Read this if you are a student.
* Read this if you want to know how to get on the best path to a solid well-paying career.
* Read this if you wonder about the value of part-time work and volunteerism while a student.
Graduate students with no prior work or volunteer experience are at a distinct disadvantage. Prospective employers rely on the referrals of past employers, even if the jobs are not related. Naturally, those with past work experience, even in menial jobs, will find it easier to convince a potential employer of their value.
Embrace volunteer and part-time work as part of your informal education, for here is where you will learn about life, work, and money before you are expected to pay your own way.
1. Course Selection Leading to Success
Careful selection of your educational program is required to make the best use of your student years. The decisions you make now will determine, to a great extent, your future career path and financial well-being.
If your education will be funded with student loans, it is imperative you are able to repay this debt in a reasonable amount of time after you graduate. Ask yourself the following questions:
• How much of my educational costs will be funded by debt?
• Will I be able to repay this debt once I graduate?
Unless you were fortunate enough to be born into a family of wealth, and your parents are agreeable to supporting your academic aspirations without limit, serious thought must be given to what the payoff will be.
You will want to take courses that interest you and for which you have a natural talent. When choosing between two areas of study, why not take the path with the highest reward-to-cost ratio?
In other words, do the math: How much is your education going to cost, relative to the income potential? For example, dental hygienist versus dentist: The typical dental hygienist will earn $40,000 to $70,000. A dentist may make five times as much. Consideration must be given to the higher level of academic achievement required, the number of years before becoming licensed to practice, and the amount of debt upon graduation. Both of these choices are a solid career choice.
Do not ignore college and trade school offerings. Some of these offer solid career options with good earning potential. If you think that skilled trades are limited to carpenter, electrician, plumber, or welder, think again. A quick web search for skilled trades turned up an alphabet soup of viable options, including the following career options: accounts payroll administrator, dental chair-side assistant, legal assistant, massage therapist, pharmacy assistant, and video game designer.
Many trade programs run from one to four years, including time spent as an apprentice. Students who are in an apprentice program earn a modest living while they train for their future profession. Sometimes employers sponsor the students by paying for books and tuition. This is a good opportunity to show a potential future employer your skills and suitability for full-time employment.
Avoid the “ugly dance.” The ugly dancer does not have a clear picture of where he or she is going. Without an end goal in mind, he or she takes two steps forward, changes direction, heads four steps back, does a 180-degree twirl, and ends up facing the opposite direction. The ugly dancer lacks a clear plan for success. These are the students you may have read about, who graduate with a major in “basket weaving” and $100,000 in student loans. Not realizing the job prospects and pay scale for basket weaving means a lifetime of paying student debt on a barista’s paycheck. It is important to know that student loans in both the United States and Canada are not necessarily forgiven if you declare bankruptcy.[1] Student debt could be with you for a very long time.
The smartest students are strategic. They take a strategic approach to reach desired career goals. In contrast to the ugly dance students, the strategic type will spend considerable time researching not only his or her course options but also the career paths available after graduation, the expected pay scales, and potential employers. He or she conducts research online, talks to guidance counselors, consults older friends already in the workforce, and seeks professionals in his or her fields of interest. The strategic type finds the organizations doing the type of work he or she is interested in. He or she contacts these organizations, asking to speak to someone who can provide advice on what he or she should be doing now so he or she is ready to enter the workforce upon graduation. Most people like to be helpful, so contacting people in the industry is a surprisingly useful way to get acquainted with a potential future employer.
The strategic approach is to define the desired career goals and develop a strategy for success. The following are some of the things a strategic student would consider.
• Evaluate the skill set and academic abilities: Most students choose courses based on their skill sets and academic ability, but ask yourself, “Do I have the discipline to complete the program I am considering?” and “Will I persevere when times get tough?”
• Understand how much time and money will be required: Are you prepared? How many years will be devoted to pursuing your degree? How much will it cost? Where will the funds come from?
• Use the principal of Other People’s Money (OPM): Take the time to research and apply for all available scholarships and bursaries. There is money out there, it just takes a little effort to find it. Money from scholarships and bursaries means less debt after graduation.
• Estimate the level of debt at graduation: The strategic student attempts to minimize the total amount of debt. He or she is self-reliant, keeping debt under control with part-time work. This type of student plans in advance and has a good idea how much debt will be required to complete the desired program. He or she formulates a repayment plan.
• Ease of entry into the workforce: Though it is impossible to fully know the market in advance, this student has considered the market for his or her new skills. This person asks, “If employers are hiring graduates, what are the expected pay scales and future career opportunities?
• Know the payoff relative to cost of education: This is the big one. Does the ratio of total cost compared to projections of future income make this a wise choice? Education is expensive and is becoming more so every year. It is one area of our economy in which costs are increasing faster than the rate of inflation.
If you are unsure of your unique ability or have difficulty describing your most valuable skill set, you may wish to take the online Kolbe Index A test.[2] Discover your natural unique ability and mode of operating. I highly recommend this short quiz of 36 questions (there is a fee) and have personally used it for more than a decade to better understand my family, employees, and potential employees’ instinctive problem-solving methods. The results will provide you with insight into your own unique strengths as well as valuable information which you can use when trying to choose the educational program to match your unique mode of operating. The Kolbe A Index test results provide examples of professions and occupations which suit your unique ability.
You will find the information in this chapter easier to apply after you read Chapter 6, “Set Goals”; and Chapter 7, “Create a Budget.” Once you have read these chapters and completed the worksheets, you will have a clear picture of where you are today and what needs to be done to reach your education goals.
