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Choose a College Major That Makes Sense in Today’s Economy

Choose a College Major That Makes Sense in Today’s Economy. Laurence Shatkin, PhD Senior Product Developer JIST Publishing. Why go to college?. Survey: Most popular response (80%): “ T o find better job opportunities” Next most popular: “To reach my goals in life”

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Choose a College Major That Makes Sense in Today’s Economy

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  1. Choose a College Major That Makes Sense in Today’s Economy Laurence Shatkin, PhD Senior Product Developer JIST Publishing

  2. Why go to college? • Survey: • Most popular response (80%): • “To find better job opportunities” • Next most popular: • “To reach my goals in life” • “To earn more”

  3. What do the trends in the economy mean for your plans for college?

  4. Big trend #1: automation • Routine physical tasks • Routine decisions • Examples • Welding • Call routing • Travel reservations • Retail sales • Warehousing

  5. Big trend #2: offshoring • Routine physical tasks • Routine decisions • Examples • Manufacturing • Help desk • Animation • Airplane service • X-ray interpretation

  6. What can’t be automated #1 • Tasks that involve more than routine physical effort • Unpredictable locations (e.g., plumber) • Emotional support (e.g., counselor) • Motivation (e.g., manager)

  7. What can’t be automated #2 • Nonroutine decision making • Airport trolley vs. airport van • SurveyMonkey vs. employment interviewer • Red-light camera vs. police officer

  8. What can’t be offshored #1 • Tasks where the client/object is on-site • Personal contact (e.g., most health care, grooming) • Physical contact (e.g., auto repair, plumbing) • Physical intervention (e.g., law enforcement, firefighting) • Time constraint (e.g., fresh food)

  9. What can’t be offshored #2 • Tasks that require highly skilled personal communication • Help desk (sometimes) • Creative collaboration (e.g., comedy writer, app developer) • In-person entertainment (e.g., musician)

  10. Result: “Hollowing-out” of the workforce • High-skill jobs are growing • Middle-skill jobs are shrinking • Because of automation • Because of offshoring • Low-skill jobs are growing

  11. Source: Census Bureau. Analysis by Jaison R. Abel and Richard Dietz, Liberty Street Economics

  12. Data: Census Bureau. Graph: The New York Times.

  13. Job-specific skills versus transferable skills • Job-specific • Adjusting an automobile fan belt • Performing a CAT scan • Programming an e-commerce website • Transferable • Mathematics • Complex problem solving • Critical thinking

  14. High-skill job or low-skill job:what’s the difference in pay?

  15. Which transferable skills have the biggest earnings payoff?

  16. Skills linked to highest income

  17. Which skills are used by jobs with the fastest growth?

  18. Skills linked to fastest growth

  19. I want it all: earnings and job growth

  20. Note: Lower score means higher ranking.

  21. What industries use these highly rewarding skills at the highest levels?

  22. Which are the most rewarding industries?

  23. Note: Lower score means higher ranking.

  24. What’s the best place to prepare for highly rewarding jobs and industries?

  25. Source: Anthony P. Carnevale, Stephen J. Rose, and Ban Cheah, The College Payoff: Education, Occupations, Lifetime Earnings

  26. College advantage is eroding Graph by Dylan Matthews, Ezra Klein’s Wonkblog, Washington Post site

  27. Which of these college fields offer the biggest payoff?

  28. Source: National Survey of College Graduates, 2003 Note: For Health professions, includes those with higher degrees.

  29. Sources: National Survey of College Graduates, 2003; BLS Note: For Health professions, includes those with higher degrees.

  30. Note: Lower score means higher ranking.

  31. Which specific college majors offer the biggest payoff? Job Openings Earnings Job Growth

  32. Highest-paying (average of top 5 jobs employing bachelor’s grads) Sources: National Survey of College Graduates, 2003; Bureau of Labor Statistics

  33. Fastest-growing (average of top 5 jobs employing bachelor’s grads) Sources: National Survey of College Graduates, 2003; Bureau of Labor Statistics

  34. Note: Lower score means higher ranking.

  35. But money isn’t everything!

  36. Source: National Survey of College Graduates, 2003

  37. Source: National Survey of College Graduates, 2003

  38. Source: National Survey of College Graduates, 2003

  39. Source: National Survey of College Graduates, 2003

  40. Source: National Survey of College Graduates, 2003

  41. Source: National Survey of College Graduates, 2003

  42. “He who is contented is rich.” –Lao Tzu • If you’re not satisfied with your career, it doesn’t matter how much money you earn. • If you’re not satisfied with your major, it doesn’t matter what career it prepares for. • Nonmonetary needs your major should satisfy: • Your interests • Your aptitudes • Your skills • Your personality type

  43. Contact information • Laurence Shatkin • E-mail: Lshatkin@jist.com • Web: www.shatkin.com • Twitter: @LaurenceShatkin • Blog: www.careerlaboratory.blogspot.com • Facebook: Laurence Shatkin, Career Information Author

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