It may come as a surprise after the devastation in the public markets last year, but the financial services sector offers a lot of opportunities in the coming years: Baby boomers will need help moving into retirement, middle-aged families will need advice saving for kids college and their own gold years, and negotiating insurance offerings, and investment firms will need to rebuild their portfolios.
One job that will be in demand is a personal financial adviser. The Labor Department forecasts demand for such positions will increase 41 percent by 2016, four times the average job growth expected over that time. And financial analysts, specialists who work at mutual funds, hedge funds, and other investment firms, can expect to see 34 percent job growth.
It’s a forecast that seems to buck recent history, in the wake of failing giants on Wall Street and the loss of about one-quarter of investor assets in retirement plans, pensions and endowments.
While the recent crisis may have reduced the industry’s overall growth prospects, the underlying trends driving financial services persist: The population is growing, meaning more children headed for college and more people and valuables to insure. And the large generation heading toward retirement will seek advice on their savings, perhaps more than ever after the latest market shock.
“There is a significant increase in interest in financial advice,’’ said Maliz Beams, head of client services for TIAA-CREF, the New York retirement giant. In a recent company survey of investors from ages 50 to 70, she said, 60 percent have sought advice from TIAA-CREF advisers.
Even with the growth in demand, there will be heavy competition for these high-paying, sought-after jobs. A college degree is a must, as are good grades in finance, economics, or accounting. An MBA or industry certification are often required to advance.
As a financial hub, Massachusetts has a high concentration of financial advisers and analysts, and they earn a good living: pay averages $119,220 a year.
Elsewhere in the industry, jobs in the sales and trading of securities, and in brokerage positions, are also expected to see higher-than-average growth, at a rate of 25 percent. But competition for jobs in investments and securities - at mutual fund companies and investment banks will be fierce, especially for the highest-paying jobs, Labor predicts.
Other opportunities abound. With the spate of securities scandals, not least the Bernard Madoff swindle, there is more pressure on regulators to watch over the industry. That will likely drive the hiring of more lawyers and compliance specialists.
Bankers and loan officers can expect just average job growth. Opportunities grow and shrink in the field with the economy; in good times, there are more people and businesses seeking loans and more institutions willing to lend. These are relatively modest paying, in the low-$30,000 range, but as you move up the ladder, to commercial loan officer, for example, pay can range between $61,000 and $101,000.
The continued growth of the population should prompt more demand for insurance, as people look to protect cars, homes, and valuables. The government is forecasting 13 percent growth in the need for insurance agents by 2016. As people grow older, they also will tend to want more personal help with such things as long-term care and estate planning.
Beth Healy can be reached at bhealy@globe.com. 
