05/16/2014
 
Posted By: Kristen Brownholtz

The financial sector is often noted for its high-paying jobs, but according to U.S. Department of Labor statistics, certain areas also have high-growth potential.
The demand for accountants, auditors and financial advisors in particular is projected to surge as senior level professionals begin to retire faster than their replacements can be hired.

For accountants and auditors, currently earning a median annual salary of just over $65,000 (higher in Boston) the Department of Labor, via its 2014-15 Occupational Outlook Handbook, projects the addition of 166,700 new jobs from 2012-2022. The demand for these professionals continues to rise in the wake of corporate scandals and fiscal crisis, all of which have brought about tightening regulations and standards across a host of industries.

Financial advisors, who counsel clients on investments, taxes and more, often earn salaries exceeding six figures. (See our previous post about becoming a financial advisor.) The Labor Department’s projected job growth in this area is 60,300 from 2012-22.

In addition to the potential void left by retiring advisors, growth in this specialty field is being driven by the demand for services. Data from the Bureau of Labor and Statistics and the Social Security Administration show that Americans age 65-plus will comprise 20-25 percent of the U.S. population by 2030 (70 million people); and a third of the U.S. workforce was 45 or older as of 2010. 

All three positions – accountant, auditor and financial advisor—require at least a four-year degree, and a master’s degree may be preferred. 

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