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Career Aspects of Personal Finance

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Title: Career Aspects of Personal Finance


1
Career Aspects of Personal Finance
  • Chapter 2

2
Your Career Choice and 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

3
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.

4
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

5
Variables That Affect Your Income Potential
  • Education
  • Those with bachelors 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

6
Figure 2.1 Relationship Between Educational
Level and Income
7
Figure 2.3 Unemployment and Education
8
The Importance of Continuing Education
  • 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

9
Figure 2.5 Average Starting Salary (by
bachelor's degree)
10
Occupations Earning Patterns
  • Should not just considering the starting salary
    for an occupation
  • Some occupations pay more at the starting level
    but others may have higher salary potential

11
How to Choose a Career
  • Take a personal inventory
  • Examine future outlook for jobs
  • Measure career potential
  • Consider the benefits of preparation for an
    occupational cluster

12
Take a Personal Inventory
  • 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

13
Web Links
  • Game that attempts to match ones individual
    interests and skills with similar careers
  • http//career.missouri.edu/holland

14
Help is Available from Career Counselors
  • 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

15
How to Measure Career Potential
  • Changing career scene requires that you focus on
    the following
  • The industrys growth prospectssome industries
    are expected to grow much faster than others
  • The occupations growth prospectscareers with
    greatest potential are those with economic
    growth, not worker attrition

16
Figure 2.6 Employment Growth by Major Industry
Division
17
Figure 2.7 The 10 Industries with the Fastest
Projected Employment Growth
18
How to Measure Career Potential
  • Job locationa depressed area will offer fewer
    career opportunities
  • Certain geographical locations offer better
    prospects for specific occupations
  • Employers growth prospectsfinancial soundness
    of company
  • Recently many large companies have down-sized
  • Most experts believe growth in jobs will be
    created by small- and medium-sized companies

19
Prepare for an Occupational Cluster
  • An occupational cluster is a group of related
    jobs
  • Exampleif 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 todays changing job
    market
  • The broader your skills the more employable you
    are

20
Prepare for an Occupational Cluster
  • 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

21
The Self-Employment Option
  • Self-employed workers make up about 7 of todays
    work force
  • Some experts believe this will rise rapidly in
    the next decade
  • 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

22
Working at Home A New Employment Trend
  • Popular trend especially in the publishing and
    software industry
  • 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

23
Sources of Career Information
  • 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

24
Electronic Sources of Career Information
  • 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

25
Web Links
  • Career-oriented web sites
  • www.careerpath.com
  • www.careers.org
  • www.cweb.com
  • www.jobweb.org
  • www.jobstar.org
  • www.americasemployers.com
  • www.monster.com
  • www.careers.wsj.com
  • www.jobhuntersbible.com

26
The Job Search
  • 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

27
Where to Look
  • Start with relatives, friends and acquaintances
  • Campus Career Planning and Placement Office
  • Set up a placement filecontains interview sheet,
    transcripts, references
  • Job service centers
  • Private placement agencies (headhunters)
  • Professional associations
  • Newspapers and trade publications
  • Direct solicitation of local employers

28
The Effectiveness of Job Search Techniques
  • 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
  • Havent yet been advertised or are created for
    individual job seekers

29
How to Write an Effective Resume
  • Resumepersonal 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

30
How to Write an Effective Resume
  • You may have gained valuable skills in the past
    that can be transferred to another job
  • Dont 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

31
How to Write an Effective Resume
  • Resume formats
  • Chronologicallists work and educational
    experience in chronological order
  • Functionalhighlights important job skills, etc.
  • Targetedfocuses on a specific job target and
    lists your qualifications as they relate

32
Cover Letters
  • 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

33
Cover Letters
  • 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

34
The Job Interview
  • 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

35
The Job Interview
  • 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

36
Deciding on a Job Offer
  • 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

37
Salary and Benefits
  • Should expect a competitive salary
  • May be able to tactfully negotiate a higher
    salary
  • Dont look at just the numbersconsider the whole
    package
  • Work environment
  • Advancement opportunities
  • Potential top salary
  • Fringe benefits
  • Health insurance
  • Group life insurance
  • Reimbursement for educational expenses
  • Retirement plan

38
Re-Entering the Workforce
  • 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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