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1. Career Aspects of Personal Finance Chapter 2 2. Your Career Choice and Personal Goals <ul><li>Realize that what you study in college may drive your career…
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  • 1. Career Aspects of Personal Finance Chapter 2
  • 2. Your Career Choice and Personal Goals <ul><li>Realize that what you study in college may drive your career for the next 40 years </li></ul><ul><ul><li>Is it more important for you to do something you enjoy or </li></ul></ul><ul><ul><li>Is it more important for you to make money </li></ul></ul><ul><ul><ul><li>Maybe you can accomplish both </li></ul></ul></ul>
  • 3. Money and Financial Security <ul><li>For most of you, your wages/salaries will provide the bulk of your income until you retire </li></ul><ul><li>You job will be the source of your retirement contributions </li></ul><ul><li>You job will be the source of other benefits such as health insurance, disability insurance, etc . </li></ul>
  • 4. Other Issues <ul><li>Job satisfaction </li></ul><ul><ul><li>For many people this is more important than income </li></ul></ul><ul><ul><li>Intellectually challenging, pleasant work environment, friendly coworkers </li></ul></ul><ul><li>Social contribution </li></ul><ul><ul><li>Desire to contribute to society </li></ul></ul>
  • 5. Variables That Affect Your Income Potential <ul><li>Education </li></ul><ul><ul><li>Those with bachelor’s degrees earn almost twice as much as high school graduates </li></ul></ul><ul><ul><ul><li>Gap has widened in recent years </li></ul></ul></ul><ul><ul><li>People with higher education levels experience lower unemployment levels </li></ul></ul><ul><ul><li>However, college costs have risen at a much greater rate than inflation </li></ul></ul>
  • 6. Figure 2.1: Relationship Between Educational Level and Income
  • 7. Figure 2.3: Unemployment and Education
  • 8. The Importance of Continuing Education <ul><li>In many occupations you are financially rewarded for advancing your education </li></ul><ul><ul><li>Nursing, teaching, engineering, etc . </li></ul></ul><ul><li>Other occupations require annual continuing education to retain licenses </li></ul><ul><ul><li>CPAs, real estate agents, etc . </li></ul></ul><ul><li>Continuing education programs are available at most community colleges and other higher learning institutions </li></ul><ul><ul><li>Designed for working adults </li></ul></ul><ul><ul><ul><li>Often scheduled at night and on weekends </li></ul></ul></ul><ul><li>Many employers offer tuition reimbursement and release time </li></ul>
  • 9. Figure 2.5: Average Starting Salary (by bachelor's degree)
  • 10. Occupations Earning Patterns <ul><li>Should not just considering the starting salary for an occupation </li></ul><ul><ul><li>Some occupations pay more at the starting level but others may have higher salary potential </li></ul></ul>
  • 11. How to Choose a Career <ul><li>Take a personal inventory </li></ul><ul><li>Examine future outlook for jobs </li></ul><ul><li>Measure career potential </li></ul><ul><li>Consider the benefits of preparation for an occupational cluster </li></ul>
  • 12. Take a Personal Inventory <ul><li>Define your career goals </li></ul><ul><li>Explore your career interests </li></ul><ul><li>List your skills and special talents </li></ul><ul><ul><li>Check out your campus Placement Center for information and personality tests </li></ul></ul><ul><li>List your educational background and try to apply it to the job market </li></ul><ul><li>Analyze your likes/dislikes from previous jobs </li></ul><ul><li>Explore your hobbies and personal interests </li></ul>
  • 13. Web Links <ul><li>Game that attempts to match one’s individual interests and skills with similar careers </li></ul><ul><ul><li>http://career.missouri.edu/holland </li></ul></ul>
  • 14. Help is Available from Career Counselors <ul><li>Career counselor will interview, test and counsel clients about careers </li></ul><ul><li>Interview and testing process may take several days to complete </li></ul><ul><li>Tests measure career-oriented abilities </li></ul><ul><ul><li>Verbal </li></ul></ul><ul><ul><li>Computational </li></ul></ul><ul><ul><li>Mechanical </li></ul></ul><ul><ul><li>Social </li></ul></ul><ul><ul><li>Sales </li></ul></ul><ul><ul><li>Supervisory </li></ul></ul><ul><ul><li>Personality dimensions </li></ul></ul>
  • 15. How to Measure Career Potential <ul><li>Changing career scene requires that you focus on the following </li></ul><ul><ul><li>The industry’s growth prospects—some industries are expected to grow much faster than others </li></ul></ul><ul><li>The occupation’s growth prospects—careers with greatest potential are those with economic growth, not worker attrition </li></ul>
  • 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 <ul><li>Job location—a depressed area will offer fewer career opportunities </li></ul><ul><ul><li>Certain geographical locations offer better prospects for specific occupations </li></ul></ul><ul><li>Employer’s growth prospects—financial soundness of company </li></ul><ul><ul><li>Recently many large companies have down-sized </li></ul></ul><ul><ul><li>Most experts believe growth in jobs will be created by small- and medium-sized companies </li></ul></ul>
  • 19. Prepare for an Occupational Cluster <ul><li>An occupational cluster is a group of related jobs </li></ul><ul><ul><li>Example—if you get a degree in finance you could work in banking, investment management, brokerage sales, real estate, or financial analysis </li></ul></ul><ul><li>Makes you more marketable in today’s changing job market </li></ul><ul><li>The broader your skills the more employable you are </li></ul>
  • 20. Prepare for an Occupational Cluster <ul><li>Request assignments in other areas of your organization </li></ul><ul><li>Sign up for training opportunities even if it does not relate to your current assignment </li></ul><ul><li>If you choose an advanced degree you may be better off broadening your knowledge rather than deepening it </li></ul>
  • 21. The Self-Employment Option <ul><li>Self-employed workers make up about 7% of today’s work force </li></ul><ul><li>Some experts believe this will rise rapidly in the next decade </li></ul><ul><li>Half of all businesses do not survive for two years </li></ul><ul><li>Earnings can be erratic from year-to-year </li></ul><ul><li>Health care expenses and taxes can be more if you work for yourself </li></ul>
  • 22. Working at Home: A New Employment Trend <ul><li>Popular trend especially in the publishing and software industry </li></ul><ul><li>Advances in technology have made this easier for both employees and employers </li></ul><ul><li>With fewer commuters there is less traffic congestion </li></ul><ul><ul><li>California promotes telecommuting for this reason </li></ul></ul>
  • 23. Sources of Career Information <ul><li>Use the library </li></ul><ul><li>Career Guidance and Placement Center on campus </li></ul><ul><ul><li>Can provide detailed information about </li></ul></ul><ul><ul><ul><li>Specific industries and firms in your areas </li></ul></ul></ul><ul><ul><ul><li>List of where recent graduates are employed </li></ul></ul></ul><ul><ul><ul><ul><li>Helps you network </li></ul></ul></ul></ul><ul><ul><li>Handles on-campus interviews </li></ul></ul>
  • 24. Electronic Sources of Career Information <ul><li>Many employers advertise on the Internet </li></ul><ul><li>Many career-oriented web sites </li></ul><ul><ul><li>Posted job opening as well as the ability to submit resumes </li></ul></ul><ul><ul><li>Most are free </li></ul></ul>
  • 25. Web Links <ul><li>Career-oriented web sites </li></ul><ul><ul><li>www.careerpath.com </li></ul></ul><ul><ul><li>www.careers.org </li></ul></ul><ul><ul><li>www.cweb.com </li></ul></ul><ul><ul><li>www.jobweb.org </li></ul></ul><ul><ul><li>www.jobstar.org </li></ul></ul><ul><ul><li>www.americasemployers.com </li></ul></ul><ul><ul><li>www.monster.com </li></ul></ul><ul><ul><li>www.careers.wsj.com </li></ul></ul><ul><ul><li>www.jobhuntersbible.com </li></ul></ul>
  • 26. The Job Search <ul><li>Many people procrastinate with their job searches </li></ul><ul><li>However, should start early in the fall of the year they expect to graduate </li></ul><ul><li>Employers like applicants who are </li></ul><ul><ul><li>Well-organized </li></ul></ul><ul><ul><li>Prepared </li></ul></ul><ul><ul><li>Informed </li></ul></ul>
  • 27. Where to Look <ul><li>Start with relatives, friends and acquaintances </li></ul><ul><li>Campus Career Planning and Placement Office </li></ul><ul><ul><li>Set up a placement file—contains interview sheet, transcripts, references </li></ul></ul><ul><li>Job service centers </li></ul><ul><li>Private placement agencies (headhunters) </li></ul><ul><li>Professional associations </li></ul><ul><li>Newspapers and trade publications </li></ul><ul><li>Direct solicitation of local employers </li></ul>
  • 28. The Effectiveness of Job Search Techniques <ul><li>Many job search techniques are relatively ineffective </li></ul><ul><li>About 2/3 of all jobs are found by people using informal methods </li></ul><ul><ul><li>Networking </li></ul></ul><ul><ul><li>Personal contacts </li></ul></ul><ul><ul><li>Direct employer contacts </li></ul></ul><ul><li>Most job openings are in the hidden job market </li></ul><ul><ul><li>Haven’t yet been advertised or are created for individual job seekers </li></ul></ul>
  • 29. How to Write an Effective Resume <ul><li>Resume—personal data sheet listing your employment qualifications </li></ul><ul><ul><li>Aimed at convincing potential employers that you are right for the job </li></ul></ul><ul><li>Should contain at a minimum </li></ul><ul><ul><li>Identification </li></ul></ul><ul><ul><li>Job objective </li></ul></ul><ul><ul><li>Background </li></ul></ul>
  • 30. How to Write an Effective Resume <ul><li>You may have gained valuable skills in the past that can be transferred to another job </li></ul><ul><li>Don’t forget about volunteer experience </li></ul><ul><li>Use a straightforward, factual presentation style </li></ul><ul><li>Try to limit to one page </li></ul><ul><ul><li>Adjust margins, font size, spacing </li></ul></ul><ul><li>Print on good-quality paper </li></ul><ul><li>Appearance is important </li></ul><ul><ul><li>Be professional </li></ul></ul>
  • 31. How to Write an Effective Resume <ul><li>Resume formats </li></ul><ul><ul><li>Chronological—lists work and educational experience in chronological order </li></ul></ul><ul><ul><li>Functional—highlights important job skills, etc . </li></ul></ul><ul><ul><li>Targeted—focuses on a specific job target and lists your qualifications as they relate </li></ul></ul>
  • 32. Cover Letters <ul><li>Cover letter is a letter attempting to sell yourself to a potential employer </li></ul><ul><li>Tailor each cover letter to the job for which you are applying </li></ul><ul><li>Address it to a specific individual </li></ul><ul><li>Limit it to one page </li></ul><ul><li>Always send your resume with a cover letter </li></ul><ul><ul><li>Even if submitted electronically </li></ul></ul>
  • 33. Cover Letters <ul><li>Should contain three elements </li></ul><ul><ul><li>Attention-grabber </li></ul></ul><ul><ul><li>Selling yourself </li></ul></ul><ul><ul><ul><li>Explain what you offer and summarize your background </li></ul></ul></ul><ul><ul><li>Call to action </li></ul></ul><ul><ul><ul><li>Ask potential employer to call you or say that you will be calling them </li></ul></ul></ul>
  • 34. The Job Interview <ul><li>Face-to-face meeting with prospective employer </li></ul><ul><ul><li>First impressions are made </li></ul></ul><ul><li>Prepare in advance </li></ul><ul><ul><li>Learn about employer in terms of size, products, locations, philosophy, etc . </li></ul></ul><ul><li>Approach interview with self-confidence </li></ul><ul><ul><li>Stress your qualifications </li></ul></ul><ul><ul><li>Only talk about weaknesses if interviewer brings them up </li></ul></ul><ul><ul><ul><li>Try to minimize their effect </li></ul></ul></ul><ul><li>Listen carefully to interviewer and respond as directly as possible </li></ul>
  • 35. The Job Interview <ul><li>Ask interviewer questions about company and job position </li></ul><ul><li>Interviewer will be influenced by </li></ul><ul><ul><li>Your ability to express yourself </li></ul></ul><ul><ul><li>Your enthusiasm </li></ul></ul><ul><ul><li>Your posture and dress </li></ul></ul><ul><li>May have to take an aptitude text </li></ul><ul><li>Unethical to sign up for an interview for ‘practice’ </li></ul>
  • 36. Deciding on a Job Offer <ul><li>If you receive a hiring interview you must decide if job matches your </li></ul><ul><ul><li>Career goals </li></ul></ul><ul><ul><li>Financial goals </li></ul></ul><ul><ul><li>Work environment goals </li></ul></ul><ul><li>Many job applicants find themselves having to choose between multiple job offers </li></ul>
  • 37. Salary and Benefits <ul><li>Should expect a competitive salary </li></ul><ul><ul><li>May be able to tactfully negotiate a higher salary </li></ul></ul><ul><li>Don’t look at just the numbers—consider the whole package </li></ul><ul><ul><li>Work environment </li></ul></ul><ul><ul><li>Advancement opportunities </li></ul></ul><ul><ul><li>Potential top salary </li></ul></ul><ul><ul><li>Fringe benefits </li></ul></ul><ul><ul><ul><li>Health insurance </li></ul></ul></ul><ul><ul><ul><li>Group life insurance </li></ul></ul></ul><ul><ul><ul><li>Reimbursement for educational expenses </li></ul></ul></ul><ul><ul><ul><li>Retirement plan </li></ul></ul></ul>
  • 38. Re-Entering the Workforce <ul><li>Employers want evidence that your knowledge and skills are current </li></ul><ul><li>Try to keep your skills current by </li></ul><ul><ul><li>Taking part-time volunteer jobs </li></ul></ul><ul><ul><li>Working on freelance projects </li></ul></ul><ul><ul><li>Taking refresher courses </li></ul></ul>
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