Economic recovery is on the horizon -- but the job market may be another step behind. According to some leading economists, we can expect companies to start hiring in earnest in 2011. Smart career professionals can read the opportunity between these lines. There's just enough time to get the training you need to position yourself for a career comeback once the economy revives.
Opportunity ahead with career training
Don't look for the clouds to part just yet, say leading economists. A recent survey conducted by the National Association for Business Economics (NABE) found that the "U.S. recession is slowly abating, but few [companies] have immediate plans to hire more workers." The Fed sees the current unemployment rate rising above 9 percent and staying there through 2010. The UCLA Anderson School of Management concurs, but points to a glimmer of hope on the horizon: The gross domestic product should grow an average 4.1 percent in 2011, producing a hiring revival in the second half of the year.
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Savvy career professionals will spot a silver lining in these clouds. A one- to two-year lull offers the perfect opportunity to upgrade your career skills before the job fair resumes in earnest. Jonathan Kaplan, president of Walden University, explains: "While an economic downturn isn't good for anyone, it is really an ideal time for a working professional to invest in themselves." Online continuing education programs are helping "career changers" and "career enhancers" upgrade their resumes while they wait for a market turnaround. "We have seen a surge in enrollments," notes Jason Lemon, associate dean of UC Berkeley's online extension courses.
Five training strategies for a career comeback
Industries across the economy offer high-impact career training designed to recharge your career in a year or two. Here's a look at five industries and the high-impact training programs that can position you for success in tomorrow's economy.
Business
Master's degree in business administration
The M.B.A. is a straight route to broader job opportunity and higher earning power. The GMAC's annual survey consistently finds graduates earning 35 percent more after earning this high-value graduate degree. The M.B.A. can be completed in a year or two, on campus or online.
Put it to Work: Use your MBA to reinvent your career as a marketing manager. Marketing managers employ a broad range of business skills -- finance, quantitative research, corporate communications and more -- to maximize the company's profits or market share. Average annual salary, 2008: $118,160.
Manufacturing
Associate degree in applied science
The manufacturing sector is experiencing the brunt of the unemployment impact, burdened by the double whammy of economic downturn and outsourcing. If you're a skilled manual laborer or technician, retrain for a career in a forward-looking field like energy production or environmental science. A two-year associate degree in applied science can help you pick up skills in chemistry, biology and lab work.
Put it to Work: Trading the blue collar for a lab coat brings distinct advantages in today's economy. Use your associate degree in applied science to land a job as an environmental science technician. Unlike manufacturing jobs, which are projecting declines, environmental technician jobs are slated to grow a stunning 28 percent through 2016, making this one of the fastest growing professions in the U.S. Average annual salary, 2008: $43,180.
IT
Certificate in information systems security
Security is emerging as a top priority in the IT world. Increase your value to employers by investing in a certificate in information systems or network security. In under a year, you can learn the techniques and technology IT professionals use to protect corporate and public information systems from physical and virtual threats.
Put it to Work: Upgrade your IT support job by becoming a network security specialist. Computer security specialists develop a strategy for protecting information databases against attacks. They implement security software, monitor the network and respond to cyber-attacks. Average annual salary for computer support specialists, 2008: $46,370.
Finance
Accounting CPE
The financial sector may be in a shambles, but forensic accounting is thriving. Accounting Continuing Professional Education (CPE) can help you retrofit your financial career for an accounting specialty. These brief courses offer applied training in specialized areas such as auditing and regulatory compliance.
Put it to Work: Use your CPE training to move into a career as a public accountant. Public accountants work for government agencies auditing organizations, enforcing financial regulations and investigating crimes such as securities fraud. Average annual salary, 2008: $65,840.
Health care
Associate degree in nursing
A two-year degree in nursing offers a high-impact degree for anyone struggling in today's economy. In just a few years you can develop the medical skills to work alongside physicians and other medical professionals in a hospital or clinic.
Put it to Work: Your degree prepares you to become a registered nurse. After you complete nursing school, you'll take the N-CLEX, the certification exam for registered nurses. As a registered nurse, you'll be able to take advantage of one of the strongest job markets in the nation. Nurses are expected to expand their ranks by 587,000 between 2006 and 2016, the most jobs added in any single occupation. Average annual salary, 2008: $65,130.
Your career future is right around the corner. Make the most of the year or two lull in the job market by recharging your resume. Continuing professional education, in the form of a certificate, associate degree or master degree, can position you for success. When the market comes around, you'll be poised to build a new career for a new decade.
