Millennial workers across the country are struggling to find high-paying finance jobs after graduation, but it's possible that they may simply be looking in the wrong places. One recent report suggests that a specific job position is shedding workers with no younger professionals stepping in to replace them – giving insight into a finance career that may offer high hiring rates.
By 2017, the financial planning industry will lose more than 25,000 professionals, mostly as a result of retirements, according to a report from Cerulli Associates, reported on by Investment News. The report notes that there's a distinct lack of new recruits being driven into the industry to replace the retiring finance professionals.
Sean Daly, a Cerulli analyst who spoke with the news outlet, noted that many current financial planners are coming up on their retirements, and that the drop in current employed workers would potentially be "rapid."
However, few workers are stepping forward to fill in these job openings. Investment News cited a survey conducted by the Certified Financial Planner Board of Standards that found that more than 65 percent of students who earned degrees in financial planning did not complete the certification tests that would allow them to more easily earn employment within the field.
Brian Hamburger, a compliance consultant with wealth management firms and the managing director of MarketCounsel, suggested to Investment News that the industry may be losing traction with younger workers because it's not considered as "tech-savvy" as other careers in finance.
"The next generation has a very clear perspective about how they want to interact and communicate with clients," Hamburger told Investment News. "It seems like we're behind."
As a result, many workers currently employed in financial planner positions have been forced to take on more significant roles in their companies. Daly told Investments News that the average advisor manages approximately $6 million more this year than they did during 2012.
Job seekers would be wise to search for planning and accounting jobs
Experts working in the finance industry are suggesting that postgraduates begin searching for more specific and specialized jobs. By focusing on positions where there is a dearth of workers or talent – such as in the financial planning industry – young professionals can give themselves a better chance at earning a fulfilling career in finance.
Paul McDonald, a senior executive director at Robert Half International, told Fox Business that he feels hiring should increase in these industries and fields in the coming months. He noted that there is strong demand for new employees in the accounting, technology and creative fields, for example.
"We are seeing some strong activity and steady hiring across the board in a number of specialized areas," McDonald told Fox Business. "When we are looking at highly skilled individuals, we are looking at individuals that have a college degree, an advanced skill set and/or certifications."
McDonald went on to elaborate, noting that even when industries are experiencing low hiring levels, there are specific sectors within the industry that are likely to be in need of new workers. He told Fox Business that while the finance market isn't currently displaying strong hiring rates, there is a high demand for workers who are prepared for payroll jobs, accounting jobs and financial analyst positions, for example.
He also noted to the news source that workers searching for careers in finance would do well to obtain an MBA, or another form of advanced education.
"Even in the deepest part of the recession we saw demand for MBAs and CPAs that had strong excel and data mining skills and they are in more demand today," McDonald told Fox Business.