Finance is one of the smallest
career clusters and is not projected to grow by a substantial amount over the next decade. The
Bureau of Labor Statistics (BLS) estimates that about 3.8 million workers were employed in the cluster in 2010, and expects to see fewer than 500,000 jobs added through 2020. The expected growth rate of about 11 percent is about average compared to other clusters.
Cluster Overview: Expectations for Change, 2010-2020
In the
Finance cluster, as is true for other clusters, many occupations are declining or growing only slowly because technology is reducing the need for workers. New computer systems are increasing efficiency in the workplace and, in some cases, even eliminating the need for workers. As a result, fewer new employees are needed even when business grows. This trend most severely impacts low skilled workers and those who do routine jobs. As people switch to online banking, we need fewer Bank Tellers, and as
financial records are more comprehensively digitized, we need fewer Credit
Authorizers, Checkers, and Clerks. This trend has been growing for decades, and the recent recession intensified it. Jobs that can be automated will be automated, both because software is cheaper than paying for labor and because customers like the convenience of digital services.