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Examining BLS employment stats for my potential field

philbegasphilbegas Registered User Posts: 2,844 Senior Member
I'm getting my BS in Finance, and I was looking through BLS statistics when I realized that they have an incredibly detailed page for every occupation that includes charts, maps, tables, statistics. It seems like an invaluable resource when considering where I (Or anybody else) might want to live after college - for example where the best job markets are in terms of how much people get paid, and how much competition there is to find employment. I was wondering if other people had parsed through these in detail, because I don't full understand how they all work.

I decided to use just one facet of financial work as an example: Financial Analysts
https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm
https://www.bls.gov/oes/current/oes132051.htm

So for example, the median salary in the field is $81,760. I'm guessing that's pre-tax, and also inclusive of everybody in the field, regardless of the length of time or level of education they have.

The first map shows the states that have the highest raw number of people working in the field.

The second map shows the location quotient, which I really don't understand. Is a low location quotient good, or high? Or is number irrelevant without additional information? As far as I understood it, LQ was the number of times the national average concentration, that financial analyst employment had in the state. For example, CA has between 1.25 and 2.5 times the normal national concentration? Am I understanding it correctly?

At the end of the day, LQ does not actually display any information about the likelihood of getting a job in the area in question right?

Then the third map shows the highest mean wages for these industries by state. Obviously, this has to be balanced against the cost of living, which is particularly high in NYC, Boston, and SF Bay area/Silicon Valley.

I know it's a complicated question, but there's so much data in the BLS pages that I feel like a lot of people could benefit from knowing how they work!

Replies to: Examining BLS employment stats for my potential field

  • hannuhyluhannuhylu Registered User Posts: 188 Junior Member
    I dont think people think about job prospects much our student loan crisis wouldnt be what it is if people did.

    They had a article in New Orleans about all of these kids who had 100k UG from Loyola and Tulane and could find jobs making 30k/yr

    Because their degrees were practically useless in the real world.

    What you major in matters!! Good job OP
  • philbegasphilbegas Registered User Posts: 2,844 Senior Member
    Thanks,

    I agree that people take on loans they have no business taking on. I like the recommendations that people give out on college confidential about not taking out more than the avg first year salary from the college, or preferably not more than federally allowed.
  • RMNiMiTzRMNiMiTz Registered User Posts: 687 Member
    @philbegas


    You would probably detest Aaron Clarey :P
  • philbegasphilbegas Registered User Posts: 2,844 Senior Member
    Iiii have no idea who that is lol
  • RMNiMiTzRMNiMiTz Registered User Posts: 687 Member
    edited May 17
    @philbegas

    Search him up on youtube. He despises Business/Finance.

    You won't get far before you start seeing videos like "Why Business is useless" or "Business school is a scam"
  • philbegasphilbegas Registered User Posts: 2,844 Senior Member
    edited May 21
    @RMNiMiTz He seems quite obnoxious lol.
    Post edited by juillet on
  • RMNiMiTzRMNiMiTz Registered User Posts: 687 Member
    @philbegas

    His channel can be interpreted in different ways I guess :P
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