Some Hot Professions Face Lukewarm Prospects
by Caroline Levchuck
Some professions enjoy an of-the-moment popularity. Perhaps it's because a new television show thrusts a certain vocation into the spotlight or because people realize they can make a living doing something they love. Whatever the case, some of these hot occupations exist in cooler job markets than you might anticipate.
Read on for a few professions you should consider with caution.
Lawyer
Going to law school has become the great American fallback for many folks when their first (or even fourth) job fails to bring them fulfillment. While the job market for students attending top-tier law schools (think Harvard and Yale) is always robust, for those who attend less impressive universities or who aren't at the top of their class, the outlook isn't always very impressive.
According to the National Association for Legal Placement, "the average amount borrowed for law school is currently over $80,000 for private law school students and over $54,000 for public law school students," while salaries have not increased across the board at the same rate as tuition.
According to the Occupational Outlook Handbook, 2006-2007 edition, produced by the U.S. Department of Labor, employment for attorneys is expected to grow "as fast as average," but competition for the best jobs will be fierce. Think carefully about your finances and how you will perform in school, and don't assume that a law degree will yield a six-figure salary.
Chef
Cooking is hot -- but the pay, for the most part, is decidedly not. Culinary programs can cost big bucks (from $10,000 to nearly $50,000, depending on the program), but many graduates face salaries that hover close to minimum wage upon completion of their schooling. Even chefs move up the ranks, they may not be rewarded with a big salary. To wit, the Department of Labor reports that the "median hourly earnings of chefs and head cooks were $14.75 in May 2004."
While the Department of Labor predicts a steady demand for food-related occupations, this isn't necessarily because of growth within the industry. Rather, people are leaving the profession due to lack of earning potential or burnout.
Keep your expectations realistic and make sure you can afford your education when pursuing your culinary dreams.
Real Estate Agent
Selling houses became an extremely lucrative vocation when the real estate market exploded in recent years. Lured by high earning potential and the ability to create a more flexible schedule, a lot of people were attracted to this glamorous profession. Today, sales of existing homes are down, new construction has slowed in certain areas, and experts predict that the market will remain soft in many parts of the country for the foreseeable future.
The Occupational Outlook Handbook says that employment for brokers and sales agents will be "about as fast as average." However, your success will depend on where you work, your level of experience, and any increase or decrease in interest rates.
Consider if your attraction to real estate is based on genuine passion rather than making a quick buck, particular in a cooling market.
