Where the Hot Financial Jobs Are
Examiners and compliance officers are in demand.
In coming years, more jobs will go to those who can help them follow the rules.
Financial examiners and compliance officers are expected to be two of the nation's 30 fastest-growing occupations over the next 10 years, according to a Labor Department report released Thursday.
Two years ago, financial analysts -- the people at investment firms who pore over stocks and bonds -- were on that list. But one financial crisis later, their occupation has fallen out of the top 30.
Robert Johnson, senior managing director at the CFA Institute, a membership group for money managers and financial analysts, said the report is good news for the financial markets.
"The finance industry grew so rapidly that people were attracted for the wrong reasons," he said. "People were buying and selling assets they didn't understand."
If securities firms and other institutions increase their focus on compliance, "that's wonderful news for investors," he said.
Financial examiner jobs are projected to grow more than 40 percent from 2008 to 2018, the department's report said. Examiners are employed by banks such as JPMorgan Chase (JPM), insurance companies such as Allstate (ALL), and other firms, as well as by the government agencies that regulate them. They're charged with ensuring that the firms comply with the state and federal rules that govern their industries. The occupation will account for 38,000 jobs in 10 years, the department said.
Compliance officers perform similar work and are mostly employed by government regulators and financial firms. They are more numerous than examiners, and their jobs are forecast to jump 31 percent to a total of 341,000 by 2018, the department said.
Accountants and auditors are projected to add 279,000 jobs within 10 years, the department said, for a total of nearly 1.6 million.
All these professions "will benefit from an increasingly complex regulatory environment," the department said. Congress is considering wide-ranging legislation to tighten the rules governing Wall Street.
Every two years, the Labor Department projects how many jobs the economy will generate over the next decade and in what industries and occupations.
Many of the occupations the department expects to grow the fastest are concentrated in the health care industry. The aging US population is creating greater demand for nurses, home health aides, and physician assistants.
Home health aides are expected to jump by 50 percent and account for 1.4 million jobs by 2018, the department said. And physician assistants, who can provide less-costly care than doctors, are forecast to jump by 39 percent, to 104,000 jobs.
Information technology workers are expected to keep growing. Businesses are using more complex internal networks and strengthening their computer security, the department said. And mobile computing is growing more popular.
Providing health care for pets is also likely to be a growing field: The department said veterinarians and vet technicians should each increase by about a third.
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter