Phil Hays 2006Phil Hays 2006

Junior Advisory Junior Advisory

Session 3Session 3

Mr. HaysMr. Hays

October 10, 2006October 10, 2006

Phil Hays 2006

Where Will Where Will the Jobs of the Jobs of

Tomorrow Be?Tomorrow Be?► What is the expected What is the expected

pay like?pay like?

► What knowledge, skills What knowledge, skills and abilities are and abilities are needed for this career?needed for this career?

► What do you need to What do you need to do to enter this career?do to enter this career?

► How soon can How soon can youyou become a become a millionaire?millionaire?

Source: The Workforce Training and Education Coordinating Board (n.d.).

Phil Hays 2006

Who Wants to Be A Who Wants to Be A Millionaire? Millionaire?

SKI BUM 20,000$ 10% 167$ 8% 18

EXPECTED RATE OF RETURN %

YOUR AGE WHEN YOU

START INVESTING

YOUR CAREER PATH EXPECTED SALARY

INVEST PART OF YOUR SALARY (%)

SAVINGS PER MONTH

WHEN WILL YOU BECOME A MILLIONAIRE?

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77YOUR AGE

VA

LU

E

YOUR COST COMPOUND GROWTH

Phil Hays 2006

Where Will the Jobs of Tomorrow Where Will the Jobs of Tomorrow Be?Be?► Go to: Go to: http://www.bls.gov/oco/oco2003.htmhttp://www.bls.gov/oco/oco2003.htm

Demographic changesDemographic changes: Charts 2 & 3: Charts 2 & 3 Jobs shifting to service sectorsJobs shifting to service sectors: Chart 4: Chart 4 Job growth by occupationJob growth by occupation: Chart 6: Chart 6 Occupations with highest growth ratesOccupations with highest growth rates: Chart 7: Chart 7

► Note differences in rates from PT and PT assistantsNote differences in rates from PT and PT assistants

Occupations with the most openingsOccupations with the most openings: Chart 8: Chart 8 Occupations in declineOccupations in decline: Chart 9: Chart 9 Occupation growth via replacement needsOccupation growth via replacement needs: Chart : Chart

1010

Phil Hays 2006

Phil Hays 2006

Invest in Yourself First!Invest in Yourself First!

► An education pays for itself over and over and over An education pays for itself over and over and over again!again!

Level of Level of EducationEducation

Mean Annual Mean Annual EarningsEarnings

Not a high Not a high school school graduategraduate

$18,793$18,793

High school High school graduategraduate

$26,795$26,795 * *

Bachelor’s Bachelor’s degreedegree

$50,623$50,623

Master’s Master’s degreedegree

$63,592$63,592

Ph.D.Ph.D. $85,675$85,675

ProfessionalProfessional $101,375$101,375

Source: U.S. Census Bureau, March 2002

* Workers with * Workers with somesome college education outpace high school graduates by nearly college education outpace high school graduates by nearly $4,000 per year!$4,000 per year!

Source: The Workforce Training and Education Coordinating Board (n.d.).

Phil Hays 2006

ROI of Education Over 25 years

Earnings vs HS only

Professional degree (doctor, lawyer)

Bachelor's degree

Master's degree

PhD

Invest in Yourself First!Invest in Yourself First!

Phil Hays 2006

Plan APlan A: Make A Plan!: Make A Plan!

►Don’t know what you want to do?Don’t know what you want to do?

Start at Start at Workforce Explorer Career Center Workforce Explorer Career Center ►Take the Take the Interest Profiler Interest Profiler quizquiz►Take the Take the Work values locaterWork values locater quiz quiz

Select an occupation from the search Select an occupation from the search results and click “Explore”results and click “Explore”

Phil Hays 2006

1

4

3

2

Phil Hays 2006

Career Education Data SheetCareer Education Data Sheet► What are the entry level wages? What are the entry level wages?

$____ per hour/month/year$____ per hour/month/year

► What are the average wages? What are the average wages? $____ per hour/month/year$____ per hour/month/year

► What are 2-3 industries where What are 2-3 industries where this occupation can be found? this occupation can be found? __________________________________________ __________________________________________ __________________________________________

► What is the employment What is the employment forecast? forecast? Growing or shrinking, at what Growing or shrinking, at what

rate? ____%rate? ____%

How many openings are forecast? How many openings are forecast? __________

► What are the top 2-3 skills/tasks What are the top 2-3 skills/tasks associated with this type of work?associated with this type of work? ____________________________________________________ ____________________________________________________ ____________________________________________________

► What type of training is offered?What type of training is offered? What education, certification or What education, certification or

degrees are required? degrees are required? ______________________ ______________________

► What are some of the keywords What are some of the keywords used to describe this career used to describe this career choice? choice? ______________________________________________ ______________________________________________ ______________________________________________

► Is this the career for you? ______Is this the career for you? ______ Why or Why not? Why or Why not?

Phil Hays 2006

Education: Education: The Human Resource The Human Resource

►““Technology has the shelf life of a Technology has the shelf life of a banana.”banana.” Scott McNealy, CEO Sun MicroSystemsScott McNealy, CEO Sun MicroSystems

►Human resources are the only Human resources are the only sustainable competitive advantage. sustainable competitive advantage. Invest in lifelong learningInvest in lifelong learning Then, save early and save often! Then, save early and save often!

Phil Hays 2006

Internet Tools for Internet Tools for Career ExplorationCareer Exploration

► www.bls.gov/oco/oco2003.htmwww.bls.gov/oco/oco2003.htm Tomorrow’s Jobs (US Bureau of Labor Statistics)Tomorrow’s Jobs (US Bureau of Labor Statistics)

► www.workforceexplorer.com/www.workforceexplorer.com/ Workforce Explorer site for WA state Workforce Explorer site for WA state

► www.wilma.org/wdclists www.wilma.org/wdclists WA local area occupation demand/decline listsWA local area occupation demand/decline lists

► www.wtb.wa.gov/etpwww.wtb.wa.gov/etp WA directory of training sources for occupationsWA directory of training sources for occupations

► www.acinet.org/acinet/ www.acinet.org/acinet/ A service of CareerInfoNet A service of CareerInfoNet

► www.salary.com/ www.salary.com/ Commercial salary info website Commercial salary info website

Phil Hays 2006

Internet Sources for College Internet Sources for College Planning & Scholarship Planning & Scholarship

InformationInformation

http://www.fastweb.com/ http://www.finaid.org/

http://www.collegeboard.com/student/pay/index.html

http://www.choosetosave.org/calculators/

http://www.offtocollege.com/first_time/junior.html