Banner image courtesy of Thomas Park
The usual advice offered by business podcasts and LinkedIn often goes something like this: find the right degree, build a network, climb the corporate ladder, maybe start a side hustle.
But there’s another way to build wealth that is not so commonly mentioned: one that trades physical risk for strong compensation. This includes jobs like offshore oil work, commercial fishing, high-voltage electrical work, deep-sea welding, and maritime shipping. These jobs pay well, even extraordinarily well, but they ask you to do things most people would rather not.
Let’s look into this type of career paths and weigh their pros and cons.
The Financial Appeal
The stats show the financial appeal is real, and it’s usually money that draws people to these types of jobs. The latest ZipRecruiter data shows entry salaries start at around $54,000, while the average national salary is $96,884. According to Glassdoor, maritime workers make a median salary of $167,000 per year.
Commercial fishing can start with higher-than-average salaries and, like many other careers in this article, doesn’t require a college degree (or the associated debt). This makes it a popular career option during the cost-of-living crisis.
Another benefit of these careers is that many of the workers have half-a-year PTO, as the work depends on seasonal and market demand, especially in oil drilling. However, there’s a reason for this type of rare benefit: when they’re on the job, 12-hour shifts are the standard, with plenty of night shifts, exhausting and high-stress work, and often confined living spaces.
The Cost Nobody Mentions Up Front
The recruiting brochures might omit the health risks that come with this sort of work. The risk of serious injuries is high, including falls, broken bones, or exposure to chemicals. For example, maritime injury statistics for offshore workers show the fatality rate of commercial fishing is 93.0, far above the national average for all industries. Commercial diving has a rate of 158.9, while non-fatal injuries are also high.
Fractures are the most common injuries in the maritime industry, followed by lacerations. Burns, frostbites, and concussions are less frequent, but still occur. Illnesses are common in the seafood industry.
Long shifts, risk of chemical exposure on oil rigs, high injury risk, living in confined spaces, and being away from home and family all take a toll on employee health. Also, you get the added stress of knowing one mistake can cost you your health or your life, and working in conditions like that creates mental health pressures.
The Risk and the Reward
When you include the risks in the calculations, it becomes clear that some of the jobs don’t pay nearly enough to cover the potential injuries and stress. The work also includes knowing people who have been hurt and living with the awareness that it’s possible for you too, not to mention the potential of high medical bills, reduced work ability, or psychological trauma.
If your body breaks down due to the stress of the work, you need to know how your skills transfer to jobs on land. In any case, you need to have a plan B, such as a career change, a business of your own, or solid savings. This means treating the work as a temporary way to build wealth, not a permanent solution.
Finally, there’s the effect of work on your lifestyle. The rotation schedules can make you miss important life events, while the health effects can break down your body faster than most other careers. It also affects your relationship with friends or family, or your ability to enjoy hobbies.
However, this type of work has created comfort and security for many families, so it’s still worth considering if you’re willing to calculate, accept, and prepare for the risks.