We collected the stats of the highest paying jobs in Canada by the amount of education required, and found that the median earnings of Master’s degree graduates, while high, were also compareable to (and sometimes less than) those of trades certificate graduates.
When we talk about “median earnings” we are referring to the figure in the middle of the data set. Some workers in these fields may make less, other may make more than the amounts provided.
Knowing how much money you could potentially make, and the amount of education required for a job, can help you make a decision on whether higher education is worth it for you. In some cases, your return on investment may be better if you go into the trades than if you pursue academia. That being said, the trades are not for everyone. It all depends on what you want out of your career, and how much time and money you are willing to spend on your education.
The following figures are sourced from the Job Bank website, an employment website operated by Employment and Social Development Canada. It provides an online database of job listings in Canada, as well as other employment services and information for recruiters and job seekers. All figures are from March, 2023.
In cases where there are two median incomes reported, it is due to differences in educational attainment.
1. Stationary Energy Sources Installer and Operator
Education: Diploma or trades certificate
Median Salary: $106,656 – $128,310
These workers include petroleum, gas and chemical process operators, construction millwrights and industrial mechanics, and heavy equipment operators (except crane).
Even without a full diploma, workers in the stationary energy sources field make a high salary. Power engineers and power systems operators may fall under this category.
2. Pharmacy, pharmaceutical sciences and administration
Education: Bachelor’s or Master’s degree
Median Salary: $103,059 – $109,645
Bachelor’s degree graduates in this field may become pharmacists, and other medical technologists and technicitans (except dental health).
Pharmacists may also have Master’s degrees. Other occupations in this field requiring higher education include chemical technologists and technicians, chemists, and health policy researchers, consultants and program officers.
3. Finance and financial management services
Education: Master’s
Median Salary: $106,578
Jobs in this field include financial and investment analysts, other financial officers, financial managers, and financial auditors and accountants among others.
4. Dentistry
Education: Bachelor’s, plus specialized training and licensing
Median Salary: $106,578
While dentistry may include dentists, more specialized occupations like oral and maxillofacial surgeons also fall under this category.
It takes a four-year degree plus additional studies in dentistry. Like other medical professions, the licensing of dentists falls under provincial jurisdiction. Each Canadian province may have varying requirements for dentists to practice.
5. Accounting
Education: Master’s
Median Salary: $102,610
The accounting field includes accountants and financial auditors. These professionals are typically concerned with administering accounting systems, preparing financial information for individuals and organizations, and conducting feild audits of businesses to ensure compliance with Canadian law.
6. Business and commerce and administrations
Education: Master’s
Median Salary: $100,022
Master’s degree graduates in this field include professional occupations in business management consulting, banking, credit and other investment managers, as well as financial and investment analysts.
7. Optometry
Education: Bachelor’s, plus specialized training and licensing
Median Salary: $99,748
Optometrists are medical professionals who specialize in eye health. In addition to a bachelor’s degree, optometrists must meet the requiremetns of and comply with provincial health authorities in order to practice.
8. Law, legal services and legal studies
Education: Master’s
Median Salary: $98,021
Lawyers and Quebec notaries make up the majority of professionals in this feild. Paralegals, social policy researchers, consultants, and program officers also fall under this category.
9. Heavy/Industrial Equipment Maintenance Technologies
Education: Trades certificate
Median Salary: $97,970
Heavy-duty equipment mechanics repair, troubleshoot, and maintain mobile heavy-duty equiment that may be used in construction and other such activities. Typically, these professionals are employed by companies which own and operate heavy equipment.
10. Other engineering fields
Education: Master’s
Median Salary: $97,008
Under Canada’s occupation classification system, “other” engineering fields include civil engineers, mechanical engineers, and eletrical engineers among others.