Data backed up that impression: The Bureau of Labor Statistics' 2008-09 Occupational Outlook Handbook reported an expected 37 percent increase between 2006 and 2016 for financial analyst and personal financial advisor jobs, with personal financial advisors projected to be among the 10 fastest growing occupations. Accounting and auditing jobs also appeared strong, with a projected 10-year growth of 18 percent.
But with the fall of major investment banks, the credit squeeze, and the overall stock market turmoil, should students and career-changers steer clear of jobs in finance and accounting?
Those in the financial trenches say hiring is limited and the financial industry job market unstable. When The National Association of Colleges and Employers surveyed employers this past August and October, results showed that hiring projections for accounting and finance jobs went down 6.2 percent in the short time between surveys.
The Spill-Over
Meg Flournoy, associate director of The Duke MBA Career Management Center, says there are few opportunities right now for MBA students seeking sales and trading jobs. In investment banking, she hasn't seen any hiring of second-year students in full-time roles.
Northeastern University students are certainly reconsidering careers in the investment industry, says Lynne Sarikas, director of the MBA Career Center. While some jobs exist, competition will be fierce.
The Upside
Employers taking a longer time to hire is a trend noticed by Sarikas and Kathy Gans, senior vice president of Ajilon Finance, a national accounting and finance recruitment and career advisement firm. Yet Gans doesn't see the future as bleak. The 2009 Salary Guide released in late October by Ajilon found that, despite the economic downturn, salaries for finance and accounting professionals are expected to remain strong next year.
According to the Occupational Outlook Handbook, as of May 2006 the median annual wage and salary earnings was $66,590 for financial analysts, $66,120 for financial advisors, and $54,630 for accountants and auditors.
While Gans acknowledges that the economic turmoil puts more pressure on companies and the accounting profession overall, companies can't focus on increasing efficiencies and reducing costs "without the strategic counsel and support of their accounting and finance team," she says.
Another reason Gans is bullish on the profession: its aging workforce. By year 2020, close to 75 percent of the profession will reach retirement age, according to the American Institute of Certified Public Accountants. So bring on the entry-level talent.
New hires need not fret. "Entering finance during 'down' times could prove to be advantageous in the long run for new hires," Flournoy explains. Less competition within a peer group at promotion time is a good thing, and added responsibilities could result in more experience.
Looking Ahead
So what areas of finance are worth looking at now?
According to a salary guide released in October by the global staffing firm Robert Half International, three in-demand fields for 2009 are staff and senior accountants, public accountants, and credit and collections specialists.
Sarikas and Flournoy say corporate finance is also attractive right now for MBA grads. Flournoy also knows of finance opportunities in private wealth management, plus jobs for interns in investment banking and limited jobs in equity research and sales and trading.
With so many Americans worried about the recent economic hits to their own savings, now may also be the time to consider a career in personal financial advising. Advisors, about one-third of whom are self-employed, help individuals plan for the future.
"There has never been a bigger need for good financial advice and guidance as now," says Jon L. Ten Haagen, a Huntington, N.Y.-based advisor.
Bob Goldman, who practices out of Sausalito, California, has found the financial crisis to be a "real business builder" for him.
And Howard A. Kramer, a financial advisor based in Plantation, Florida, points out that younger advisors have a great educational opportunity as they watch more experienced colleagues go through "these epic financial events." His outlook for the profession seems to apply to accounting and finance as a whole: "Short-term challenging, but long-term promising."
