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June 10, 2014 at 10:16 AM
For those looking for a job opportunities in the financial services sector, the Bureau of Labor Statistics has data that can help you decide what type of job has the best prospects.
We last looked at the sector in 2012 when the BLS released 10-year forecasts for jobs based on 2010 data. This year, the agency updated its forecasts to reflect 2012 numbers.
About half the jobs in the category will keep pace with or outstrip the economy as a whole, which is expected to create about 11% more jobs from 2012 to 2022. One occupation, insurance underwriter, is forecast to contract.
But, and this might be suprising considering the economy is stronger now, the new BLS forecast is lower than its estimates from two years earlier. Only one even equaled the earlier prognostication.
(Related ThinkAdvisor story: Top 10 Best Jobs of the Future: 2014)
Here then are the financial services jobs grouped by the BLS and ranked from lowest projected job growth through 2022 to highest.
8. Insurance Underwriters
Employment change 2012-22: minus 6% (plus 6% forecast for 2010-20, from BLS’ 2010 prediction)
2012 Annual Median Pay: $62,870
Education: Bachelor’s degree
Number holding job: 106,300
The outlook has grown markedly worse for this occupation and the reason is laid at the feet of automation. Fans of “Mad Men” won’t be surprised that computers are gobbling up jobs.
7. Budget Analysts
Employment change 2012-22: 6% (10%)
2012 Annual Median Pay: $69,280
Education: Bachelor’s degree
Number holding job: 61,700
While budget analysts will be needed to provide their expertise to a complex task, government spending constraints will keep expansion is this occupation below that of the overall economy.
6. Financial Managers
Employment change 2012-22: 9% (9%)
2012 Annual Median Pay: $109,740
Education: Bachelor’s degree
Number holding job: 532,100
Although growth is expected, the competition will be stiff. Those with a Master’s degree might have an edge.
5. Insurance Sales Agents
Employment change 2012-22: 10% (22%)
2012 Annual Median Pay: $48,150
