Tuesday, June 09, 2015

The job market is changing and, for a variety of economic and practical reasons, some sought-after careers long held in high esteem are losing some of their appeal.

MarketWatch personal finance editors pinpoint the reasons why four prestigious career choices are being relegated to the B-list:

Lawyer – Law school enrollment is at a 27-year low, according to a report by the American Bar Association. That’s understandable in that people considering becoming lawyers know that a) they’ll likely face relatively dismal job prospects upon graduation, and b) they’ll likely have a ton of debt coming out of law school. The median starting salary for a law school grad is $62,000—down 13 percent over the past six years—and they will likely contend with nearly $140,000 in student debt.

Professor – the academic market is stalling. More than one in three of today’s Ph.D. grads don’t have a job or a post-graduate position lined up when they graduate. Coveted tenure track positions offer prestige and job security – but many colleges are cutting these position to save money, and the share of tenured and tenure-track positions has been steadily declining.

Stockbroker – While this can still be a lucrative career, the big bucks are harder to come by and some of the prestige has definitely dimmed as stockbrokers feel more pressure to prove they are ethical. Also, a lot of what stockbrokers do can now be done online, reducing the need to have a full-time stockbroker.

Family doctor – While some medical specialists remain extremely well paid, general practitioners now face some of the same challenges as lawyers. They can expect a median salary of over six figures once they complete residency, but the median amount of debt med students had upon graduation was $180,000. What’s more, once they graduate from medical school, they have three years of residency to complete, and will likely make only about $50,000 a year during that time – and the expense of insurance and other factors make it more impractical to start a practice of their own.

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