ch.2 finances career_planning

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Planning For Your Future Career

Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/McGraw-Hill

“Because of technological changes occurring now, many jobs that will be available in 10 years have not been

thought of or created.”

How do you plan for a career you know nothing about?

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What Job Would You Love To Do?


Go to http://finance07.glencoe.com/•Enter the Student Center•Select Unit 1, Chapter 2•Click on Web Links•Choose: http://www.careeronestop.org/CareerTools/CareerTools.asp•Start with Career Exploration•Complete:

Assess Yourself When you get to the Assessment screen, scroll down and complete the Skills Profiler

Go on and complete:•Explore Career Options•Gain Skills•Find a Job•Manage Your Career

Make a list of 5 careers that you may be interested in.


What You’ll Learn Section 2.1

• Identify the personal issues to consider when choosing and planning your career.

• Explain how education and training affect career advancement.

• Discuss the factors that influence employment. Section 2.2

• Describe effective strategies to obtain employment.• Identify sources of career opportunities.• Identify the financial and legal issues to consider

when looking for employment.

Chapter 2Finances and Career Planning


Planning for Life

• Q: Career plans are for people who do not know what they want. I know already that I want a high-paying job. So why should I bother thinking about career planning?

• A: Money is just one motivation for work. You need to consider many other factors as well. Career planning considers your personal values, goals, and interests, the basics for any career decision. Since you will probably spend the majority of your life working, consider the old adage: “Choose a career you love, and the money will follow.”

Go to finance07.glencoe.com to complete the Standard & Poor’s Financial Focus activity.



Main IdeaChoosing and planning for the right career will help you find fulfillment both personally and financially.

Why will choosing the right career help you find both personal satisfaction and financial security?

Section 2.1Planning Your Career



Choosing a CareerSome people find true satisfaction in their work, while others work just to make money.You can choose whether to:

Get a job just to earn money. Prepare for a career.

Ensuring that your career will fulfill your personal and financial goals requires planning.

jobwork that you do mainly to earn money

careera commitment to work in a field that you find interesting and fulfilling


Use the Internet and find at least two career planning sites that are available online. Write the URL in your Notebook. Use keywords: career planning, job planning, help with resume.


Career Decision Trade-OffsYour choice of career will affect:

The amount of money you make The people you meet How much spare time you have



standard of livinga measure of quality of life based on the amounts and kinds of goods and services a person can buy


Choosing a CareerPeople make career decisions based on whether they want to:

Simply maintain a standard of living Pay for the hobbies and activities they

enjoy Pursue careers that provide them with

both money and personal fulfillment Select careers that reflect their interests,

values, and goals


trendsdevelopments that mark changes in a particular area


Opportunity CostsChoosing a career will involve trade-offs, or opportunity costs.Recent trends indicate that some people are making career decisions that allow them to:

Spend more time with their families Enjoy their hobbies and interests Run their own business

The more you know about your own interests, values, needs, and goals, the better you will be able to choose a career that will provide a balance between personal satisfaction and financial rewards.


Career Training and Skill DevelopmentAcquiring more education will help you to:

Increase your potential earning power. Meet your financial goals. Increase your chances for success.

Your field of study will also affect your salary.

potential earning powerthe amount of money you may earn over time



Checklist for SuccessYou will be an asset to any employer if you:

Work well with others Strive to do your best Are creative when solving problems Communicate well Understand yourself and other people

These basic qualities and skills make success more likely in most job situations.



Personal FactorsYou can take special tests to learn more about your:

Abilities Interests Personal qualities

These tests—called aptitude tests and interest inventories—may give you an edge in choosing a career.

aptitudesthe natural abilities that people possess

interest inventoriestests that help you identify the activities you enjoy the most



Stages of Career PlanningBefore you make any decisions about your career, you should review your situation.Your progress will depend on:

Your opportunity costs The choices that are available to you Your career area

Talking to people in your field of interest can help you with your career planning.



External Factors and OpportunitiesBefore you begin your job search, you should take into consideration:

Social influences Economic factors Trends

These factors directly affect the job market and the opportunities that are available to you.



External Influences on Your CareerWhen you consider your career options, you need to focus on:

Your skills Your training Your experience Social influences Economic conditions Industry trends

You may have no control over the “big picture” factors, but you can make some personal decisions based on real-world influences.



Social InfluencesDemographic trends can affect your employment opportunities. Some examples of demographic trends that have affected the job market are:

More working parents More leisure time More elderly people in the overall

population Greater demand for ongoing employment

training

demographic trendstendencies of people grouped by age, gender, ethnicity, education, or income that change over time



Geographic TrendsGeographic location also influences earning level. In recent years, geographic trends have indicated that some of the fastest-growing job markets are in:

Florida Nevada Arizona Arkansas New Jersey California

Remember to consider differences in earning levels and costs of living as you decide where to look for employment.

geographic trendstendencies of people moving from one area of the country to another as financial centers shift location



Economic FactorsSince the job market changes as the economy does, the demand for certain types of jobs changes.Some economic factors that can reduce career opportunities are:

High interest rates Price increases Decreased demand for certain goods and

servicesBeing aware of current economic trends will help you to choose a career so that you can achieve your financial goals.


21Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/McGraw-Hill 18Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/McGraw-Hill

Career CenterAt your school’s career center, you will find a variety of free information that can help you with college choices, résumé preparation, job opportunities, and career counseling.How can researching different careers that interest you help your financial planning for the future?


Trends in Industry and TechnologyChanges in industry and technology also affect the job market.While opportunities have dwindled in some areas of the economy, such as manufacturing, opportunities in other areas—such as service industries—have grown. Some examples of service industries include:

Computer or telecommunications technology Health care Social services Hospitality services Management Education Financial services

service industriesbusinesses that provide services for a fee, offer employment potential in coming years


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Career Exploration WebQuest



What are some strategies you think might be effective in obtaining employment experience?

Main IdeaLearn effective strategies to help you get the job or career that meets your personal and financial goals.

Section 2.2Employment and Career Development



Employment Search StrategiesAs you take steps to search for a job, your level of success will depend upon:

How well you communicate the value of the experience you already have

How effectively you use proven employment strategies



Obtaining Employment ExperienceAs you enter the world of work, you may worry that you do not have enough experience.You may be overlooking the importance of various kinds of work-related training, including:

Part-time work Volunteer work Internships and cooperative education Class projects or after-school activities


Create a list of all of your employment experience (babysitting, lawn mowing, shoveling, jobs, etc.)


Types of Work-Related TrainingWhen you volunteer with places such as nonprofit community organizations and government agencies, you can:

Learn new skills Develop good work habits Make professional contacts

Working as a “temp” is a good way to gain experience and learn more about a particular field.


Create a list of all your volunteer work (church, Salvation Army, etc.


Internships and Cooperative EducationAn internship may:

Give you the experience you need to obtain employment

Lead to permanent employment Allow you a chance to practice your

application and interviewing skillsCooperative education programs are another way to apply the workplace skills you learn in class to an actual business environment.

internshipa position in which a person receives training by working with people who are experienced in a particular field

cooperative educationprograms that allow students to enhance classroom learning with part-time work related to their majors and interests


Create a list of any internships you have completed.


Class Projects or After-School ActivitiesClass assignments and school activities can be sources of work-related experience. They can help you gain valuable career skills such as:

Managing, organizing, and coordinating people

Public speaking Goal setting, planning, and supervising Financial planning and budgeting Conducting research


Create a list of all of your school activities (sports, clubs, forensics, etc.


Career Information SourcesYou need up-to-date information to make the best career decisions. Many sources of information are available to you, including:

Mass media The Internet School guidance offices Community organizations Professional organizations



ContactsContacts are another good source of advice and information as you prepare for a career. Your contacts are your:

Family Friends Coworkers Teachers Professors Former employers


Create a list of at least 3 good references. Include their name, title, address, phone, email, etc.) DO NOT use family members!


NetworkingEven people whom you do not know can assist you in a job search. That is why it is never too late to begin networking.Your contacts may:

Know someone who can hire you Be able to arrange an informational

interview

networkinga way of making and using contacts to get job information and advice

informational interviewa meeting with someone who works in your area of interest who can provide you with practical information about the career or company you are considering



Identifying Job OpportunitiesIf you are going to find employment that is right for you, you need to know where to look for job openings. Explore sources such as:

Job advertisements Job fairs Employment agencies



Job AdvertisementsAll newspapers have classified ads that include job listings; some list both local jobs and those from a wide geographic area.You can also use the Internet as a valuable source for job opportunities. On the Internet, you can:

Use a search engine to find a company’s Web site and learn more about it

Find a company’s list of current job openings Use job-search Web sites with job

advertisements, advice, and résumé services



Job FairsAt a job fair, recruiters from local and national companies set up tables or booths where you can:

Discuss job opportunities Submit your résumé

To make the most of a job fair, be prepared to make your best impression on several recruiters in a short amount of time. They may call you in for an in-depth interview at a later date.



Employment AgenciesEmployment agencies are businesses that match job hunters with employers. The employment agency fee may be paid by:

The company that hires you You You and your new employer

Do not get involved with agencies that ask you to pay a fee without promising you a job in return.To find out more about employment agencies, contact your state’s employment service or department of labor.



Other Ways to Find a JobYour ability to find a job is limited only by your imagination and energy. Other ways to find a job include:

Visiting specific companies where you would like to work

Calling local businesses in your field of interest

Talking to people with similar interests who have already graduated from your school


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Career Planning Project #1


Using Xtranormal of the online slide show creator listed below:

Create a presentation about the career you researched. Include the following in your presentation:

Nature of the WorkTraining, Other Qualifications, and AdvancementEmploymentJob OutlookProjectionsEarningsWagesRelated OccupationsSources of Additional Information


Applying for a JobMaking the best possible presentation of your skills and experience is the key to landing a job.Your résumé is your most important tool. The two basic types of résumés are the:

Chronological résumé Skills résumé

Your résumé provides prospective employers with an overview of the special contribution you may be able to make to their companies.

résuméa one- or two-page summary of your education, training, experience, and qualifications


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Career Planning Project #2--Resume


Create a Resume for yourself. Use the

examples shown in class and the textbook (page

46) as your guide.


Cover LettersYou will want to include a cover letter with your résumé when you send it to an employer by:

Regular mail E-mail Fax

The cover letter tells a potential employer why you are interested in a particular job and why you think that it would be worthwhile for him or her to interview you.

cover letterthe personal letter that you present along with your résumé


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Planning Your Career Project #3—Cover Letter


Using the cover letter in the book (page 47) or examples

shown in class, create a cover letter applying for a job in your are of interest.


Preparing for the InterviewIf you are granted an interview, you should obtain as much information as you can about the company or industry before your interview. Possible resources include:

The library The Internet Informal interviews with people who are

familiar with that company or industry

interviewa formal meeting with your potential employer that allows you to express why you think you are the best person for the job


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Career Planning Project #4—Job Application


Complete an Application For

Employment


The InterviewHere are some typical questions an employer might ask:

What education and training qualify you for this job?

Why are you interested in working for this company?

Other than past jobs, what experiences have helped prepare you for this job?

What are your major strengths? Major weaknesses?

After the interview, send your interviewer a note reiterating your interest and expressing your thanks for the opportunity to interview.



Considering a Job OfferBefore you accept an offer, you have to consider several factors. Find out all you can about:

The company The job itself The working environment The salary Any other benefits



The Work EnvironmentAs you go on interviews, you will notice differences in workplaces.Ask about official company policies:

How does the company handle pay increases?

How does it measure the quality of employees’ work?

How does it decide which employees to promote?



Factors Affecting SalaryYour beginning salary will depend on:

Your education and experience The size of the company The average salary for the job you are

consideringTo make sure that you are starting with a fair salary, talk to people with similar jobs at other companies or look for related information on the Internet.



Raises and PromotionsRaises and promotions are a direct result of how well you do your job. Once you have accepted a job offer and started to work:

Meet regularly with your supervisor Ask for feedback on your performance

and any suggestions for improvement Let your supervisor know that you are

interested in increased responsibility



Measuring Employee BenefitsYou should also evaluate the types of benefits the company offers besides a paycheck and pay particular attention to:

Health care Retirement benefits The specific needs of your family



Meeting Employee NeedsChanges in society have brought about changes in the types of benefits that employees receive. Some of these changes include:

Cafeteria-style employee benefits Social Security benefits Pension plans

cafeteria-style employee benefitsprograms that allow workers to choose the benefits that best meet their personal needs

pension plana retirement plan that is funded at least in part by an employer



Comparing BenefitsYou can compare the dollar value of employee benefits in several ways. These ways include finding:

The market value Whether the benefits are tax-exempt or

tax-deferredA 401(k) plan is an example of a tax-deferred benefit.



Your Rights as an EmployeeAs an employee, you have certain legal rights; you also have certain legal rights during the hiring process:

An employer cannot refuse to hire a woman or terminate her employment because she is pregnant.

An employer cannot discriminate against a person for any reason related to age, race, color, religion, gender, marital status, national origin, or any mental or physical disabilities.

An employer must pay for unemployment insurance, contribute to Social Security, and provide for workers’ compensation funds in case of a work-related injury or illness.



Long-Term Career DevelopmentA job is for today, but a career can last a lifetime. As you enter the world of work, ask yourself:

Will you always enjoy the work that you do today?

Will you be successful in the career you select?

You cannot predict the future, but you can develop skills and attitudes that will increase your chances of being satisfied with your work in years to come.



Guidelines for Career SuccessHere are some basic guidelines to follow for career success:

Make a point of improving your communication skills—both written and oral.

Do your best to get along with your coworkers.

Remain flexible and open to new ideas. Develop good work habits. Be creative in solving your own problems. Be willing to learn new techniques and

technologies.



Training OpportunitiesA key to your ongoing success will be your ability to keep up with changes in technology and to adapt to the global economy.Take advantage of your company’s:

Regular training programs Professional seminars Help with payment for college courses

You should also continue to read and learn as much as you can on your own.



Career Paths and AdvancementAs time goes by, you will experience changes in your personal interests, values, and goals.Outside factors, such as economic conditions and social trends, will also influence:

Your career choices Other financial decisions that you make

You will probably go through a series of career stages and experience specific tasks and concerns with each one.



MentorsOne way to make sure that your career develops in the right direction is to gain support from a mentor.A mentor can:

Give you one-on-one training Help you to meet other knowledgeable

people Provide you with emotional support during

difficult times at workSome of the best mentors are retired people who are eager to share a lifetime of knowledge and experience.

mentoran experienced employee who serves as a teacher and counselor for a less-experienced person



Changing CareersMost workers change jobs several times over the course of their lives. The following are some signs that it may be time to move on:

You feel bored or depressed at work. Your job adversely affects you physically

or emotionally. You receive a series of poor performance

evaluations. You have little opportunity to obtain a raise

or promotion. You have a poor relationship with your

supervisor or coworkers.



The Time Between JobsBeing out of work can cause emotional and financial stress. While you are looking for a job:

Continue to eat, sleep, and exercise as usual. Stay involved in family and community

activities. Improve your skills through personal study,

classes, or volunteer work. Think about opportunities with nonprofit or

government organizations.Whether looking for a new job or your first job, always consider how the financial and personal costs and benefits of your career choice will affect your needs and goals.



Key Term Review job career standard of living trends potential earning power aptitudes interest inventories demographic trends geographic trends service industries


internship cooperative education networking informational interview résumé cover letter interview cafeteria-style employee benefits pension plan mentor


Reviewing Key Concepts

1. List some of the personal issues you will need to consider when planning your career.

Personal issues to consider when choosing a career include your: Aptitudes Interests Personality Current financial situation




2. Describe factors that affect your potential earning power.

Your potential earning power will be influenced by: Your level of education and training The field of study you select




3. Explain how current demographic trends might influence your choice of career.


Demographic trends can affect your employment opportunitiesSome examples of demographic trends that have affected the jobmarket are: More working parents More leisure time More elderly people in the overall population Greater demand for ongoing employment training


Reviewing Key Concepts 4. List some ways you might obtain job-related experience.

You can gain experience through: Part-time work Volunteer work Internships Cooperative education Class projects




5. Identify sources of information to find out more about the career in which you are interested.

To evaluate career opportunities, use sources such as: The Internet Libraries Newspapers School guidance offices Community organizations Networking with people working in the field you choose




6. Explain your rights as an employee.

An employer cannot refuse to hire a woman or terminate her employment because she is pregnant.

An employer cannot discriminate against a person for any reason related to age, race, color, religion, gender, marital status, national origin, or any mental or physical disabilities.

An employer must pay for unemployment insurance, contribute to Social Security, and provide for workers’ compensation funds in case of a work-related injury or illness.


As an employee, you have certain legal rights; you also havecertain legal rights during the hiring process:


Newsclip: Career EdgeStudents who develop strong job-search skills have a career advantage. They develop clear career direction. They also communicate and promote their competitive edge to employers.

Log On Go to finance07.glencoe.com and open Chapter 2. Learn more about career strategies. Write a paragraph about how you can boost your chances of getting hired.