The Top Five Jobs Unaffected by Economic Downturn
Whether you're looking for a career change, you've lost your job or you're just exploring your options, a poor economy creates a hostile environment for the unemployed. However, some jobs are recession-proof, and provide job security regardless of the economic conditions. If you can land one of these jobs, you'll have a good chance of maintaining your position long-term without taking a pay decrease or facing a lay-off.
There will always be a demand for nurses. They provide necessary medical care to people of all ages, backgrounds and income levels. Elderly individuals are particularly in need of nurses, and an aging baby boomer population is contributing to the job growth in the nursing field. Furthermore, most nurses derive the majority of their incomes from insurance companies and government subsidies, rather than out-of-pocket patient payments. Even further, the passage of the Affordable Care Act will make it mandatory for all Americans to have health insurance by 2014 - which will undoubtedly increase the number of patient visits. Amazingly enough, nursing is one of the few professions in which job providers are not only hiring during a down economy, but also offering hiring bonuses. As of 2008, registered nurses averaged annual incomes of $57,280 with a 10-year projected growth rate of more than 23 percent between 2006 and 2016.
2. Teachers - Say what you will about the money they make, but at least they know there will always be a need for their jobs. Just because the economy slows down, it doesn't mean we will stop educating our children. Kids will still attend school (albeit more may enroll in public schools rather than private institutions), and teachers will still receive a mediocre salary. However, that mediocre salary is reliable and much more than what they would receive on the government's unemployment dime.
3. Pharmacists - This occupational field offers more than meets the eye. Like nurses, pharmacists benefit from a large portion of our population that is aging, as well as the benefits of the health care bill and fast-pace advances in the medical industry. Pharmacists will likely see a 21 percent growth in job demand between 2006 and 2016. Should you decide to pursue this field, don't be fooled. You won't make a meager living filling patient prescriptions. Rather, you can expect an annual salary breaking the six-figure mark. A $100,000 a year during a recession? Why not?
4. Repairmen - There will always be a need for repair professionals - especially during a recession. When money gets tight, consumers tighten their belts and start focusing on maintenance instead of replacement. These are the times when auto mechanics and appliance repair technicians can make significant cash. Everyone wants a working washing machine and transportation to work, and it happens to be cheaper to pay someone to fix what you have than to buy another one.
5. Problem Solvers - Okay, so this may not be an actual profession, but it describes a group of professionals who provide solutions to common, every day problems. Think of these as plumbers, air conditioner repairmen, electricians, etc. For example, a locksmith will unlock your car or house when you leave your keys inside. Even better - many of these types of professions have few educational requirements and may not even be subject to licensure or registration in your state. In other words, if you want to become a locksmith or engage in another similar trade, you may be able to go to work immediately depending on the laws of the state you live in.