Great Industries for New Grads: Smart Job Picks Right Now
by Siri Anderson, PayScale.com
We all know that our economy's future is nebulous. So where should new graduates look for that perfect, well-paying job?
Though there's not much of a roadmap to the future right now, you can look at the trends of your fellow Generation Y members (those born between 1980-1998) who are thriving in the workforce. And those trends can reveal a lot about how and where to use your degree for the best returns.
In a data analysis performed by PayScale.com in May 2009, various industries were evaluated based on two main criteria: 1) Generation Y represents a higher percentage of workers in the industry than the national average, and 2) Gen Y workers earn more money than their counterparts in other industries.
Some industries named as great ones for long term growth by the Bureau of Labor Statistics (BLS) rank low on the list of smart choices for recent grads, most notably healthcare and education. Al Lee, director of statistical analysis at PayScale, explains that this is due to the many positions in the field still filled by older workers. Also, in both of these examples, pay rate is heavily dependent upon higher degrees and certifications, which recent grads haven't had time to get just yet.
For the many Gen Yers looking to get the biggest bang for their B.A. buck, Debra Condren, career coach and author of "Ambition Is Not a Dirty Word," throws an air of caution to the wind. She stipulates that if earning money is going to be a stepping stone to a job in the industry you want, such as saving up to pay for a master's degree in teaching, it's a valid reason to follow cash over passion.
For the most part, however, "Gen Yers should be looking for a job in an industry they have passion for. Doing meaningful, challenging work will eventually get you the money," says Condren.
Below is a list of industries and a score for how well they did in PayScale's study on smart choices for grads. A score above 1.0 is considered an above average choice right now for Gen Y, according to the study's criteria. In addition, listed with each industry is the best state for that industry, an example job position, and pay rate for workers with a bachelor's degree.
Securities, Commodity Contracts, Other Financial Investments (PayScale Score: 1.57)
Best State: New York; Financial Analyst, $60,707
Though the financial industry is still in a hairy situation, both PayScale and the BLS Occupational Outlook projections for this industry remain quite good. Even though there have been a lot of losses in the stock market, that won't stop the Baby Boomers from cashing in on what's left for their retirement. Competition within the industry for jobs is tough, no doubt, but if you're up for the challenge your personal returns could be great as the industry rebuilds.
National Security and International Affairs (PayScale Score: 1.37)
Best State: Massachusetts; Intelligence Analyst, $60,029
Though the BLS noted that employment in most government positions will decline over the next decade, job growth is in fact projected to grow within the Homeland Security Department -- which means strong prospects for jobs in National Security and International Affairs. In addition, BLS projects a high rate of replacement needs for retiring workers, translating to numerous openings for younger Gen Y workers to fill. The PayScale analysis found the security industry to be strong already, and prospects continue to brighten in the future.
Mining, Oil and Gas Extraction (PayScale Score: 1.35)
Best State: Utah; Mechanical Engineer, $62,749
Gen Y is currently doing very well in the oil and gas industry. Increases in wages and employment are likely over the next few years if raw material prices remain high. But beware, oil prices could drop and new technologies are on the horizon, pointing to an overall decrease in employment in the next ten years.
Internet Publishing and Broadcasting (PayScale Score: 1.33)
Best State: New York; Graphic Artist (Web), $44,229
From all the talk about Twitter, Facebook and other new media sources for news, it's no doubt this industry both caters to Gen Y's methods of gathering information and also offers promising job opportunities. It's the perfect place to show older generations how to spread news in the way of the future. Print publication will most likely decline, but online will surely expand.
Social Assistance (PayScale Score: 0.70)
Best "State": Washington, D.C.; Program Coordinator, Nonprofit Organization, $41,002
The social assistance industry is an umbrella term for a wide variety of careers from marriage and family counselors to preschool teachers to social workers. The need for social assistance is expected to increase, and job openings are almost a guarantee. However, it is not one for those Gen Y members looking to get rich, but instead, those who are looking for a job that pays in a more altruistic sense.
Administration of Human Resource Programs (PayScale Score: 0.65)
Best State: Oregon; Human Resource Manager, $53,376
Despite ranking low on PayScale's analysis of what's hot right now for Gen Y, the human resources industry should grow faster than average over the next 10 years, according to the BLS Occupational Outlook. College graduates who have earned a certification are most likely going to have the best luck, especially those who are interested in heading up job-specific training programs.
Nursing and Residential Care Facilities (PayScale Score: 0.53)
Best State: Maryland; Registered Nurse, $57,431
Though this industry ranked low on the list for Gen Y workers right now, if you look into the future, there is a lot to be excited about. The BLS states that the demand for health care is expected to increase, and currently the industry is still filled with many older workers. When they retire, that leaves openings for the younger generation. Pay may not be good at first, and specific certifications are often needed to make this a more financially lucrative field.
Sources: All salary data is from PayScale.com and is based on the median wage for a bachelor's level worker with 2-3 years of experience in the designated state. Employment projections are from the Bureau of Labor Statistics, Occupational Outlook Handbook 2008-2009.
by Siri Anderson, PayScale.com
We all know that our economy's future is nebulous. So where should new graduates look for that perfect, well-paying job?
Though there's not much of a roadmap to the future right now, you can look at the trends of your fellow Generation Y members (those born between 1980-1998) who are thriving in the workforce. And those trends can reveal a lot about how and where to use your degree for the best returns.
In a data analysis performed by PayScale.com in May 2009, various industries were evaluated based on two main criteria: 1) Generation Y represents a higher percentage of workers in the industry than the national average, and 2) Gen Y workers earn more money than their counterparts in other industries.
Some industries named as great ones for long term growth by the Bureau of Labor Statistics (BLS) rank low on the list of smart choices for recent grads, most notably healthcare and education. Al Lee, director of statistical analysis at PayScale, explains that this is due to the many positions in the field still filled by older workers. Also, in both of these examples, pay rate is heavily dependent upon higher degrees and certifications, which recent grads haven't had time to get just yet.
For the many Gen Yers looking to get the biggest bang for their B.A. buck, Debra Condren, career coach and author of "Ambition Is Not a Dirty Word," throws an air of caution to the wind. She stipulates that if earning money is going to be a stepping stone to a job in the industry you want, such as saving up to pay for a master's degree in teaching, it's a valid reason to follow cash over passion.
For the most part, however, "Gen Yers should be looking for a job in an industry they have passion for. Doing meaningful, challenging work will eventually get you the money," says Condren.
Below is a list of industries and a score for how well they did in PayScale's study on smart choices for grads. A score above 1.0 is considered an above average choice right now for Gen Y, according to the study's criteria. In addition, listed with each industry is the best state for that industry, an example job position, and pay rate for workers with a bachelor's degree.
Securities, Commodity Contracts, Other Financial Investments (PayScale Score: 1.57)
Best State: New York; Financial Analyst, $60,707
Though the financial industry is still in a hairy situation, both PayScale and the BLS Occupational Outlook projections for this industry remain quite good. Even though there have been a lot of losses in the stock market, that won't stop the Baby Boomers from cashing in on what's left for their retirement. Competition within the industry for jobs is tough, no doubt, but if you're up for the challenge your personal returns could be great as the industry rebuilds.
National Security and International Affairs (PayScale Score: 1.37)
Best State: Massachusetts; Intelligence Analyst, $60,029
Though the BLS noted that employment in most government positions will decline over the next decade, job growth is in fact projected to grow within the Homeland Security Department -- which means strong prospects for jobs in National Security and International Affairs. In addition, BLS projects a high rate of replacement needs for retiring workers, translating to numerous openings for younger Gen Y workers to fill. The PayScale analysis found the security industry to be strong already, and prospects continue to brighten in the future.
Mining, Oil and Gas Extraction (PayScale Score: 1.35)
Best State: Utah; Mechanical Engineer, $62,749
Gen Y is currently doing very well in the oil and gas industry. Increases in wages and employment are likely over the next few years if raw material prices remain high. But beware, oil prices could drop and new technologies are on the horizon, pointing to an overall decrease in employment in the next ten years.
Internet Publishing and Broadcasting (PayScale Score: 1.33)
Best State: New York; Graphic Artist (Web), $44,229
From all the talk about Twitter, Facebook and other new media sources for news, it's no doubt this industry both caters to Gen Y's methods of gathering information and also offers promising job opportunities. It's the perfect place to show older generations how to spread news in the way of the future. Print publication will most likely decline, but online will surely expand.
Social Assistance (PayScale Score: 0.70)
Best "State": Washington, D.C.; Program Coordinator, Nonprofit Organization, $41,002
The social assistance industry is an umbrella term for a wide variety of careers from marriage and family counselors to preschool teachers to social workers. The need for social assistance is expected to increase, and job openings are almost a guarantee. However, it is not one for those Gen Y members looking to get rich, but instead, those who are looking for a job that pays in a more altruistic sense.
Administration of Human Resource Programs (PayScale Score: 0.65)
Best State: Oregon; Human Resource Manager, $53,376
Despite ranking low on PayScale's analysis of what's hot right now for Gen Y, the human resources industry should grow faster than average over the next 10 years, according to the BLS Occupational Outlook. College graduates who have earned a certification are most likely going to have the best luck, especially those who are interested in heading up job-specific training programs.
Nursing and Residential Care Facilities (PayScale Score: 0.53)
Best State: Maryland; Registered Nurse, $57,431
Though this industry ranked low on the list for Gen Y workers right now, if you look into the future, there is a lot to be excited about. The BLS states that the demand for health care is expected to increase, and currently the industry is still filled with many older workers. When they retire, that leaves openings for the younger generation. Pay may not be good at first, and specific certifications are often needed to make this a more financially lucrative field.
Sources: All salary data is from PayScale.com and is based on the median wage for a bachelor's level worker with 2-3 years of experience in the designated state. Employment projections are from the Bureau of Labor Statistics, Occupational Outlook Handbook 2008-2009.
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