20 Hot Job Tracks When Baby Boomers Retire
HOT TRACK SALARIES (AVERAGE) ENTRY LEVEL: $40,000--$58,000 MIDLEVEL: $65,000--$75,000 TOP: $85,000--$90,000
TRAINING. Familiarity with computer systems is a must. Some project management, finance, math or accounting helps.
RUNNER-UP HOT TRACK. Compliance officer. A few rogue traders have awakened foreign banks to the need for oversight. Compliance officers ensure that the rules are being followed.
WHAT FINANCE JOBS PAY FOREIGN-EXCHANGE CLERK: $23,000--$28,000 CREDIT ANALYST: $48,000--$68,000 COMPLIANCE OFFICER (ASSISTANT VP): $60,000--$72,000 SENIOR FINANCIAL ANALYST: $60,000--$78,000 ASSOCIATE, CORPORATE FINANCE: $68,000--$97,000 VICE PRESIDENT (PROJECT FINANCE): $95,000--$145,000 PORTFOLIO MANAGER: $110,000--$160,000*
Note: Average salaries for 1996. *Does not include bonuses. Sources: American Bankers Association, Bank of America, IDOM Inc., The KPA Group, SofTrends
FRANCHISING: Cleaning Business From time-starved two-income families to the burgeoning crowd of seniors who have retired their dust mops, Americans are signing up en masse for regular maid service. Merry Maids now has a network of more than 1,000 franchises, up from 350 in 1990. Companies, too, would rather contract out the dirty work. Commercial cleaning operations hold four spots on Entrepreneur's list of the 30 fastest-growing franchises. ServiceMaster saw revenues grow nearly 25 percent last year, for example--partly because of successful marketing of disaster restoration (heavy-duty mopping up after floods, fires and hurricanes). Start-up costs are often low--$3,000 to $50,000, depending on the market.
HOT TRACK EARNINGS. Like most private companies, very few franchises disclose profits. Experts say profit margins may range from 15 to 30 percent on sales that vary even more wildly. A small-town home-cleaning operation might do $50,000 a year in volume; a few office contracts in the Northeast could mean several million dollars.
TRAINING. Some 90 percent of franchisees worked elsewhere first--many in management positions. Some sales and marketing experience is key, as is a willingness to take financial risks.
RUNNER-UP HOT TRACK. Specialty foods. Drive-through gourmet-coffee shops like Quikava, stores serving up fruit smoothies (Frullati Cafe) and bread and pretzel bakeries (Bruegger's Bagel Bakery, Great Harvest Franchising, Gretel's Pretzels) are particularly hot businesses.
WHAT FRANCHISES EARN* FEWER THAN 10 EMPLOYEES: $75,000 IN BUSINESS FIVE YEARS OR LESS: $120,000 IN BUSINESS MORE THAN FIVE YEARS: $196,000 BUSINESS SERVICES/COMPUTERS: $177,000 FAST FOOD/RESTAURANT: $182,000 10 OR MORE EMPLOYEES: $299,000
*Note: Average net pre-tax earnings for 1995, based on Franchise Times survey of 1,000 franchise owners across various industries.
HEALTH CARE: Information Specialist Someday soon, a patient with several doctors will have a single medical record that each can access by computer. The time and costs involved in keeping paper records are one incentive for health care providers to computerize. Another is the coming surge in elderly patients, who typically have several physicians struggling to coordinate care. Besides inputting data, information specialists manage insurance reimbursement and help physicians conduct statistical research. In four years, 56 percent of these jobs will be vacant for lack of candidates, predicts the American Hospital Association. And so far, only 20 percent of records have been computerized.
HOT TRACK SALARIES (AVERAGE) ENTRY LEVEL: $24,000 MIDLEVEL: $36,000 TOP: $64,000
TRAINING. An associate's or bachelor's degree in health information management, plus national certification by exam.