Career Planning personal finance
Samantha's college runs on a trimester schedule so she receives a bill 3 times a year for tuition. Each trimester costs $1,450, and Samantha must complete 2 years of college to receive her degree. The average cost for books each trimester is $350. Approximately what will be the total cost for Samantha to get her degree?
$10,800
Neil decides to go to a technical college for 18 months to get a degree in computer networking. There are 6 school quarters in the program with a tuition of $530 each. Books for the entire program cost $1,800. How much will it cost Neil to get his degree?
$4,980
Alistar has an annual income of $25,000. He decides to take classes on line and at night so that he can continue to work. After 3 years he gets his degree and immediately starts earning $32,000 per year. If it takes Alistar 6 years to recover his investment for his education, how much did it cost him?
$42,000
Selecting a career path
1. How do you determine which career path you will take? 2. Make a list of things you enjoy doing 3. Consider taking a personality test to determine the types of careers you may be suited for 4. Identify some possible career choices
James has a job with a current salary of $42,000. He wants to earn a college degree that will take him 2 years to complete and it will cost $28,000 per year. He will go to school full time and will not be able to work. Upon graduation, James' new salary will be $56,000 per year. How many years will it take James to recover his investment?
10 years
In order to go to college, Hank goes from working full-time making $28,000 per year to working part-time at half the salary for two years. The total cost of his education will be $5,000. If Hank makes $33,000 per year after getting his degree, approximately how many years will it take him to recover his investment?
6.6
Aaron is a high school graduate working as a retail clerk. He earns a median salary for a high school graduate. Aaron is thinking about going to college to get an associate's degree. If he completes his degree in 2 years and college costs total $30,000, how long will it take Aaron to recover his investment, assuming that he earns the median salary and continues to work full time while he is attending school?
About 2.5 years
If there is a positive correlation between salary and education, then based on the table shown, which of the following careers requires the most education?
Accountant
Brenda has an associate's degree earning the median salary. She wants to quit working and go to college to get just a basic bachelor's degree. If she completes her degree in 2 years and it costs $15,000, how long will it take her to recover her investment assuming that she earns the median salary?
Almost 8 years
List 3 things that you should consider when choosing a career.
Answers may vary but might include how much education is needed, what the potential earnings are, how well it matches individual interests, what the work environment is like and what the future employment outlook is.
Median weekly earnings
Dependent variable, y
Unemployment rate
Dependent variable, y
There is a negative correlation between the number of years in college and earnings.
F
Financial stability
Financial stability is the state of being steady or constant in regards to finances.
Frank and Lynn are co-workers getting paid the same salary. They both decide to quit their jobs and start going to school on the same day. Frank gets a degree after just 18 months and spends $6,500 dollars on his education. Lynn only spends $3,500, but it takes her 2 years to get her degree. Assuming that they each will make $6,000 more per year after graduating, which of the following is true?
Frank will recover his investment at an earlier date than Lynn.
Based on the information provided in the graph, for which of the following situations could you expect to have the greatest increase in salary?
Having a master's degree and getting a doctorate degree.
Income
Income is money coming in through wages, allowance or other sources.
Years of education
Independent variable, x
Jesse works for an engineering firm earning $54,000 per year. Jesse is 53 years old and plans on retiring at age 65. He?s considering working part-time so that he can work on another degree. His new degree would take him 3 years to earn and cost a total of $30,000. After getting the degree, Jesse will make $75,000 per year. Do you think that the new degree is worth the investment? Explain your reasoning.
Jesse will spend $111,000 to earn the degree: 3 years loss of 1/2 his salary + cost of education = 3(27,000) + 30,000 He will make $21,000 per year more after earning his degree, so it will take a little over 5 years to recover his investment. This means that he will work an additional 4 years making $21,000 more per year for a total of $84,000, so it seems like a wise investment.
The less years of education, the higher the unemployment rate. This is a ________
Negative correlation
Jamal works part-time earning $8,000 per year. He reduces his work hours by half so that he can go to school. Jamal completes his degree after 3 semesters (1.5 years) at a cost of $1,400 per semester in tuition and $500 per semester in books. What was Jamal's investment in getting his degree?
Not b, $5,700 Not a, $4,700
Niah works as a retail sales clerk earning $18,000 per year. She plans to go to school for medical billing that has a median salary of $35,000. The total cost of her education will be $20,000. If Niah does not work for the 2 years that she is in school, about how long will it take her to recover her investment if she gets a medical billing job making the median salary when she graduates?
Not c, 1.6 years Not a, Less than 1 year
Two people quit work and begin college at the same time. Their salary and education information is given in the table below. Choose the true statement.
Person A recovers their investment in a shorter amount of time.
If there is a positive correlation between number of years of education and the amount of company pension contributions, which of the following professions would you expect to have the best company pension contributions?
Pharmacist, docotorate degree
If there is a positive correlation between number of years of education and the amount of vacation time, which of the following careers would you expect to have the most vacation time?
Pharmacist, docotorate degree
The more years of education, the higher the median weekly earnings. This is a _________
Positive correlation
If there is a positive correlation between salary and education, then based on the table shown, which of the following careers requires the least education?
Surveyor
Correlation
The measure of the relationship between independent and dependent variables.
Which of the following should one consider when choosing a career?
The potential earnings The work environment The required education
Bachelor's degree (2011)
Weekly earnings: $1,053 Unemployment rate: 4.9% Years of college education: 4
Master's degree (2011)
Weekly earnings: $1,263 Unemployment rate: 3.6% Years of college education: 6
Doctoral degree (2011)
Weekly earnings: $1,551 Unemployment rate: 2.5%
Professional degree (2011)
Weekly earnings: $1,665 Unemployment rate: 2.4%
Master's degree (2008)
Weekly earnings: $1228 Unemployment rate: 2.4% Years of college education: 6
Professional degree (2008)
Weekly earnings: $1522 Unemployment rate: 1.7%
Doctoral degree (2008)
Weekly earnings: $1555 Unemployment rate: 2%
Less than a high school diploma (2008)
Weekly earnings: $426 Unemployment rate: 9% Years of college education: -1
Some high school, no diploma (2011)
Weekly earnings: $451 Unemployment rate: 14.1% Years of college education: -1
High school graduate (2008)
Weekly earnings: $591 Unemployment rate: 5.7% Years of college education: 0
High school graduate (2011)
Weekly earnings: $638 Unemployment rate: 9.4% Years of college education: 0
Some college, no degree (2008)
Weekly earnings: $645 Unemployment rate: 5.1% Years of college education: 1
Some college, no degree (2011)
Weekly earnings: $719 Unemployment rate: 8.7% Years of college education: 1
Associate degree (2008)
Weekly earnings: $736 Unemployment rate: 3.7% Years of college education: 2
Associate degree (2011)
Weekly earnings: $768 Unemployment rate: 6.8% Years of college education: 2
Bachelor's degree (2008)
Weekly earnings: $978 Unemployment rate: 2.8% Years of college education: 4
