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The Economics of College and Career Choice

The Economics of College and Career Choice. Laura Monks Motlow State Community College. Who is this lady?. Director of Fayetteville Center, 19 years at Motlow College Three College Degrees – MSCC (AS) and MTSU (BAD & M ED) First Career Choice Second Career Choice

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The Economics of College and Career Choice

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  1. The Economics of College and Career Choice Laura Monks Motlow State Community College

  2. Who is this lady? • Director of Fayetteville Center, 19 years at Motlow College • Three College Degrees – MSCC (AS) and MTSU (BAD & M ED) • First Career Choice • Second Career Choice • Still searching for what I want to be “when I grow up” • My Belief – I believe in the power of education, I am still learning something new everyday!

  3. What will I do after high school? • Stay home and let my parents support me? • Get a job? • Join the military? • Go to technical school? • Go to college?

  4. “Choose a job you love, and you will never have to work a day in your life.” -Confucius-

  5. Choice Matters! Choose Wisely.

  6. Lots of Choices • According to the 2010 Census (www.census.gov) • 2363 Four Year Colleges/Universities • 1721 Two Year Colleges • 3660 Vocational/Technical Schools • No wonder it is so hard to make up your mind!

  7. Ways your career & college choice impacts your future • Lifetime earnings • Employment Potential • Satisfaction with your career/job • Where you will live • Who your friends will be & maybe even who you will marry • Your future health and happiness • Yes, even how long you might live

  8. Begin with the end in mind … Think about what you want your life to be like 10 years from now. Write it down!

  9. What information do you need to know about specific jobs? • Nature of the Work • What do they do? • Where do they do it? • Education or Training Required • Job Outlook • Earnings – how much does it pay?

  10. Occupations with Fastest Growth • Biomedical engineers • Network systems and data communications analysts • Home health aides • Personal and home care aides • Financial examiners • Medical scientists, except epidemiologists • Physician assistants • Skin care specialists • Biochemists and biophysicists

  11. Occupations with Largest Numerical Growth • Registered nurses • Home health aides • Customer service representatives • Combined food preparation and serving workers, including fast food • Personal and home care aides • Retail salespersons • Office clerks, general • Accountants and auditors

  12. Occupations with Greatest Decline • Textile workers • Shoe machine operators and tenders • Sewing machine operators • Order clerks • File clerks

  13. How can I learn more about my match for careers? • http://www.bls.gov/k12/index.htm - Learn about occupations that match your interests • http://www.planningyourdreams.org/ - Kuder Interest Inventory - take assessments that help you match interests to careers (Get access through your school counselor)

  14. Studies demonstrate that increased levels of postsecondary education lead to higher salaries, longer working lives, more career mobility and an increased quality of life. (see, for example, Bowen, 1977; Leslie & Brinkman, 1988; Pascarella & Terenzini, 1991).

  15. College choice matters too! • Public or Private • In-state or Out-of-state • Community College or University • Big or Small • Sports & Extracurricular Activities? • Scholarships & Financial Aid

  16. How to Choose A College That’s Right For You Article by Martha O’Connell, February 21, 2007, www.npr.org

  17. $1,000,000,000,000 • You can’t afford: • to “find yourself” in college • to spend 5 or 6 years getting a degree • to be in a major that will not get you a job • wait to apply for scholarships and financial aid

  18. Ways to Reduce College Cost • Dual Enrollment & Dual Credit • Community College • Lower Tuition • Live at Home • State Universities • Scholarships (academic, athletic, & special) • Hope (In Tennessee) • Grants • Part-time Work • Shop for Books

  19. Let’s take a look at the economics of college and career choice.

  20. Lydia • Career: Bank Teller • Annual Salary: $23,000 • Education: High School Graduate • Educational Cost/Investment: $0 • Number of years of work (to 65 years of age): 46 • # of years for return on educational investment? 0 • Lifetime Earnings? $1,058,000

  21. Matt • Career: Elementary School Teacher • Annual Salary: $45,000 • Education: MTSU(4 years) • Educational Cost/Investment: $17,500/Year • Number of years of work (to 65 years of age): 42 • # of years for return on Investment? 1.5 • Lifetime Earnings? $1,890,000

  22. Sharon • Career: Registered Nurse • Annual Salary: $62,500 • Education: Motlow College (3 years) • Educational Cost/Investment: $4,000/Year • Number of years of work (to 65 years of age): 43 • # of years for return on Investment? Approximately 3 months • Lifetime Earnings? $2,647,000

  23. Hannah • Career: Social Worker • Annual Salary: $39,600 • Education: Belmont University (4 years) • Educational Cost/Investment: $40,000/Year • Number of years of work (to 65 years of age): 42 • # of years for return on Investment? 4 Years • Lifetime Earnings? $1,680,000

  24. Questions?

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