The USA's Professional and Business Services Industry is one of the most important and influential industries in the country. It employs millions of people in a wide variety of occupations, from accountants to lawyers to marketing professionals.
If you're looking for a stable career with good pay and strong job security, this is the industry for you. This guide will give you an overview of what it's like to work in this industry, including information on common job titles, salaries, and outlook for the future. You'll also find tips on how to get started in your chosen profession.
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The Professional and Business Services Industry is one of the largest and fastest growing industries in the United States. In 2022, the industry employed over 22 million people and generated $2.3 trillion in revenue. The industry is expected to continue to grow at a rapid pace, with an estimated 4 million new jobs expected to be created by 2024.
The Professional and Business Services Industry comprises a wide variety of occupations, including: accounting, architectural and engineering services, computer systems design, management consulting, legal services, advertising, public relations, temporary staffing, and many others.
The industry is broad and diverse, with businesses of all sizes operating within it. The vast majority of businesses are small businesses; in fact, nearly 60% of businesses in the industry have fewer than 20 employees.
This is unsurprising given that many professions within the industry are individual-oriented (such as accounting or management consulting) or require small teams. However, there are also a significant number of large businesses operating within the industry; for example, four of the five largest advertising firms in the world are based in the United States.
This industry is vital to the economy of the United States; it accounts for a significant portion of both employment and GDP. It has grown rapidly in recent years due to factors such as technological advancement (which has led to increased demand for computer-related services) and globalization (which has led to increased demand for professional services such as management consulting).
The industry is expected to continue to grow at a rapid pace over the next several years due to continued growth in technological industries (such as software development) as well as continued globalization trends.
Source: U.S. Bureau of Labor Statistics
The industry is one of the fastest growing industries in the United States. It includes a wide range of occupations, from accounting and finance to management consulting and marketing.
Here are six reasons why you should consider a career in this exciting space:
1. Strong Job Growth
The professional and business services industry added nearly 2 million jobs between 2016 and 2022, according to the U.S. Bureau of Labor Statistics (BLS). That's an annual growth rate of 1.4%, which is faster than the overall job growth rate of 0.7%.
2. Good Pay
Professionals in this industry earn a median annual salary of $75,111, which is significantly higher than the median salary for all occupations ($58,260). And with experience, you can earn even more – the top 10% of earners take home more than $118,000 per year.
3. Career Advancement Opportunities
The industry offers many opportunities for career advancement. As your experience grows, you may have the opportunity to move into management or start your own consulting firm. With the right skillset, you could also transition into other high-paying industries such as financial services or healthcare.
4. Variety of Occupations
The professional and business services industry is large and diverse, so you'll have plenty of occupation options to choose from depending on your skillset and interests. Some popular occupations include human resources managers, marketing specialists, sales managers, accountants, and financial analysts - but there are many others to explore as well.
5. Stimulating Work Environment
In most professions within this industry, you will find that the work environment is stimulating due to its fast pace . This can help keep boredom at bay while also providing challenges that help you grow professionally . Additionally, working with clients or customers directly can be personally gratifying as you help them solve problems or improve their businesses.
The professional and business services industry has a certain amount of prestige associated with it - after all, these are the people who keep businesses running smoothly. This can be especially true if you work for a well-known company or brand. If any (or all) of these reasons appeal to you, then a career in this space might be worth considering. Do some research to learn more about specific occupations within this field, what education or training might be required, and what kind of companies hiring.
There are many different types of jobs in this industry. Here are seven of the most common:
1. Accountants and auditors
These professionals keep track of an organization's financial records, ensuring that they are accurate and compliant with relevant laws and regulations. They may also provide advice on financial planning and decision-making.
These professionals use mathematical techniques to assess risk in areas such as insurance, finance, and healthcare. They help organizations make informed decisions about how to allocate resources in order to minimize losses.
These professionals design the physical structures that we live and work in, ensuring that they are functional, safe, and aesthetically pleasing. They also take into account the impact of their designs on the environment.
These legal professionals advise clients on a wide range of legal matters, represent them in court, draft contracts and other legal documents, negotiate settlements, and more.
5. Computer systems analysts
These IT professionals analyze an organization's computer systems and procedures, identify problems or potential improvements, and develop solutions to optimize performance.
6. Financial analysts
These professionals conduct research on economic trends, industries, companies, etc., in order to provide guidance to businesses and individuals making investment decisions.
7. Human resources specialists
These specialists handle a variety of personnel-related functions within an organization such as recruitment/hiring; employee benefits administration; training or payroll.
The United States professional and business services industry employs over 22 million workers, or 8% of the private workforce. In 2021, these workers earned a median salary of $75,111 per year. This is higher than the median salary for all occupations in the United States.
There is a wide range of salaries in the professional and business services industry because it encompasses such a diverse set of occupations.
The following table shows the median annual salaries for some of the most common occupations in this industry:
- Management Analysts $81,330
- Accountants and Auditors $69,350
- Market Research Analysts and Marketing Specialists $63,230
- Human Resources Specialists $60,880
- Meeting and Event Planners $50,110
- Public Relations Specialists $48,990
- Receptionists and Information Clerks $27,510
The Professional and Business Services Industry is one of the most important industries in the United States. It includes a wide range of occupations, from lawyers and accountants to management consultants and marketing professionals. The industry employs more than 22 million people, making it one of the largest employers in the country.
The outlook for the this industry is strong and it's expected to grow by 4 percent per year. This growth is driven by a number of factors, including an increase in demand for professional services from businesses and individuals. The aging population will also drive demand for certain types of professional services, such as healthcare consulting and financial planning.
Despite this strong growth forecast, there are some challenges facing the industry. One challenge is that many professions are increasingly being automated or outsourced to other countries where labor costs are lower.
For example, many accounting tasks can now be done by software programs or offshore workers. Another challenge is that some professions, such as law and medicine, require expensive licenses which can limit entry into these fields.
1. Start with an internship
Many professional and business services firms offer internships to give students a chance to learn about the industry and gain experience. Internships can lead to full-time employment, so they're a great way to get your foot in the door.
Get connected with professionals in the field by attending industry events, joining relevant organizations, or connecting on social media. Building relationships will help you learn about job opportunities and make connections that can lead to a job.
3. Develop relevant skills
Be sure to develop skills that are relevant to the professional and business services industry through coursework, volunteering, or other experiences. This will make you more attractive to potential employers when you're ready to apply for jobs.
4. Consider multiple career paths
There are many different types of jobs in this industry, so don't limit yourself to just one type of position. Explore different options to find the right fit for your skills and interests.
5. Stay up-to-date on trends
Keep your finger on the pulse of what's happening in the industry by reading trade publications or following thought leaders on social media. Staying up-to-date will help you be prepared for changes in the job market and understand what employers are looking for.