Finding A Recession-Proof Career Path
Job security may not be the first thing you think of when you're weighing your next career move but it's certainly a nice perk, especially in a job market like we have today.
The good news is that recession-proof careers do exist. From Kiplinger's Magazine, Erin Burt suggests these five industries for more job security:
Health care.
Many of the nation's fastest-growing careers are in the health-care industry, according to the Bureau of Labor Statistics. An increasingly aging population fuels demand in this field. And these careers should stay in demand for years to come. Some specific jobs with stable prospects include doctor, nurse, pharmacist, physical therapist and physician assistant.
Education.
Just as everyone will always need a doctor, the need for teachers isn't going away either. Teachers for any grade level who specialize in high-demand fields such as math, science or bilingual education should have an easier time finding and keeping a job. And the outlook for college instructors looks stable too. College enrollment is rising as the number of 18- to 24-year-olds increases. And more adults are returning to school to enhance career prospects.
Security.
Crime doesn't stop in a recession. That makes security jobs, such as police officers, detectives, private security guards and international security experts a good bet. Layoffs in this industry are rare, according to the BLS. In the off-chance law enforcement officers lose their jobs to budget cuts, they have little difficulty finding jobs with other agencies because demand is so high.
Environmental sciences.
The current "green" movement reaches far beyond changing your light bulbs to fluorescents. It's also translating into a solid career choice. The BLS expects environmental careers, including ecologists, hydrologists, environmental chemists and others, to grow 25% over the next decade -- much higher than the average for other occupations.
Government.
Some of the most stable jobs around are within the federal government, where firings and layoffs happen at just one-quarter the rate in the private sector, according to the BLS. One reason: Even in hard economic times when big businesses are forced to downsize, the government must carry on. And only one in every 5,000 nondefense workers is ever fired for poor performance each year, says the Cato Institute. Those are pretty nice odds. Due to an increasingly aging work force, the government is doing a lot of hiring lately, especially among the 20-something crowd. Uncle Sam hires workers across a broad range of fields from accounting to zoology.
By Marshall Loeb