Careers and Industries for the Future

When you were younger, did you have any idea what you wanted to do when you grew up?

Perhaps you now have children who at some point will need to consider their options and will need guidance, or perhaps you are at a stage in your life when you’re considering a change in career yourself. You may simply be interested in developing your understanding of which way the world is heading.

Whatever your incentive, an article that we found in a recent issue of HSBC’s magazine, Liquid, gives a good insight into five growing industries that could provide a successful career.

The author of the article emphasises how it’s important to focus on the big picture when choosing a degree, as any time spent at university will pave the path of learning – both socially and academically. Most business leaders are interested in well-rounded graduates who are adaptive to change and devoted to continuous development.

It is, therefore, important for anyone looking to continue with higher education to explore beyond the boundaries of their course curriculum and develop a range of skills that are of interest.

Here is a brief summary of the five fields that HSBC consider to have the most potential for growth in the future.

1. Alternative energy
Concerns about climate change and our carbon footprint have instigated greater research into alternative energy, which has led to notable developments in hydrogen power, wind power and solar power. Solar energy has become more efficient and less expensive in some parts of the world over the past five years, making solar power a US$3-billion industry. As these new technologies become more widely accepted, these industries will potentially create more careers for scientists, mechanics and managers.

2. Financial Services
There are several careers that deal with the management of finances, besides the traditional banking roles. Accountants are still in high demand, as are financial planners and analysts, due to more and more people needing help with their retirement planning and personal finances in unstable climates.

3. Information Technology
Our reliance on computers and mobile devices is greater than ever, and the world of technology continues to be one of the fastest growing industries in the USA, with unemployment at a steady low of 2.6% in this sector. The five most valuable companies in the world are all technology companies, so IT skills are incredibly valuable and can lead to careers in network and data analysis, or software development.

4. Healthcare
In addition to doctors and nurses, the healthcare industry relies on a diverse array of other professions, such as home health aides, pharmacists and physical therapists. With an increasing aging population, healthcare workers are in high demand, and “data from the US Labor Department indicates that 4 millions jobs will be added to this sector by 2018” to fill in the gaps in this industry.

5. Agriculture
Interestingly, agriculture is currently the fastest growing course at UK universities. This is arguably because it is a very diverse industry, which is not only for farmers. Graduates can go on to offer consulting services, develop agricultural technology, and work in research. The strong business focus of the subject teaches students how to forecast cash flows, put together business plans, and calculate margins, making them highly employable to food retailers and suppliers.

In a world filled with more course and career options than ever, it is advisable to start planning for the future to ensure that goals can become a reality. Annual undergraduate fees can be very expensive in countries like the UK, USA and Australia, so if one of your dependents wishes to study overseas, it is important to start saving sooner rather than later, and review your options to maximise your financial capacities.

Posted in Blog, financial planning.