Finance Guides & Articles

5 Recession Proof Careers for the Next Decade

admin — Wed, 07 Jan 2009 01:37:50 +0000

In a downsizing economy, the best return on investment for your career may be to focus on your current job. Still, preparing for your next job or next career can be a wise move. In uncertain times, pursuing your dream job may take the back seat to pursuing a career that is in demand.

While there are no sure-things any more when it comes to employment, there still are some sound hedged bets. If you are thinking about your next career move, you may want to consider throwing these professional fields on your short list:

1. Health Care:

We’ve all heard the stories about how an aging baby boomer population is creating a demand for health care professionals, particularly nurses. The statistics back up this data. In October, 2008, while 240,000 jobs were lost in the U.S., the health care industry added 26,000, according to the Bureau of Labor Statistics (BLS). 348,000 total jobs have been added in this field over the last 12 months.

Half of the 30 fastest growing jobs over the next 8 years will be in the medical field. The industry is still paying sign-on bonuses and schooling for those who commit to future employment. It’s also worth noting that a career in the medical field makes you extremely mobile to move around the country should your local or regional market ever shed jobs.

The closest thing to a guarantee in any field may be job of ‘personal and home care aide’. The BLS is projecting 773,000 to be added by 2016, more than any other profession.

2. Networking/System Administration:

The BLS predicts that this profession will have the highest growth rate (53%) of any major job by 2016. The median starting salary of K-K is a good reflection of the demand for the job.

Despite the dot com boom and bust, movement towards online systems integration has trended upwards over time. As legions of hackers continue to create new ways to compromise the integrity of the systems that they attack, it has become increasingly important for networks to be iron-clad-secure in order to maintain user trust and a positive public image.

3. Computer Software Engineers/Applications:

Demand for good computer engineering talent has not lacked over the last decade, and probably won’t over the next 10 either. The BLS predicts this field will add another 226,000 jobs by 2016. Although startups may be hard pressed to find venture capital over the next few years, the emergence of freeware dot coms and competition amongst the software giants should lead to further job increases in this field, and have pressed median starting salaries above K.

4. Green Energy/Global Warming

The next decade should produce a large number of jobs in all fields relating to green energy and the fight against global warming. The Obama administration plans to pump 0 billion into the field over the next 10 years and predicts that this will create 5 million new jobs. Jobfox lists mechanical engineering and electrical engineers amongst the 20 most recession-proof jobs, and much of this growth will be in the area of green engineering.

Specifically, think battery technicians, wind, solar, CO2 emissions technology, nanotechnology, materials sciences, natural gas exploration and infrastructure, and nuclear.

5. Customer/Client Facing

Jobfox.com lists sales representatives and account/customer support as the #1 and #2 most recession-proof professions. Why? Slow growth demands people that can get results and keep clients/customers happy.

Many companies are viewing the current economic slowdown as the perfect opportunity to steal market share as competitors cut back so that when the economy emerges they will come out stronger than ever. To do this, they realize they need the right talent to interact with the external world.

Your Next Move

While you shouldn’t abandon your life goals, focusing on a career that can result in almost certain present employment that allows you to build transferable skills can be the best solution for now and for your future.

For more of GE Miller’s writing, see the 20somethingfinance.com personal finance blog.

Source: Personal Finance Blog, Online Money Management, Budget Planner and Financial Planning - Mint.com

Coventry launches 4.99% fixed rate mortgage

admin — Tue, 06 Jan 2009 19:31:43 +0000

Coventry Building Society yesterday launched a new range of mortgage products.
Among the products released was a two year fixed-rate mortgage at 4.99%, available at 85% loan to value. A free valuation and remortgage transfer service are included in the deal.
Offset products have also been updated to include a two year 4.49% fixed rate, or [...]

Source: Finance Markets: Finance News - UK Personal Financial News & Financial Markets

Nationwide house price index down 15.9%

admin — Tue, 06 Jan 2009 19:31:43 +0000

The latest house price figures from the Nationwide show the average cost of a UK home falling by an annual 15.9%, in December.
During the month values took another 2.5% dip, taking the average cost of a property down to £153,048, or £29,000 less than a year earlier.
According to the building society’s index, prices have [...]

Source: Finance Markets: Finance News - UK Personal Financial News & Financial Markets

FSA to lift ban on short selling

admin — Tue, 06 Jan 2009 19:31:43 +0000

The Financial Services Authority (FSA) says it will lift a ban on short selling stocks in 34 companies in the UK banking and insurance sector, on 16th January.
The ban was introduced as a temporary measure in September of last year, when short selling was blamed for a downward spiral in HBOS’s share price, the driving [...]

Source: Finance Markets: Finance News - UK Personal Financial News & Financial Markets

Shift to larger deposits hampers housing market recovery

admin — Tue, 06 Jan 2009 19:31:42 +0000

Financial data provider, Moneyfacts.co.uk, has published new figures showing that 25% of mortgages available in the UK to new borrowers require a deposit of at least 40%.
Those who can only manage a deposit of 5% or less have a mere 21 home loans to choose from, compared with over 1,200 in February of last year. [...]

Source: Finance Markets: Finance News - UK Personal Financial News & Financial Markets

Standard Chartered gains in London as HBOS declines

admin — Tue, 06 Jan 2009 19:31:42 +0000

European equities markets were up Monday even though Citigroup (NYSE: C) issued downgrades to “underweight” to several European sectors, including banking and chemicals.
In London, where the FTSE 100 added 0.39 percent to 4,579.64 and the FTSE 250 was up 1.78 percent to 6,745.17, banks were mixed, with Standard Chartered (LSE: STAN; SEHK: 2888) up 6.15 [...]

Source: Finance Markets: Finance News - UK Personal Financial News & Financial Markets

Marks and Spencer cuts 1,000 jobs

admin — Tue, 06 Jan 2009 17:03:57 +0000

Marks and Spencer will announce on Wednesday that it is cutting 1,000 jobs from its workforce of 70,000, the BBC confirms.

Source: BBC News | Business | UK Edition

Sales fall at Next and Debenhams

admin — Tue, 06 Jan 2009 17:03:57 +0000

Next and Debenhams see sales fall over the Christmas period, as a survey puts UK consumer confidence at a new low.

Source: BBC News | Business | UK Edition

House prices ‘fell 15.9% in 2008′

admin — Tue, 06 Jan 2009 17:03:57 +0000

House prices fell by 15.9% last year, according to the latest survey by the Nationwide building society.

Source: BBC News | Business | UK Edition

Toyota to halt Japanese production in February and March

admin — Tue, 06 Jan 2009 08:38:52 +0000

The dismal state of Japan’s car industry has worsened after Toyota Motor Corp announced it is going to halt production at a dozen domestic plants for 11 days in February and March.

Finance Guides & Articles

5 Recession Proof Careers for the Next Decade

1. Health Care:

2. Networking/System Administration:

3. Computer Software Engineers/Applications:

4. Green Energy/Global Warming

5. Customer/Client Facing

Your Next Move

Coventry launches 4.99% fixed rate mortgage

Nationwide house price index down 15.9%

FSA to lift ban on short selling

Shift to larger deposits hampers housing market recovery

Standard Chartered gains in London as HBOS declines

Marks and Spencer cuts 1,000 jobs

Sales fall at Next and Debenhams

House prices ‘fell 15.9% in 2008′

Toyota to halt Japanese production in February and March

How long will it take you to pay off your credit card?

Next Debenhams warn of tough 2009 but avoid disastrous Christmas

Simon Wolfson: Next chief who saw slowdown coming

House prices fell a record 15.9pc in 2008 says Nationwide

Debenhams: The high street name with a huge pile of debt

Next and Debenhams sales over Christmas

Waterford Wedgwood failure is bitter pill for winner Sir Anthony O’Reilly

A guide to "likeforlike" sales

UK firms face 45pc fall in earnings says Citigroup

Aveva shares are a bargain buy and wait

2009 a make or break year for UK media

Germany opts for crass Keysnesianism’

AIG hires Ken Moelis to sell its aircraft leasing business ILFC

M?S lays off up to 1000 staff as gloom deepens

England suffered a financial crisis in the Middle Ages

Bernie Madoff ‘mailing valuable jewellery to family’ from house arrest

US car makers sink to 16year sales low

FSA to lift ban on shortselling but disclosure rule will remain

Madoff ’should be jailed’ for posting away 1m jewellery

Tory tax cuts for pensioners: the maths

FSA extends compulsory disclosure on shortselling

Mafia predicted to invest some time in Bernard

National Express motors ahead on tip for chairman

Retailer Liberty boosted by Christmas success

Tory spending cuts are right idea but at wrong time

SEC failed to spot Madoff fund’s ‘red flags’

‘Strong interest’ in Waterford Wedgwood

Europe faces energy crisis as Vladimir Putin cuts Russian gas supply

Tesco cuts the cost of around 3000 staple goods by £100m

Private equity firm HgCapital sells last dotcom investment

Willem Buiter warns of massive dollar collapse

Startups remain resilient despite recession

Murder One crime bookshop to close within weeks

Phorm plans international expansions of targeted ads

Three more ways to earn a decent return

Adams Childrenwear axes 850 jobs as it closes 111 stores

2008: The year of capital destruction

‘Radical feminists’ honoured for women’s enterprise

BT Vision vows to tackle slow takeup

Weakness of pound a further blow for retailers