Careers
Recession-Proof Careers
Six fields that offer job security and fat paychecks, too.
By Erin Burt, Contributing Editor, Kiplinger.com
November 7, 2008
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EDITOR'S NOTE: This article is from Kiplinger's Success With Your Money special issue. Order your copy today.
What do young adults want most in a job? Surprise! It's not money. Instead, they crave good old-fashioned job security.
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College students rank job security as their number-two priority for their careers, behind opportunity for advancement, according to a survey by the National Association of College Employers. Believe it or not, high salary placed a lowly seventh.
Yet job security would seem to be a relic of the past in today's ever-changing workplace, in which we're all expected to be entrepreneurs to stay competitive and sell ourselves to employers. And the job market can be particularly challenging in an uncertain economy. Where can you turn for stability in unstable times?
No job is 100% secure, says Randall Hansen, of QuintCareers.com. However, says Hansen, you can improve the odds of holding on to your job. "Workers in certain industries can take comfort in knowing that, even if they're fired, there is so much demand for their skills that they should be able to find another job very quickly."
The key, then, is to seek out careers with stable hiring prospects in both good times and bad. That means you should focus your job search on industries that have the potential for solid long-term growth, are resistant to outsourcing and don't depend much on consumer whims and economic winds.
Kiplinger's consulted career experts and combed through data on job trends to come up with six fields that should provide a measure of safety for workers no matter what happens in the economy. We include suggestions for specific jobs, along with the median salary for each position -- let's face it, money does matter. Salary figures come from the Bureau of Labor Statistics. Go to www.bls.gov/oco for earnings information, job descriptions, educational requirements and outlook projections for hundreds of jobs.
Plus, we give you advice on how to reduce your odds of getting a pink slip, no matter where you work.
HEALTH CARE
Fueled by demand from an aging u.s. population, many of the fastest-growing careers are in the health-care industry. This field should stay hot for years to come.
Specific jobs and salary levels with stable prospects include doctors ($156,010 and up), registered nurses ($57,280), pharmacists ($94,520), physical therapists ($66,200) and occupational therapists ($60,470). With the increasing emphasis on controlling health-care costs, demand is also booming for physician assistants ($74,980).
And don't overlook the behind-the-scenes jobs in this field, from health-care administrators ($73,340), who handle the business side of delivering care, to medical scientists ($61,680), who conduct research and develop new treatments and drugs.
Reader Comments (18)
Posted by: Sheri s at 11/07/2008 01:53:42 PM
I have been a Registered Nurse for more than 30 years. My working hours have always been flexible (working varied shifts) to meet the need for family time. I have been able to work in many sub-specialties within nursing (such as obstetrics, education, and management) to keep the job interesting. My salary has always been excellent and stable during changing times over the last 30 years. And, whenever we decide to move anywhere in the country, I know I can always get a job...anywhere! Nursing is a great career, but it is hard work and you have to LOVE serving others.
Posted by: Bob at 11/07/2008 05:42:56 PM
As my sons grew up I told them to pick careers they could make a good living at like doctor, lawyer, engineer, or computer expert. I also told them to always be open to opportunity and not to plan working for any employer for more than two to six years as they started out in their 20s and 30s. Take advantage of any training offered. I also told them to try out different types of jobs in their fields including corporate and government jobs. Forget job security and pensions but do look for good transportable 401Ks. As they approach 40 is when they should start looking for some sort of job security if possible. With advancing age and higher salary, job opportunities will suddenly become more difficult to find. By then they should know what areas they liked and have considerable work experience. An upper management or stable(possibly government)job would be a good place to settle in. If they plan ahead, retiring at or before age 55 should easily be in reach if that is what they want. That's what I did.
Posted by: R. Price at 11/07/2008 06:41:03 PM
Education is not entirely recession-proof. As the economy suffers, so do the sources of funding for teachers and education. Hundreds of teachers in Volusia, Seminole, and Orange counties in Florida were laid off when budgets were slashed; those laid off included experienced teachers in mathematics and science. It's wise to have a back-up plan when even your "recession-proof" job is cut.
Posted by: Mike from the Bronx at 11/07/2008 11:49:12 PM
Sheri, thank you for all you do. My father is 85 and his health is failing rapidly. He's at home because the hospital can't do anything more for him. Nurses have treated him like gold and I swear that nurses know every bit as much as a doctor. Through all the demands of your work, if you're like the nurses I know, you always give 100% while maintaining a sense of humor. We have a home care attendant around the clock and visiting nurse comes by 3 days a week. My brother-in-law is paying for the round the clock care. Without him dad would have to be in a nursing home because none of us kids have that kind of money, even if we pool our money we couldn't come close. Dad's home and will likely be gone soon but he gets to die at home surrounded by his loved ones. But it's caring people like you that gives him the quality of life we all want. Thank you Sheri and all the Sheri's out there who give so much of yourself to so many.
Posted by: fred at 11/08/2008 09:52:01 AM
Government is a recession proof job, and benefits can sometimes be better than private industry but you still pay about 30% of your health insurance, get lousy dental benefits and still have to save to support 1/3 of your retirement. As to environmental ecologists, the column states a salary of $76k. In government, your starting salary with a bachelors (GS-5) is $30k per year, with a PhD (GS-11), $55k. As a now retired federal scientist, I knew you don't go into government for the money or benefits, you do so as a service. Don't let those in the private sector tell you that government is always a cushy job.
Posted by: Patrick M. at 11/08/2008 10:57:21 AM
There is always the military. For someone that is just starting out, no kids and spouse to support, enlisting is a pretty good deal. Free food, clothing, medical, housing, etc. If you already have commitments, you can try to be an officer. Better pay and working conditions. Obviously it isn't for everyone. And the benefits have to be weighed against the risks, but it should be discussed as an option.
Posted by: Jackie at 11/08/2008 09:48:09 PM
I'm a registered nurse (have been for 17 years) and attorney (for 2 years). I continue to work as a registered nurse because that pays way more money than any starting lawyer salary unless you went to Harvard or the like (which I didn't) or graduated in the top 1% of your class (which I didn't - friends of mine in the top 10% are finding themselves in low-paying lawyer jobs if they even got one). The quote above on registered nurses' salaries is way below what I make here in CT, which is a higher paying state - but CA pays more. I will make almost double that this year (albeit that is a little bit of overtime, but just a little bit). Don't go into the law if your goal is only to make money. It's not as easy as you might think. Do it if you're sure you love law and you have to do it. The best bang for your education buck is to go into nursing. But also, don't do this for money either. You will make a good living, but we need people who care. Like Sheri said, the job is not easy, in fact sometimes it's really hard and you think about leaving - when your relief doesn't come in and you are mandated to stay, when someone vomits all over you, or you get a dreaded needlestick - but lots of jobs have hazards. Not all nursing jobs have these specific hazards. With nursing, you cannot beat the pay and flexibility and the autonomy and sense of control you have over your destiny because nurses are in such demand. You can go anywhere and get a job, even another country. I will be moving to FL soon and I don't worry about "if" I'll find a job. I'll just pick where I want to live and I'll have one in a day ... We're needed everywhere. Smartest thing I ever did was go to nursing school.
Posted by: Ralph at 11/09/2008 09:46:31 PM
Dont forget Offshore oil. You have 20 year old people making $50-90,000. Older workers are making a killing. Ever wonder why gas is so high.
Posted by: Brian at 11/10/2008 04:20:03 AM
I'm surprised the article does not mention military service under government jobs. Officers (generally with a bachelor's degree) will make $31,860 as a base pay in 2009. Benefits include no-cost health care and housing and food allowances. Privates (E-1) just out of training (H.S. diploma/equivalent) earn $16,800 plus benefits. Pay is raised yearly to adjust for inflation as well as increased for time in service. There is also 30 days of paid leave a year form you're first year of service as well as most federal holidays off. Don't sell it short.
Posted by: Mitch at 11/15/2008 05:00:22 PM
My wife and I are both registered nurses from Oklahoma and we both made more than the stated figure. Also, we both have associate degrees from the local community college. It was the best investment (educational or otherwise) we ever made. I strongly recommend nursing as a career. One other thing .... we have never been laid off.
Posted by: Melissa at 11/29/2008 02:56:01 PM
No one ever mentions the funeral industry. We will always be needed and are always ready and properly staffed to help.
Posted by: Gayle at 02/11/2009 08:57:25 PM
Teaching is solid. I have been at my job for almost 30 years and make about 82,000. It still isn't enough but I don't have to worry about layoffs.
Posted by: lani at 02/18/2009 07:54:40 AM
Finally - an article that mentions careers as Registered Nurses as one of the most recession-proof and stable careers around! I have been an RN since 1994 and have always been able to cherry pick my job. I didn't bother to kill myself with another 3-8 years of college to get BSN, MSN, PHD. I have an associates degree and make almost $80,000 (not including benefits). When I first started - I made about $18/hr. Now $38-40. Name a career that can do that with an Associates Degree - own a home, money in retirement, health insurance, paid time off, flexible hours. Just hated Nursing School!
Posted by: Mike at 03/03/2009 07:36:18 PM
Don't forget the machinist. Machinists make all the machines, gears, parts, etc. that makes your daily world go round and round. Right now, I'm busier at work than I have ever been. The Machine shop and machinist industry is not a bad place to be now.
Posted by: Mandy at 03/26/2009 12:22:23 PM
Jobs in academia in higher education are not always easy to get in a recession. Many universities froze hiring this year or only hired in high demand areas. Plus, the salary quote above varies dramatically depending on your field. Of course, most academic jobs are 9 month positions, so the salary is for 9 months, but active research professors can get grant money to supplement their salary in the remaining 3 months. I am graduating this year with a Phd in Statistics, and if you are good in math and want to apply it, this is a great field to be in. Everyone uses statistics! Pharmaceutical companies are required by the FDA to have at least one statistician on every drug development working group, and universities can't seem to find enough to hire. Any entity doing research, such as RAND, the US Census Bureau, the Bureau of Labor Statistics, all need statisticians, and the pay is much higher in industry than it is in academia. There is currently a 100% employment rate for statisticians on the job market, so if you're willing to put in a couple of years of schooling, even for a master's degree, it can really pay off.
Posted by: Susan at 04/18/2009 07:47:13 PM
where does Gail teach? I teach for about half her salary. I think I would like to move!!!
Posted by: Jon at 04/23/2009 05:30:26 PM
I don't know where in the world 82,000 a year isn't enough. That's about what my wife and I bring home together. We live in southeast Indiana and we live pretty high on the hog. I'm a water utility worker, my wife is a deputy sheriff both fairly recession proof jobs.
Posted by: LilMissHandstand at 06/23/2009 01:51:20 PM
My husband and I make about $85k a year and we are barely getting by. We have one daughter and live paycheck to paycheck. It makes me sick that just because we live in New York, we have to pay $1,500 a month for a 2 bedroom apartment. Each month we sink and swim!