Fastest growing careers in Banking and Finance
Despite recent turmoil, these industries are expected to see significant growth in the coming years.
With all the upheaval in the financial world during the last few years, job seekers might wonder about their chances of finding work in banking or finance. Despite the recent turmoil, some sectors within these industries are likely to experience significant growth, according to the U.S. Department of Labor's Bureau of Labor Statistics.
All data projections are for the decade between 2010 and 2020, and come from the 2012-13 edition of the Occupational Outlook Handbook, published by the BLS. Bear in mind that employment across all industries is expected to rise by 10.6 percent during the projections decade, so growth rates above that are considered faster than average.
Personal financial advisors
Projected growth: 32 percent
Jobs created: 66,400
The baby boom generation is entering retirement, meaning that millions of people are about to need competent advice about how to manage their investments and pensions. Fewer companies offer this service to departing workers, adding to the likelihood that financial advisors will be in high demand. And the BLS anticipates a growing number of very wealthy people who will need help overseeing their money, especially since finance and investing are becoming ever more complex and global.
All of this spells employment growth for personal financial advisors. But it's likely to be a crowded field, according to the BLS, since the earnings are potentially high and the requirements pretty low (usually a bachelor's degree in finance, business or a related subject).
Projected growth: 23 percent
Jobs created: 54,200
The recent economic meltdown unveiled some incredible complexities in the world of finance and investing (remember all those headlines about derivatives and mortgage-backed securities?). As professionals charged with delivering responsible investment advice to businesses, organizations and individuals, financial analysts are in growing demand -- needed to navigate the sea of ever-changing financial products and services, as well as all the new regulations issued in recent years. Keep in mind, though, that these jobs are highly paid (with a national average salary of $74,526, according to CBSalary.com) and therefore competition is likely to be very intense, the BLS notes.
Bill and account collectors
Projected growth: 14 percent
Jobs created: 57,200
The BLS expects that many bills -- especially for health care services -- will go unpaid in the next several years (an unfortunate consequence of a slowed economy and rising health care costs). That's bad news for debtors but good news for bill and account collectors, who are likely to see faster than average job growth over the projections decade. Outsourcing will likely offset the growth to a degree, but American workers will still experience good job prospects. As the BLS explains, "domestic workers tend to have greater success in negotiating with clients."
Bookkeeping, accounting and auditing clerks
Projected growth: 15 percent
Jobs created: 259,000
Retiring workers, economic expansion and stricter rules about financial reporting will lead to numerous new jobs for bookkeeping, accounting and auditing clerks. The growth rate is not particularly notable -- it's average compared to all occupations -- but these occupations are still worth mentioning because of the sheer number of jobs likely to be created: upwards of 200,000. That figure would likely be even higher if it weren't for automation and outsourcing, according to the BLS.