Retirement of baby boomers boosting financial services hiring throughout the next decade

A recent Monster report shows that as baby boomers decide to exit the workforce, jobs are opening in the financial services industry. Financial services infographic Monster's Financial Services Market Watch report says while longterm job growth in the sector is expected to be moderate, there is  increased demand in recent months for health and medical insurance carriers, as well as commercial banking. Below are some  key takeaways found in the report:
  • The Financial Activities industry has continued to improve, reporting 4.2% in February 2014 compared to 6.9% in February 2010. Employment in the Financial Activities industry expanded +0.8%, translating into an additional 61,000 jobs from the year prior.
  • Among top industry-specific occupations, Personal Financial Advisor roles are among the fastest growing – forecasts call for an increase of 32% from 2010 to 2020.  This growth is driven by the increasing size of the U.S. population approaching retirement.
  • Online job demand within financial services remains positive, averaging growth of more than 10 percent year-over-year in 2013.
  • More than three-quarters of the demand within financial services comes from the finance and insurance segment, particularly direct health and medical insurance carriers and commercial banking industries. Within real estate, lessors of residential buildings and dwellings show the biggest employment gains.
  • Most in demand occupations include: Management Analysts, Financial Managers, and Accountants.
  • Significant shifts in availability of financial services jobs have occurred across the country over the past year. Online recruitment activity in markets such as Denver, Pittsburgh and San Francisco has grown year-over-year with a proportionate increase in financial services jobs. Other markets such as Minneapolis, Tampa and St. Louis have eased overall hiring, yet noticeably increased hiring for financial services positions in the same timeframe. While overall online job demand has increased in markets such as Boston and Seattle, the supply of financial services jobs remains muted.
  • Bookkeeping, accounting & auditing clerks and accountants & auditors are forecast to generate the most new finance jobs by 2020. This is due to economic growth, stricter regulation and closer attention required to corporate financial management.
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