Career Planning and Salary

Introduction

 

What do I want to do with my life? Will I make enough money to support myself? Is this the right job for me? Choosing a career path raises a lot of difficult questions. While there are no simple answers, the right outlook and approach can make exploring careers that much easier.

In this module, we'll talk about the importance of assessing your career needs, evaluating your skills and personality, considering your financial needs, and developing job skills as you begin to explore different careers.

Assessing your career needs

Taking the time to assess both yourself and your career needs will help you discover the right career path. It's important to understand how your skills and interests match up with potential careers, along with your personal and financial needs. Without enough planning and foresight, you might choose a profession that could leave you unhappy or even financially unstable.

Consider the two scenarios below to see the difference that a careful career assessment can make.

A lack of foresight: Tony

 

Tony, a former minor league baseball player, wanted to continue in a career with sports and fitness. He also wanted a career that gave him the chance to interact with people. Tony went back to school and then took a position as a physical education teacher, thinking it would meet his needs.

Unfortunately, Tony was miserable as a teacher. He was not able to relate to the kids as well as he related to adults. The stress and long work hours prevented him from keeping up with his own personal fitness goals, which made him unhappy. In addition, having to save for the summer and make student loan payments really cut into his paycheck, making it difficult to pay his bills.

While Tony was right to pursue his interest in sports, he was wrong in thinking he had the personality and skills for working with kids. He values having plenty of personal time for his pursuits outside of work, but he did not realize that the career he chose required long hours. He also did not fully understand his financial needs and the cost of additional education.

Reflection and success: Meral

 

After studying business in college, Meral wasn't sure what kind of career to pursue. She took a job as data analyst with a large company, but it never felt quite right. Even though the salary more than met her needs, she didn't like working for such a big corporation, and the job left her longing for interaction with other people.

Taking some time to assess herself, Meral reflected on her personality and skills. She realized that she needed a career that would allow her to engage with people directly while also expressing her creativity. After more research, Meral determined that she might be better suited to a career in marketing. Looking for a way to develop her new career path, Meral offered to volunteer at a friend's small business in her spare time. She discovered an interest in social media and soon found herself creating a brand identity for the business.

Meral was eventually able to use her volunteering experience to find a permanent position in marketing at another small company. Unlike Tony, Meral took the right approach when evaluating her career needs. She found a career that suited her skills and personality by networking with other people in her field. While her salary wasn't as large as before, she calculated that it was still enough to meet her financial needs.

Assessing yourself

As we have seen with Tony and Meral, taking the time to learn more about yourself and your needs can make a huge difference when choosing a career path. Understanding what you truly need and value will help you gain a clearer sense of purpose and direction as you pursue a career.

Review the interactive below to learn about the different factors you should consider when thinking about yourself and your career needs.

Self-assessment tools

Learning more about your skills and interests can help you find a career that fulfills your needs and feels right for you. Below are some free resources for assessing yourself and your possible career paths:

• The O*Net Interest Profiler is a great tool that can help you understand how your interests align with different career options. You can even explore different career paths based on your results.
• The Skills Profiler allows you to measure the strength of your current skills and determine possible career paths based on your skill set.
• MySkillsMyFuture suggests possible new career options based on your current job and displays a helpful summary of transferable skills you have gained by working in your field.

These tools are a great starting point, but they can only tell you so much about yourself. Be sure to spend some time reflecting on your own values and interests as you begin exploring different careers.

Additional resources

• Visit a career center. Many communities and colleges have career centers with resources that can help you determine your areas of interest and aptitude. Visit servicelocator.org to find local resources and career centers in your town.
• Download and install one of the many O*Net Career Application Tools on your computer. These simple programs allow you to explore different aspects of personal assessment, such as finding your ideal workplace environment.
• Review What Color is Your Parachute? A Practical Manual for Job Hunters and Career Changers by Richard Nelson Bolles. This guide is updated yearly and is an industry standard for career planning. You can also visit the corresponding website, JobHuntersBible.com.
• Review Self Matters by Dr. Phil McGraw or visit Dr. Phil's Advice - Self Matters. This may be a good resource if you are having difficulty assessing yourself and what you truly want.

Considering your financial needs

Let's face it—a lot of us might choose not to work at all if we didn't need the money. Because we need jobs to provide a source of income, it's important to choose a career that can support our financial needs, especially as the global economy continues to recover after the 2008 recession.

Sometimes a salary figure—for example, $35,000 per year or $15 per hour—can sound like a lot of money. But without research and budget planning, you may find yourself pursuing a career that will ultimately leave you lacking.

Be sure to consider some of the following questions:

• What kind of salary will I need to support my current budget?
• What are my future financial goals, and what kind of salary will meet those needs?
• Am I willing to live on less in order to follow a career path I love?

 We'll talk more about exploring salaries in our Salary Basics module.

Gaining job skills

Some careers require a certain level of education, such as a bachelor's degree (B.S. or B.A.), while others require solid work experience or training/certification in a particular skill. Your current level of education will factor heavily into your career plan.

If you are pursing a new career path after working in one field, you may consider going back to school or enrolling in a class or certification program. It's important to remember, however, that going back to school does not guarantee employment after a program is complete, especially in our current economic climate. Going back to school is a substantial investment of both time and money, so weigh your options carefully before making a decision.

Whether you're hoping to switch careers or are looking for your first job, there are many other ways to gain experience and develop your skills without going back to school. You might pursue an opportunity to volunteer, build a relationship with a mentor, or use free e-learning courses.

We'll talk more about developing job skills in our Gain Job Skills module.