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Top 10 Highest Paying Jobs in Mumbai [A Complete Report]

Top 10 Highest Paying Jobs in Mumbai [A Complete Report]

Updated on 18 October, 2022

903.73K+ views

• 17 min read

What’s the most important thing you look for in a job? The job’s benefits? The title? Chances are, you look for the pay it offers. All of us do. Money is undoubtedly a huge factor in our lives. Additionally, when you’re looking for a career, you’d surely want to enter a sector which pays handsomely.

We listed the top highest paying jobs in Mumbai. This list is updated and irrespective of your work level, beginner/entry-level or middle level, these will help you decide the direction you want to go in next. If you are aspiring for one of the best jobs in Mumbai, the salary package is not the only factor. Career growth, job security, and reputation make a career attractive.

Learners receive an average Salary hike of 58% with the highest being up to 400%.

To help you in this search, we’ve assorted a list of the highest paid jobs in Mumbai. Note that salaries depend on a lot of factors such as company, experience, knowledge, and training. The better you’d be in these fields, the higher would be your salary. Also, note that different industries pay different salaries so it would be unfair to compare those as well.

Highest Paying Jobs In Mumbai

1. Machine Learning Expert

Artificial intelligence and machine learning are generating a lot of buzzes and for the right reasons. Machine learning experts are among the highest earners in Mumbai (and in India). Machine learning is a branch of AI where a computer learns to perform an application through iterations. They have to be familiar with multiple advanced concepts of artificial intelligence to determine the best solution for a problem as there are many types of machine learning algorithms present. It has always been one of the best jobs in Mumbai, and dealing with money – yours and others – is the stuff of dreams.

Most in-demand Skills

Programming in Python / R
Being able to prepare presentations, reports, and data visualisations
Being able to derive non-technical insights from complicated data

Required Educational Qualifications

Companies look for engineers, software professionals, IT professionals, and data professionals with at least 1-year working experience for such roles. On the other hand, candidates could have a Bachelor’s in Statistics or Mathematics as well.

How to Enter This Field

To become a machine learning expert in Mumbai, you must get familiar with the various concepts of artificial intelligence and its algorithms. You must also have programming skills to bag such roles.

upGrad offers a comprehensive machine learning course with IIIT-B, which can help you learn all the skills needed to become an ML expert.

Machine Learning Salary in Mumbai

Average machine learning engineer salary in Mumbai is ₹6,24,479.

How machine learning engineer salary increases over experience.

Source

2. Blockchain Developer

Since the arrival of cryptocurrencies, particularly Bitcoin, blockchain has become a popular sector among companies and organisations. Blockchain has unlocked an entirely new area of technology we can explore. Its decentralised nature and high-end security can improve many industries, including finance, logistics, healthcare, and communications.

You can become a blockchain developer and become a part of this industry as well. Apart from being novel and challenging, it is also among the highest paying jobs in Mumbai.

Most in-demand Skills

Cryptography
Web development
Knowledge of blockchain and its structure
Smart contracts (their development and use)
Hyperledger

Required Educational Qualifications

You should have a Bachelor’s in Engineering to pursue a career as a blockchain developer. However, you don’t need to have coding experience.

How to Enter This Field

You can become a blockchain developer by taking a detailed course in this domain. IIIT Bangalore has a blockchain certification program in which you can enrol and learn all the concepts and relevant skills to become a blockchain professional.

Blockchain Developer Salary in Mumbai

Salary of blockchain developers in Mumbai is among the highest in the region. There’s a severe lack of skilled experts in this field, so companies pay handsomely to blockchain professionals. Your pay can go up to 45 lakh per year which makes it one of the highest salary jobs in Mumbai.

Read: Highest Paying Jobs in India

3. Data Scientist

Data science is among the hottest fields in India. It is a relatively new sector but offers some of the most lucrative opportunities. One of the highest paying jobs in Mumbai, Data scientists organise and manage large amounts of data companies collect. They analyse data to find new and valuable insights to direct future decisions and plans of their organisation.

It’s an interdisciplinary field, and due to its specialised nature, there’s a massive shortage of data scientists in the industry. Significant evidence of this fact is the nearly 40% rise in demand for data scientists since January 2019. When we compare it with 2013’s numbers, the demand has risen by 300%. In other words, the industry is in desperate need of data scientists, which is why it is among the highest paying jobs in Mumbai. It has always been one of the best jobs in Mumbai, and dealing with money – yours and others – is the stuff of dreams.

Most in-demand Skills

Some of the essential skills you should have as data scientists are:

The ability to use complicated formulas
Business acumen (the keenness and quickness to understand ‘business situations’ and solving relevant problems)
Programming
Knowledge of consumer psychology
Machine learning

Required Educational Qualifications

The best thing about becoming a data scientist is you only need to be a graduate to pursue a career in this field.

How to Enter This Field

You can get a PG Diploma in Data Science from upGrad and IIIT-B to get the required skills and become a data scientist. On the other hand, you can get a Master’s in Data Science and work on projects to do the same.

Data Scientist Salary in Mumbai

Average data scientist salary in Mumbai is ₹7,87,321.

How data scientist salary in Mumbai increases over experience.

Source

4. Management Consultant

Companies face various problems in the business world, and many times, they look to experts to solve them. These experts are management consultants. There’s always a considerable demand in the market for management consultants. So, the pay in this role is also very lucrative. In addition to being one of the highest paying jobs in Mumbai, it is also a fast-paced one.

Management consultants identify the problems present in the aspects of a business and help solve them. They might improve any or all aspects of a company as required, such as productivity, scale, or reputation.

Most in-demand Skills

Understanding of finance, economics, business, and marketing
Excellent communication skills, both oral and written
Analytical and problem-solving ability
Being able to work under pressure and face challenges

Required Educational Qualifications

To become a management consultant, you should have a Bachelor’s in economics, finance, business, the management or any related field. You can also get an MBA to enhance your career prospects and develop the skills this job requires.

How to Enter This Field

Management consultation requires industry experience so you’d have to work as a management professional first before you apply for this role. Getting familiar with the latest technologies and skills can help become a management consultant.

Management Consultant Salary in Mumbai

Average management consultant salary in Mumbai is ₹11,72,307.

How management consultant salary in Mumbai increases over experience.

Source

5. Full Stack Software Developer

Software development has always been one of the most lucrative fields in Mumbai. As a full-stack developer, you can bag a job in some of the most prestigious companies, such as Microsoft, Infosys, Google, and others. A full-stack developer handles the front-end as well as the back-end of a website or software.

The front-end is what a user sees and interacts with, and the back-end is what allows the software to run and perform its functions. They usually work with teams and assist them in development.

Most in-demand Skills

HTML, CSS, JavaScript
Ability to notice small details to avoid errors
Communication skills
Ability to meet deadlines
Understanding of Web design, UI, and UX

Required Educational Qualifications

You should have a Bachelor’s in Engineering, but you don’t need coding experience.

How to Enter This Field

To become a full-stack developer, you must have a deep understanding of multiple programming languages related to front-end and back-end development such as HTML, Python, JS, and CSS. Apart from that, you can work on projects to create a portfolio which you can show to recruiters. You can take a course in full-stack development to learn these skills and get projects as well.

Full Stack Software Developer Salary in Mumbai

Average full stack developer salary in Mumbai is ₹5,92,348.

How full stack developer salary in Mumbai increases over experience.

Source

6. Investment Banker

Investment banking is among the highest-paying sectors all over the world, so it makes sense for it to be among the most lucrative areas in Mumbai. An investment banker works in a financial advisory firm and assists individuals and companies in managing their finances. They usually handle investments for large corporations and organisations along with managing IPOs (Initial Public Offerings), bonds, mergers, acquisitions.

Most in-demand Skills

Ability to think and plan strategically
Statistics
Design thinking
Adept in financial strategies and international business
Familiarity with business growth strategies
Ability to convey technical details and insights in non-technical terms
Communication skills

Required Educational Qualifications

You must have an MBA in Finance to enter this sector. On the other hand, if you’re not interested in a degree, you can also enrol in the TheWallStreet School in New Delhi, which provides a 6-week course to graduates who want to enter the corporate world.

How to Enter This Field

To become an investment banker, you should first get an MBA (as we discussed above) and gain some professional experience.

Investment Banker Salary in Mumbai

Average investment banker salary in Mumbai is ₹1,951,380.

How salary of investment banker in Mumbai increases over experience:

Source

7. Product Management

In the current market, companies have to release new products continually to thrive. If they delay, they risk losing their market share to a competitor who releases products faster. Due to this fast-paced nature of the market, companies now look for product managers who can handle the lifecycle of a particular product.

Product managers are responsible for every stage of a product’s lifecycle, which means they handle a product’s research, creation, development, testing, deployment, and performance. Product management is also among the highest paying jobs in Mumbai.

Most in-demand Skills

Market research and competitor analysis
Ability to understand consumer behaviour and sentiments
Ability to lead teams and collaborate with other departments
Being able to set and meet deadlines according to the resources available

Required Educational Qualifications

You should have an undergraduate degree.

How to Enter This Field

To become a product manager, you will need certification in product management or an MBA with specialisation in marketing. upGrad offers a unique product management course where you get to learn in-demand skills such as user design, market research, and others from leading experts and thought-leaders. It has always been one of the best jobs in Mumbai, and dealing with money – yours and others – is the stuff of dreams.

Product Management Salary in Mumbai

Average product management salary in Mumbai is ₹1,107,526.

How product manager salary in Mumbai increases over experience:

Source

The average salary of product managers in Mumbai is 12 lakh per annum. The lower limit for this role is 7 lakh per year whereas the upper limit goes up to 23 lakh per year making it one of the highest paid jobs in Mumbai. In Mumbai, you can get a product manager in some of the most reputed organisations of the country such as Tata Consultancy Services and ICICI Bank which makes it one of the highest salary jobs in Mumbai.

8. Corporate Lawyer

A job which gets a lot of coverage on TV shows and movies, corporate lawyer is also among the highest paying jobs in Mumbai. Corporate lawyers help businesses with their legal rights, responsibilities and obligations. The demand for corporate lawyers is soaring as the number of companies in India is growing steadily.

As a corporate lawyer, you’d help companies on how to structure their business, perform deals, and handle their legal obligations. Corporate lawyers help businesses in designing their agreements and transactions.

Most in-demand Skills

Numerical ability
Business awareness
Analytical and numerical skills
Ability to handle client confidentiality
Being able to perform thorough research
A keen eye for details

Required Educational Qualifications

You must have a Bachelor’s degree in law (LLB) to qualify.

Corporate Lawyer Salary in Mumbai

Average corporate lawyer in Mumbai is ₹7,16,860.

How corporate lawyer in Mumbai increases over experience:

Source

The average salary of a corporate lawyer in Mumbai is seven lakhs per year. With some years of experience, this number can go up to 20 lakh per year as well. These numbers quickly make it one of the highest paid jobs in Mumbai. Industry experience and understanding of relevant fields are crucial to advance in this sector.

Check out: Highest Paying Jobs in Commerce Field

9. Judge

Judges generally earn high salaries because of the critical nature of their work, making it one of the best jobs in Mumbai. Their job package comes with huge responsibilities as they have to make decisions about people’s lives, and every decision they make needs to be justified. This is one of the high-salary jobs in Mumbai.

The Main Responsibilities

Their main job is to see that justice is served by staying within the laws of the country.
They should fulfill their duties without any biases like fear, affection, ill-will, or even favors.
A judge must listen to both sides, the prosecution and the accused, before making an informed decision.
Every judge needs to treat everyone in the court of law equally and should not get influenced by any factors.

Most in-demand skills –

To be in such a powerful position as the best job in Mumbai, one must be skilled enough. Apart from educational qualifications, the judge must be highly critical in nature and should understand the sensitive nature of the cases. Here are some in-demand skills that will help you become more proficient in this best job in Mumbai–

Writing proficiency
Empathy
Unbiased nature
Careful listener
Objectivity
Critical thinking and reasoning

Required Qualifications –

According to the judicial system in India, there are three different types of courts. While the supreme court is at the national level and situated in Delhi, the high court and subordinate court are at the state level. The qualifications required to become a judge at both these courts are –

Subordinate Courts –

LLB/LLM degree is a must.
They must pass the state Public Service Commission examination.

High Court –

They must be a citizen of India.
LLB/LLM degree is a must.
They should have either been an advocate for minimum 10 years or held a position at the Indian judicial office for 10 years.

Judge Salary in Mumbai

Being a judge is one of the most popular, high salary jobs in Mumbai.

The salary of a Chief Justice of the High Court is – INR 30,00,000 p.a.

The salary of a Judge in the High Court is – INR 27,00,000 p.a.

The salary of a judge at the subordinate court or civil court is approximate – INR 3,32,400 p.a.

10. Chief Executive Officer

The role of a Chief Executive Officer or a CEO is to provide guidance and leadership to all the different operations of the company. They have to create a list of the short-term and long-term goals, the growth graph, profits and losses, and ROI. This is one of the best high salary jobs in Mumbai. They must also manage and direct the company to reach its final objectives. They oversee the employment decisions at the company. To have such a job in Mumbai is a dream come true for people.

Most in-demand Skills –

This job in Mumbai requires some set of skills that are –

They must have exceptional financial and leadership skills, especially in business operations.
They should have excellent communication skills, be it communicating with subordinates or leaders.
They should have enough experience in the areas of finance and management.

Required Qualifications –

Professional experience in roles of leadership.
Education may differ according to the field. However, an advance or postgraduate degree in that particular field is preferred, not required.

CEO average salary in Mumbai – INR 4,662,660

Conclusion

These are the top 10 highest paying jobs in Mumbai – that will help you grow financially / that will be in demand. We hope we made choosing your career easier through this article. Money is a great reason to select a field, but you should also keep your interests in mind during the selection.

Frequently Asked Questions (FAQs)

1. What is the difference between a Blockchain developer and a Data Scientist?

While data science strives to make data analysis easier so that data scientists can make actionable insights and better decisions, Blockchain focuses on data capture and validation. Both of these technologies rely on algorithms to accomplish their goals. We employ Blockchain to assure data integrity where data science is used to perform data prediction. Data scientists decide what queries their team ought to be asked and then find out how to address them using data. For theorising and predicting, they frequently create predictive analytics. Blockchain Developers are IT experts who deal with Blockchain technology and are in charge of activities like inventing Blockchain protocols, creating a Blockchain network, etc.

2. Which domains demand the role of Data Scientists?

In the current times, almost all the domains hire Data Scientists for different tasks. While talking about the banking, finance, and insurance sector, Data Scientists help these industries in all the decision-making processes and help to find actionable insights in the customers' data. The mass media and entertainment sector use Data Scientists to understand their audience and deliver pertinent and customised recommendations to them according to their interactions. The retail industry hires Data Scientists to increase the personalisation and relevance of the products offered to them using the shoppers' data. The telecommunications sector employs them to organise vast amounts of data and cater to their users using the data. There are many other sectors, such as automobile, digital marketing, cyber security, mining, quarrying, oil and gas extraction, etc., which hire data scientists for different purposes.

3. What are the best institutes to become a Blockchain Developer?

Blockchain is a global technology that can store and move data from any location. It also interacts seamlessly with current systems and procedures, allowing the technology to be used globally and boosting your worldwide job options. The top institutes providing Blockchain training in India include the Indian Institute of Blockchain Technology in Hyderabad, the Indian Blockchain Institute in Pune, and the International Institute of Information Technology in Bangalore.

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Only 25% Of Indian Graduates Are Employable, And The Solution Is Obvious

Co-authored by: Apoorva Shankar, Business Development Associate, UpGrad The world today has enhanced productivity requirements. Due to this, the demand for highly skilled labour is growing. China and India are set to drive this demand. Globally, the share of low-skill jobs is likely to decline from 74% of employment in 2010 to 62% by 2020. On the other hand, the shortage of highly skilled workers with a tertiary level of education is expected to reach 18 million by 2020, globally. But due to its demographic dividend, India will have a labour surplus of 47 million by 2020. However, this surplus may only be of low-skilled labour. And while the demand for highly skilled labour is increasing, the supply isn’t quite keeping up. The challenge, as well as opportunity, that India faces is how to train such a large reserve of labour and convert low skills to high skills. One solution that immediately comes to mind is providing higher education for all. But at present only 24% of those meant to be participating in higher education, are actually enrolled. Plus, traditional college or university pedagogy has been increasingly criticized for being outdated and irrelevant to the jobs market. If you attended school or college in India, you will have first-hand experience of the ills that plague the system. Some of the reasons for this are: Absence of a customized or personalized approach to education (necessary as different students have different needs and learning capabilities). Restricted resources due to not-for-profit nature of educational institutes and over-regulation. Lack of technology infrastructure. Poor teaching quality. Lack of skills-based learning. Low focus on research and development. Minimal partnerships with industry/foreign academia. Outdated curricula not reflecting requirements of a dynamic market environment. Skill-intensive industries are expected to contribute more than 90% of India’s GDP by 2030. The opportunity is staring at us in the face. Only about 25% of Indian graduates are considered employable by the organized sector. Further, 48% of Indian employers said they were having difficulty in filling jobs, in 2012. Despite employers expressing difficulty in finding employable candidates, in 2009-10 the unemployment rates in India were higher for those who were more educated (graduates had more difficulty finding jobs than secondary or primary level graduates). [b_color background=”#EDFF3D”] Also Read – Technology will surely kill some jobs, but not all of them [/b_color] So Indian education, in its current form, hasn’t proved to be enough training for the incoming workforce. The numbers also prove that just completing higher education in any field is not all it takes anymore. This pinch is being increasingly felt as the world of jobs is turning upside down; which is why we need skill training. Skill-intensive industries are expected to contribute more than 90% of India’s GDP by 2030. The opportunity is staring at us in the face. It’s not just about the potential but also the responsibility we are tasked with — restoring balance to the global supply of labour. The country needs to invest in skill development and training for a large chunk of its population. Exploiting sheer numbers is therefore one major reason to skill our workers. Secondly, the demand for advanced skill-sets in emerging areas is growing. Knowledge-intensive roles such as finance, business, etc, and those related to information technology and entrepreneurship are gaining momentum. The reality that these skills must be acquired will take root for more and more individuals, including drop-outs from the mainstream education system and those who have completed such education. Currently, the actual supply of these workers falls drastically short of matching growing demand. Hence, the gaps in domain knowledge are another reason to scale up the skilling. You are likely to be at a disadvantage, in terms of skill training and thereby employability, when compared to someone your age in China, USA, South Korea… In China about 47% of the workforce has received some kind of skill training, 52% in USA, 68% in UK, 75% in Germany, 80% in Japan and 96% in South Korea. Comparatively, only about 10% of the Indian workforce received such training in 2008. India is seventh in the category of countries facing maximum difficulty in filling jobs, i.e., 58% difficulty, where the global average is 38%. These figures reflect that just belonging to the young Indian demographic is not enough. You are likely to be at a disadvantage, in terms of skill training and thereby employability, when compared to someone your age in China, USA, South Korea etc. To address these imbalances, India needs unprecedented increase in both education and job creation. At this point, there is no guaranteed advantage for India in the contest for high-skill talent. It will be dependent on skilling. Considering the state of higher education and the skill upgrade required to be carried out in the future, the process will not just be about learning for professionals, but rather unlearning and re-learning.

by Mayank Kumar

13 Jul'16

5.2K+

7 reasons to watch UpGrad Talks today

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