As a soon to be graduate of the Katz MBA program, its important to understand the city demographics of the future location of my next job. In many ways its tempting to go explore the growing cities like Phoenix, Charlotte, or Jacksonville, not just because they are a lot warmer, but also because of the tremendous potential for opportunities to succeed. However, this article made a poignant comment that due to the fact that Pittsburgh has one of the older populations of all counties located in the US, this could be a source for growth potential.
For example, take the baby boomer generation. This generation comprises all people born between 1946 and 1966. Add 65 years to each of those and you get 2011 and 2031. If the baby boomers begin to retire in a few years and with unemployment at 4%. There are going to be plenty of jobs available, especially in Allegheny County. This is a promising statistic for graduates looking for places to settle down or start a career. This is also an amazing stat for students like myself who are interested in going into the financial planning and advising field. The more retirees that settling down, the more retirement accounts that will need to be managed. Jane Bryant Quinn agrees with the above facts by stating that there is a need for 50,000 financial advisors over the next several years to service this transfer of wealth.
Understanding market segmentation within your industry, between your competitors, and towards future customer demographics can go very far in comprehending the intricacies of our interests. Because markets change rapidly, staying current and realizing your own stance might be the only thing preventing getting lost in the noise.
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