Friday, August 20, 2010

When Cracking Open the College Savings - Get the Most Bang for Your Buck

Growing Job Fields

Yes, support Johnny in his aspirations when selecting a course of study, but also guide him in doing some research in his selected field. Find out what career choice he hopes to pursue with this degree, as well as some estimates of the average annual salary that comes with his career choice ( recommends a guideline of not taking out more student loans than your estimated annual salary after college). Is he ok with relocating if his field is more successful in certain locations, and is this career estimated to grow with society’s developing changes? These are tough questions to look at, but Johnny needs to look at these reality checks.

With being only four years out of college myself, I cannot tell you the number of my fellow classmates I saw graduate with a degree and not have a clue of what they were going to do with it. Nor did they look at statistics beforehand to see how well the field is growing, and now can’t get a job. If you’re not going to use your degree it is a waste of money and time flushed down the toilet. These are the people who complain they can’t get a job with a college degree. Know your statistics and do your research.

Packing up your student for dorm life in the next couple years? Money towards education would go the furthest if your student went into any of these following job fields that are just now taking off or are projected to be booming in the next few years. Your student would graduate with great odds of landing a job fresh out of college and would be making bucks that will make up for the time and money spent during those four years of college. analyzed data from the U.S. Department of Labor’s projection of job growth, and came up with the results of these growing job fields:
  • Science and Technology (field with the highest growth- a whopping 72%): meteorologist, computer software engineer, network architect, security system installers, plumbers.
  • Business and Finance: financial advisor (for everyday people) and financial analysts (for banks and companies), cost estimator for companies, and logisticians to manage supply chains.
  • Arts: technical writers, curators, film and video editors.
  • Medical: registered nurse, veterinarian, medical and public health social worker and jobs requiring less schooling such as x-tray technician, lab technician, and physical therapy assistant.
  • Civic Service: Urban planning, firefighting, special education teachers.

CBS news interviewed Dr. Laurence Shatkin Ph.D., who also analyzed the U.S. Department of Labor statistics, and his projections gave the following occupations as the top five for growth:

  1. Home Health Aides and Personal and Home Care Aides.
  2. Computer Networking, Systems, and Database Administrators.
  3. Registered Nurses
  4. Medical Assistants
  5. Accountants and Auditors

One last note- once your student has selected a field that there is a future in, research schools with solid programs pertaining to it. Some employers give preference to a degree from certain schools, or look down upon others. Some careers have two year programs that will get your foot in the door. Talk to people in the field to find out what employers are looking for and compare programs. Keep in mind: The shortest route may save you time and money- but will it get the job? As well as food for thought: An ivy league school is not a requirement for a job that will not pay off the student loans.

Share your thoughts: Are you encouraging your child to look at specific careers?

Did you know can help you save more for college? Every dollar counts!

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