1. Chapter 5 Careers and Education Essential Question:
What is involved in choosing a career and applying for a job in that career path?

2. Learning Objectives Explain the process for choosing a career path
Identify different sources of information for researching careers
Discuss how one can gain the skills needed for career choice
Describe the process of applying for a job

3. Determining a Career Path
Identify areas of interest to you
Make a list of things you enjoy doing
Identify careers that involve these activities and interest
Talk to your career counselor
Take a personality test
Take a look at Figure 5.1 to see the fastest growing jobs from
Explain that if you plan ahead, you can have a job you enjoy doing.

4. Figure 5.1: Fastest Growing Occupations

5. Education and Skill Requirements
Consider the education and/or skills requirements for possible careers
Choosing a career requires a cost/benefit analysis
Do not focus solely on the financial costs
Consider how the extensive training will impact your quality of life
Take a look at Figure 5.2 to see the relationship between years of education and earnings.
Explain that career options need to be realistic.

6. Figure 5.2: Median Weekly Earnings versus Unemployment Rate

7. Math for Personal Finance
Jorn is considering getting a college degree.
Assuming he graduates in four years and tuition, books, and fees cost about $6,000 per year, how much will he spend to get his degree?

8. Math for Personal Finance
Solution: Jorn will spend at least $24,000 to get his degree or four years x $6,000 per year.
However, keep in mind that he will also incur incidental expenses such as meals, gasoline, and other supplies, that will increase his cost. If he borrows money, he will have to pay interest on the borrowed money. He will also incur opportunity costs in the form of lost wages.

9. Job Availability
Factor in job availability for whatever career you want to pursue
Consider jobs you can do while you pursue your career
Research the job demand in the region you live in or would like to live
Relocation for a job can be expensive
Tell students that if they choose a limited field, it is important to have a plan for the time it takes to make that career happen, if at all.

10. Compensation
Compensation
What a job will pay you
Research the compensation for any careers you are considering
You will need a minimum level of income in order to cover your expenses
A job that does not pay well may not allow you to cover expenses or increase your net worth
Discuss how money is not everything when it comes to a job, but you will need enough to cover your basic expenses.

11. Compensation
Go to to research the pay level of government jobs

12. What are the steps in developing a career?

13. Determining interests, finding related career choices, learning about education and skill requirements, job availability, and compensation

14. Math for Personal Finance
Latrell is comparing two job opportunities. One job will pay $12 an hour and he will work 40 hours a week. The other one pays an annual salary of $22,000 and he will work 45 hours a week.
Which job pays more?

15. Math for Personal Finance
Solution: The first job will pay an annual amount of $12 x 40 hours a week x 52 weeks a year = $24,960. The second job pays $22,000 a year and requires Latrell to work five extra hours per week.

16. Sources of Career Information
The Internet is a great source of up-to-date career information
Websites can provide you with the following information:
Different career options
Possible compensation levels for these careers
Skill sets needed for careers in a number of fields
Lists of the most frequently available jobs

17. Sources of Career Information
The following websites are great sources for this information:

18. Books on Careers Books are another resource to identify career options
Many books list the necessary skills required to pursue certain careers
Make sure the information you get from a book is up-to-date
Discuss what types of information will be found in books on careers.
Some books provide broad overview of jobs, while others have more detail and focus on a specific job

19. Field Trips and Speakers
High School field trips can help you identify careers of interest
Class speakers can also provide valuable information on their careers
Use these opportunities to investigate various career options
Explain to students that it is important to take the time to investigate careers

20. Job Experience
Part time jobs allow you to find out about working for a living
You can eliminate certain career options and identify possible career choices
It might show you what you do and do not like in a job
Ask students if any of them have jobs and what they do?

21. Internships
Internship
A temporary, short-term position designed to provide exposure to and training in a particular job.
An internship helps you gain additional information about a certain career or job
Companies hire interns to perform various tasks around an office
Internships can be paid or unpaid
Explain that internships are an invaluable tool both for experience and meeting contacts.

22. Contacts
People you know can be great sources of information regarding careers
Visit someone’s parents’ or grandparents’ to learn first hand what they do for a living

23. What are two ways to get career information?

24. Check Your Financial IQ
Possible answers include online sources, books, and information from personal contacts

25. Getting the Skills You Need
Investigate the training and education you will need for your ideal job.
Take a look at Figure 5.3 to see:
a list of various high-demand career choices
the education needed to get these jobs
the expected wages
Explain how it is important to research the training and education needed for a job, once you narrow your career search.

26. Figure 5.3: The Future Job Market

27. Training Programs
Apprenticeship
On-the-job training programs where you acquire a skill while you are working
Some careers require specialized training before entering the field
A certificate or license might be needed in order to pursue your career
Some jobs give you the formal training while you work (apprenticeships)
Apprenticeships are common for skilled trades such as plumbing, electrical contracting, and welding.

28. Training Programs
Certification
official document or record stating that a person has met some standard for training or knowledge
Information on job training can be found on websites such as:
CareerOneStop (
The Bureau of Labor Statistics (
Be careful about training information provided elsewhere on the Internet
Some websites have authentic certification, but others may be just trying to take your money
Tell students to use reputable sources for training requirements.
Don’t look for the easiest route; look for the best route!

29. Education
Accreditation
Official recognition that a school or program meets a certain standard
Colleges and universities provide training in the form of education leading to a degree
Research the types of majors and/or degrees you would like to pursue
Research the colleges that have these majors
Make sure it is an accredited school

30. Expanding Your Education
Graduate degrees provide you with additional knowledge and skills that should qualify you for a better job
It can cost a lot of money to get a graduate degree
An advanced or graduate degree can enhance your employability
Tell students to ask themselves if an advance degree will increase their chances in their chosen career?
Will the difference in pay justify the cost of the degree?

31. Math for Personal Finance
Jill is thinking about getting an MBA. She will give up making $38,000 a year for the two years it takes to complete the MBA. She will also pay $35,000 in total costs to get the degree. Assume she will make $75,000 a year after she gets her MBA.
How long will it take her to recover her investment?

32. Math for Personal Finance
Solution: Jill will be investing a total of $38,000 in lost annual wages x two years = $76,000 plus the $35,000 cost for a total of $111,000.
However, she will earn $37,000 more per year after getting her MBA ($75,000 - $38,000 = $37,000). Therefore, it will take her three years to recover her investment, or $111,000/$37,000 per year increase in salary = three years.

33. What are some of the ways people get training for different careers?

34. Many people get training from a training or apprentice program, or from a college or university, or even from an online program

35. Job Application Process
Most jobs require you to fill out a job application
Job applications provide your prospective employer with information about your previous work history.
Potential employers can also contact your previous employer to find out about your worth ethic
Take a look at Figures 5.4a and 5.4b for a sample job application

36. Figure 5.4: Sample Job Application

37. Figure 5.4: Sample Job Application (cont.)

38. Resume
Resume
A document that gives prospective employers a snapshot of your qualifications.
Your resume includes your personal background information, including education and previous work history
Provide a list of any skills you have such as computer training and specialized skills
Different types of resumes emphasize the strength of your background
The internet is a good resource for how to structure an effective resume
Look at Figure 5.5 for a sample resume
Explain to students that for both job applications and resumes, it is important that they are clean, neat, and error free. They should be accurate and proofread before.

39. Figure 5.5: Sample Resume for Logan

40. Cover Letter
The more education and training you get, the more information required during a job application
A cover letter is sometimes submitted with a resume
Cover letters include more information and are like an introduction to the potential employer
A cover letter points out your strengths and persuades the would-be employer that you should be interviewed
Take a look at Figure 5.6 for an example of a cover letter
Tell students not to underestimate the cover letter because it can separate your resume from others.

41. Figure 5.6

42. Internet Job Searches and Applications
Many people post resumes online using websites such as college.monster.com
Learn and become familiar with the process
People change their jobs and careers more often today

43. What are two ways to apply for a job?

44. You can use paper applications and resumes or apply using online services

45. Summary
There are several sources available to you to research these kinds of things, such as:
People
Job experience
The internet
Personality test
Important things to remember when deciding what career to pursue:
Review the education/skills needed
Research the job availability
Research what kind of compensation the job has

46. Summary
Additional training or education may be required for your career choice or to move to a different career
The benefits of this will increase, but so will the costs
Applying for a job may involve all or some of the following:
Filling out applications
Writing and posting a resume
Writing and posting a cover letter
Using online services

47. Key Terms and Concepts Accreditation Apprenticeship Certification
Compensation
Internship
Resume

48. Websites www.careerclusters.org www.bls.gov/oco/home.htm