Earn More Than a Full-Timer: 10 Hot Contract Jobs

by Siri Anderson, PayScale.com

Everyone wants a good salary. But today you might just need to think like a contractor to find it.

In an economic state like our current one, more employers offer contract jobs to save on benefits and other expenses involved in a full-time hire. But because they spend less in other areas, they're usually willing to pay better hourly rates to contractors.

The information technology industry is known for relying heavily on contractors and pays them particularly well. If that's not your field, there's still a wide variety of jobs where contractors are paid significantly better than a full-time employee (FTE). Online salary database PayScale.com ran the numbers on 10 common contracting jobs to find out just how much of a raise you could score by accepting one.

1. Registered Nurse
Median annual pay: $72,400
Increase in pay compared to FTE: +24%
Typical degree: Associate's Degree, Nursing

It's no secret that nursing services are in high demand. In fact, the Bureau of Labor and Statistics (BLS) projects an added 587,000 new positions between 2006-2016, which is one of the highest increases of all occupations. That high demand puts potential employees in a strong position for salary bargaining. Put yourself in the driver's seat for salary negotiations, and you could earn a hefty raise over full-time positions -- a 24 percent increase on average.

2. Physical Therapist
Median annual pay: $78,400
Increase in pay compared to FTE: +15%
Typical degree: Master's Degree, Physical Therapy

Physical therapy is another health-care department that is expected to hire much faster than average over the next 10 years. Medical advances that help to save lives result in an increased demand for rehabilitative services. Though it takes an investment of time and money to complete the master's degree required for this field, the returns on that investment are great in terms of employment potential and the ability to dicker for more dollars in your contracting rate.

3. Project Manager, Construction
Median annual pay: $76,400
Increase in pay compared to FTE: +12%
Typical degree: Bachelor's Degree, Construction Management

The construction industry has taken a deep hit over the last year and a half, which has slowed and often halted building projects. However, management still pays in this industry, and as green works and recovery dollars continue to spur growth, more work opportunities should follow. Though a degree isn't always required to be a construction project manager, it is becoming more of the norm, especially as competition stiffens for these positions. Plus, the added education certainly helps when bargaining the terms of your contract.

4. Graphic Designer
Median annual pay: $42,300
Increase in pay compared to FTE: +10%
Typical degree: Bachelor's Degree, Graphic Design & Fine Arts

Tell mom and dad artists can make money. From package design to animation and computer graphics, designers create visual communications for our increasingly image- and video-hungry eyes. The BLS expects job growth to be average, with much of the increase coming from the video and Internet entertainment market. Keen competition is expected for these contracts, but if you land one, you can expect to get about 10 percent more pay than your full-time counterpart.

5. Business Analyst
Median annual pay: $75,300
Increase in pay compared to FTE: +7%
Typical degree: Bachelor's Degree, Computer Information Systems & Computer Science

Business analysts are very commonly contract positions -- 27 percent are self-employed, which is three times the average for most professions. Demand for analysts is expected to rise to help companies stay competitive as the business world continues to increase in complexity. Competition, however, is expected to be quite fierce since qualifications can vary widely, which increases the pool of potential applicants. Plus, the high earning potential is luring many into the fray for these lucrative contracts.

6. Software Developer
Median annual pay: $76,500
Increase in pay compared to FTE: +5%
Typical degree: Bachelor's Degree, Computer Science & Computer Engineering

Internet technologies and electronic data-processing systems in business, telecommunications and government are fueling an expected 38 percent increase in this field. That's an additional 324,000 new jobs available to developers, which is much faster than average growth. Employers look for candidates with strong practical experience usually in addition to a bachelor's degree in a related field. The BLS notes that if you can offer a good set of interpersonal and business skills, your chances for scoring the position will be greatest.

7. Programmer Analyst
Median annual pay: $69,500
Increase in pay compared to FTE: +5%
Typical degree: Bachelor's Degree, Computer Science

Computer analyst job prospects are expected to be very good due to positions opening up as workers move into managerial positions or other occupations. The best candidates demonstrate practical knowledge and hold a four-year degree in computer science or a related field. However, the BLS also notes that graduates in non-computer related fields who have taken courses in computer programming, systems analysis, and other information technology subjects should also be able to land a good contract.

8. Project Manager, IT
Median annual pay: $85,700
Increase in pay compared to FTE: +3%
Typical degree: Bachelor's Degree, Computer Information Systems & Computer Science

IT project managers are the go-to people for all phases of a firm's information technology projects. They create the requirements, budgets, and schedules to get the job done. Projects increasingly involve upgrades to the information security of an organization. Job growth is expected to be faster than the average, and workers with specialized technical knowledge and strong communications skills have the best chance of negotiating a healthy pay rate.

9. Administrative Assistant
Median annual pay: $31,900
Increase in pay compared to FTE: +2%
Typical degree: Bachelor's Degree, Business Management & Business Administration

Administrative assistants aren't the same paper pushers of times past -- they're increasingly taking on roles of information and communication managers. Job opportunities in this field are very good. Growth will be average, but positions tend to open up as many admins move into professional occupations. Applicants with bachelor's degrees will be in greater demand for managerial assistants and complex tasks, which can earn you a fair bit more in your next contract position.

10. Mechanical Engineer
Median annual pay: $70,400
Increase in pay compared to FTE: +2%
Typical degree: Bachelor's Degree, Mechanical Engineering

Out of all the engineering fields, mechanical engineering is one of the broadest engineering disciplines, taking on projects from agriculture production to robots used in manufacturing. Despite the wide range of employment possibilities, mechanical engineering is expected to have a slower than average growth, increasing only by 4 percent. Emerging technologies, such as biotechnology, materials science, and nanotechnology offer the best opportunities for steady work and solid contracts.

*All salary information is from PayScale.com. It shows the median annual pay for hourly workers with 5-8 years of experience. Job projections are from the Bureau of Labor and Statistics and the Occupational Outlook Handbook.

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