Successful Business Leadership

Summary of the Occupational Outlook through 2014 for Business-related Positions

Source: US Bureau of Labor Services

Accountants and Auditors

• Most jobs require at least a bachelor’s degree in accounting or a related field.

• Overall job opportunities should be favorable; jobseekers who obtain professional recognition through certification or licensure, a master’s degree, proficiency in accounting and auditing computer software, or specialized expertise will have the best opportunities.

• An increase in the number of businesses, changing financial laws and regulations, and greater scrutiny of company finances will drive faster-than-average growth of accountants and auditors.

Administrative Services Managers

• Applicants will face keen competition because of the substantial supply of competent, experienced workers seeking managerial jobs.

• Administrative services managers work throughout private industry and government and have a wide range of responsibilities, experience, earnings, and education.

• Administrative services managers should be analytical, detail-oriented, flexible, decisive, and have good communication skills.

Advertising, Marketing, Promotions

• Keen competition for jobs is expected.

• College graduates with related experience, a high level of creativity, strong communication skills, and computer skills should have the best job opportunities.

• High earnings, substantial travel, and long hours, including evenings and weekends, are common.

Budget Analysts

• Competition for jobs is expected.

• Although a bachelor’s degree generally is the minimum educational requirement, many employers prefer or require a master’s degree.

• About 52 percent of all budget analysts work in Federal, State, and local governments.

Computer and IS Managers

• Employment of computer and information systems managers is expected to grow faster than the average for all occupations through the year 2014.

• Many managers possess advanced technical knowledge gained from working in a computer occupation.

• Job opportunities will be best for applicants with computer-related work experience; a master’s degree in business administration (MBA) with technology as a core component, or a management information systems degree; and strong communication and administrative skills.

Construction Managers

• Construction managers must be available—often 24 hours a day—to deal with delays, bad weather, or emergencies at the jobsite.

• Employers prefer individuals who combine construction industry work experience with a bachelor’s degree in construction science, construction management, or civil engineering.

• Excellent employment opportunities are expected as the increasing complexity of many construction projects requires more managers to oversee them.

Cost Estimators

• More than half of all cost estimators work in the construction industry, and another 17 percent are employed in manufacturing industries.

• Growth of the construction industry will account for most new jobs.

• In construction and manufacturing, job prospects should be best for those with industry work experience and a bachelor’s degree in a related field.

Economists

• Slower than average job growth is expected as firms increasingly employ workers to perform more specialized tasks with titles that reflect the specific duties of the job rather than the general title of economist.

• Job seekers with a background in economics should have good opportunities, although some of these opportunities will be in related occupations.

• Candidates who hold a master’s or Ph.D. degree in economics will have the best employment prospects and advancement opportunities.

• Quantitative skills are important in all economics specialties.

Education Administrators

• Many jobs require a master’s or doctoral degree and experience in a related occupation, such as a teacher or admissions counselor.

• Strong interpersonal and communication skills are essential because much of an administrator’s job involves working and collaborating with others.

• Excellent opportunities are expected since a large proportion of education administrators are expected to retire over the next 10 years.

Engineering and Natural Sciences Managers

• Most engineering and natural sciences managers have previous experience as engineers, scientists, or mathematicians.

• Projected employment growth for engineering and natural sciences managers should be closely related to growth in employment of the engineers and scientists they supervise and of the industries in which they are found.

• Opportunities will be best for workers with strong communication and business management skills.

Financial Analysts and Personal Finance Advisors

• A college degree and good interpersonal skills are among the most important qualifications for these workers.

• Although both occupations will benefit from an increase in investing by individuals, personal financial advisors will benefit more.

• Financial analysts and personal financial advisors who have earned a professional designation are expected to have the best opportunities; competition is anticipated to be keen for highly lucrative positions in investment banking.

• About 4 out of 10 personal financial advisors are self-employed.

Financial Managers

• About 3 out of 10 work in finance and insurance industries.

• A bachelor’s degree in finance, accounting, or a related field is the minimum academic preparation, but many employers increasingly seek graduates with a master’s degree in business administration, economics, finance, or risk management.

• Experience may be more important than formal education for some financial manager positions—most notably, branch managers in banks.

• Jobseekers are likely to face competition.

Food Service Managers

• Experience as food and beverage preparation and service workers is essential for promotion into managerial positions, however, applicants with a college degree in restaurant and institutional food service management should have the best job opportunities.

• Many new food service manager jobs will arise in the food services and drinking places industry as the number of establishments’ increases along with the population.

• Job opportunities for salaried food service managers should be better than for self-employed managers because more restaurant managers will be employed by regional or national restaurant chains to run their establishments.

Human Resources, Training, Labor Relations

• In filling entry-level jobs, many employers seek college graduates who have majored in human resources, human resources administration, or industrial and labor relations; other employers look for college graduates with a technical or business background or a well-rounded liberal arts education.

• For many specialized jobs, previous experience is an asset; for more advanced positions, including those of managers, arbitrators, and mediators, it is essential.

• Keen competition for jobs is expected because of the plentiful supply of qualified college graduates and experienced workers.

Industrial Production Managers

• While there is no standard preparation, a college degree is helpful.

• Applicants with a college degree in industrial engineering, management, or business administration, and particularly those with an undergraduate engineering degree and a master’s degree in business administration or industrial management, enjoy the best job prospects.

• Employment of industrial production managers is expected to grow more slowly than average as overall employment in manufacturing declines; however, because production managers are so essential to the efficient operation of a plant, they have not been as affected by efforts to flatten management structures.

Insurance Sales Agents

• Agents increasingly offer comprehensive financial planning services, including retirement and estate planning; as a result, in addition to offering insurance policies, agents sell mutual funds, annuities, and securities.

• Agents must obtain a license in the states where they plan to do their selling.

• Despite slower than average growth, job opportunities should be good for college graduates who have sales ability, excellent interpersonal skills, and expertise in a wide range of insurance and financial services.

• Successful agents often have high earnings, but many beginning agents fail to earn enough from commissions to meet their income goals and eventually transfer to other careers.

Insurance Underwriters

• Most large insurance companies prefer college graduates who have a degree in business administration or finance with courses in accounting; however, a bachelor’s degree in any field—plus courses in business law and accounting—may be sufficient to qualify.

• Continuing education is necessary for advancement.

• Employment is expected to grow more slowly than average as the continuing spread of underwriting software increases worker productivity.

• Job opportunities should be best for those with a background in finance and strong computer and communication skills.

Loan Officers

• About 9 out of 10 loan officers work for commercial banks, savings institutions, credit unions, and related financial institutions.

• Loan officer positions generally require a bachelor’s degree in finance, economics, or a related field; training or experience in banking, lending, or sales is advantageous.

• Slower-than-average employment growth is expected despite rising demand for loans, because technology is making for simpler and faster processing and approval of loans.

• Earnings often fluctuate with the number of loans generated, rising substantially when the economy is good and interest rates are low.

Lodging Managers

• Long hours, including night and weekend work, are common.

• Employment is projected to grow about as fast as the average for all occupations.

• College graduates with degrees in hotel or hospitality management should have the best job opportunities.

Management Analysts

• Despite fast employment growth, keen competition is expected for jobs; opportunities should be best for those with a graduate degree, specific industry expertise, and a talent for salesmanship and public relations.

• About 29 percent, more than 3 times the average for all occupations, are self-employed.

• Most positions in private industry require a master’s degree and additional years of specialized experience; a bachelor’s degree is sufficient for entry-level government jobs.

Market Researchers

• Market and survey researchers need at least a bachelor’s degree, but a master’s degree may be required for employment; continuing education also is important.

• Employment is expected to grow faster than average.

• Job opportunities should be best for those with a master’s or Ph.D. degree in marketing or a related field and strong quantitative skills.

Medical and Health Services Managers

• Rapid employment growth is projected; job opportunities will be especially good in offices of health practitioners, general medical and surgical hospitals, home health care services, and outpatient care centers.

• Applicants with work experience in health care and strong business and management skills likely will have the best opportunities.

• Earnings are high, but long work hours are common.

• A master’s degree is the standard credential for most positions, although a bachelor’s degree is adequate for some entry-level positions in smaller facilities and in health information management.

Operations Research Analysts

• Employers generally prefer applicants with at least a master’s degree in operations research or management science, or a closely related field such as computer science, engineering, business, mathematics, or information systems.

• Employment growth is projected to be slower than average, reflecting slow growth in the number of jobs with the title “operations research analyst.”

• Individuals with a master’s or Ph.D. degree in management science, operations research, or equivalent should have good job opportunities as operations research analysts or in closely related occupations, such as systems analysts, computer scientists, or management analysts.

Property, Real Estate Managers

• Opportunities should be best for those with college degrees in business administration, real estate, or related fields and with professional designations.

• Good speaking, writing, computer, and financial skills, as well as an ability to tactfully deal with people, are essential.

• More than half of property, real estate, and community association managers are self-employed.

Public Relations

• Although employment is projected to grow faster than average, keen competition is expected for entry-level jobs.

• Opportunities should be best for college graduates who combine a degree in public relations, journalism, or another communications-related field with a public relations internship or other related work experience.

• Creativity, initiative, and the ability to communicate effectively are essential.

Purchasing Managers, Buyers

• Forty-three percent are employed in wholesale trade or manufacturing establishments.

• Some firms promote qualified employees to these positions, while other employers recruit college graduates; regardless of academic preparation, new employees need 1 to 5 years to learn the specifics of their employer’s business.

• Overall employment growth is expected to be slower than average.

• Opportunities should be best for those with a college degree.

Real Estate Brokers and Sales Agents

• Real estate brokers and sales agents often work evenings and weekends and usually are on call to suit the needs of clients.

• A license is required in every State and the District of Columbia.

• Although gaining a job may be relatively easy, beginning workers may face competition from well-established, more experienced agents and brokers in obtaining listings and in closing an adequate number of sales.

• Employment is sensitive to swings in the economy, especially interest rates; during periods of declining economic activity and increasing interest rates, the volume of sales and the resulting demand for sales workers fall.

Sales Representatives, Wholesale and Manufacturing

• Employment opportunities will be best for those with a college degree, the appropriate knowledge or technical expertise, and the personal traits necessary for successful selling.

• Job prospects for wholesale sales representatives will be better than those for manufacturing sales representatives, particularly in small firms.

• Earnings of sales representatives usually are based on a combination of salary and commissions.

Securities, Commodities, and Financial Services Sales Agents

• A college degree, sales ability, good interpersonal and communication skills, and a strong desire to succeed are important qualifications.

• Securities and commodities sales agents must pass licensing exams.

• Competition for entry-level jobs usually is keen, especially in larger firms; opportunities should be better in smaller firms.

• Turnover is high for beginning agents, who often are unable to establish a sizable clientele; once established, securities and commodities sales agents have a very strong attachment to their occupation because of their high earnings and considerable investment in training.

Top Executives

• Keen competition is expected because the prestige and high pay attract a large number of qualified applicants.

• Top executives are among the highest paid workers; however, long hours, considerable travel, and intense pressure to succeed are common.

• The formal education and experience of top executives vary as widely as the nature of their responsibilities.