Are you thinking about joining the Finance industry and want to know if it’s a dying profession?
It’s a smart question to ask before investing time, effort, and money only to discover that your chosen route is dying and there are no jobs available.
So, is Finance a Dying Profession?
Finance is not a dying profession. Demand for Finance is expected to grow significant due to the demand for financial services as the economy expands and more individuals leave the workforce due to retirement.
In fact, according to BLS.gov, the employment of Finance Managers is projected to grow 17 per cent from 2020 to 2030 faster than most occupations.
Over the next ten years, an average of 64,200 job vacancies for finance managers are expected.
Many of those positions are likely to arise as a consequence of the need to replace people who change occupations or leave the workforce for other reasons, such as retirement.
Financial management services, such as planning, directing, and coordinating investments, are expected to remain in high demand as the economy expands.
Moreover, some financial management specialisations, notably cash management and risk management, are likely to be in high demand during the next ten years.
Companies have collected more cash on their balance sheets in recent years, particularly those with operations in other nations.
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This is expected to continue as globalisation progresses.
As a result, financial managers should be in high demand, as businesses will require cash management competence.
Risk management has become more important in the financial industry, and this trend is projected to continue.
Banks are supposed to prioritise stability and risk management over profits.
Risk managers are projected to see an increase in employment as a result of this focus.
Final Thoughts
Finance is not a career that is on its way out. As the economy grows and more people leave the workforce due to retirement, the need for financial services is likely to increase significantly.
So, if you’re considering a career in finance, you’re on your way to a rewarding, well-paid, and in-demand profession.
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References
- Financial Managers : Occupational Outlook Handbook: : U.S. Bureau of Labor Statistics (bls.gov)
- Personal Financial Advisors : Occupational Outlook Handbook: : U.S. Bureau of Labor Statistics (bls.gov)
