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Career Aspects of Personal Finance. Chapter 2. Merging Your Career Choice With Your Personal Goals. Realize that what you study in college may drive your career for the next 40 years Is it more important for you to do something you enjoy or Is it more important for you to make money

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Merging your career choice with your personal goals l.jpg
Merging Your Career Choice With Your Personal Goals

  • Realize that what you study in college may drive your career for the next 40 years

    • Is it more important for you to do something you enjoy or

    • Is it more important for you to make money

      • Maybe you can accomplish both


Money and financial security l.jpg
Money and Financial Security

  • For most of you, your wages/salaries will provide the bulk of your income until you retire

  • You job will be the source of your retirement contributions

  • You job will be the source of other benefits such as health insurance, disability insurance, etc.


Other issues l.jpg
Other Issues

  • Job satisfaction

    • For many people, this is more important than income

    • Intellectually challenging, pleasant work environment, friendly coworkers

  • Social contribution

    • Desire to contribute to society


Variables that affect your income potential l.jpg
Variables That Affect Your Income Potential

  • Education

    • Those with bachelor’s degrees earn almost twice as much as high school graduates

      • Gap has widened in recent years

    • People with higher education levels experience lower unemployment levels

    • However, college costs have risen at a much greater rate than inflation


Figure 2 1 relationship between educational level and income l.jpg

Source: Based on data from the Department of Labor (Occupational Outlook, also published in the Statistical Abstract of the United States).

Figure 2.1: Relationship Between Educational Level and Income


Figure 2 3 unemployment and education l.jpg

Source: Based on data from the Department of Labor (Occupational Outlook, also published in the Statistical Abstract of the United States).

Figure 2.3: Unemployment and Education


The importance of continuing education l.jpg
The Importance of Continuing Education (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • In many occupations, you are financially rewarded for advancing your education

    • Nursing, teaching, engineering, etc.

  • Other occupations require annual continuing education to retain licenses

    • CPAs, real estate agents, etc.

  • Continuing education programs are available at most community colleges and other higher learning institutions

    • Designed for working adults

      • Often scheduled at night and on weekends

  • Many employers offer tuition reimbursement and release time


Figure 2 5 average starting salary by bachelor s degree l.jpg

Source: Based on data from http://www.careers.org and http://www.monster.com.

Figure 2.5: Average Starting Salary (by bachelor's degree)


Occupations earning patterns l.jpg
Occupations Earning Patterns http://www.monster.com.

  • Should not just consider the starting salary for an occupation

    • Some occupations pay more at the starting level but others may have higher salary potential


How to choose a career l.jpg
How to Choose a Career http://www.monster.com.

  • Take a personal inventory

  • Examine future outlook for jobs

  • Measure career potential

  • Consider the benefits of preparation for an occupational cluster


Take a personal inventory l.jpg
Take a Personal Inventory http://www.monster.com.

  • Define your career goals

  • Explore your career interests

  • List your skills and special talents

    • Check out your campus placement center for information and personality tests

  • List your educational background and try to apply it to the job market

  • Analyze your likes/dislikes from previous jobs

  • Explore your hobbies and personal interests


Web links l.jpg
Web Links http://www.monster.com.

  • Game that attempts to match one’s individual interests and skills with similar careers

    • http://career.missouri.edu/modules.php?name=News&file=article&sid=146


Help is available from career counselors l.jpg
Help is Available from Career Counselors http://www.monster.com.

  • Career counselor will interview, test, and counsel clients about careers

  • Interview and testing process may take several days to complete

  • Tests measure career-oriented abilities

    • Verbal

    • Computational

    • Mechanical

    • Social

    • Sales

    • Supervisory

    • Personality dimensions


How to measure career potential l.jpg
How to Measure Career Potential http://www.monster.com.

  • Changing career scene requires that you focus on the following:

    • The industry’s growth prospects – some industries are expected to grow much faster than others

    • The occupation’s growth prospects – careers with greatest potential are those with economic growth, not worker attrition


Figure 2 6 projected employment growth by major industry division l.jpg

Source: Based on data from the Department of Labor (Occupational Outlook, also published in the Statistical Abstract of the United States).

Figure 2.6: Projected Employment Growth by Major Industry Division


Figure 2 7 the ten fastest growing industries 2002 2012 l.jpg

Source: Based on data from the Department of Labor. (Occupational Outlook, also published in the Statistical Abstract of the United States).

Figure 2.7: The Ten Fastest-Growing Industries: 2002–2012


How to measure career potential18 l.jpg
How to Measure Career Potential (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • Job location – a depressed area will offer fewer career opportunities

    • Certain geographical locations offer better prospects for specific occupations

  • The employer’s growth prospects – financial soundness of company

    • Recently, many large companies have downsized

    • Most experts believe growth in jobs will be created by small- and medium-sized companies


Prepare for an occupational cluster l.jpg
Prepare for an Occupational Cluster (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • An occupational cluster is a group of related jobs

    • Example: If you get a degree in finance, you could work in banking, investment management, brokerage sales, real estate, or financial analysis

  • Makes you more marketable in today’s changing job market

  • The broader your skills, the more employable you are


Prepare for an occupational cluster20 l.jpg
Prepare for an Occupational Cluster (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • Request assignments in other areas of your organization

  • Sign up for training opportunities even if it does not relate to your current assignment

  • If you choose an advanced degree, you may be better off broadening your knowledge rather than deepening it


The self employment option l.jpg
The Self-Employment Option (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • Self-employed workers make up about 7% of today’s workforce

    • Some experts believe this will rise rapidly in the next decade

  • Outsourcing has become more common

  • Half of all businesses do not survive for two years

  • Earnings can be erratic from year to year

  • Health-care expenses and taxes can be more if you work for yourself


Working at home a new employment trend l.jpg
Working at Home: A New Employment Trend (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • Advances in technology have made this easier for both employees and employers

  • With fewer commuters, there is less traffic congestion

    • California promotes telecommuting for this reason

  • Frees workers from drudgery and expense of commuting

  • Givers workers more time for work and personal commitments


Sources of career information l.jpg
Sources of Career Information (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • Use the library

  • Career guidance and placement center on campus

    • Can provide detailed information about

      • Specific industries and firms in your areas

      • List of where recent graduates are employed

        • Helps you network

    • Handles on-campus interviews


Electronic sources of career information l.jpg
Electronic Sources of Career Information (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • Many employers advertise on the Internet

  • Many career-oriented Web sites

    • Posted job opening as well as the ability to submit resumes

    • Most are free


Web links25 l.jpg
Web Links (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • Career-oriented Web sites

    • http://www.careerbuilder.com/

    • http://www.careers.org/

    • http://www.employmentguide.com/

    • http://www.jobweb.com/

    • http://www.jobstar.org/

    • http://www.americasemployers.com/

    • http://www.monster.com/

    • http://www.careers.wsj.com/

    • http://www.jobhuntersbible.com/


The job search l.jpg
The Job Search (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • Many people procrastinate with their job searches

  • However, should start early in the fall of the year they expect to graduate

  • Employers like applicants who are

    • Well-organized

    • Prepared

    • Informed


Where to look l.jpg
Where to Look (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • Start with relatives, friends and acquaintances

  • Campus career planning and placement office

    • Set up a placement file—contains interview sheet, transcripts, references

  • Job service centers

  • Private placement agencies (headhunters)

  • Professional associations

  • Newspapers and trade publications

  • Direct solicitation of local employers


The effectiveness of job search techniques l.jpg
The Effectiveness of Job Search Techniques (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • Many job search techniques are relatively ineffective

  • About 2/3 of all jobs are found by people using informal methods

    • Networking

    • Personal contacts

    • Direct employer contacts

  • Most job openings are in the hidden job market

    • Haven’t yet been advertised or are created for individual job seekers


Table 2 1 the five least effective ways of finding a job l.jpg

Source: Richard Nelson Bolles, (Occupational Outlook, also published in the Statistical Abstract of the United States).What Color Is Your Parachute? (Berkeley, California: Ten Speed Press, 2001): pp. 47–49.

Table 2.1: The Five Least-Effective Ways of Finding a Job


How to write an effective resume l.jpg
How to Write an Effective Resume (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • Resume – personal data sheet listing your employment qualifications

    • Aimed at convincing potential employers that you are right for the job

  • Should contain at a minimum

    • Identification

    • Job objective

    • Background


How to write an effective resume31 l.jpg
How to Write an Effective Resume (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • You may have gained valuable skills in the past that can be transferred to another job

  • Don’t forget about volunteer experience

  • Use a straightforward, factual presentation style

  • Try to limit to one page

    • Adjust margins, font size, spacing

  • Print on good-quality paper

  • Appearance is important

    • Be professional


How to write an effective resume32 l.jpg
How to Write an Effective Resume (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • Resume formats

    • Chronological – lists work and educational experience in chronological order

    • Functional – highlights important job skills, etc.

    • Targeted – focuses on a specific job target and lists your qualifications as they relate


Cover letters l.jpg
Cover Letters (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • A cover letter is a letter attempting to sell yourself to a potential employer

  • Tailor each cover letter to the job for which you are applying

  • Address it to a specific individual

  • Limit it to one page

  • Always send your resume with a cover letter

    • Even if submitted electronically


Cover letters34 l.jpg
Cover Letters (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • Should contain three elements

    • Attention-grabber

    • Selling yourself

      • Explain what you offer and summarize your background

    • Call to action

      • Ask potential employer to call you or say that you will be calling them


The job interview l.jpg
The Job Interview (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • Face-to-face meeting with prospective employer

    • First impressions are made

  • Prepare in advance

    • Learn about employer in terms of size, products, locations, philosophy, etc.

  • Approach interview with self-confidence

    • Stress your qualifications

    • Only talk about weaknesses if interviewer brings them up

      • Try to minimize their effect

  • Listen carefully to interviewer and respond as directly as possible


The job interview36 l.jpg
The Job Interview (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • Ask interviewer questions about company and job position

  • Interviewer will be influenced by

    • Your ability to express yourself

    • Your enthusiasm

    • Your posture and dress

  • May have to take an aptitude text

  • Unethical to sign up for an interview for ‘practice’


Deciding on a job offer l.jpg
Deciding on a Job Offer (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • If you receive a hiring interview, you must decide if job matches your

    • Career goals

    • Financial goals

    • Work environment goals

  • Many job applicants find themselves having to choose between multiple job offers


Salary and benefits l.jpg
Salary and Benefits (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • Should expect a competitive salary

    • May be able to tactfully negotiate a higher salary

  • Don’t look at just the numbers—consider the whole package

    • Work environment

    • Advancement opportunities

    • Potential top salary

    • Fringe benefits

      • Health insurance

      • Group life insurance

      • Reimbursement for educational expenses

      • Retirement plan


Reentering the workforce l.jpg
Reentering the Workforce (Occupational Outlook, also published in the Statistical Abstract of the United States).

  • Employers want evidence that your knowledge and skills are current

  • Try to keep your skills current by

    • Taking part-time volunteer jobs

    • Working on freelance projects

    • Taking refresher courses


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