An Architects Earning
If you are looking to enter a field that offers you ample creative freedom alongside a good income potential, choosing the architect’s line may be the perfect idea for you. According to the Bureau of Labor Statistics1, the median pay per annum in 2018 stood at $79,380 or in terms of an hourly charge, at $38.16. Employment growth projections showed that an 8% percent improvement in job opportunities might be expected from 2018 to 2028. However, the BLS also cautions that there is likely to be heavy competition within this segment, with many students qualifying in this field and entering the market. Will competition affect your earning potential as an employee or as a business owner of an architect startup?? Yes, it definitely can. But is there something you can do to enhance your earning potential?? Again, yes, and this is the good news.
So how can you ensure your earnings are higher than the industry average?? Take a look at a few factors that impact this aspect.
Where do you work?
The earning potential for architects varies from place to place. In some states, you may not be able to quote a high price for even a specialized service because the market is just not accustomed to the pricing. In others, you can easily show your clients why the price is justified. According to the BLS report, the top three high paying states in the U.S. are New York, Massachusetts, and the District of Columbia. You have a better chance of earning higher if you start your architect's career in these states or set up your business in one of them.
What are your credentials?
Experienced architects get paid more than newcomers, understandably enough. However, even as a newcomer, you may be able to command a better figure if you have impressive credentials to back you up. Minimum qualification is a bachelor's degree in architecture and an Architect Registration Exam, but a Master's degree in architecture along with NCARB certification plus the repute of the college that you graduated from making a big difference to how much you can make in this field.
What do you specialize in?
Identify the demand and hone your skills in that particular area to ensure you have a steady stream of projects that pay you well. For example, hospital design and construction is one area where there is a great demand for architects and also a willingness to pay an attractive sum for truly skilled professionals. Specializing in green design is another smart move if you wish to enhance your earning potential.
Advice for the entrepreneur -Architect firm
If you are thinking of setting up your own architect’s firm instead of seeking employment with an existing firm, then make sure you pay enough attention to covering your business risks thoroughly. Often, start up owners overlook the critical importance of professional liability insurance and general liability insurance. Professional liability insurance or Errors and Omissions protects your business against the financial impact of client-initiated lawsuits arising from dissatisfaction with the service you provided. If you are facing a lawsuit for negligence in rendering service, delay in services, faulty service or any other claim that the client says led to damages for them, you can defend your reputation in court without fear of draining your finances, thanks to this insurance. Court proceedings, attorney fees, and damages can add up to a huge amount, and your business can be severely hurt without this insurance to absorb the impact. Check this website to learn more about insurance for architects.
- Occupational Outlook Handbook, Last updated: 2018, Avl at: https://www.bls.gov/ooh/architecture-and-engineering/architects.htm
1) Study.com, 2019, How Much Does an Architect Get Paid?, Last updated: Sep 10, 2019, Avl at: https://study.com/how_much_does_an_architect_get_paid.html
2) Brandon Hubbard, 2018, How Much Does An Architect Earn?, Last upadted: March 15, 2018, Avl at: https://www.thearchitectsguide.com/blog/how-much-does-an-architect-earn
3) Terri Williams, 2019, Where Do Architects Earn the Most Money?, Last updated: Nov 7, 2019, Avl at: https://www.investopedia.com/articles/professionals/102615/where-do-architects-earn-most-money.asp