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January 15, 2021

Most In-Demand Jobs for Bachelorâs Degree Holders â 2021 Edition

Image shows a person wearing business casual clothing and standing against an office wall with her arms crossed. In this study, SmartAsset analyzed data to identify the most in-demand jobs for bachelor's degree holders.

Jobs requiring a bachelorâs degree or higher level of education for entry are often more insulated from unemployment than others. During the COVID-19 pandemic, total unemployment for individuals 25 years and older spiked to 13.1% in April 2020. However, the highest unemployment rate over the past year for bachelorâs degree holders 25 and older was 8.4% in April 2020. As of November 2020, the national unemployment rate was 6.7% â 2.5 percentage points higher than the unemployment rate for bachelorâs degree holders.

Some jobs for bachelorâs degree holders may be even more insulated from economic changes as demand is high. In this study, we investigated the most in-demand jobs for bachelorâs degree holders. We compared a total of 131 occupations across four metrics: percentage change in average earnings from 2018 to 2019, percentage change in employment from 2018 to 2019, projected employment change from 2019 to 2029 and projected percentage change in employment from 2019 to 2029. For details on our data sources or how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is SmartAssetâs third annual study on the most in-demand jobs for bachelorâs degree holders. Check out the 2020 rankings here.

Key Findings

A list similar to last year. Almost half of the 10 most in-demand jobs for bachelorâs degree holders in 2021 were in our top 10 last year. They are computer and information systems managers, information security analysts, interpreters & translators and medical & health service managers. Of those four occupations, interpreters & translators saw the biggest jump between the two years, moving down five spots from first to sixth.
More than 30% growth expected in two occupations. On average across the 131 occupations in our study, employment is expected to grow by 5.0% between 2019 and 2029. But the expected growth is more than six times higher for two occupations â information security analysts and medical & health service managers. The Bureau of Labor Statistics (BLS) predicts employment increases of 31.2% and 31.5% for those two occupations, respectively, between 2019 and 2029.

1. Producers and Directors

The producer and director occupation ranks in the top quartile of our study for all four metrics we considered. Between 2018 and 2019, employment of producers and directors grew by almost 9%, while average earnings rose by about 5%. Moreover, the BLS projects the occupation will continue to grow. According to their estimates, the number of producers and directors will increase by 16,000, or 10.0%, from 2019 to 2029.

2. Computer and Information Systems Managers (tie)

The computer and information systems manager occupation ranks in the top 15% of occupations for three of the four metrics in our study. The occupation saw the ninth-largest percentage increase in employment from 2018 to 2019, growing by 10.87%. Between 2019 and 2029, the BLS expects it will grow by another 10.4%, adding 48,100 workers. Across all 131 occupations, that is the 19^th-highest percentage increase and ninth-largest gross increase in workers.

2. Agents and Business Managers of Artists, Performers and Athletes (tie)

The occupation of agent and business manager for artists, performers and athletes ties with computer and information systems manager as the No. 2 in-demand job for bachelorâs degree holders. Between 2018 and 2019, average pay for agents and business managers for artists, performers and athletes grew by almost 7%, the seventh-highest rate across all 131 occupations. Over the same time period, employment grew by 15%, second-highest in our study for this metric.

4. Information Security Analysts

Information security analyst is the fourth most in-demand job for bachelorâs degree holders, moving up from fifth place last year. Though average earnings grew at a comparable pace year-over-year, employment increased sharply in this profession. BLS estimates show that information security analyst employment increased by 16.20%. There were about 108,100 information security analysts in 2018 and almost 125,600 in 2019.

5. Actuaries

Most actuaries work for insurance companies, assessing the financial costs of risk and uncertainty. Between 2018 and 2019, average earnings for actuaries grew by 4.06% â the 15^th-highest one-year earnings increase in our study. Additionally, between 2019 and 2029, employment for this occupation is expected to grow by another 17.6%, the seventh-largest percentage change in employment in the study.

6. Interpreters and Translators

According to BLS employment projections, the number of interpreters and translators in the U.S. is expected to increase by 20.0% between 2019 and 2029, a top-five rate in our study. With that projected percentage change, employment will grow by roughly 15,500 workers, a top-30 rate. Most recently, from 2018 to 2019, average earnings for interpreters and translators grew by 3.20%, the 25^th-highest rate for this metric in the study.

7. Fundraisers

The occupation of fundraiser ranks in the top third of all 131 occupations for three of the four metrics we considered. Between 2018 and 2019, employment grew by 7.87%, the 19^th-highest rate. Looking forward, total employment of fundraisers is expected to grow by 14,400, or 14.3%, over the next 10 years â the 30^th-largest gross increase and 11^th-highest percentage increase.

8. Medical and Health Service Managers

Medical and health service managers plan and coordinate the business activities of healthcare providers. Average earnings for medical and health service managers are high and growing. In 2018 and 2019, average earnings for workers in the occupation stood at $113,730 and $115,160, respectively. Additionally, across the 131 occupations in our study, BLS expects the profession to have the third-largest gross employment increase (133,200 workers) and highest percentage employment increase (31.5%) over approximately the next decade.

9. Athletic Trainers

Between 2019 and 2029, the occupation of athletic trainer is expected to grow by 16.2%, the ninth-highest rate for this metric in our study. Athletic trainers may also see their earnings continue to grow over time. Between 2018 and 2019, average earnings for athletic trainers increased by 2.56% from about $49,300 to more than $50,500.

10. Compensation, Benefits and Job Analysis Specialists

Compensation, benefits and job analysis specialist rounds out our list of the top 10 most in-demand jobs for bachelorâs degree holders. Average earnings for compensation, benefits and job analysis specialists grew by 2.84% between 2018 and 2019, 33^rd-highest in our study. The occupation ranks within the top third of the study for the other three metrics as well. It had the 26^th-highest percentage change in employment from 2018 to 2019 (6.88%), the 43^rd-greatest projected gross employment change from 2019 to 2029 (7,500) and the 28^th-highest projected percentage employment change from 2019 to 2029 (7.9%).

Data and Methodology

To find the most in-demand jobs for bachelorâs degree holders, we looked at data for 131 occupations that the BLS classifies as typically requiring a bachelorâs degree for entry. We compared the 131 occupations across four metrics:

Percentage change in average earnings from 2018 to 2019. Data comes from BLS Occupational Employment Statistics and is for May 2018 and May 2019.
Percentage change in employment from 2018 to 2019. Data comes from BLS Occupational Employment Statistics and is for May 2018 and May 2019.
Projected employment change from 2019 to 2029 (gross figure). This is the projected change in the total number of people employed in an occupation from 2019 to 2029. Data comes from the BLS 2019 Employment Projections.
Projected employment change from 2019 to 2029 (percentage change). This is the projected percentage change in the number of people employed in an occupation from 2019 to 2029. Data comes from the BLS 2019 Employment Projections.

We ranked each occupation in every metric, giving a full weighting to all metrics. We then found each occupationâs average ranking and used that to determine a final score. The occupation with the best average ranking received a score of 100 while the occupation with the worst average ranking received a score of 0.

Tips for Making Educated Choices With Your Earnings

Invest early. With relatively high income and earnings, many bachelorâs degree workers may be able to have an early retirement. To do this, it is important to take advantage of compound interest by investing early. Take a look at our investment calculator to see how your investment in a savings account can grow over time.
Contribute to a 401(k). A 401(k) is an employer-sponsored defined contribution plan in which you divert pre-tax portions of your monthly paycheck into a retirement account. Some employers will also match your 401(k) contributions up to a certain percentage of your salary, meaning that if you chose not to contribute, you are essentially leaving money on the table. Our 401(k) calculator can help you determine what you saved for retirement so far and how much more you may need.
Consider professional help. A financial advisor can help you make smarter financial decisions to be in better control of your money. Finding the right financial advisor that doesnât have to be hard. SmartAssetâs free tool matches you with financial advisors in your area in five minutes. If youâre ready to be matched with local advisors that will help you achieve your financial goals, get started now.

Questions about our study? Contact us at press@smartasset.com.

Photo credit: Â©iStock.com/martin-dm

The post Most In-Demand Jobs for Bachelorâs Degree Holders â 2021 Edition appeared first on SmartAsset Blog.

Source: smartasset.com

January 8, 2021

Best Places for Women Entrepreneurs â 2020 Edition

While women have certainly made strides in many areas of the business world, when it comes to entrepreneurship, a significant gender gap remains. Around 10.2% of women between ages 18 and 64 are new entrepreneurs, a rate around three-quarters that of men, according to the 2018-2019 Womenâs Report from The Global Entrepreneurship Monitor. Though thereâs clearly still room for growth, women who are starting their own businesses have the opportunity to take ownership of their long-term financial goals, including how much they sock away in a savings account. But not all locales are equally conducive to their success. As such, SmartAsset sought to uncover which metro areas are best for women entrepreneurs.

To do this, we compared 50 of the largest metro areas across the following metrics: number of female-owned businesses, percentage of businesses owned by women, women-owned businesses as a percentage of businesses with greater than 500 employees, new businesses as a percentage of total businesses, new business applications in 2020 relative to previous years, percentage of businesses that had profits or broke even, startup survival rate, women-to-men pay ratio, 2019 female unemployment rate and September 2020 unemployment rate. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is SmartAssetâs second study on the best places for women entrepreneurs. Read the 2019 version here.

Key Findings

The percentage of women-owned businesses is paltry, but especially so for large companies. Five metros in our top 10 â Los Angeles, Atlanta, Denver, Seattle and Miami â rank in the top 10 for our metric tracking the percentage of businesses owned by women, with Atlanta leading that pack at 21.92%. Though women-owned businesses only constitute about a fifth of all business at the top, the numbers are even more meager for women-owned businesses with greater than 500 employees: in New York, which ranks first for this metric, women own only 3.56% of all businesses of this size.
Despite the pandemic, new businesses are still being formed. While the COVID-19 pandemic has had major impacts on the fortunes of many businesses, entrepreneurs in the U.S. are still founding new companies. Data from the Census Bureau shows that the number of new business applications in 2020 thus far is up 5% compared to the average over the past few years, indicating that amid this crisis, increasingly more entrepreneurs still want to form new firms.

1. Minneapolis-St. Paul-Bloomington, MN-WI

For the second consecutive year, the Twin Cities metro area of Minnesota-Wisconsin is the best place in the country for women entrepreneurs. The unemployment rate for women in this area was 1.8% in 2019, the lowest rate for this metric in the study. Furthermore, 84.49% of businesses in the Minneapolis area had a profit or broke even in 2017, the second-highest percentage across all metro areas we analyzed. Women-owned businesses make up a little less than 3% of all businesses with greater than 500 employees in this metro area. While relatively low, that figure is actually the eighth-highest percentage for this metric in the study.

2. Los Angeles-Long Beach-Anaheim, CA

The Los Angeles-Long Beach-Anaheim, California metro area, which includes parts of Orange County, is the No. 2 place in the nation for women entrepreneurs. Due in part to its large population, Los Angeles area has 64,632 women-owned businesses overall, the second-highest number for this metric in the study (behind only the New York City metro area). Los Angeles also ranks ninth out of 50 in terms of the percentage of businesses that are owned by women, at 20.99%, and third out of 50 in terms of women-owned businesses as a percentage of businesses with greater than 500 employees, at 3.20%.

3. Atlanta-Sandy Springs-Alpharetta, GA

There are also a substantial number of women-owned businesses in the Atlanta metro area. The raw total is 24,130, sixth-highest in the study, and that represents 21.92% of all businesses, the fourth-highest in the study. Women in the Atlanta area earn 76.79% as much as men, the 12^th-best rate for this metric across all 50 metro areas we analyzed. The metro area also benefits from the fact that Georgia ranks first for the number of new state-wide business applications in 2020 relative to the previous five years, at 142.77%.

4. Denver-Aurora-Lakewood, CO

New businesses represent 10.22% of all establishments in the Denver-Aurora-Lakewood, Colorado metro area, the third-highest percentage for this metric in our study. A lot of the establishments in the area at least break even, too â 83.90% to be specific, the seventh-highest percentage we observed for this metric in the study. The Denver area also ranks seventh-best for the percentage of businesses that are owned by women, 21.78%.

5. Sacramento-Roseville-Folsom, CA

Sacramento is the capital of California, and the metro area around the city takes the No. 5 spot in terms of the best places to be a woman entrepreneur. The Sacramento-Roseville-Folsom metropolitan area saw 84.70% of businesses either turn a profit or break even in 2017, the highest percentage we observed. The startup survival rate in California is 81.33%, placing the Sacramento area fifth in that metric. New businesses in the area represent 9.10% of all businesses, good for 12^th overall.

6. Tampa-St. Petersburg-Clearwater, FL

Women in the Tampa-St. Petersburg-Clearwater, Florida metro area earn 79.68% as much as men, the sixth-best ratio of the metro areas included in this study. Tampa also benefits from the fact that Florida fares well in terms of new businesses created in 2020 (a state-wide metric): The total new business applications filed this year is 113.42% of the average filed over the past five years, the ninth-highest rate. Tampa also finishes in 11^th place out of 50 for both unemployment metrics we measured. The unemployment rate for women in 2019 was 2.4%, and the overall unemployment rate in September 2020 was 6.1%.

7. Seattle-Tacoma-Bellevue, WA

There are 17,724 businesses owned by women in Seattle-Tacoma-Bellevue, Washington metro area, ranking 10^th of 50. That figure represents 21.25% of all businesses in the Seattle metro area, the eighth-highest percentage in the study. The pay gap in Seattle, though, remains large. Women earn just 68.21% as much as men there, placing the area 46^th out of 50 for this metric.

8. Charlotte-Concord-Gastonia, NC-SC

The Charlotte-Concord-Gastonia, North Carolina-South Carolina metro area comes in at No. 8. Women-owned businesses make up 3.26% of all businesses with greater than 500 employees. The only other metric for which the Charlotte area finishes in the top 10 is the percentage of businesses that broke even or turned a profit, coming in ninth at 83.14%. The area has just 8,581 female-owned businesses, putting it near the middle of this list at 24^th out of 50.

9. Miami-Fort Lauderdale-Pompano Beach, FL

In the Miami-Fort Lauderdale-Pompano Beach, Florida metro area, there are 36,496 businesses owned by women, representing 21.88% of all the businesses in the metro area. That places Miami in fourth and fifth in those two metrics, respectively. The Miami area hasnât been doing well in terms of employment lately, though. The unemployment rate in September 2020 was 10.1%, in the bottom five of this study. That said, the metro area ranks fifth out of 50 for women-owned businesses as a percentage of businesses with greater than 500 employees (3.17%). Furthermore, it ranks ninth overall for the statewide metric of new business applications in 2020 relative to previous years (113.42%) and third overall for women-to-men pay ratio (81.19%).

10. Dallas-Fort Worth-Arlington, TX

The final area in the top 10 of this study is Dallas-Fort-Worth-Arlington, Texas. There are 24,383 businesses in the area owned by women, the fifth-highest rate for this metric in the study. Of the businesses in the metro area with more than 500 employees, 3.19% of them are owned by women, which is the fourth-highest percentage for this metric across the 50 areas we analyzed. A lot of businesses in the area donât fare as well as they would probably like, though: Only 79.42% break even or turn a profit, 44^th out of 50 in the study. However, the metro area ranks sixth overall for the statewide metric of new businesses as a percentage of total businesses, at 9.54%.

Data and Methodology

To find the best metro areas for women to be entrepreneurs we compared 50 of the largest metropolitan areas in the country across a number of metrics. Though weâve done this study in previous years, we added two metrics this year to give more timeliness to our results: new business applications in 2020 compared with the average of the previous five years, and the unemployment rate in September 2020. Here are all the metrics we used:

Number of women-owned businesses. Data is for businesses with paid employees and comes from the Census Bureauâs 2018 Annual Business Survey.
Percentage of women-owned businesses. Data is for businesses with paid employees and comes from the Census Bureauâs 2018 Annual Business Survey.
Percentage of businesses with at least 500 paid employees that are women owned. Data comes from the Census Bureauâs 2018 Annual Business Survey.
New businesses as a percentage of total businesses. This includes businesses established in 2015, 2016 and 2017 as a percentage of all businesses. Data is for businesses with paid employees and comes from the Census Bureauâs 2018 Annual Business Survey.
New business applications in 2020 relative to the 2015-2019 average by state. Figures for new business applications are not seasonally adjusted and include only those with planned wages for workers. We compared the number of new business applications from Week 1 of 2020 through Week 42 of 2020 (i.e. December 30, 2019 through October 24, 2020) to the average number of applications filed during those first 43 weeks of the year for the five-year period spanning from 2015 through 2019. Data comes from the Census Bureauâs Business Formation Statistics.
Percentage of all businesses that had profits or broke even. Data is for businesses with paid employees and comes from the Census Bureauâs 2017 Annual Business Survey.
Startup early survival rate (by state). This is the percentage of startups that are still active after one year. Data comes from the Kauffman Indicators of Entrepreneurship report and is for 2019.
Women-to-men pay ratio. Data comes from the Census Bureauâs 1-year American Community Survey and is for 2019. It accounts for both part-time and full-time workers.
Unemployment rate for women. Data comes from the Census Bureauâs 1-year American Community Survey and is for 2019.
Overall unemployment rate for September 2020. Data comes from the Bureau of Labor Statistics.

First, we ranked each metro area in every metric. We then found the average ranking for each metro area, giving a full weight to all metrics except for the two new business metrics and the two unemployment metrics, all of which received a half-weight. We then came to a final ranking based on these averages, with the top metro area receiving an index score of 100 and the bottom metro area receiving an index score of 0.

Tips for Entrepreneurs

Invest in professional advice. If you are looking for help with your money or your business, consider finding a financial advisor to help you. Finding a financial advisor doesnât have to be hard. SmartAssetâs free tool connects you with financial advisors in your area in five minutes. If youâre ready to be matched with local advisors, get started now.
Taxes donât always have to be taxing. Knowing your tax burden is key to a successful financial life and running your business efficiently. Use SmartAssetâs free tax calculator to see what you might owe.
Nail down your elevator pitch. Want to make sure you are a successful entrepreneur? Make sure you know what your product is and what your audience is before you even actually start the business.

Questions about our study? Contact press@smartasset.com.

The post Best Places for Women Entrepreneurs â 2020 Edition appeared first on SmartAsset Blog.

Source: smartasset.com