Petroleum geologists earn high salaries.
Geologists study the earth and its physical aspects like dirt, rock and water. The Bureau of Labor Statistics explains that some geologists search for natural resources like metals and oil while others focus on protecting the natural environment. Geologists earn higher salaries as they gain experience. Those who focus on locating natural resources tend to earn higher salaries because of the immense economic impact of such discoveries.
Salaries by Years of Experience
The University of Tennessee's Department of Earth and Planetary Sciences summarizes average earnings for geologists based on years of experience. New geologists with up to two years of experience earn between $25,000 and $60,000 year year.
However, senior geologists with 10 to 14 years of experience enjoy much higher salaries, ranging from $60,000 to $90,000 per year. Senior geologists earn higher pay at each subsequent experience level. Those with 15 to 19 years in the field make between $70,000 and $100,000, while those with more than 20 years of experience make $80,000 to $120,000 per year.
Highest Paying Industry
Petroleum geologists earn much higher salaries than other geoscientists. The American Association of Petroleum Geologists (AAPG) published salary data in the organization's EXPLORER Magazine showing that even petroleum scientists with fewer than two years of experience earn between $70,000 and $99,800 per year, with an average salary of $87,600.
Senior petroleum geologists make considerably more money; those with 10 to 14 years of experience earn an average salary of $123,500. Those on the job for more than 25 years earn on average $186,800 a year, with some earning up to $600,000.
Pay in Other Industries
The BLS reports that geologists working in other fields earn much less than the $127,560 average salary earned by petroleum geologists. Those working in the federal executive branch earn $90,220 while those working in architectural and engineering fields earn only $66,770. Geologists offering consulting services ($62,070) and working in state government ($57,700) earn less than half the salary of petroleum geologists.
Job Prospects
The BLS predicts 18 percent job growth in the geosciences field between 2008 and 2018. In 2008, 41,700 Americans worked in the geosciences field. The bureau predicts that number to rise to 49,100 by 2018. The bureau notes that graduates with master's degrees will enjoy excellent opportunities, especially offering consulting services and working in the oil and gas industry. Many geologists are nearing retirement age, and available jobs may exceed the number of qualified applicants during the next decade.
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