Each day, as our tattered economy shreds a bit more, you may wonder, “Is anyone out there actually doing well?” Yes, experts say, some careers are in demand — particularly those that will help reshape businesses and thereby revive the economy.
According to executive search firm CTPartners’ 2009 “Hot Jobs” report, as government rescue plans unfold and companies are restructured, sought-after experts will be in disciplines like risk management, restructuring and financial engineering. “Wall Street in turmoil” will be hiring for a number of positions, according to the report. Meanwhile, Lynne Sarikas, director of the MBA career center at Northeastern University’s College of Business Administration, points to other hot spots for jobs. Read on for a closer look at six of them:
1. Restructuring Officers
While restructuring may be a dreaded word, it’s often essential to setting a workplace straight after a major shakeup. Restructuring officers lead companies through bankruptcy, mergers and acquisitions, or other major reorganizations, and can command hefty pay. At a Fortune 1000 company, a restructuring officer could earn $750,000-$1 million in cash and the same value in restricted stock, says Simon J. Francis, a partner with CTPartners.
2. Turnaround Experts
Like it or not, our economy has to be turned around. Newly hired CEOs and CFOs at private equity companies that buy distressed assets are “turnaround experts,” explains Francis. They provide strategies to improve operational and financial performance, reorganize balance sheets, develop refinancing options and implement operational changes to regain profitability. A CEO could make $500,000-$1 million plus 3-5 percent equity, and the CFO could make $500,000-$750,000 plus 1-2 percent equity, Francis says.
3. Distressed Asset Managers
These professionals are financial fix-it gurus. They hand le a troubled company’s assets, including refinancing, general partner substitution, legal action, loan restructuring, recapitalization and compliance. Not surprisingly, pay beats that of your typical hand yman’s — potentially around $1 million a year or more, according to CTPartners.
4. Bankruptcy Attorneys