Money, money, money – though these days it seems hard to come by, you might
just need to think like a contractor to find it.
In a tighter economy, more employers offer contract jobs to save on benefits
and other expenses involved in a full-time hire. But because they spend less
in other areas, they're usually willing to pay better hourly rates, which
means a higher
salary to contractors.
The information technology industry is known for relying heavily on
contractors and pays them particularly well. If that's not your field,
there's still a wide variety of jobs where contractors are paid
significantly better salaries than full-time employees. Online salary
database,
PayScale.com, ran the numbers on 10 common contract jobs to find out
just how much of a salary increase you could score by accepting one.
Median annual salary for a registered nurse: $72,400
Increase in pay compared to FTE: +24%
Degree requirements and/or typical degree: Associate's Degree, Nursing
It's no secret that nursing services are in high demand. In fact, the Bureau
of Labor and Statistics (BLS) projects an added 587,000 new positions
between 2006-2016, which is one of the highest out of all occupations. That
high rate of job growth puts potential contractors in a strong position for
salary bargaining. Put yourself in the driver's seat for salary
negotiations, and you could earn a hefty raise over full-time positions – a
24 percent salary increase on average.
Median annual salary for a physical therapist: $78,400
Increase in pay compared to FTE: +15%
Degree requirements and/or typical degree: Master's Degree, Physical Therapy
Physical therapy is another healthcare department that is expected to hire
much faster than average over the next 10 years. Medical advances that help
to save lives result in an increased demand for rehabilitative services.
Though it takes an investment of time and money to complete the master's
degree required for this field, the returns on that investment are great in
terms of employment potential and the ability to negotiate for a higher
salary in your contracting rate.
Median annual salary for a construction project manager: $76,400
Increase in pay compared to FTE: +12%
Degree requirements and/or typical degree Bachelor's Degree, Construction
Management
The construction industry has taken a deep hit in recent years, which has
slowed and often halted building projects. However, management still pays in
this industry, and as green works and recovery dollars continue to spur
growth, more work opportunities should follow. Though a degree isn't always
required to be a construction project manager, it is becoming more of the
norm, especially as competition stiffens for these contract positions. Plus,
the added education certainly helps when bargaining the terms of your
contract and salary.
Median annual salary for a graphic designer: $42,300
Increase in pay compared to FTE: +10%
Degree requirements and/or typical degree: Bachelor's Degree, Graphic Design
& Fine Arts
Tell mom and dad artists can make money. From package design to animation
and computer graphics, designers create visual communications for our
increasingly image- and video-hungry eyes. The BLS expects job growth to be
average, with much of the increase coming from the video and Internet
entertainment market. Keen competition is expected for these contracts, but
if you land one, you can expect to get a 10 percent higher salary than your
full-time counterpart.
Median annual salary for a business analyst: $75,300
Increase in pay compared to FTE: +7%
Degree requirements and/or typical degree: Bachelor's Degree, Computer
Information Systems & Computer Science
Business analysts are very commonly contract positions – 27 percent are
self-employed, which is three times the average for most professions. Job
growth for analysts is expected to continue to rise as companies work to
stay competitive in an increasingly complex business world. Competition,
however, is expected to be quite fierce since qualifications can vary
widely, which increases the pool of potential contractors. Plus, the high
earning potential is luring many into the fray for these lucrative
contracts.
Median annual salary for a software developer: $76,500
Increase in pay compared to FTE: +5%
Degree requirements and/or typical degree: Bachelor's Degree, Computer
Science & Computer Engineering
Internet technologies and electronic data-processing systems in business,
telecommunications and government fueled an expected job growth of 38
percent in this field between 2006-2016. That's an additional 324,000 new
contracts available to developers, which is much faster than average growth.
Employers look for candidates with strong practical experience usually in
addition to a bachelor's degree in a related field. The BLS notes that if
you can offer a good set of interpersonal and business skills, your chances
for scoring a contract will be greatest.
Median annual salary for a programmer analyst: $69,500
Increase in pay compared to FTE: +5%
Degree requirements and/or typical degree: Bachelor's Degree, Computer
Science
Yet another job in the IT field that is expected to grow – computer analyst
job growth is expected to be very good due to positions opening up as
workers move up into managerial positions or to other occupations. The best
candidates demonstrate practical knowledge and hold a 4-year degree in
computer science or a related field. However, the BLS also notes that
graduates in non-computer related fields who have taken courses in computer
programming, systems analysis, and other information technology subjects
should also be able to land a good contract.
Median annual salary for an IT project manager: $85,700
Increase in pay compared to FTE: +3%
Degree requirements and/or typical degree: Bachelor's Degree, Computer
Information Systems & Computer Science
IT project managers are the go-to person for all phases of their firm's
information technology projects. They create the requirements, budgets and
schedules to get the job done. Projects increasingly involve upgrades to the
information security of an organization. Job growth is expected to be faster
than the average and contractors with specialized technical knowledge and
strong communications skills have the best chance of negotiating a healthy
salary.
Median annual salary for an administrative assistant: $31,900
Increase in pay compared to FTE: +2%
Degree requirements and/or typical degree: Bachelor's Degree, Business
Management & Business Administration
Administrative assistants aren't the same paper pushers of times past –
they're increasingly taking on roles of information and communication
managers. Opportunities in this field are very good and job growth will be
average, but positions tend to open up as many administrative assistants
move into professional occupations. Applicants with bachelor's degrees will
be in greater demand for managerial assistants and complex tasks, which can
earn you a higher salary in your next contract position.
Median annual salary for a mechanical engineer: $70,400
Increase in pay compared to FTE: +2%
Degree requirements and/or typical degree: Bachelor's Degree, Mechanical
Engineering
Out of all the engineering fields, mechanical engineering is one of the
broadest engineering disciplines, working on projects from agriculture
production to robots used in manufacturing. Despite the wide range of
contract possibilities, mechanical engineering is expected to have a slower
than average job growth, increasing only by four percent. Emerging
technologies, such as biotechnology, materials science and nanotechnology,
offer the best opportunities for steady work and solid contracts.
*All salary information is from PayScale.com. It shows the median annual pay
for hourly workers with 5-8 years of experience. Job projections are from
the Bureau of Labor and Statistics and the Occupational Outlook Handbook.
