1. Chapter 2: Career Planning Garman/Forgue Personal Finance Tenth Edition PPT slide program prepared by Amy Forgue and Ray Forgue.

2. Copyright ©Cengage Learning. All rights reserved.2- 2 Introduction A career is the lifework chosen by a person to use personal talent, education, and training.

3. Copyright ©Cengage Learning. All rights reserved.2- 3 Your Next Five Years In the next five years : 1.Map out a career plan by setting benchmarks as you move up the career ladder.

4. Copyright ©Cengage Learning. All rights reserved.2- 4 Your Next Five Years 2.Identify your career planning values and live them in your selection of jobs and in your performance at work. 3.Continually enhance your education and professional training.

5. Copyright ©Cengage Learning. All rights reserved.2- 5 Your Next Five Years 4.Seek out mentors on the job and in other professional settings. 5.Join and be active in the professional associations relevant to your career.

6. Copyright ©Cengage Learning. All rights reserved.2- 6 Learning Objective #1 Identify the key steps in successful career planning.

7. Copyright ©Cengage Learning. All rights reserved.2- 7 Career Planning  Career Planning: Finding employment that will use your interests and abilities and that will support you financially.

8. Figure 2.1: Steps in Career Planning Copyright ©Cengage Learning. All rights reserved.2- 8

9. Copyright ©Cengage Learning. All rights reserved.2- 9 Create Your Career Goal and Plan  Identify your Career Goal  Develop a Career Plan.

10. Copyright ©Cengage Learning. All rights reserved.2- 10 Clarify Your Interests  Professional interests are long-standing topics and activities that engage your attention.  Interest Inventories: Scaled surveys that assess career interests and activities.

11. Copyright ©Cengage Learning. All rights reserved.2- 11 Review Your Abilities, Experiences and Education  Abilities (Professional abilities, Aptitudes)  Experiences  Education and professional training

12. Copyright ©Cengage Learning. All rights reserved.2- 12 Identify Your Values Values: Principles, standards, or qualities that you consider desirable.

13. Copyright ©Cengage Learning. All rights reserved.2- 13 Consider Costs, Benefits, and Lifestyle Trade-offs.  Weigh cost and benefits of various career options.  Identify lifestyle trade-offs resulting from various career options.

14. Copyright ©Cengage Learning. All rights reserved.2- 14 Align Yourself with Tomorrow’s Employment Trends  What are the likely high-wage and high- growth occupations in the years to come?

15. Copyright ©Cengage Learning. All rights reserved.2- 15 Take advantage of networking  Professional Networking: Making and using contacts with individuals, groups, and other firms to exchange career information.

16. Copyright ©Cengage Learning. All rights reserved.2- 16 Target preferred employers  Preferred Employer: Employers that would suit you best.

17. Copyright ©Cengage Learning. All rights reserved.2- 17 Be willing to change career goals and plans  Your career plan should be realistic.  Your career plan should be flexible.  Reassess your career every few yeas.

18. Concept Check 2.1  Distinguish between a job and a career.  How do your values affect your trade-offs in career planning?  What can be done to enhance your abilities and experiences without working in a job situation?  What are the components of career plans and goals? Copyright ©Cengage Learning. All rights reserved.2- 18

19. Copyright ©Cengage Learning. All rights reserved.2- 19 Learning Objective #2 Clarify your work-style personality.

20. Your Work-Style Personality  People have preferences in three areas based on their personality: Work conditions. Work purposes. Work relationships. Copyright ©Cengage Learning. All rights reserved.2- 20

21. Concept Check 2.2  Summarize the three major parts of your work-style personality. Copyright ©Cengage Learning. All rights reserved.2- 21

22. Copyright ©Cengage Learning. All rights reserved.2- 22 Learning Objectives #3 Analyze the financial and legal aspects of employment.

23. Copyright ©Cengage Learning. All rights reserved.2- 23 Financial and Legal Aspects of Employment  Compare salary and living costs in different cities.  Compare using city indexes.  City Indexes: Comparing wages and cost of living for various employment locations.

24. Copyright ©Cengage Learning. All rights reserved.2- 24 Financial and Legal Aspects of Employment  Identify Employee (or Nonsalary) Benefits  Place a current market value on the benefit.  Calculate the future value of the benefit.

25. Copyright ©Cengage Learning. All rights reserved.2- 25 Financial and Legal Aspects of Employment  Know your legal employment rights.

26. Concept Check 2.3  Summarize how education level and age affect income.  Explain how to compare salary and living costs in different cities.  What two techniques can be used to place monetary values on employee benefits?  Choose three career advancement tips and explain. Copyright ©Cengage Learning. All rights reserved.2- 26

27. Copyright ©Cengage Learning. All rights reserved.2- 27 Learning Objective #4 Practice effective employment search strategies.

28. Copyright ©Cengage Learning. All rights reserved.2- 28 Effective Employment Search Strategies  Assemble a résumé.  Resume can employ a: Chronological Format Functional Format Skills Format

29. Figure 2.3: Sample Chronological Résumé Insert Figure 2.3: Sample Chronological Resume from page 50 in the text.Insert Figure 2.3: Sample Chronological Resume from page 50 in the text. Copyright ©Cengage Learning. All rights reserved.2- 29

30. Figure 2.4: Sample Functional Résumé Copyright ©Cengage Learning. All rights reserved.2- 30

31. Figure 2.5: Sample Skills Résumé Copyright ©Cengage Learning. All rights reserved.2- 31

32. Copyright ©Cengage Learning. All rights reserved.2- 32 Effective Employment Search Strategies  Identify job opportunities, using: The Internet Career Fairs Classified Advertisements Employment Agencies

33. Copyright ©Cengage Learning. All rights reserved.2- 33 Effective Employment Search Strategies  Write an effective cover letter.  Cover Letter: Letter of introduction sent to a prospective employer to get an interview.

34. Copyright ©Cengage Learning. All rights reserved.2- 34 Effective Employment Search Strategies  Obtain strong reference letters.  Apply!

35. Copyright ©Cengage Learning. All rights reserved.2- 35 Effective Employment Search Strategies  Interview for success.  Job Interview: Formal meeting between employer and potential employee to discuss job qualifications and suitability.

36. Copyright ©Cengage Learning. All rights reserved.2- 36 Interview for Success  Do some research before the interview.  Compile revealing personal stories.  Prepare questions to ask the interviewer.  Prepare responses for anticipated interview questions.

37. Copyright ©Cengage Learning. All rights reserved.2- 37 Interview for Success  Create positive responses to negative questions.  Be ready for telephone interviews.  After the interview, evaluate it and send a thank-you note

38. Copyright ©Cengage Learning. All rights reserved.2- 38 Effective Employment Search Strategies  Negotiate.  Accept the job.

39. Concept Check 2.4  Explain how networking can be used to one’s advantage in career planning.  Offer suggestions on correctly assembling a résumé and cover letter, and explain how the two documents differ.  Summarize the best methods to identify job opportunities.  List five suggestions for interviewing with success. Copyright ©Cengage Learning. All rights reserved.2- 39

40. Copyright ©Cengage Learning. All rights reserved.2- 40 Top 3 Financial Missteps in Career Planning People slip up in career planning when they do the following: 1.Don’t learn as much as possible about a company before going for an interview.

41. Copyright ©Cengage Learning. All rights reserved.2- 41 Top 3 Financial Missteps in Career Planning 2.Failing to match your interests and preferred work style with the requirements of the career. 3.Failing to network by not getting involved in professional associations.

42. Copyright ©Cengage Learning. All rights reserved.2- 42 Do It Now! Career planning is a must in today’s job market. Start today by: 1.Preparing or updating your résumé. 2.Contacting your school’s placement office to explore careers in your field. 3.Visiting one of your professors to seek a mentoring relationship.