Career Advice
3 Lucrative Data and Tech Jobs for Your Personal and Financial Freedom Over the Next Decade And How You Grab One of Them
Don’t blindly follow the hype in the job market if you want to pursue your dreams
The financial crisis, recession, natural disaster, pandemic, inflation, war.
Within 15 years, we suffer almost every type of crisis that is possible. The uncertainty fuels existential fears.
Besides freedom, flexibility, and remote working, job stability is vital for many.
For, let’s face it, if we have stability in our jobs, we can do better time and financial management.
Education, traveling, getting ready for the dream job, becoming a writer, startup founder, or solopreneur.
Time and money are both essential to achieving your dreams.
I am constantly learning and developing myself professionally and personally. I am a mentor for young female mathematicians. And I am a part-time instructor at a well-known university and am constantly grappling with how to most successfully prepare students from 10+ majors to enter the workforce in the data field. So, I deal with new job profiles and the technological trends that require new skills and knowledge every day.
Moreover, I am someone who needs a certain level of stability to live out my passion and dreams in the rest. And job stability is one essential part of it.
If you feel the same way, I recommend to you one of the following 3 jobs and how you can get such a position. And no, I do not recommend data science. Data is the fuel of today’s businesses in the good and evil, and as such, many different aspects need to be covered.
What jobs promise financial stability over the next 10 years, and how do I get such a job?
The trend of high-demand jobs goes for years in the same direction: mathematics, engineering, computer science, information management, and technology. Every field that deals with data, data modeling, data management, data security, data application, and the data business has a growth rate above the average and lacks talents. It’s your ample job opportunity.
If you have just a little bit of a flair for any of these fields, you should consider moving to one of these job fields.
“I am not good at math!” “Oh, I can’t code.”
This should not worry you. It is primarily a personal perception. As these jobs are in high demand and not enough talents are available, this allows people to move into these fields.
My criteria for selecting jobs with financial stability: salary above the average, high job demand over the next 10 years, additional services, or good work environment to attract talents, and not too many working hours such that there is time to pursue your dreams.
Even though these jobs technically do not require a college degree, for some, it is an advantage because employers will prefer people with at least a bachelor’s degree. The good side is that such a degree can be done online these days. If you do not have and do not want to go for a bachelor’s degree, you need some persistence, but it is doable.
So, what are now the three jobs that I recommend to you?
#1 Actuary
What does an actuary do?
Actuaries work mainly in insurance companies and are experts in risk profiling, modeling, product development, premium determination, data, and financial management. Think about the insurance coverage you have, either car insurance or your pension. Someone has to determine what risk exists, the costs of such a risk, how an insurance policy should look like to cover this risk, what is the probability and the cost of a claim. This person also determines how much capital an insurance company must have in the long run of not going bankrupt such that you still get once your pension, and how to invest this capital.
All this is based on a vast amount of data and many complex mathematical, statistical, financial, and machine learning models. The expert for that is the actuary. This role had existed for decades and performed data science and machine learning even before it became hype.
But an actuary has much broader skills and knowledge. It is an expert for the whole quantitative management of an insurance company. Many actuaries move later into other roles, including head of business units, CFOs, CEOs, innovation lab leads, or members of the board of directors in different industries.
Why is it a great choice?
Actuaries perform work that is required by insurance regulations. But also some actuarial roles like the so-called “responsible actuary” are required by law. Insurance companies must have actuaries. The insurance industry is stable, and also, during economic downturns, they perform well. So, the U.S. Bureau of Labor Statistics estimates job growth of 24% until 2030.
Further, insurance companies are located all over the country, and you can find an actuarial job in many locations, which gives a lot of personal freedom where you want to live.
In addition to a good salary, all insurance companies I know globally offer other benefits from additional pension contributions, insurance coverages, free or reduced prices for gyms, and spot bonuses when a certain level of education is achieved, to mention a few. And except during certain times like year-end financial closing, or renewal period of the insurance contracts at the end of the year, you have standard working hours.
How to get there?
You need a flair for mathematics, statistics, and financials. Prior work experience is not demanded. The actuarial education is done in parallel to the daily work. Because actuaries are required by regulations, the insurers usually support the education by giving free paid days for studying and taking the exams and paying for all the educational costs, which is on top of your total salary.
In the U.S., the education is done either through the Society of Actuaries (for life insurance focus) or the Casualty Actuarial Society (for non-life insurance focus). In countries historically tied to the U.K., education is set by the Institute and Faculty of Actuaries, and the corresponding country actuarial association.
When you have passed all modules and exams, the title of a fully qualified actuary (“fellow”) by the country’s professional actuarial association is granted.
What is the expected salary?
The U.S. Bureau of Labor Statistics reports a median salary is $111,030 annually. An entry-level salary is around 75k, and as a fully qualified actuary after 6+ years, 150k+ can be expected. In all other countries, the compensation in relation to the country’s salary level is in the same range.
#2 Cyber Security Expert
What does a cyber security expert do?
A cyber security professional maintains the safety of information systems, databases, and networks of an organization, and thus, these experts protect the integrity and reputation of a company. They implement preventions, and monitor, detect, analyze and respond to security incidents. As all companies become tech and data-driven, the demand is growing fast to protect the data, tech infrastructure, and corresponding services and products.
There is nothing such as “one” cyber security expert but a broad range of tasks and jobs depending on your preferences. There are security engineers who implement and monitor security protocols, security software developer, security analysts who monitor and analyzes the information system infrastructure and network — some build machine learning-based approaches for that, penetration testers or ethical hackers who test the system by looking for vulnerabilities of systems, security architects who “architect” the defensive measures, or data protection officer who ensures compliance with legal regulations, or internal guidelines. There are many more cyber security jobs, and everybody can find a job according to their own skills and preferences.
Why is it a great choice?
Already now, you can find over 100k open positions for cyber security experts on LinkedIn. With further technologization, the increase in IoT applications and autonomous devices and machines, all fueled with data, the potential attack targets are massively increasing and, in parallel, the need for security experts. Job security even beyond 10 years is a given. So, the U.S. Bureau of Labor Statistics estimates job growth of 33% until 2030.
As always, when demand exceeds supply, companies offer attractive incentives. I see this with my friends who work or have moved into this field: flexible working hours, remote working, coverage of expenses, opportunities for continuing education, participation in industry events, and additional social security contributions are a few to name.
How to get there?
Cyber security experts usually have at least a bachelor’s degree. More important than the degree field is critical, analytical, and forward-looking thinking. In addition, recognized security certifications will be completed. Examples of such entry-level certificates where you do not need work experience for admission are the CompTIA Security+ or the SSCP — Systems Security Certified Practitioner (the required one-year experience is waived with a corresponding degree).
There are two possibilities to move into that field. You do such a certificate on your own and then apply for such a job. This is primarily a possibility if you come from a non-related background and want to get into this field. If you already have experience with information systems, find a company that will support you financially and in terms of time for this training, parallel to your job.
What is the expected salary?
According to the U.S. Bureau of Labor Statistics, the median salary for an information security analyst is $103,590 annually. The salaries span a wide range starting around $70k to $88k on an entry-level and can quickly go up to $150k+.
#3 AI Engineer
What does an AI Engineer do?
AI engineers are experts in building machine learning and deep learning models for business and technical applications that mimic the cognitive functions of humans. They are involved in developing autonomous cars, AI-powered autopilots for spacecraft, or AI-generated art and music. The number of fields for possible applications is growing steadily, and we are all excited about examples like AI playing the board game Go, or the robots of Boston Dynamics.
If we look at the tasks, it contains developing and prototyping applications in various tools. So, solid coding knowledge is required and knowledge of programming languages like Python, C/C++, Java, and Go. Further, knowledge in computer science, data engineering, machine learning, deep learning, and cognitive computing is part of the job.
After testing the applications and ensuring the security and reasonability of the AI applications, it is integrated into machines or devices, i.e., deployed. Deployment means that the developed components are made available for other applications.
The job of an AI engineer contains a broad range of tasks and required skills. Besides the technical knowledge, business acumen is needed, and soft skills like communication with many people of different backgrounds.
It is an exciting job that never will get boring and with a broad spectrum of tasks and opportunities to learn.
Why is it a great choice?
Today’s economy and all industries move towards AI. Machines and devices get “smart” and intelligent. They make their own decisions without humans (or only with minor interactions) and support humans in complex tasks. Think about self-driving cars, manufacturing robots, or AI-supported healthcare tasks from diagnostics to surgery.
COVID-19 boosted the implementation of AI, and currently, 15k+ AI engineering positions in the U.S. can be found on LinkedIn, and more than 80% of enterprises report not having the right AI skills. It will need decades to close the gaps, giving excellent opportunities for the available talents.
And again: when demand exceeds supply, companies offer generous incentives.
How to get there?
The fastest way is to earn a bachelor’s degree in computer science, mathematics, statistics, or data science. Then, perfect your technical skills through online courses, a master’s degree, or bootcamps. Learn programming, at least one programming language like C/C++, Go, Java, or Python on an advanced level. Understand advanced statistics, have solid knowledge in math, and become an expert in machine learning and deep learning.
Yes, it needs time. Yes, it is hard to learn that all. Don’t give up too early. Have a vision and achieve level by level of your learning path. The very positive aspect is that it makes a lot of fun. Already as a beginner, you will have small projects to implement AI, and it feels more like playing than working. Without prior knowledge, you can start as a data analyst or data scientist and move afterward into an AI engineering role. You have to think long-term. AI engineers will be in demand for decades. Start now to get an attractive, secure, and high-paid job.
What is the expected salary?
Depending on the source, the average salary is between $111,473, and $119,297. With a few years of experience, the salary can go up to $200k or even more.
Connecting the dots
Before following the hypes of the job market, take two steps back and look broadly at tech and data-related jobs and assess them according to criteria of job demand over the next 10 years, financial stability, additional services, and not too many working hours. This intersection gives you well-paid and freedom-providing jobs.
The benefits of these jobs are that they are in high demand, large parts of the education can be done online and at your own pace, and you can switch from one such job to another. This takes you in the driver’s seat to steer your professional life while preserving having fun at work and time and freedom to pursue your dreams.
I started with a degree in math, developed mathematical foundations of machine learning methods, got my first job as an actuary, moved back to machine learning, back as an actuarial team leader, changed to project lead for large AI projects, led digitalization and technology units in general and will in my first upcoming engagement as a member of a company’s board also be responsible for cyber security.
All is possible.
And most important: I always had a lot of fun, financial freedom, and enough time to pursue my dreams. The investment of hard work to assimilate all the knowledge paid back multiple times.
Have an incredible career journey!
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