If you have an interest in medicine and the human body, and you enjoy working with your hands and experimenting, then you might consider pursuing a career in molecular biology or biotechnology.
In these professions, you’ll learn how to understand and manipulate DNA and other cellular components to design new drugs and other treatments that can better people’s lives or even save them from terminal illnesses.
However, there are numerous factors involved in your earnings potential in this field, including where you choose to work, what kind of degree you hold, how much experience you have, and whether or not you have any specialized skills or training.
Molecular Biology and Biotechnology Salary
Overview
The average molecular biology and biotechnology salary is $55,000 per year according to data from Payscale. If you want to earn more than that, consider getting your master’s degree. Overall, it’s not as high a paying field as you might expect (the highest-paid ten percent of molecular biologists and biotechnologists make less than $65,000 per year), but it can be very rewarding.
A molecular biologist or biotechnologist with a bachelor’s degree might start out at around $30,000-$35,000 per year; a master’s degree could net you an additional $5,000-$10,000 per year.
Of course, depending on what kind of work you do, where you live, and how many years of experience you have will also play a role in determining your molecular biology and biotechnology salary. For example, California has some of the highest salaries for molecular biologists, in particular, Los Angeles County, but these numbers are still below those for general physicians.
That said, jobs in California tend to pay higher wages across all industries compared to other states so these numbers may reflect a higher cost of living.
Most positions are available through biotech companies and pharmaceutical firms that perform research on new products, such as vaccines or cancer treatments, or conduct tests on new drugs being developed by these companies.
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Entry-Level Salaries
While biology majors, including molecular biology students, make a median annual salary of just over $46,000 straight out of college, it’s important to remember that salaries vary considerably by industry. For example, someone who majors in chemistry will earn a much higher starting salary than someone who majors in environmental studies.
A variety of factors influence starting salaries for new hires; chief among them is an employee’s field of study. According to Payscale, graduates with degrees in computer science or engineering can expect to start their careers earning at least $60,000 per year.
On average, those with degrees in biology can expect slightly lower salaries ($56,865), while graduates with liberal arts degrees are on track to make even less ($42,400). However, once you have a few years of experience under your belt (and hopefully some relevant job experience), you should be able to increase your earnings significantly.
According to PayScale data collected from individuals with 5-10 years of experience working as biologists or biotechnologists shows that these professionals typically earn between $61,500 and $73,700 per year—or about 27% more than their entry-level counterparts.
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Workplace Satisfaction
Is a high molecular biology and biotechnology salary worth it if you hate your job? Most people work because they have to, not because they want to. Only 57% of Americans said they like their jobs, according to a 2016 Gallup survey.
Despite making six figures annually, nearly one-third of workers are disengaged from their workplace, meaning they’re unhappy with their jobs, don’t like going to work each day, or would be looking for another job if they could find one.
If your day-to-day experience at work is less than ideal, it might make sense to consider changing careers or trying something new before adding more zeroes to your molecular biology and biotechnology salary.
Advice For The Aspiring Professionals
To make it as a biotechnologist, your potential earning power and opportunities for advancement are going to depend largely on which field you choose to specialize in.
Generally speaking, those who go into more niche areas like genomics or bioinformatics are going to earn a higher salary, but will also have fewer employment opportunities due to their smaller size.
On the other hand, if you’re open to pursuing a broader range of career paths, positions involving more applied research techniques may be right up your alley.
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Conclusion
It’s important to note that not all molecular biology and biotechnology salaries are created equal. As a field, it includes many different job titles with a wide range of responsibilities. For example, senior technicians make an average of $61,000 per year while entry-level technicians may earn closer to $50,000 per year or less.
In addition to position level and specific responsibilities, your salary also depends on where you work. If you’re just beginning your career in molecular biology and biotechnology, starting out at a company that offers excellent benefits packages may mean sacrificing some pay.
Of course, if you want to advance quickly (and climb up those salary rankings) it might be worth it in order to get one step ahead of other career seekers.