Can a college degree help prevent you from getting a pink slip? Even prior to the current recession, it was true that the higher the diploma, the lower the chance of unemployment. That trend has been magnified in this downturn.
The numbers say it all. In the last few months of 2009, the unemployment rate for high school dropouts grew by an astounding 8 percent to 15.5 percent. On the other hand, the rate for those with a college degree edged up by only 2.6 percent to 4.7 percent. Not having a college degree means you are over three times more likely to wind up unemployed.
Choosing Wisely
While there is no degree that is entirely recession-proof, data from the U.S. Bureau of Labor Statistics (BLS) can point you to certain careers with a measure of stability. The health care industry, for example, has consistently bucked the trend of layoffs -- adding jobs throughout the recession. Education is another area that has been holding steady or, in some months, even adding jobs.
Let's look specifically at five careers that are managing to weather the current economic storm, along with the degrees you need to get them.
Early Education Teacher
- Degree required: Associate's (preschool) or bachelor's (kindergarten) degree from accredited teaching program. Most states also require a teaching credential for K-12 teachers.
- 2008 BLS median salary: $23,870 for preschool, $47,100 for kindergarten
- BLS predicted growth: 23 percent
Serious stimulus dollars are being poured into education. One area that has garnered particular attention is early education -- preschool and kindergarten. Due to the increasing need for early education teachers, you may qualify for forgiveness of federal and some state loans. Additionally, most teachers benefit from comprehensive benefit plans with pensions and health insurance.
Cyber Security Specialist
- Degree required: Associate's or bachelor's degree in computing or certifications in information security
- 2008 BLS median salary: $43,450 (for all computer support specialists)
- BLS predicted growth: 13 percent
Internet security is as important to our national security as the border patrol. Corporations -- especially those with online retailing--are increasing their cyber security forces as well. If you are (or were) already working in information technology, you can pursue career training specifically in information security through online degree and certification programs.
Health-Care Administrator
- Degree required: Master's degree in health administration or business administration
- 2008 BLS median salary: $80,240
- BLS predicted growth: 16 percent
Health care is a growth industry. An aging population and the possibility of improved access to health care all but ensure its future strength. Comprehensive health care reform will only increase the need to find efficiencies in the nation's health system and increase the need for managers with a solid background in health care and business. Managers will play a crucial role in controlling costs while simultaneously maintaining a top-notch level of care.
Registered Nurse
- Degree required: Associate's or bachelor's degree from accredited nursing program
- 2008 BLS median salary: $62,450
- BLS predicted growth: 23 percent
The nation needs nurses -- even in a recession. The decades-long nursing short has, in most areas, all but guaranteed a freshly minted nurse can find a job as soon as (or even before) that diploma is in hand. Geography plays a role in demand for nurses, so you may want to research hiring trends in your particular area before you enroll in a program.
Financial Analyst
- Degree required: Bachelor's or master's degree in finance or business administration
- 2008 BLS median salary: $73,150
- BLS predicted growth: 34 percent
The financial industry has bounced back in a stronger position than predicted. The financial sector is one of the few in which real earnings have actually risen over the last year. Is it entirely layoff proof? No, but finance is the engine that drives our economy.
A Degree of Protection
Will having a degree insulate you from getting laid off? Not entirely, but it can help you to find a career with long-term stability. And that can help you to weather the next economic storm.
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