Salary and Wages
Architecture is highly regarded and the salaries for the profession head into the upper echelons. In the US, the median annual wage for architects is approximately $77,900 a year. Senior architects typically have the highest salaries in the field, earning an average salary of over $130,000 a year. Architects in the top 90th percentile average an annual income of $150,000, while those in the bottom 10th percentile earn a much lower figure of $47,800 a year.
The salaries of architects vary widely depending on specialization and experience. The top paying states in the US are Washington, DC, followed by New York, and New Jersey. In many states, the average wage for architects is comparable to the median wage for all occupations. In those states, the difference is typically only a few thousand dollars per year.
Growth Outlook
The Bureau of Labor Statistics (BLS) estimates that employment of architects will grow 8 percent from 2014 to 2024, which is slightly slower than the national average. The expected growth in the profession will be largely due to population growth, urban development, and increasing environmental concerns.
Architects should find more job opportunities in the health care sector as the population continues to age. Additionally, the interest in sustainable design construction and “green” building is rising, which should help stimulate job growth for architects with experience in the fields.
Education and Licensing
Architects are highly trained professionals who typically hold a bachelor’s or master’s degree in architecture from an accredited program. Additionally, they must pass a licensing examination administered by the National Council of Architectural Registration Boards (NCARB).
With the passage of time and experience, some architects may become partners in well-established firms, allowing them to leverage their skill and creativity to make more money. For those wanting to start their own firms, entrepreneurship is a viable route to make a substantial income. To land jobs with notable clients and projects, a high degree of marketing and hustling is required to build an extensive portfolio in the competitive field of architecture.
Freelancing and Contracting
Freelancing and contracting are also an opportunity for architects to increase their earnings. By taking on short-term contracts and freelance work, architects can have the freedom to choose the types of projects they will work on, as well as the scale and schedule of the projects.
The major benefits of freelancing as an architect is that there is a greater potential to develop unique projects and customized solutions. This offers a higher level of job satisfaction and also allows architects to command higher fees and wages.
Client Management and Negotiations
It is important for architects to be skilled in client management and negotiations. By possessing these skills, architects can ensure that their projects and designs are properly communicated, planned and executed. Furthermore, architects who are effective negotiators can secure higher rates, as well as greater purchase terms for their materials.
Additionally, effective communication between architects and clients is essential for successful projects. An architect should be able to listen and understand the needs of the clients and then tailor their services accordingly to meet the client’s requirements.
Overseas Projects
Traveling abroad to work on a variety of projects can be financially lucrative for architects. These projects could involve anything from designing a low-cost housing unit to constructing a high-rise commercial building in a busy city. These projects can often be economically rewarding, due to the amount of responsibility placed on the architect.
In addition to traveling, architects can leverage their skills and experiences to land jobs abroad. This opens the door to great networking opportunities, as well as the potential to work on more complex projects. Ultimately, these opportunities can often be incredibly rewarding.
Changing Industry
Architecture is in a state of flux as new tools and technologies continue to be developed and embraced. In particular, the adoption of 3D printing and other digital technologies is revolutionizing the way architects design and build.
By learning these new tools and technologies, architects can better position themselves in the job market. They will also have the skills to work on cutting-edge projects that employ the latest technologies, further driving wages up.
Employment Benefits
Architects who are employed in design firms and corporations often enjoy several benefits, such as health insurance and retirement plans. These benefits can be incredibly valuable and can bump up the earnings of an architect.
In addition to the traditional benefits, architects can also gain expertise in a wide range of skills, such as project management, communication, problem-solving, and customer service. All these skills can help them earn more money and have wider career prospects.
Cost Per Project
The cost of a project for architects is typically determined by its scope and complexity, as well as the housing market in their area. For residential architecture, the costs typically range from $2,500 to $8,000 per project, while commercial projects could cost as much as $75,000.
In a competitive market, architecture firms may offer discounts to their clients to stay competitive. However, architects should be aware that discounts usually come at the expense of their own earnings. Thus it is important to negotiate the fair rate and scope of each project before starting.
Optional Services
Architects can increase their incomes by offering optional services to their clients, such as interior design, 3D modeling and drafting, furniture selection, and more. These services allow an architect to offer a range of services to their clients, as well as charge a premium for these services.
In addition to optional services, architects can also leverage their creativity and skills to develop exclusive products such as furniture and decor. This can open a new revenue stream for architects, as well as further demonstrate their expertise in their field.
Additional Service Areas
Architects can also diversify their income by providing additional services in related areas such as landscape design, urban planning, real estate development, and other fields.
By gaining skills and experiences in these related areas, architects can further increase their incomes. They may also find work in more specialized fields, such as health care architecture, hotel and resort design, and more.
Digital Platforms
Another way for architects to increase their earnings is to make use of digital platforms and tools. These platforms allow architects to showcase their portfolio and manage their projects. This can open the doors to bigger and more lucrative projects, as well as greater visibility and networking opportunities.
Online tools can also be used to market an architect’s services and skills, as well as to reach out to potential clients. Additionally, many digital platforms offer a range of services such as job postings, peer reviews, and project management, making them a useful tool for any architect.
