the economics of college and career choice

The Economics of College and Career Choice

Laura MonksMotlow State Community College

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!

Who is this lady?

Stay home and let my parents support me? Get a job? Join the military? Go to technical school? Go to college?

What will I do after high school?

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

-Confucius-

Choice Matters!

Choose Wisely.

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!

Lots of Choices

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

Ways your career & college choice impacts your future

Think about what youwant your life to be

like 10 years from now.Write it down!

Begin with the end in mind …

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?

What information do you need to know about specific jobs?

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

Occupations with Fastest 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

Occupations with Largest Numerical Growth

Textile workers Shoe machine operators and tenders Sewing machine operators Order clerks File clerks

Occupations with Greatest Decline

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)

How can I learn more about my match for careers?

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).

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

How to Choose A College That’s Right

For YouArticle by Martha O’Connell,

February 21, 2007, www.npr.org

$1,000,000,000,000You 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

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

Ways to Reduce College Cost

Let’s take a look atthe economics of

college and career choice.

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

Lydia

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

Matt

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

Sharon

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

Hannah

Questions?