So you’ve graduated!What are you planning to be when you grow up? Do you have a goal, a dream, a mission to fulfill?What did you declare as your university concentration? Did you research the job employment potential of this concentration before you elected that academic route? Has your choice translated into real dollars, real money earned by you?Should you preselect a major based upon the job market viability instead of a subject you may want, or have been advised to strive for, based upon your secondary school experience?Difficult times call for different measures. The cost of a university education is an extreme sacrifice for many families. Every parent wants their child to have the opportunity to reach their full potential, and that means, literally, complete self-sufficiency. It means a career that works and is self-sustaining, that generates more than enough cash to fund your lifestyle as well as a broad savings plan. It means never having to put your parents through the stress of borrowing again.Your parents have given their all, in some cases to the extreme impediment of their own retirement. Yet, it is often heard that students only want to major in areas that they like, which are not necessarily income-producing careers in the short-term, or as a long-term investment.In tough financial situations and economies, you should focus your concentration on industries (and the companies within) that generate income no matter the state of an economy. The rule is that if you want to make money, you must follow the money trail.Trust me, it really is all about the money.If you are planning for a university education, either here or abroad, the ultimate goal should be to research the potential employment opportunities available while tailoring your curriculum to fit those specific areas.Later, when you have achieved the goal of independence you will have the time and the funds to be able to pursue your real vocation, whatever that lofty pursuit may be.After more than three years of a recession, it is obvious to just about everyone that Bermuda is in a severe economic decline, jobs are much harder to obtain. Yet some businesses continue to operate profitably and specific employment positions are there for those with the right tailored skills.Why do some businesses thrive and others do not? It very often comes right down to the basics — supply, stability, and demand.Essential versus discretionary products and services.These categories of industry work very similarly to setting up categories in a home budget — what you need to survive and what you want for your lifestyle.Something you want, is a discretionary service.Is the industry selling services that a population cannot do without, or rather does the business cater to discretionary, impulsive consumer purchases?In a poor economy, discretionary businesses that are supported directly by customer choice are the first to break down. Individuals will not contribute to weekly nail, spa, hair treatments, gym trainers, retail shopping vacations, restaurants, ocean cruises, electronics and the like.Generally, while we love to have these personal services and goodies, we don’t need them all to survive. Careers in these areas tend to be more cyclical with good opportunities in good times, but great uncertainty in bad times.Essential services, however, are a different set of demands, including insurance and risk management, accounting and auditing, investments, private banking, compliance, and brokerage, medical and nursing services including physical therapy, and testing, outpatient services.These services are almost always needed. A business can barely operate without the accounting and auditing function for how else will the entrepreneur know if he has made a profit. Every individual, corporate entity, partnership, trust, investment and real estate investment company needs some sort of insurance coverage; to go without (going naked) coverage is the ultimate risk.Insurance company operations are with us always — they are the consummate barriers against catastrophe. Law studies and legal professional services are a further consideration, although in lean years, people tend to put off necessary legal services.For instance, statistically, close to 50 percent of almost any population do not have estate planning or wills.A subgroup of essential services falls into the highly specialised categories. These professions require university degrees, in general, as a minimum with further postgraduate studies to additional explicitly focused licenses and certification.Masters in specific studies (not MBA), but quantitative analytics, actuarial science, and doctorates in pharmacy and finance are highly encouraged and highly rewarded. Examples are: medicine, pharmaceuticals, statistics, investment portfolio management, certified or chartered accountants, attorneys, barristers and solicitors, chartered financial analysts, trust and estate practitioners, insurance risk specialists and actuaries.One career that can generate consistent stable income with professional respect and solid advancement prospects is the accounting and auditing field.Industries in all service and product fields in Bermuda employ accountants. The demand for qualified and unqualified accountants and book-keepers far exceeds the number of Bermudian citizens available for employment.The work can be rewarding, or tedious, depending upon your commitment to the profession, but one thing is certain, accounting having existed for more than a thousand years will never go out of style.Preparatory courses in university are wide ranging for the accounting profession: financial statement assessment, taxation, more than a smattering of legal expertise, the understanding of the entire concept of auditing with verification of a set of financial records, forensic accounting which is the science of following the money transaction flows, manufacturing and cost processes, working knowledge of investments, risk management and insurance accounting, and trust accounting and its accompanying fiduciary responsibilities.An accounting degree (with a professional certification) can be leveraged into almost any industry. It is one of the real success careers from the perspective of the general public and prospective employers.Naturally, I’m a bit prejudiced.In summary, choose your money producing career first. Get your career jump-started by approaching employment agencies, seek internships at accounting, insurance, law, banking or other firms during your university free time. With great luck, you will be well prepared to start a successful career, and subsequent very happy lifestyle.Your parents will be ecstatic.Martha Myron, CPA CFP (US) TEP JP is a cross border financial planning specialist, Director of Tax Services at Patterson Partners Ltd. and a member of the American Citizens Abroad Professional Tax Advisory Council. www.americansabroad.org . Patterson Partners Ltd provides integrated cross-border tax, estate, investment advisory and related strategic planning services through entities in Bermuda and the United States. Contact mmyron@patterson-partners.com or 296 3528 at Patterson Partners Ltd.