[Mhiz Rebecca]

We know that in Nigeria, most students and parents
alike choose certain courses and career paths based on
how lucrative it is. At JarusHub, we understand this.
Based on this, we chronicle career paths we believe you
get into and live a comfortable life (Rich is subjective).
However, you’ll need to understand the trade-off
between earning more and having a life outside work.
Whatever the reason, you’ll need to understand that a
well-paid job comes with a price and that price is
normally your free time or the amount of stress that
you receive. That room full of money won’t be much
comfort if you return home at midnight every weekday
and only have time to cook Indomie or drink Garri. Also
remember that many of the highest-paying professions
will be in Lagos, Abuja and Port-Harcourt; which are
amongst the most expensive places to live in the land.
However, if you’re saving-savvy and know how to get
around on the cheap, you may be able to mitigate the
higher cost of living.
1. Investment Banking/Private Equity
Investment banking and private equity typically offer
one of the highest salaries out there at entry level and
are likely to provide a package of perks that could
include health insurance, certification fees, profit
sharing, children education fees, company cars and
various discounts. The trade-off is that long days in IB
and PE are the only days in your career and there is a
high level of competition for positions. You will work
hours that will make you arrive home late. Expect nerve
breaking deadlines on modelling of charts and intense
research that could keep you till midnight at the office.
Additionally, the lack of free time may shrink your
social circle to only include others working in the
industry.
Top Investment Banking and Private Equity
Corporations in Nigeria include: FBN Quest, Meristem
Securities, Africa Capital Alliance, Actis Capital, Carlye
Group, Abraaj Group, StanbicIBTC Capital, Cardinal
Stone, Chapel Hill Denham, Vetiva Capital Management,
etc.
2.Oil & Gas : The oil and gas industry offers one of the
highest monetary perks, packages, bonuses and
privileges in Nigeria. With salaries (before tax) starting
from N300, 000 to N1,000, 000 monthly. The pay
depends on the firm and the “stream” (up, mid or
downstream) it belongs to. This further increases if you
are posted to offshore operational sites. Although, the
industry within the past years has had a lull because of
low oil prices. However, things look to be changing as
the price increases gradually. Trade-off: Long hours
depending on the department, far away from family
and friends and limited time for extra-curricular
activities.
Top firms in the industry include: ExxonMobil, Royal
Dutch Shell, Oando, Addax, Halliburton, Saipem
Nigeria, Conoil, Forte Oil, Seplat etc.
3. Management Consulting/Auditing : The benefits:
Management consultants and accountants tend to
enjoy varied work and early responsibility alongside
abundant employee perks, bonuses, car loans and
accommodation allowance. However, workloads can
fluctuate during certain periods of the year, with
intense busyness and tight office schedules. Pay is
good and varies across firms. With entry level salaries
starting from N2.5 million annually depending on the
firm and niche of consulting. Expect very long hours
and travelling at the shortest interval.
Top Consulting firms include: McKinsey and Company,
PwC Nigeria, Accenture, Phillips Consulting, KPMG
Nigeria, Boston Consulting Group, Grant Thornton
Nigeria etc.
4. Medicine: The benefits: Guaranteed employment and
respect amongst the public. Medicine is a noble
profession. Doctors are well paid especially in federal
hospitals as a result of the Consolidated Medical Salary
Scale – CONMESS. With entry level salaries starting
from N195,000 – N220, 000 monthly. Earnings at
private hospitals differ depending on the workload,
state of residence, prestige of the hospitals etc.
Earnings are further increased when working with
multinational organisations such as UNICEF, WHO,
NGOs such as Médecins Sans Frontières and the Red
Cross. Certain medical fields pay higher, e.g. Radiology.
As you specialise further, invariably, the pay increases.
Yes, you might not be a(n) Dangote or Otedola as a
doctor. But expect to live comfortably, as you will be
able to afford life’s necessities at least. However,
expect calls during emergencies, which could majority
of the time come up at odd hours.
Top hospitals include: National Hospital Abuja,
Reddington Hospital, VI, Federal Teaching Hospitals,
LASUTH etc.
5. IT/Telecoms : The benefits: an IT career offers you
the chance to work with cutting edge technology and
to be part of an industry that is constantly changing.
You get to create things or be part of teams producing
new technologies. Entry level staff can get N110, 000 -
N200, 000 monthly depending on the company and
niche operated. The downside is that, particularly in IT
consulting, but also with companies with multiple sites,
you may have some long commutes around the
country and may be away from home during the week.
This might impact on your home and social life.
Top IT/Telecoms firms include: MainOne, Interswitch,
Google Nigeria, MTN Nigeria, Facebook Nigeria, IHS
Towers, Huawei Nigeria, Ericsson Nigeria, Globacom
etc.
6. Pharmaceuticals: The benefits: A career as a
pharmacist affords one with great opportunities. As a
pharmacist, salaries can start from N80, 000 – N200,
000 monthly. You can also delve into community
pharmacy or become a sales representative or a
manufacturing personnel for a pharmaceutical company
(the likes of GSK Nigeria, JUHEL, Emzor, M&B etc.).
Pharmacy, which is only offered by less than 20
accredited universities by the Pharmaceutical Society of
Nigeria. The country has less than 20, 000 registered
pharmacists, and this offers a less crowded and
lucrative industry to entrants. Compared to other high
paying fields, this offers less working hours and better
work-life balance. However, expect to travel more if you
work as a sales rep.
Top pharmaceutical firms: Emzor, GSK Nigeria,
HealthPlus, Swiss Pharma, Orange Drugs, Ranbaxy
Nigeria, May and Baker, Evans Medical etc.
7. Commercial Banking : Benefits: More predictable
working hours. Pay varies across firms and services
offered. Starting salaries for core staff after training can
range from N130, 000 – 250, 000 monthly across
various financial institutions. Generally, jobs in
commercial banking and allied financial services are
relatively stable positions with shorter working hours
than those in investment banking and private equity.
However, deadlines and meeting targets are rampant in
the industry, it provides more work-life balance than IB/
PE, with less pay.
Top commercial and finance related institutions: First
Bank Nigeria, GTB, Access Bank, UBA, etc.