Pay Chart: Are You Underpaid?

[REWahoo]

If you ever wondered why your parents really wanted you to be a doctor, this chart serves as a good explanation.

Redditor Dan Lin took data from the Bureau of Labor to create a color coded, (very) long chart that breaks down how much different industries pay.

The chart also provides interesting information on whether you’re being underpaid in your field–you know, just in case you needed some fodder for leaning in to your boss this week. Click to enlarge for a closer look:

This Chart Shows If You’re Being Underpaid - TIME

 

[inquisitive]

The writer doesn't understand opportunity cost, both economic and non-economic, hours worked, and several other things. When you control for these, the chart doesn't explain as much as the writer thinks it does.

 

[REWahoo]

The writer doesn't understand opportunity cost, both economic and non-economic, hours worked, and several other things. When you control for these, the chart doesn't explain as much as the writer thinks it does.

Yeahbut...if he took the time to include all those factors he'd probably move over closer to that 25th percentile triangle for Financial Journalists.

 

[NW-Bound]

The author only compiles the statistics from the Bureau of Labor. How do you blame him for these data points?

 

[inquisitive]

lol at ReWahoo's point

I didn't criticize the data points, I criticitzed his interpretation of the data points.

 

[robnplunder]

Oops, I am overpaid for what I am doing. I am in "executive" job for lack of better matching job category.

Well, it's better being overpaid than underpaid ...

 

[RockyMtn]

I was overpaid for a long time. Which is exactly why I don't work anymore. But hey...I didn't set the pay rate, the market set the pay rate and I happened to be a beneficiary of it.

 

[NW-Bound]

Oops, I am overpaid for what I am doing. I am in "executive" job for lack of better matching job category.

Well, it's better being overpaid than underpaid ...

Then, you must not be LBYM if you have not retired.

LBYM allowed me to ER even after working part-time for the last 10 years of my working life, with wife retired early and children in college. I could claim "executive" salary if I worked full-time, but I didn't. It would interfere with our travel schedule.

 

[dallas27]

I look at that and think, wow, did I do well for a guy with no degree. (or associated debt)

 

[stepford]

Thanks OP for making my day. Depending on which job title I use I range from substantially to ridiculously overpaid. Time to RE quick before I throw off the curve.

Seriously though, based on the compensation level and NW I've seen folks describe on this forum I think many here are way off to the high side of those charts. So either this forum samples a tiny ultrawealthy non-representative sample or, more likely, the methodology used to generate the chart fails to capture true compensation levels.

 

[photoguy]

I think the journalist is overpaid for putting up a huge unsearchable image.

And what the heck is a "mathematical technician"? Mathematicians are listed separately.

 

[6miths]

Was probably a bit underpaid as an academic but definitely felt overpaid while in private practice - this chart agrees with that assessment.

 

[Spanky]

I think the journalist is overpaid for putting up a huge unsearchable image.

And what the heck is a "mathematical technician"? Mathematicians are listed separately.

Load the image with Mircrosoft OneNote , which can make the image searchable.

 

[Spanky]

I am just a little bit over the 50 percentile - definitely not overpaid. I have forwarded the link to DD who is in college.

 

[Katsmeow]

Seriously though, based on the compensation level and NW I've seen folks describe on this forum I think many here are way off to the high side of those charts. So either this forum samples a tiny ultrawealthy non-representative sample or, more likely, the methodology used to generate the chart fails to capture true compensation levels.

Well this is taken from Bureau of labor statistics. I've read those before and they are pretty detailed. But, the thing to realize is that this is showing the median. I looked my profession (lawyer) and thought the median was really low. But, thinking about it, I realize that this wasn't just considered people like me at the end of my career. It was also including the people who just got out of law school (and, despite what most people thing, most people just out of law school don't make huge salaries). So, yes, I would imagine a lot of people here are at the higher part of various occupations because they have been in the field for a long time. So they aren't all that representative of the full range of people.

 

[LOL!]

I didn't see any surprises in the chart. As for MDs, there is a thread at bogleheads which discusses that all the years of training at relatively low wages and the high cost education are not necessarily overcome by the high wages. That is, some MDs are thinking they should have been computer scientists.

 

[imoldernu]

No complaints. Pay is what you agree to.
I even appreciate the $1/mo. that I receive for the 12 years I spent with part of my life on hold, in service to the US Army. I appreciate the experience, and my final promotion to Majority that came with my honorable discharge and transfer to the US Army Inactive Reserves.

Pay is not only money, but experience, and memories.

 

[panacea]

I'm in the 75th percentile... not a bad place to be. I forwarded the link to my kids. Our oldest is headed down the path of software engineering (age 17) and the other is trying to figure out what he wants to do (age 14).

 

[Spanky]

I'm in the 75th percentile... not a bad place to be. I forwarded the link to my kids. Our oldest is headed down the path of software engineering (age 17) and the other is trying to figure out what he wants to do (age 14).

I forwarded the link to my DD. She still wants to continue her path of computer science.

 

[W2R]

Gosh, I don't know if I am underpaid.

It didn't list the pay for a video game player and internet surfer who sleeps until late morning every day if she wants, and in fact does almost nothing that she doesn't want to do.

As for my pay when I was working, according to that list I was greatly underpaid, but then I knew that at the time. Benefits are a huge part of the compensation package for federal employees, so of course my salary was accordingly lower and that was fine with me. We all make our deals and then live with them.

 

[MichaelB]

Gosh, I don't know if I am underpaid.

It didn't list the pay for a video game player and internet surfer who sleeps until late morning every day if she wants, and in fact does almost nothing that she doesn't want to do.

Exactly! Not underpaid, not overpaid. Not paid at all, and by choice!

 

[NW-Bound]

This thread reminded me of the Salary Theorem, which states that "The less you know, the more money you make", which has been proven mathematically.

Here's the proof that I saw on the Web.

Fact #1: Knowledge is Power
Fact #2: Time is Money

We know that: Power = Work / Time
And since Knowledge = Power, and Time = Money,
it is therefore true that Knowledge = Work / Money

Solving for Money, we get: Money = Work / Knowledge

Thus, as Knowledge approaches zero, Money approaches infinity, regardless of the amount of Work done.​

 

[W2R]

Exactly! Not underpaid, not overpaid. Not paid at all, and by choice!

The IRS seems to think I have income, though (drat!). But still, I think retirement is the perfect job for me.