5 Recession Proof Jobs

By: Siavosh Moshiri, Staff Writer

Declining profits.  Shrinking customer base.  Plummeting stocks.  These words have become attached to business news for the last three years.  Workers involved in a variety of different fields are still having trouble dealing with the aftermath of the recession that occurred in 2008.  Even well known companies are experiencing the pressure: Wal-Mart, the Arkansas based retail giant, has had falling sales figures for two consecutive years and overall store visits are down as well.  But certain jobs have managed to not only weather this storm but grow during it.

1) Health Care
We can cut back on most areas of life.  This is not one of them.  If anything we are spending more and more on various levels of healthcare as the population continues to age and overall lifespan of citizens rises.  Doctors and nurses are obviously vital but also people like health economists and epidemiologists are in demand to help the government understand how best to channel resources for future generations.

2) Funeral Services
As morbid as it may sound, morticians should not be affected by the financial crisis since they will always have customers.  One could even make the argument that the recession shall lead to even more customers since the stress of unemployment could lead to a rise in the death rate.

3) Trades Services
This includes such trades-people like plumbers and electricians.  Often times such jobs require a level of manual labour that many are uncomfortable performing – this incentivizes people to hire the necessary experts for the job.  While housing development may take a hit during such times, maintenance issues will always be present.

4) Actuaries
When you apply for insurance, actuaries look at your overall qualities (job, health, family medical history) and will try to come up with a rough idea on what potential health risks you might face in the future.  This is something insurance companies care deeply about since this directly impacts their profit margin.  In 2008, Time Magazine looked at the salaries of which jobs least respond to economic downturns; Actuaries were ranked as one of the best on this list.

5) Accounting
My father once told me that men must make sure to find 3 people before they turn 30: a good mechanic, a good barber and finally a good accountant.  Even in a downturn, money will always exchange hands and someone needs to make sure that it is being properly documented.  This is where accountants step in.

ARB Team
Arbitrage Magazine
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