Growing Industries with Growing Salaries!

Growing Industries with Growing Salaries!

Employee salaries are at a premium for cutting edge technical skills over general business training.

The province of Ontario, in fact all of Canada, is a world leader in the percentage of the general population that holds undergraduate credentials. This rate of university degree attainment, coupled with a young and diverse population, is a huge asset to the general economy. But this is only part of the story. Graduate degree attainment rates in Toronto are generally lower than in other growing and innovative North American cities. This is especially true in emerging fields where advanced skills and technical expertise command premium salaries.

This is a great example of an educational gap in a market, and it is where Northeastern has focused its attention in the Greater Toronto Area (GTA). We identified growing fields in a vibrant and innovative hub and looked for talent and educational gaps that we could fill with distinction. This has led us to introduce three graduate degrees at our Toronto campus: Information Assurance, Project Management, and Regulatory Affairs for Drugs, Biologics and Medical Devices.

Historically, the MBA has been the only graduate professional degree available to most working adults. Business schools have done an exceedingly good job at making sure their programs have been accessible, especially with various modalities that serve working professionals well. However, this has led to lower starting salaries for the credential in the workforce. According to neuvoo.ca, starting salaries for the MBA in Ontario are now listed at $44,000, with average salaries for the credential listed at $62,676.

In emerging fields such as cybersecurity, regulatory affairs for pharmaceuticals, and project management, the demand for highly qualified individuals is driving salaries higher. According the Hays 2017 Salary Guide, in regulatory affairs typical entry associates start between $55,000 and $65,000. Again, according to Hays, IT security jobs have a low salary of $70,000 to $80,000 and a typical salary range pushing the low six figures. In both cases, these salaries represent a substantial premium over the MBA standard.

Salaries for project managers vary depending on the field. For example, the Hays report lists salaries for project managers across several of its classifications, including construction management, IT services and property management. The news here is that entry-level positions in project management range from a low of $70,000 per year to a high of $140,000 per year. In a separate report the 2015 Project Management Institute Salary Study for Canada listed the median salary for project managers at $97,000.

The point is simple. Historically, the MBA was a degree that symbolized the gateway to professional advancement and a premium income. This is no longer the case. The workplace has grown increasingly more complex, more technical and more sophisticated, and employers are looking for individuals with very precise skills – and they are willing to pay a premium for these skills.

The employment picture is considerably healthier today than it was just a few short years ago, yet unemployment continues to be a concern. However, in a strange parallel universe, in some innovative sectors of the market, talent shortages are the worry. The demand for qualified talent is high and the corresponding salaries reflect this demand. At Northeastern University – Toronto, we seek to lean into these gaps and work with students and employers to keep the economy growing.

John G. LaBrie, Principal

Northeastern University Toronto

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