Pursuing a career in training can be financially rewarding.
Vocational training often leads to higher earnings than a university degree in certain sectors, as shown by a study from the Institute of the German Economy. This research reveals that some industries pay gross salaries exceeding 5000 euros. However, there's a scarcity of skilled workers, even in high-paying vocational professions, the study points out.
In line with this observation, the report highlights that trainees often earn more than university graduates in specific vocations. The study, published at the beginning of vocational training, lists the top 20 profitable job categories for individuals aged 20 to 39.
The study authors highlight the potential issue of a skill shortage. Despite the above-average wages, there's still a demand for skilled workers in areas like electrical engineering. The researchers from the business-oriented institute suggest that increasing wages alone isn't an adequate solution for the skill shortage, instead advocating for better promotion of vocational training and recruiting foreign skilled workers.
The analysis reveals that the most remunerated skilled workers are employed in technical research and development, commonly found in the automotive and pharmaceutical sectors. The median gross income for full-time employees in this field is 5670 euros. These skilled workers have completed various vocational trainings and are specialized, often working as test field mechanics.
Technical fields often high-paying
Workers in the aerospace industry, such as trained aircraft mechanics, rank second in the list. Their median income hovers around 5100 euros. Following behind are employees in the insurance and financial services sector, with a median salary of approximately 5000 euros.
Most of the highest-paying vocational training professions have a technical focus or belong to the construction industry. Over half of the top 20 lucrative professions fall under the metal and electrical sector. Across all job categories, the median salary for employees with completed vocational training was around 3500 euros in 2023.
The term "median" separates the examined values into two equal groups and is less prone to extreme individual salary values compared to the average. Therefore, the income of 50% of the employees is below the median, while the remaining 50% earns above. The average value does not account for extraordinary salary outliers.
The study, conducted by the Institute of German Economics Cologne, emphasizes the higher earnings potential in some vocational professions compared to university degrees. Interestingly, this institute's research also identifies the Institute of German Economics Cologne as one of the sources of this insightful information.
