Top 5 Industries Hiring Now
Find out which five industries are hiring the most college graduates.
Are you wondering which industries are hiring the most graduates?
New data indicates that accounting and engineering firms, among others, are leading the pack.
"Rounding out the current top five 'top employers' for 2010-11 bachelor's degree graduates were those in consulting services, retail/wholesale trade, and financial services," writes the National Association of Colleges and Employers (NACE) in its "Summer 2011 Salary Survey".
Here's how NACE's top five industries rank in terms of job offers to graduates from the class of 2011:
- Accounting Services
- Engineering Services
- Consulting Services
- Retail/Wholesale Trade
- Financial Services
Keep reading to learn more about careers in these hot industries and how you can prepare for them.
#1 Industry - Accounting Services
"Few professions appear to weather economic storms as well as the accounting industry," writes the Business First journal in a June 2011 article. Therefore it should come as little surprise that accounting services is NACE's number one industry when it comes to job offers for the class of 2011.
That good news is echoed by a June 2011 report by job site Indeed.com, which says that accounting job postings have increased 31 percent over the past 12 months.
Check out these career options in the accounting industry:
Think you know what an accountant does? Think again. "Forget the green eyeshades stereotype," writes the Associated Press in June 2011. "Accountants now do everything from audits and budgets to financial planning and analysis to advising companies as they create new products and services."
Accountant jobs are projected to rise 22 percent between 2008 and 2018, according to the Department of Labor.
Accountants typically have a bachelor's in accounting, according to the Department. More options include an MBA specializing in accounting or an accounting certificate.
Average earnings: $68,960*
Companies and organizations of all kinds, no matter what they do or sell, require budget analysts to help them balance their books and turn a profit.
Budget analyst career opportunities are projected to rise 15 percent between 2008 and 2018, according to the Department of Labor. That equals more than 10,000 new jobs for budget analysts.
A bachelor's degree is required and sometimes an MBA is preferred, according to the Department, which adds that many budget analysts take continuing education classes throughout their careers.
Average earnings: $70,660*
#2 Industry - Engineering Services
Not only did engineering come in second overall in terms of job offers to the class of 2011, but NACE's salary survey indicates that engineering degrees account for seven of the top 10 best paying majors.
In a June 2011 speech, President Obama said the nation needs to produce 10,000 more engineers each year to work at U.S. companies.
"These are the jobs that China and India are cranking out," the President said. "Those students are hungry because they understand if they get those skills they can find a good job, they can create companies, they can create businesses, create wealth."
Check out these career options in engineering:
An aging population and the health issues that go with that are creating a need for medical devices and equipment designed by biomedical engineers, according to the U.S. Department of Labor.
While overall engineering employment is expected to grow 11 percent between 2008 and 2018, new biomedical engineering jobs are projected to jump 72 percent, according to the Department of Labor. That makes biomedical engineering the fastest growing career in the U.S.
In addition to a bachelor's, many biomedical engineers need a graduate degree, according to the Department. This may include a master's of science or master's of engineering.
Average earnings: $84,780*
Population growth is causing a need to improve the country's infrastructure, according to the U.S. Department of Labor, which is creating a demand for civil engineers.
Civil engineers are expected to see employment growth of 24 percent between 2008 and 2018, according to the Department of Labor.
A bachelor's degree in civil engineering is required for most entry-level jobs, according to the Department.
Average earnings: $82,280*
#3 Industry - Consulting Services
Employment in the consulting services industry is expected to grow 83 percent between 2008 and 2018, according to the U.S. Department of Labor. That represents a gain of more than 800,000 jobs, which makes for the biggest projected jump among all industries tracked by the Department of Labor.
Check out these career opportunities in consulting:
Management consultant jobs are projected to grow 24 percent between 2008 and 2018, according to the U.S. Department of Labor.
Looking for some career flexibility? Approximately 26 percent of management consultants are self-employed, which is three times the average of other occupations, according to the Department of Labor.
For some entry-level consulting positions, a bachelor's degree is enough to get started, according to the Department of Labor, which adds that an MBA is often required as well.
Average earnings: $87,260*
Businesses who want to "go green" and shrink their carbon footprints are creating a new need for environmental green consultants, according to Los Angeles-based industry research firm IBISWorld.
The environmental consulting industry is projected to grow 9.4 percent per year to $30 billion by 2016, according to IBISWorld.
Consultants in this field generally have a bachelor's, and sometimes a master's degree, in environmental engineering or a related science field.
Average earnings: $79,000**
#4 Industry - Retail/Wholesale Trade
The wholesale (sales between businesses) and retail trade (sales between businesses and consumers) industry finished fourth overall in NACE's rankings for job offers for members of the class of 2011.
In encouraging news for the wholesale trade industry, the number of overall workers has risen every single month between May 2010 and May 2011, according to the U.S. Department of Labor.
Check out these career tracks in retail/wholesale trade:
Wholesale and retail buyers do not just purchase products, such as clothing or electronics, for resale. They also help determine what products their establishment should buy and sell.
While travel is still a big part of the job, the internet has helped change this profession and ultimately make it a more flexible career, according to the U.S. Department of Labor, since it helps buyers search for specific products from wherever they can get an internet connection.
Many big employers hired buyers with a bachelor's degree in an area like business administration and sometimes an MBA as well, according to the Department.
Average earnings: $56,300*
Supervisors of non-retail sales workers oversee a sales team who may be selling insurance, advertising, industrial products, internet services, or financial services.
In addition to helping your workers hit their goals, you may find yourself preparing budgets, making personnel decisions, devising incentive programs, and approving sales contracts.
While requirements can vary, most supervisors of non-retail sales workers have an associate's or bachelor's degree in an area like business or management, according to the Department.
Average earnings: $81,120*
#5 Industry - Financial Services
While the economic crisis isn't exactly old news yet, "the finance job market has largely stabilized, and may indeed be growing," according to a June 2011 report in PCWorldmagazine.
In fact, financial services and banking job postings have increased 24 percent since June 2010, according to a July 2011 analysis by career site Indeed.com.
Check out these growing finance careers:
In a 2011 Forbes column headlined "The Most Secure Job in the World," corporate headhunter Danny Sarch writes "one type of employee has always been in demand: The Financial Advisor."
Employment opportunities for personal financial advisors are projected to grow by 30 percent between 2008 and 2018, according to the U.S. Department of Labor.
A bachelor's or graduate degree is usually required for personal financial advisors, according to the Department, which adds that relevant subjects include accounting, finance, economics, business, and mathematics.
Average earnings: $91,220*
Financial analysts look at short-term and long-term investment strategies and share targeted advice with their clients, some of whom may be businesses or individuals and families.
Career opportunities for financial analysts are expected to grow 20 percent between 2008 and 2018, according to the U.S. Department of Labor.
At a minimum, most employers require a bachelor's degree in finance, business, accounting, statistics, or economics, according to the Department, and many prefer to hire those with an MBA that specializes in finance.
Average earnings: $86,040*
*Average earnings info comes from the U.S. Department of Labor using May 2010 data.
**Average earnings info courtesy of SimplyHired.com using July 2011 salary data.