When the economy takes a nosedive, it’s natural to worry about job security. Recessions often lead to layoffs, fewer job openings, and intense competition for the jobs that are left. For instance, during the Great Recession of 2007-09, unemployment peaked at 10%. And during the COVID-19 pandemic, it shot up to a record 14.8%. It’s a scary prospect, but if you’re in school or considering further education, you can prepare for a recession-proof career before the next downturn hits.
Certain degrees can offer a degree of job security in a tight market. Some fields are less affected by economic downturns, and some even see increased demand. Here are some degree programs that can lead to recession-proof jobs, listed in order of job growth potential over the next decade:
-
Finance: Financial experts are crucial during financial crises. They help businesses analyze budgets and individuals manage debts. While big banks did lay off many employees during the 2008 recession, opportunities still exist for finance majors during economic downturns.
-
Information Technology: As we increasingly rely on technology, IT specialists are always in demand. Businesses use technology to reduce overhead costs, so demand for IT specialists can actually increase during economic downturns.
-
Computer Science: Almost every industry uses software, so a recession won’t reduce the need for employees with computer skills. A degree in computer science or software development can lead to a lucrative career in the ever-expanding tech field.
-
Nursing: Regardless of the economy, people will get sick, so nurses will always be needed. As of 2022, there’s a nursing shortage in most areas of the U.S., so there are likely to be plenty of job opportunities for those interested in a nursing degree.
-
Education: Schools don’t close during economic recessions. Children need an education no matter the state of the economy. The U.S. is currently facing a nationwide teacher shortage, so despite the relatively low pay, teachers can typically count on job security during economic downturns.
-
Engineering: Utility workers remain essential during recessions because we always need people to keep our lights on, our water running, and our internet working. Many of these jobs are in the field of engineering.
-
Health Care Administration: Health care is always in demand, recession or not. If you don’t like working directly with patients, you can still enter the job-secure health care industry as a health care administrator.
-
Accounting: Every business and individual pays taxes, so we will always need accountants. Businesses also need accountants to run budgets, keep the books, pay employees, and oversee accounts.
-
Social Work: Mental health needs don’t stop just because the economy slows. In fact, mental health professionals are even more needed during times of economic uncertainty.
-
Law: The courts don’t stop operating when the economy sours. A recession may mean an even greater demand for lawyers specializing in specific areas like bankruptcy, divorce, and criminal law.
-
Paralegal Studies: Lawyers aren’t the only ones with recession-proof skills in the legal field. Paralegals are needed to support the work of attorneys by doing administrative work.
-
Marketing: Recessions happen when there’s an overall decline in economic activity. That’s a problem since businesses need money to keep the lights on. That’s where someone with a marketing degree comes in. They get consumers to buy what businesses are selling.
-
Medical Science: Whether you opt to become a doctor, physician’s assistant, physical therapist, or research scientist, a job as a health care professional never goes out of style.
-
Dental Hygiene: The field of dentistry is somewhat recession-proof as people still need dental care during a recession. However, it’s less recession-proof than physical or mental health because many often see dental care as a luxury in hard times.
-
Psychology: Those with a background in psychology are likely to be in high demand during a recession, as mental health tends to take a hit during times of financial stress.
Remember, the best career path aligns your talents and skills with the current job market. And fortunately, there are ways to do that with nearly anything. It simply requires a little adaptation. Higher education equips students with soft skills like problem-solving, communication, interpersonal skills, project management, and analytical thinking. And those are highly transferable to nearly any job or career field. So, your best bet to recession-proof your career is to focus on the in-demand transferable skills your chosen industry requires. The economy will always be in flux, so your career goals should be similarly flexible.
