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IMO: Best Jobs for the Next 10 Years
I hope you had a great Christmas. I spent a lot of time catching up on reading and writing blog posts. First up, I wanted to comment on where I think careers are going in the next 10 years. Why the next 10 years? Because its going to take that long to recover. That said lets look at where the jobs will and won’t be in the next 10 years.
Medical is always a great place to be in any downturn. However, medical isn’t completely safe. A lot of doctors have moved to “want” type medical practices because of the margins. Examples include plastic surgery and orthodontics. In a down economy, elective medical practices will suffer. Not only will elective practices suffer but people are also going to scrutinize all their general medical expenditures. There will be less doctors visits for colds and the flu. That could hit some medical professionals hard, but overall its still a great place to be.
Lawyers always find a way to make money in up and down markets but the reality is that lawyers just don’t make as much money as other lower hanging fruit professions. For instance, a good technology sales professional can easily make way more than the average attorney. A recent study showed that, on average, airline pilots make substantially more money than attorneys.
If I were an attorney - especially a young attorney trying to practice business law - I would get an MBA to differentiate myself. Take it from me, business people like dealing with attorneys who have a previous background in business or an MBA (preferably both). I have found that attorneys with these qualifications are better at understanding business problems and models. That’s value. That’s differentiation.
Certain areas of business will not only be safe but will command higher salaries in a down market. International business, computer programming, accounting, and sales are all growth jobs for the next 10 years.
Technology still looks strong perhaps because technology is so integrated into our society (people are not going to give up their Internet connection in a down economy). Amazon had its best Christmas ever which shows that things just continue to move to the web. Mobile phone app development will be huge - that’s the real Web 3.0 in my opinion.
Other solid areas of employment for the next 10 years include higher education, alternate or online higher education, teaching in general, Green Tech, environmental, alternative energy, and security. Business brokering also looks good as more and more baby boomers plan to retire and sell their businesses.
Where would I not want to be working right now or in the next 10 years? Financial services, hospitality, banking, insurance, restaurants, traditional high overhead retail, non-medical and non-military manufacturing, and the auto industry in general are all going to take big hits in the next ten years.
Anything in housing is going to suck for the next 10 years. Real estate agents, mortgage guys, title companies, architects etc…look for a new job. On the mortgage side, I would suggest looking at selling reverse mortgages to baby boomers. On that note, any product or service to baby boomers might be a good market especially if its a product or service that saves money.
If you’re in a “want” not “need” B2B business then you’re in trouble. Examples include the Better Business Bureau and your local Chamber of Commerce. Businesses won’t shell out fees for the privilege of putting a sticker on their window. Consultants, trade associations, PR firms, and ad agencies are going to suffer through this downturn. The strong will survive but they’ll be forced to drop fees or lose customers.
In conclusion…
Like I’ve said time and time again, now is a really good time to buy or start a business. Figure out how you can create a second stream of income. Create your own job security.
Remember, anyone can get laid off. If things get bad enough then no one is safe. The more you add value to your employer, the more creative you are, the more money you save or make then you are more of an asset than the guy sitting next to you.
On a final note, it never hurts to have an education. My opinion is that you should get as much education as your industry requires - maybe more. A bachelors degree will not cut it in the depression economy - its too commoditized. If you work in business get an MBA from a night program. It will give you an edge. A good education and the right experience will always pay off no matter what industry you work in.
Best of luck and have a great 09!
- I know dentists. Elective treatments like veneers have dropped off significantly already.
- I know guys in pharmaceuticals. One large company laid off 500 sales guys across the U.S. already.
- I know some people in ad firms. They’re scared because a lot of them make the dough from municipal projects, and those budgets are going to get cut.
- Should have applied to the MBA program a few years ago when nobody wanted to leave a job to go. It’s going to be tough to get in.
Left by Russ on 12/30/2008