Architects are involved in all aspects of building right from design conceptualization to construction. While the profession combines both science and art or aesthetics of a building’s exterior and interior, architects are also responsible for ensuring the functional, safety, and legal standards are met.
As per the credentialing authority for architects, the National Council of Architectural Registration Boards (NCARB), the demand for architects is growing, and job growth is expected to be 7 percent by 2024.
If you are looking to pursue a career as an architect, one of the key aspects to consider relates to how much an architect earns. While the amount of money you can make as an architect is only limited by your commitment, hard work and creativity, another crucial aspect to consider is professional liability.
Why should you consider professional liability insurance?
Many aspiring architects may not be familiar with the fact that they are liable for mistakes that other people, such as contractors or engineers working on the project, can make. Clients can file a claim for negligence or malpractice if there are delays in construction, errors in cost estimation, or poor quality of work. At times, the expectations of the client can be mismatched with that of the actual outcome, particularly when the client does not have much experience in the particular type of construction project.
However, even when the client’s expectations are unrealistic, they can still file claims for negligence. Many other situations also can lead to professional liability claims such as unforeseen weather conditions or extreme weather.
Professional liability insurance covers the risks that arise from such situations and provides financial protection for the defense of expensive negligence lawsuits. Check this website to find out more about professional liability insurance for architects.
The average salary of architects in the U.S.
According to an online job search portal, ZipRecruiter.com, architects’ average salary was $6,783 a month as of July 2019. While the weekly salary was $1,586,, the hourly pay is $40 on average.
The annual salaries at the lowest percentile was $62,500, while the highest (75 th) percentile was $90,000, which means the average annual salary is $82,479.
Monthly salaries tend to range from a high of $11,708 to the low $3,000, while a majority of architects earn between $5,208 to $7,500 in the U.S.
However, slightly different figures were given by another job site, Indeed.com. The job site conducted a survey in July of 2019 which revealed the average annual architect salary to be $109,055. This computation of average salary was based on the anonymous salary submissions from 2,689 architect employees as well as from architect job ads posted on Indeed.com.
According to the Bureau of Labor Statistics in the U.S., the median salary for architects in the U.S. was $79,380 in 2018. While the lowest 10 percent made $48,020, the top 10 percent earned $138,120.
What factors influence architect salaries?
One of the factors that can influence how much architects earn is the location. According to a Forbes’ study, New York is where architects earn the highest salary at $109,520, followed by Massachusetts where the median pay is $103,920. In Texas, the average is $99,580 closely followed by Arizona and California at $95,220. Alaska, Alabama, West Virginia, New Hampshire and Minnesota are some of other states where architects earn between $88,000 to $93,390. In some states including Utah, Arkansas, Maine, Idaho and Colorado, the average annual salary hovers between $67,540 to $74,620.
Additionally, the amount of money architects earn also depends on a range of factors, such as education, industry, experience, and whether the architect is self-employed or associated with a firm and the size of the firm.
Architects work in firms of varying size. Larger, established firms generally pay a higher salary, while working with reputed firms help architects advance to a principal or partner position. Many architects prefer to set up their own practice and their earning potential can gradually increase along with experience.
Acquiring the necessary qualifications and experience is the first step towards earning higher pays.