 279,000 editors and reporters; 12,834 or 4.6% are black. Radio and television announcer ranks will increase 26% to 71,000.
EDITOR IN CHIEF $35,258-100,269
EDITOR $28,033-68,572
MANAGING EDITOR $26,892-57,988
ART DIRECTOR $28,292-60,440
SENIOR EDITOR $28,870-60,322


TRAINING: Many journalists have a B.A. in journalism. But specialization in a subject while studying journalism may help you get a job. SOURCE: Folio Magazine.

LAW

Legal professionals should expect enormous competition into the 21st century, but strong business growth should fuel demand. Judgeships are projected to grow 33% by 2005. In 12 years, there will be 830,000 lawyers. Currently, there are 21,616 black lawyers and judges.
CHIEF LEGAL OFFICER $224,471
MANAGING ATTORNEY $128,095
HIGH-LEVEL SPECIALIST $104,207
ATTORNEY $73,492
LEGAL ADMINISTRATOR $56,435


TRAINING: Juris doctor (J.D.) or bachelor of law (LL.B); certification with American Bar Association or state. Advanced law degrees are for those who want to specialize or teach. SOURCE: 1992 Law Department Salary Survey, Altman Weil Pensa.

MANUFACTURING

In general the industry has stalled. But major companies are holding on, and Clinton vows to help the nation's 350,000 smaller manufacturing firms by allotting at least $50 million annually to technology extension centers. A loss of 1.9 million jobs is expected by 2005. Blacks hold 10.3% of the 20.4 million jobs.

CHIEF INFORMATION OFFICER $33,000-300,000

MANUFACTURING GROUP

MANAGER $61,000-129,000

MANUFACTURER'S
 REPRESENTATIVE $22,506-63,355
MANUFACTURING ENGINEER $33,804-94,632


TRAINING: B.S./M.S./MBA degrees and certificates in engineering, computer science and finance. SOURCE: 1992 Occupational Outlook Handbook, Smart Money magazine; National Society of Professional Engineers.

MEDICINE

Thanks to baby boomers, health services is one of the fastest-growing industries, projected to grow 81% by the next century. Physicians will increase 34% to 776,000 by 2005. Registered nurses will increase 53%, totaling 2,648,000 by 2005. Blacks make up 7.1% (121,552) of RNs, but only 3.2% (18,400) of all physicians are black.
ORTHOPEDIC SURGEON $237,120
ANESTHESIOLOGIST $184,620
PSYCHIATRIST $113,750
GENERAL PRACTITIONER $90,910
STAFF REGISTERED NURSE $33,530


TRAINING: Medical Doctor (MD) certification, Registered Nurse certification. SOURCE: Medical Economics magazine, National Nursing Survey.

NONPROFIT/FUNDRAISING

Everyone has a cause to fund. Some causes have million-dollar budgets, while others are in the low thousands. Nonprofits are excellent places to acquire management skills, administrative savvy and the capacity to deal with deadlines. Compensation is not as generous as in the private sector. The payoff comes not only from the altruism of helping others but also from the benefits of acquiring corporate skills.
PLANNED-GIVING MANAGER $49,453
CHIEF EXECUTIVE OFFICER $42,000
CHIEF FINANCIAL OFFICER $38,318
DIRECTOR OF MARKETING $35,875
GRANT PROPOSAL-WRITING MANAGER $30,000


TRAINING: B.A./B.S./M.A./M.S./MBA/Ph.D. SOURCE: The Society For Nonprofit Organizations.

PUBLIC RELATIONS

Image is everything. And worth every cent. Public relations personnel create, develop and promote business image. Public relations positions in large companies pay the most; however, the top salaries are in investor relations, international work and environmental affairs. Blacks account for 8.3% of the 173,000 public relations specialists.
SR. V.P./EXECUTIVE V.P. $63,717-77,503
SUPERVISOR $46,380-58,040
PUBLIC RELATIONS SPECIALIST $15,000-52,000
ACCOUNT EXECUTIVE $28,132-35,724


ASSISTANT ACCOUNT

EXECUTIVE $18,230-22,060

TRAINING: Public relations is a case of potluck. B.A./B.S./M.S./M.A./MBA in almost any major coupled with strong communications skills is key. Journalism degree is a plus. SOURCE: Public Relations Society of America; 1992 Occupational Handbook.

RETAIL

Retail trade will add nearly 3 million jobs by 2005. Salaries are harder to predict. Retail sales and management salary depend on company size. Blacks account for 8.5% or 1.65 million retail trade workers and 601,400 (9.7%) of retail sales workers.
MERCHANDISE MANAGER $30,000-150,000
SALES MANAGEMENT-RETAIL $54,573
SENIOR LEVEL REP $53,000
ENTRY-LEVEL REP $30,000
WHOLESALE/RETAIL BUYER $13,500-46,700


TRAINING: B.A./B.S. in almost any specialty can get you in. Graduate-level retailing, marketing, management and psychology degrees aid advancement. SOURCE: The Dartnell Corp.; Administrative Management Society; National Retail Federation.

TECHNOLOGY

Understanding and working comfortably with a mouse, bits and bytes is a definite route to constant employment. Systems analysts and computer scientist positions will grow 87% by the next decade to 864,000 positions. Currently, blacks hold 39,150 of technology jobs.
ENTRY-SOFTWARE DEVELOPER $28,000-44,000
MARKETING REPRESENTATIVE $35,000-90,000
AEROSPACE ENGINEER $38,309-96,137
SYSTEMS ANALYST $40,000-50,500
SOFTWARE ENGINEER $40,000-68,000


PRINCIPAL SOFTWARE

ARCHITECT $67,000-105,000

TRAINING: B.A./B.S. in computer science, engineering marketing. SOURCE: Smart Money magazine, Robert Half International Inc.; National Society of Professional Engineers. (*) Statistics on job growth and black representation by industry were supplied by the Bureau of Labor Statistics.
COPYRIGHT 1993 Earl G. Graves Publishing Co., Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
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Author:Reynolds, Rhonda
Publication:Black Enterprise
Date:Feb 1, 1993
Words:1948
Previous Article:Is there life after unemployment? Yes - if you're willing to stay flexible, acquire new skills and take some risks.
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