It sounds like an oxymoron: The fastest-growing industry in the fastest-declining economy since the Great Depression. But the downturn in finance, real estate and commodities belies growth elsewhere in the economy. Find out where the opportunity is in today's job market, and explore the training and education required for a high-demand career tomorrow.
Health care
The old faithful of industries, health care booms in good times and bad. As long as the human race continues to struggle with illness and disability, there will be demand for trained professionals. But the real driver of today's health care industry is an aging population: Baby boomers are entering retirement in droves, and demand for elderly services is sure to follow.
The Department of Labor predicts that 3 million new jobs will be added to the health care payroll between 2006 and 2016. This makes the medical profession -- including occupations ranging from home health care aides to physicians to pharmacists -- the No. 1 fastest-growing industry in the U.S., recession be damned. Seven of the 20 fastest-growing occupations are in health care. Look for opportunity in these jobs:
Medical records and health information technicians are well-positioned for success, given the $37 billion of federal economic stimulus money the Obama administration has set aside for the digitization of health records. Train for this career with an associate degree in medical records or health information technology.
Education
About one in four Americans is enrolled in school -- and that one student is not necessarily in K-12. Working adults are returning to the classroom in droves as the bar for career training rises. The education industry has expanded its scope to train the work force for a knowledge economy, improving standards at the K-12 level and adding new vocational, college and professional certification programs for mid-career adults.
The hottest careers in education reflect this shift toward creating a skilled work force capable of competing in a global job market. Look for jobs in curriculum development, testing and even corporate training. For example:
Instructional coordinators analyze and improve school curricula, implementing the latest research in teaching methods and educational psychology. A master's degree (M.Ed.) in curriculum development or a related education field is the first step to any instructional development career.
Scientific research: biotech, clean-energy and environmental engineering
President Obama has repeatedly hailed American ingenuity as the ticket out of the recession -- thus the federal funds earmarked for clean-energy and other scientific research. Look for growth in biotechnology, bioinformatics and pharmaceutical research in addition to environmental projects. The Department of Labor expects "significant job growth among computer specialists, scientists, and engineers -- particularly those in the life and medical sciences."
Scientific research careers may be more accessible than you think. Researchers typically hold a bachelor's degree or higher, but lab technicians may enter the field with an associate degree in science or applied science. From this entry-level position, lab techs may advance into lead research roles by completing a bachelor's degree online.
Environmental science and protection technicians research environmental conditions, such as air, soil and water pollution. This field is expected to grow more than 21 percent through 2016, with more than 80 percent of new jobs concentrated in environmental monitoring and regulatory compliance services.
Hospitality
The global economy is here to stay, and so is the hospitality industry that supports it. Business and recreational travelers support an array of accommodations, restaurants and catering services, transportation and entertainment jobs. The Department of Labor's pre-recession predictions forecast 14 percent growth in the hospitality sector, compared with 11 percent in all other industries combined. The economic downturn will have a temporary dampening effect on worldwide travel -- but given the interconnectedness of the world economy, the hospitality sector is sure to rebound quickly.
In the meantime, prepare for a career in hospitality with a bachelor's degree program in hotel, restaurant or hospitality management.
General hotel managers will fare the best in the job market, according to the Bureau of Labor Statistics, with the best opportunities in full-service chain hotels, casino hotels and luxury accommodations. For the best opportunities, distinguish your resume with a master's degree in business administration. Some online M.B.A. programs offer specialized degrees in hotel and tourism management.
Financial services
The least likely sector to appear on a list of fastest-growing industries, financial services boasts an enclave of booming opportunity: accounting and actuarial careers. Accounting already received a boost in the wake of Enron and other financial scandals, which led to the Sarbanes-Oxley Act of 2002. Seven years later, accountants and auditors can expect to enjoy another uptick in demand for their services, as federal oversight agencies tighten reporting standards. Meanwhile, actuaries will answer the call to provide more rigorous risk analysis.
A bachelor's degree offers the standard entry into an accounting or actuarial profession. Business administration and accounting degrees are standard requirements for accounting jobs, while actuaries enter the field with either the specialized actuarial science bachelor's degree or a statistics or corporate finance degree.
Actuaries, who use mathematical models to calculate and develop strategies for hedging risk, were already looking at 24 percent job growth before the recession hit. Given the events of 2008, their ranks could swell more than expected. In any case, actuarial skills will not go to waste in the new climate of caution and federal regulation.
With crisis comes change -- for better or worse. Today's economic slowdown in real estate and financial services is setting the stage for new growth in other fields: environmental science, clean energy, health care innovation, educational technology, regulatory services and more. Choose a forward-looking career training path, and you'll stand ready to answer the new economy's call to action.
Health care
The old faithful of industries, health care booms in good times and bad. As long as the human race continues to struggle with illness and disability, there will be demand for trained professionals. But the real driver of today's health care industry is an aging population: Baby boomers are entering retirement in droves, and demand for elderly services is sure to follow.
The Department of Labor predicts that 3 million new jobs will be added to the health care payroll between 2006 and 2016. This makes the medical profession -- including occupations ranging from home health care aides to physicians to pharmacists -- the No. 1 fastest-growing industry in the U.S., recession be damned. Seven of the 20 fastest-growing occupations are in health care. Look for opportunity in these jobs:
Medical records and health information technicians are well-positioned for success, given the $37 billion of federal economic stimulus money the Obama administration has set aside for the digitization of health records. Train for this career with an associate degree in medical records or health information technology.
Education
About one in four Americans is enrolled in school -- and that one student is not necessarily in K-12. Working adults are returning to the classroom in droves as the bar for career training rises. The education industry has expanded its scope to train the work force for a knowledge economy, improving standards at the K-12 level and adding new vocational, college and professional certification programs for mid-career adults.
The hottest careers in education reflect this shift toward creating a skilled work force capable of competing in a global job market. Look for jobs in curriculum development, testing and even corporate training. For example:
Instructional coordinators analyze and improve school curricula, implementing the latest research in teaching methods and educational psychology. A master's degree (M.Ed.) in curriculum development or a related education field is the first step to any instructional development career.
Scientific research: biotech, clean-energy and environmental engineering
President Obama has repeatedly hailed American ingenuity as the ticket out of the recession -- thus the federal funds earmarked for clean-energy and other scientific research. Look for growth in biotechnology, bioinformatics and pharmaceutical research in addition to environmental projects. The Department of Labor expects "significant job growth among computer specialists, scientists, and engineers -- particularly those in the life and medical sciences."
Scientific research careers may be more accessible than you think. Researchers typically hold a bachelor's degree or higher, but lab technicians may enter the field with an associate degree in science or applied science. From this entry-level position, lab techs may advance into lead research roles by completing a bachelor's degree online.
Environmental science and protection technicians research environmental conditions, such as air, soil and water pollution. This field is expected to grow more than 21 percent through 2016, with more than 80 percent of new jobs concentrated in environmental monitoring and regulatory compliance services.
Hospitality
The global economy is here to stay, and so is the hospitality industry that supports it. Business and recreational travelers support an array of accommodations, restaurants and catering services, transportation and entertainment jobs. The Department of Labor's pre-recession predictions forecast 14 percent growth in the hospitality sector, compared with 11 percent in all other industries combined. The economic downturn will have a temporary dampening effect on worldwide travel -- but given the interconnectedness of the world economy, the hospitality sector is sure to rebound quickly.
In the meantime, prepare for a career in hospitality with a bachelor's degree program in hotel, restaurant or hospitality management.
General hotel managers will fare the best in the job market, according to the Bureau of Labor Statistics, with the best opportunities in full-service chain hotels, casino hotels and luxury accommodations. For the best opportunities, distinguish your resume with a master's degree in business administration. Some online M.B.A. programs offer specialized degrees in hotel and tourism management.
Financial services
The least likely sector to appear on a list of fastest-growing industries, financial services boasts an enclave of booming opportunity: accounting and actuarial careers. Accounting already received a boost in the wake of Enron and other financial scandals, which led to the Sarbanes-Oxley Act of 2002. Seven years later, accountants and auditors can expect to enjoy another uptick in demand for their services, as federal oversight agencies tighten reporting standards. Meanwhile, actuaries will answer the call to provide more rigorous risk analysis.
A bachelor's degree offers the standard entry into an accounting or actuarial profession. Business administration and accounting degrees are standard requirements for accounting jobs, while actuaries enter the field with either the specialized actuarial science bachelor's degree or a statistics or corporate finance degree.
Actuaries, who use mathematical models to calculate and develop strategies for hedging risk, were already looking at 24 percent job growth before the recession hit. Given the events of 2008, their ranks could swell more than expected. In any case, actuarial skills will not go to waste in the new climate of caution and federal regulation.
With crisis comes change -- for better or worse. Today's economic slowdown in real estate and financial services is setting the stage for new growth in other fields: environmental science, clean energy, health care innovation, educational technology, regulatory services and more. Choose a forward-looking career training path, and you'll stand ready to answer the new economy's call to action.
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