Where the Money is in 2008
By Clare Kaufman
The economy may be in a grim state, but these professionals continue to bank on healthy, stable paychecks every month. Here's a look at five careers with the earnings potential to sail through any economic downturn, and the degree paths to get you there.
HEALTHCARE...
Nurse Anesthetist
Medical care is always in demand; while business sector employees remain on the lookout for pink slips, health workers are receiving salary increases and bonuses. Nurse anesthetists are among the highest-paid medical professionals without an M.D. A Certified Registered Nurse Anesthetist (CRNA) administers pain alleviation medication and monitors patients' vital signs during surgical procedures. CRNA earn a median salary of $135,681, as well as bonuses of up to 50 percent of this base salary. Traveling nurse anesthetists make $100-$110 per hour.
Getting There with an MSN in Nurse Anesthesia (CRNA)
Nurse anesthetists qualify for certification with a two-year specialized master's degree in Nurse Anesthesia, or CRNA. The prerequisites for this degree program include a Bachelor of Science in Nursing (BSN) degree as well as one to two years of experience in critical care nursing.
BUSINESS...
Chief Executive
You know you've made it if your income is subject to Congressional oversight. CEO compensation has reached such stratospheric levels that top executives like Merrill Lynch's Stanley O'Neal have been called to account by the House Committee on Oversight and Government Reform.
According to salary.com, chief executive officers make an average base salary of $623,546, or $1.2 million and up with bonuses. The top players make much more; O'Neal's successor at Merrill Lynch, John A. Thain, pulled down $83.79 million in 2007.
Getting There with an MBA
There's no straight ticket to a chief executive seat, but an MBA degree helps. According to The Wall Street Journal, close to two-thirds of top CEOs have either an MBA or a JD degree.
"Employers expect graduate degrees for management-track candidates," writes Career Journal columnist Carol Hymowitz. The two-year MBA, widely available as an online degree, offers unparalleled networking opportunities and the training in leadership skills to get ahead in the workplace.
FINANCE...
Actuary
In uncertain financial times, companies are willing to pay top dollar for risk management. This is, in a nutshell, the actuary's job description; actuaries use their statistics, mathematics, and finance knowledge to assess risk and to create business policies that mitigate financial risks. Sixty percent of actuaries ply their trade in the insurance industry, with the remainder working for financial service interests such as credit and corporate security. Actuaries earned a median salary of $95,420 in 2007.
Getting There with a Bachelor of Science in Statistics
Actuaries qualify for their jobs with a bachelor's degree in a quantitative field such as mathematics, finance, or statistics. A four-year Bachelor of Science in Statistics offers excellent preparation in areas such as probability, sampling, standard deviation, as well as mathematical courses such as calculus.
Financial Analyst
Financial analysts also play an increasingly important role in a tight economy, ensuring that businesses make the most of their investment dollar. Also known as securities or investment analysts, financial analysts analyze financial metrics and make recommendations to investment banks, insurance companies, mutual funds, and securities firms. The national median salary of $81,700 in 2007 belies the true income of financial advisors, which includes performance-related bonuses.
Getting There with a Bachelor of Science in Finance
Financial analysts enter the workforce with a four-year bachelor degree in finance or a related field such as accounting, business, economics, or statistics.
INFORMATION TECHNOLOGY...
Network Systems Analyst
Network systems analysts rank number one in the Department of Labor's list of the thirty fastest-growing occupations, with 53.4 percent job growth expected through 2016. Systems analysts keep a company's data network performing at optimal efficiency, making sure employees have reliable access to file-sharing applications, reporting, email and voice communications, etc. Network systems analysts brought home a median salary of $70,760 in 2007.
Getting There with an BS in Management Information Systems (MIS)
A four-year bachelor's degree in Management Information Systems grooms graduates for higher-level supervisory roles, with courses in both business management and network systems.
No matter how tough the economy becomes, certain careers will always come out on top. The essential players in the working world-top executives, healthcare and IT professionals, and financial gurus-can count on a steady paycheck through thick and thin. With the right degree to buoy your career, you can sail through a turbulent economy.
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