EDITOR'S NOTE: This story was updated March 2009.
A recent CNN poll finds that nearly 60% of Americans believe we're likely facing a depression. Although most Americans would, of course, suffer in an economic depression, some careers should remain strong, maybe even bolstered by tough times.
1. Accounting. Bad times increase businesses' and individuals' desire to wisely account for every last dollar. Accounting jobs have declined in recent months but a bevy of planned new federal regulations may be a full-employment act for accountants.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
2. Education. Even in the recent tough times, our political leaders are calling for increased education spending and voters continue to pass education bonds.
Community colleges should also thrive. Unable to land a good job, many people will return to school for retraining. Even those with college degrees will turn to community colleges because they typically offer practical career-related training and at an affordable price.
3. Entertainment industry. During the Great Depression, the movie industry boomed as people craved escapism and had time to burn. That would likely be the same today: the film, video game, sports, and creative arts industries should be viable.
4. Utility companies. This is the classic defensive investment. Even in the worst times, utilities stay cranking.
5. Repairers. Home, car, commercial, industrial -- in a bad economy, the rule is don't replace; repair. For example, in a depression, struggling car manufacturers will more often opt to repair than replace a balky welding robot.
6. Energy industry. Despite all the media attention to solar, wind, etc., the nuclear industry may, over the next decade, create the most jobs.
7. Health care. especially registered nurses, physician assistants, internal medicine physicians, dentists, optometrists, pharmacists, and physical therapy assistants.
There should also be a boom in jobs related to healthcare reform, a Barack Obama priority. Many government jobs in accounting, actuarial science, information systems and management should result.
8. Senior services. An increasingly aging population will increase the need for housing, home retrofitting, geriatric care management, and, of course, the aforementioned health care.
9. Law enforcement. Crime doesn't take a break in tough times. In fact, it tends to increase.
10. "Sin" industries. Jobs related to the liquor, gaming and tobacco industries have always thrived, in good times and bad.(Sin stocks may also make good investments. See The Virtues of Vice Stocks for more info.)
11. The clergy. People seek spiritual support in tough times. Particularly poised for growth: Spanish-speaking Catholic priests and Muslim Imams.
12. The repossession, foreclosure and debt collection industries. For example, there will be jobs repossessing the big SUVs from owners who knew they couldn't afford them, but took advantage of no-qualification loans.
13. Government work. The Obama presidency is likely to mean more big-government solutions, creating government jobs across the board but especially in energy, the environment, inner-city education, financial regulation, homeland security, health care, accounting/auditing, information technology, and the IRS. The government has police powers to collect taxes in good times and bad, and so will be more impervious to economic declines.
I believe that for non-stars, government is the last bastion of secure, well-benefited employment that generally requires only 40-hour workweeks, and offers ample sick days, holidays, and vacation days.
Despite the stock market freefall and the continuing parade of business failures, I am cautiously optimistic that we will avoid a depression. But it's comforting to know that even in hard times, it should be possible to thrive.
Marty Nemko (bio) is a career coach and author of Cool Careers for Dummies.
-
Thanksgiving 2024: How Grocery Taxes Impact Your Holiday Food BudgetFood Prices Some families are navigating high food prices influencing what’s on the table this Thanksgiving.
-
9 Year-End Money Moves to Make NowBoost your retirement savings, lower your taxes and get the most out of your health insurance.
-
Was the Pandemic Really a Good Thing for Some (Financially Speaking)?personal finance On a financial level, several good things came out of the pandemic for a number of people. Savings ballooned. Debts were paid down. To continue on that financially healthy path, follow these five simple steps.
-
How to Ask for a Pay Raise in 5 Easy Stepscareers When it comes to asking your boss for more money, all you need is good timing and the right preparation.
-
When A ‘Lifequake’ Hits: What to Do When Your Whole World Breaks Openpersonal finance If life has thrown you for a financial loop, how do you pick up the pieces? One at a time. Start small and you’ll be amazed how you can bounce back from a job loss, foreclosure or recession.
-
7 Foreign Countries Luring Americans to Work Abroad During the Pandemiccareers Work remotely – really remotely – in these appealing destinations offering special visas for American workers.
-
Where to Put Your Money Now: Our 2020 Midyear Investing Outlookinvesting The market is finding its way in a changed landscape. Our advice: Tilt toward stocks rather than bonds and cash, and favor U.S. over international holdings.
-
37 Major U.S. Companies Hiring Now to Meet Coronavirus Demandjob search The coronavirus is exacting a nasty toll on U.S. employment, but dozens of companies continue to announce thousands of new jobs and are hiring now. Here's the latest look at who's hiring.
-
Myths and Realities of Employment Lawbusiness There are fewer "illegal" interview questions than you might think. And you may feel your workplace is hostile, but would a civil court judge agree?
-
Baby-Boomers, Here's Your Wake-Up Call
business The workplace has changed dramatically. These days, there's more to maintaining a career than your day job. Get another oar in the water, fast.
