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When it comes to jobs in finance and securities, what's hot and what's not? Here's what the Bureau of Labor Statistics (BLS) predicts for your sector.
Finance
If you've got the right skills, the finance world is your oyster. Expertise in accounting and finance, a master's degree, strong computer skills and the ability to develop strategies and implement long-term financial plans will bolster your chances of career success.
The bad news: Mergers, acquisitions and corporate downsizing will continue to adversely affect jobs for financial managers, with job seekers outnumbering openings. But there's good news: Economic growth and the need for financial expertise will keep the profession growing at the same speed projected for all occupations through 2014, the BLS says.
Best employment bets over the next eight years include the securities and commodities industry, which will require more financial managers to handle increasingly complex financial transactions and manage investments. Financial managers are being hired throughout the industry to manage assets and investments, handle mergers and acquisitions, raise capital and assess global financial transactions. Risk managers, who assess risks for insurance and investment purposes, are particularly in demand.
Technology has reduced the time and staff needed to produce financial reports. As a result, corporate financial managers' roles over the next decade will be to forecast earnings, profits and costs, while generating ideas and creative ways to increase profitability. Financial managers familiar with the software to assist them in this role will be needed.
Securities and Commodities
Several trends bode well for the securities industry through 2014. As people's incomes climb, they increasingly seek advice from securities, commodities and financial-services sales agents.
Baby Boomers are in their peak savings years, and the government has created a number of tax-favorable retirement plans in response. As they reach retirement, Boomers will need the help of financial planners, especially as the number of self-managed retirement plans increases, the BLS says.
Factors that should help increase employment in the field 16 percent through 2014 include US consumers' growing interest in investing in global stocks and bonds and other sophisticated and complex products, such as options and futures, that brokers sell.
Limiting influences include lackluster stock market performance, Internet stock trading and high turnover among beginning sales agents, who are often unable to establish a sizeable clientele even in good times, the BLS says.
The BLS predicts that employment of financial-services sales agents in banks will increase as banks expand their product lines to compete directly with investment firms.