Report: Salary Growth Linked to Education
Cary, N.C. and San Francisco — March 18
Global Knowledge, a provider of IT and business skills training, and TechRepublic, an online community for IT professionals, announced the results of a joint 2008 IT Skills and Salary Report that yielded more than 7,000 respondents. Among the key findings:
Modest Annual Salary Growth
This year’s average was up 3.25 percent from 2007 findings to $73,963. The number of participants that reported receiving a raise was also up from 68.7 percent to 80 percent.
Education and Training Impact Salary
The average salary for those with a four-year degree is $76,446, compared to $65,712 for a certificate or degree from a technical school. While four-year and graduate degrees offer a more diverse education, additional training and certification also have an impact on salary.
Training Required for Long-Term Success
While the demand for the IT professional is increasing, critical technical skills are constantly changing, so long-term success will require broader education and experience. According to our research, the three fastest-growing occupations are network systems and data communications analysts, computer systems analysts and computer software applications engineers.
Popularity and Salary for Business Certifications Grow
PMI’s Project Management Professional (PMP) and the IT Infrastructure Library (ITIL) were among the highest paying certifications.
Building Skills is a Training Motivator
An overwhelming majority of 65 percent indicated their major motivation for training was to build new skills and knowledge. The report also revealed an increase in the popularity of business skills, including project management.
Information Sector Projected to Grow
The Bureau of Labor Statistics recently estimated the information sector will be the fastest-growing sector of the economy for the next 10 years, reaching $1.7 trillion in 2016. Most of this projected growth is expected in telecommunications, software publishing and the Internet.
The joint Global Knowledge/TechRepublic salary survey was conducted via the Internet during a two-week period in 2007. With 7,193 respondents, the margin of error is less than +/- 0.12 percent at the 99 percent confidence interval.