The condition of the economy of any country is never the same. For some years the growth of the economy is fast, while in some other year, this growth slows down. It has been observed that job creation is directly proportional to economic growth.
When the economy is growing, jobs are created in plenty in almost all sectors, and this helps people improve their standard of living. However, there are many jobs which depend on the state of the economy and in bad times, we see downsizing of workforce in these sectors.
So, stable careers are always sought after by candidates who are about to start their working careers. Here, we shall know about the stable careers in a bad economy.
Recession Proof Careers
Doctorates in almost all fields can become teachers or professors in leading educational institutions. Teaching is a profession which is insulated from the situation of the economy, and this makes it one of the stable careers in a bad economy.
This would be one of the stable jobs in a recession, as the need of efficient health care facilities is always there. Also, during the 2008 economic recession, these health care professionals were the highest paid around the world.
Personal Financial Adviser
Financial planning is essential for all individuals, whatever may be the condition of the economy. It becomes more important in times of recession, as people are short of cash, and the need is to utilize the available cash in the best possible way.
Personal financial planners can guide their clients in a systematic manner by using their knowledge of capital markets, finance, bonds and insurance. Financial planners who are self-employed are known to earn more than their employed counterparts.
People employed in the government sector were able to deal with the recession in a better way as compared to those employed in the private sector.
Government owned companies in power, metal sector and infrastructure sector receive financial help from the government, and this helps them to continue operations despite slowdown in demand during a recession. So, you can think of a career in this sector to ensure consistency in income.
Pharmacists enjoy a recession proof career because there is an increasing demand for their skills in the fields of medicine and drugs. They act as a link between doctors and their patients, and can work in multi-national firms which are seeing improving revenues and fast growth because of a rising population's need for lifesaving drugs.
Lawyers, whether employed in a law firm or having independent practice, always have work and this helps them earn consistently. The condition of the economy as a whole does not affect their employment or business prospects. In fact according to various salary surveys, lawyers have always been one of the highest paying jobs in the past decade.
So, these were some of the stable careers to have even in a bad economy. They can assure you of financial stability. To succeed in these careers, you must be ready to work hard and improve your skills constantly. All the best and do well!