Some very interesting research has come out of Bankrate.com. Take a look.
Jobs with high compensation and low unemployment rank the highest because the supply of candidates is low and the demand for talent is high.
- Naval/Marine Engineering median income is $90,000 1.6% unemployment rate
- Nuclear Engineers median income is $98,000 with a 1.8% unemployment rate
- Pharmaceutical sciences median income is $100,000 with 2.2% unemployment rate
- Genetics median income is $85,000 with a 1.2% unemployment rate
- Electrical engineering income is $99,000 with a 2.7% unemployment rate
Jobs with low compensation and high unemployment rank the lowest because the supply of candidates is high and the demand for talent is low.
- Fine Arts median income is $37,000 with an unemployment rate of 4.8%
- Literature/linguistics median income is $40,000 with an unemployment rate of 3.9%
- Composition/rhetoric median income is $37,800 with a 4.4% unemployment rate
- Visual/performing arts median income is $32,000 with a 4.1% unemployment rate
- Drama/theater arts median income is $35,500 with an unemployment rate of 5.2%
According the Data USA, in 2016 there were only 500 students to graduate as Naval/Marine Engineers, while 11,000 students graduated with theater degrees. Not surprising that technology, engineering, mathematics and science were the top earning majors, while the humanities were at the bottom, according to Bankrate.
So, what are the implications for you? When choosing a change of career direction or a college major, consider these three factors as you make your choices;
- If you have a passion for a career direction, it must be balanced with the two other factors. You may be star-struck for Hollywood, but 1-in-a-million chance of success.
- The earning potential in your career must be factored in, not only now but in the next 10 years. Some jobs top out below the average for all jobs, which may not change.
- The current and future trend for your job opportunities is critical. Jobs that are the rage in today’s world may not continue after graduation or in your first 10 years.
- Consider a career track that has multiple alternatives. Example: If you are an accountant with few options to move ahead, get a certification in forensic accounting which is in high demand, higher pay and is sought after by employers
- Choose an undergraduate minor that provides an alternative career route. The income for performing arts and potential is small, but a videographer job is in demand.
- Continue to develop relationships with people already in the profession from which you may find a helping hand. Many job changes occur through people you know and are willing to move your resume and name forward within their organization.
I wish the world could accommodate your dream job. However, reality says you need a backup plan.
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