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How will the insurance and economics fields fare in the years to come? Where will the jobs be and how much competition will you face? Look deeply into our crystal ball, illuminated by data from the Bureau of Labor Statistics (BLS), to see what the future holds for your profession.
Insurance
Employment in the insurance industry is expected to grow 10 percent between 2004 and 2014, according to the BLS. While demand for insurance is expected to rise, downsizing, computerization and a trend toward direct mail and telephone sales suggests limited job growth. Nevertheless, thousands of openings are expected to arise in this large industry to replace those who leave and to accommodate the industry's push into the broader financial-services fields.
Medical service and health insurance are the fastest-growing sectors in the industry. As Baby Boomers age, the BLS says more people will buy health insurance and long-term-care insurance, annuities and other pension products. Overall population growth will stimulate demand for auto and homeowners insurance.
Changing insurance laws could also boost demand. Large liability awards are motivating people to purchase liability policies in case someone brings a lawsuit claiming damage or injury.
Greater use of computers will slow job growth for clerical, auto insurance sales and underwriting jobs.
On the other hand, claims professionals will be in demand, particularly in the fields of health, as well as property and casualty, because their jobs are tougher to automate.
Although the absolute number of actuarial jobs is low, employment opportunities are still good, because stringent qualifying requirements limit the number of people entering the field.
Economists
BLS economists predict their own field will see slower-than-average growth over the next eight years. Best bets will be in private industry, especially at scientific, management and technical consulting firms, all of which offer contracting opportunities. The federal government's employment of economists is expected to decline, but the BLS predicts average employment growth for economists in state and local governments.
"As firms increasingly employ workers to perform more specialized tasks, the best opportunities for individuals with backgrounds in economics are expected to be in positions that have titles other than economist," the BLS says. Those titles include financial analyst, market analyst, public policy consultant, researcher or research assistant, and econometrician.
Those with a master's or PhD, coupled with strong skills in mathematics, statistics, econometrics or economic theory, will have an edge in the job hunt. If you can meet state certification requirements, you can use your degree to teach high school economics, since secondary teachers are in high demand. At the college level, you'll find keen competition for teaching positions, the BLS says.
