During the recent economic slowdown, hiring efforts and payroll budgets experienced a dramatic contraction across most industries. From manufacturing, to research and development, to sales, to almost every form of service provision, consumption slowed and companies considered reshaping their workforces in order to protect their bottom lines. This meant weaker prospects for job seekers and new graduates in almost every corner of the marketplace…with a few exceptions.
The tech industry experienced a degree of slowdown, but rates fell at a much slower and shallower level than they did in other fields. And then when the recovery began to take place, tech, IT and software engineering jobs were among the first to bounce back.
At this point, the career outlook for software engineers appears to be as promising as ever, and a growing number of students are entering this field every day. According to survey data, most new grads and entry level software engineers were initially attracted to this profession because they 1.) anticipate salaries above the median rate for most jobs (currently about 51,000 per year), 2.) enjoy problem solving and system analysis, 3.) enjoy working with a team in a highly structured environment with little room for abstraction or uncertainty, and 4.) anticipate job stability and security.
For the most part, these expectations are very realistic. Research conducted by the Bureau of Labor Statistics indicates that software engineering and software development are high growth fields with a very promising outlook.
In 2012, the average salary for a midcareer professional in this industry reached $93,000 per year plus standard benefits. During the ten-year period between 2012 and 2022, salaries are expected to grow slightly and overall hiring demand is expected to grow very rapidly, at a much faster rate than that of most other industries. By comparison, the average ten-year growth rate for all professions falls at about 11 percent. Software engineering opportunities are expected to increase by 22 percent.
By 2022, about 222,600 new positions for software engineers and software developers will be established nationwide.
If you’re about to make an important career decision, or you’re about to graduate and face the job marketplace with a software engineering degree in hand, expect a growing number of opportunities and a positive outlook. For career guidance and help navigating the software engineering landscape, reach out to the MA IT and technical staffing experts at Tech Needs.