While researching information about your dream career, have you considered looking into its projected job growth rate? This is one aspect that many students often overlook. If you’re one of those, it’s time to know a little more about the projected growth rate and its importance.
What is Projected Growth?
A job’s projected growth estimates how many people are likely to be employed in that particular occupation over a set period of time. These statistics are usually issued by the Bureau of Labor Statistics (BLS). The BLS typically issues the projected growth for all jobs over a standard 10 year period. However, you can find job growth data at other sources over different time periods.
Why is it Important?
Why is it important to know your dream job’s projected growth? Because it gives you valuable insight into how easy it will be for you to get employed in that particular occupation.
Say that you already know what career you want to pursue. You’ll probably need to complete at least four years of undergrad study—if not more—to qualify for a job. You also know you might graduate with student loan debt. But how do you determine if the time, money and effort you invest into it is worth it? Will you get that job easily after you graduate?
One way to find out is by checking the projected growth rate for that career. A high projected growth rate means jobs in this occupation are on the rise. With more jobs available, you will find it easier to get employed in this role.
The projected growth rate is usually indicated in percentages.
- A projected growth rate of 14% or more indicates that that job is growing faster than average. This is great news for you!
- Projected growth rates between 9% and 13% also indicate an increase in job opportunities but at a slightly slower rate.
- Projected growth rates between 2 % and 8% indicate an even slower growth rate. It means job opportunities are on the rise, although the rate of increase is slow.
- Projected growth rates that are any lower than 2% or show a decline are bad news. You may find it difficult to get employed in any job that has a low or negative projected growth rate.
Job Growth Rate Examples
Let’s break down a few examples.
- Nurse Practitioners: A 32% growth between 2016 and 2026.
- Geographers: A 13% growth between 2016 and 2026.
- Agricultural Engineers: An 8% growth between 2016 and 2026.
- Photographers: An 11% decrease between 2016 and 2026.
Fun fact: The career with the current highest job growth rate is a Solar Photovoltaic Installers, at 104% growth increase.
How to Discover the Projected Growth Rate of Your Dream Job
You know why it’s important, now you need to figure out how to determine your dream job’s projected growth. One of the most efficient ways of doing this is by using the search tool at College Raptor’s Career Center.
It’s simple to use. Click the red magnifying glass icon on the top right corner of the page. Type in your dream job in the search bar that pops up. This will take you to a page that includes all the information you need to know about your dream job. In addition to projected job growth, you will also find information on median wages, ideal majors, necessary skills, and more. Go to College Raptor’s Career Center to find out everything you need to know about your dream job.
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