These careers are projected for high growth thanks to the retiring baby boomers.
Are you interested in pursuing a new career that has a lot of growth potential?If so, here's something you should be aware of: There are a number of new jobs being created because of the retiring baby boomers. And these new jobs aren't just in one or two industries.
In fact, baby boomers are causing job growth in a variety of sectors, including education, finance, and health care - just to name a few.
Curious to learn which careers are the on-the-rise thanks to the retiring baby boomers? Keep reading to find out…
Career #1 - Personal Financial Advisor
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- Job growth rate
from 2012 to 2022: - 27 percent
- Number of
new jobs: - 60,300
The Boomer Effect: The U.S. Department of Labor says the aging population is the main reason for growth in this field.
Jeff Sachse, regional economist for the Wisconsin Department of Workforce Development, agrees. He notes that individuals entering retirement will need assistance with their finances, especially if they don't have a pension, but have other financial investments like a 401K. Retirees will need someone - like a personal financial advisor - to help them manage these funds.
Career Details: As a financial advisor, you may assess clients' financial needs and goals and recommend investments that match their objectives, says the Department of Labor.
How to Prep: The Department says these professionals typically need a bachelor's degree. Employers usually don't require a specific field of study, but a degree in business, accounting, finance, economics, math, or law could be a good way to prepare for this position.
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Career #2 - Medical and Health Services Managers
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- Job growth rate
from 2012 to 2022: - 23 percent
- Number of
new jobs: - 73,300
The Boomer Effect: "As the large baby-boom population ages and people remain active later in life, the health care industry as a whole will see an increase in the demand for medical services," says the U.S. Department of Labor. "This demand will in turn result in an increase in the number of physicians, patients, and procedures, as well as in the number of facilities."
And as the number of medical facilities rise, so will the need for people to manage them. Specifically, the Department of Labor says medical and health services managers will be needed to organize medical information and oversee staff in the health facilities.
Career Details: Medical and health services managers are involved with various day-to-day functions within a medical facility, including supervising assistant administrators, creating work schedules, and supervising patient costs and billing, notes the Department. Managers are also responsible for staying updated on new health laws and regulations.
How to Prep: You'll typically need at least a bachelor's degree to pursue a career as a medical and health services manager, according to the Department, which recommends the bachelor's be in the field of health administration. However, master's degrees in health services, long-term care administration, public health, public administration, or business administration also are common degrees to help qualify for this career.
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Career #3 - Construction Manager
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- Job growth rate
from 2012 to 2022: - 16 percent
- Number of
new jobs: - 78,200
The Boomer Effect: While this occupation is growing for a number of reasons, including business and population growth (which will cause a demand for new homes and office buildings), retiring baby boomers are also a huge factor.
According to the U.S. Department of Labor, a substantial number of construction managers are projected to retire between 2012 and 2022. The reason? Sachse says baby boomers in this field are already financially stable. As a result, many may not feel the need to stick around as the construction industry bounces back from the recession.
Career Details: Also known as a general contractor, a construction manager might plan, budget, and oversee a variety of construction projects from start to finish. They create work timetables, report work progress to clients, and collaborate with engineers and other construction specialists, says the Department of Labor.
How to prep: According to the Department, it is increasingly important for construction managers to have a bachelor's degree in construction science, construction management, engineering, or architecture. For those supervising smaller projects, work experience combined with an associate's degree is typical.
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Career #4 - Elementary School Teacher
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- Job growth rate
from 2012 to 2022: - 12 percent
- Number of
New Jobs: - 167,900
The Boomer Effect: A significant number of teachers are projected to reach retirement age between 2012 and 2022, notes the U.S. Department of Labor.
And according to Sachse, some boomers may welcome retirement rather than adapting to new, technologically-advanced teaching styles, such as using iPads in the classroom. Teachers might also be experiencing changes in their core curriculum, which could alter the lesson plans that they're accustomed to. Due to these changes, boomers may be more inclined to retire.
Career Details: As an elementary school teacher, your daily activities may include planning and teaching lessons, grading assignments, and preparing students for standardized tests, says the Department of Labor.
How to Prep: All states require public elementary school teachers to have at least a bachelor's degree in elementary education and a teaching license, says the Department. Teachers in private schools don't have to meet state requirements, but private schools typically seek teachers who have a bachelor's degree in elementary education.
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Career #5 - Insurance Sales Agent
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- Job growth rate
from 2012 to 2022: - 10 percent
- Number of
new jobs: - 45,900
The Boomer Effect: The U.S. Department of Labor says the aging population, who will need health and long-term care insurance over the next decade, will spur demand for insurance agents.
More jobs will be created within the insurance sector as more people need age-related insurance, like long-term health and Medicare Part D, as well as demand caused by the Affordable Care Act and other initiatives, says Sachse.
"Boomers will need those types of coverage because of the lengthening of our average life duration and the decrease of the number of companies that offer long-term insurance as part of their standard pension or retirement benefits," explains Sachse.
Career Details: Insurance sales agents are responsible for selling a variety of insurance options and contacting prospective customers to drum up new business, says the Department of Labor. It is also their responsibility to help clients choose an appropriate plan.
How to Prep: Although a high school diploma is the typical requirement for this profession, the Department says that a bachelor's degree could improve job prospects. The Department says that agents often take classes in finance, business, or economics. Insurance sales agents must also be licensed by the state where they sell products.