Top 5 Financial Careers This Year
While the media keeps reporting bad news about the overall job market, there’s reason to be optimistic in regards to the financial services field.
The United States Bureau of Labor Statistics expects to see a nearly 17% growth in the number of financial services jobs over the next decade. Nearly 1.2 million new finance jobs will be created due in part to increasing financial regulations and the need for oversight.
Five financial categories are projected to see above-average increases over the job market as a whole:
Financial Planners – Personal financial advisors give financial advice to clients, including investments, taxes, and insurance decisions. As the Baby Boomer generation ages and approaches retirement, they will seek planning advice from personal financial advisors, driving employment of personal financial advisors up 32 percent over the next decade. The median annual wage of personal financial advisors is approximately $65,000, according to the U.S. Bureau of Labor Statistics (BLS), with the lowest 10 percent earning less than $32,660, and the top 10 percent earning more than $166,400.
Actuaries – Actuaries analyze the financial costs of risk and uncertainty, using mathematics, statistics and financial theory to assess the risk that a particular event will occur, according to the BLS. There is always demand for risk analysts across all industries – actuary has made the top 10 for four years running. Also driving demand is the fact that most people who have an accounting background tend to pursue work as accountants. Employment growth in this profession is expected to jump 27 percent over the next decade, according to the BLS.
Management Analysts – Management analysts advise companies on how to make organizations more profitable through reduced costs and increased revenues. Demand for management analysts is expected to grow 22 percent over the next decade, as organizations seek ways to improve efficiency and control costs. Growth will be strong in smaller consulting companies that specialize in specific industries, as well as in the public sector, as government agencies seek to reduce spending and improve efficiency. The median annual wage of management analysts is more than $78,000, according to the BLS, with the lowest 10 percent earning less than $43,900, and the top 10 percent earning more than $138,790.
Financial Examiners – Financial examiners ensure compliance with laws governing financial institutions and transactions, including reviewing balance sheets, evaluating the risk level of loans, and assessing bank management. Due to increasing financial regulations, employment of financial examiners is projected to grow 27 percent over the next decade. The median annual wage of financial examiners is about $75,000, according to the BLS, with the lowest 10 percent earning less than $43,170, and the top 10 percent earning more than $134,820.
Cost Estimators – Cost estimators collect and analyze data to estimate the time, money, resources, and labor required for product manufacturing, construction projects, or services. Employment of cost estimators is expected to grow 36 percent over the next decade, as companies look for more accurate cost projections and products and services that are more cost-effective. Growth will be notably strong in the construction industry, especially the construction and repair of the national infrastructure, including roads, bridges, airports, and subway systems. The median annual wage of cost estimators is about $57,860, according to the BLS, with the lowest 10 percent earning less than $34,100, and the top 10 percent earning more than $95,620.