The financial services industry has been roiled since the 2008 market crash and the bursting of the housing bubble. All is not bleak, however, for those who want to work in the sector. The Bureau of Labor Statistics looks at various occupations, and in the financial arena there's reason to optimistic.
The BLS said on its website that the analysis underlying these projections "uses currently available information to focus on long-term structural changes in the economy. The December 2007–June 2009 recession had a large impact on U.S. employment, with some industries more affected than others. In many industries, employment had not recovered to prerecessionary levels by 2010. This fact, coupled with the assumed return to full employment, caused the projections to assume faster growth rates and more numerous openings than might have been expected in many industries and their occupations had the recession not occurred."
Of the eight jobs the BLS groups together here, all are expected to see growth in the number of people employed from 2010 to 2020. The economy as a whole is expected to see job growth of 14% in that time frame.
Not all of the categories will see torrid growth. Hiring of insurance underwriters, for instance, will not keep pace with the general economy, though in financial services it's still a winner. And the BLS notes that competition for jobs will be tough, with more applicants than openings. On the other hand, four categories—including financial advisors—are projected to see increases above the job market as a whole.
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Here then are the eight fast-growing financial services jobs grouped by the BLS and ranked from slowest projected job growth to fastest:
8. Insurance Underwriters
Employment change 2010-20: 6%
Number of jobs in 2010: 101,800
2010 Annual Median Pay: $59,290
Education: Bachelor's degree
With natural disasters increasing steadily each year and an aging population that will drive growth in areas like health care and long-term care, companies will require employees to deal with the increased workload.
7. Financial Managers
Employment change 2010-20: 9%
Number of jobs in 2010: 527,100
2010 Annual Median Pay: $103,910
Education: Bachelor's degree
The growth rate in these jobs will be primarily of the self-employment type, which will see an uptick of 20%. In-house hiring by companies will also rise, but by only 3%.
6. Budget Analysts
Employment change 2010-20: 10%
Number of jobs in 2010: 62,100
2010 Annual Median Pay: $68,200
Education: Bachelor's degree
The expected growth in this job sector is linked to the growing complexity of the task. Budget analysts also wield much power in private companies and governmental agencies. In the end, executives and elected officials rely on these employees' analysis to make critical decisions.
5. Real Estate Brokers and Sales Agents
Employment change 2010-20: 11%
Number of jobs in 2010: 466,100 (367,500 sales agents)
2010 Annual Median Pay: $42,680
