1 Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/McGraw-Hill
1Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/McGraw-Hill
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Planning For Your Future Career
Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/McGraw-Hill
“Because of technological changes occurring now, many jobs that will be available in 10 years have not been
thought of or created.”
How do you plan for a career you know nothing about?
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What Job Would You Love To Do?
Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/McGraw-Hill
Go to http://finance07.glencoe.com/•Enter the Student Center•Select Unit 1, Chapter 2•Click on Web Links•Choose: http://www.careeronestop.org/CareerTools/CareerTools.asp•Start with Career Exploration•Complete:
Assess Yourself When you get to the Assessment screen, scroll down and complete the Skills Profiler
Go on and complete:•Explore Career Options•Gain Skills•Find a Job•Manage Your Career
Make a list of 5 careers that you may be interested in.
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What You’ll Learn Section 2.1
• Identify the personal issues to consider when choosing and planning your career.
• Explain how education and training affect career advancement.
• Discuss the factors that influence employment. Section 2.2
• Describe effective strategies to obtain employment.• Identify sources of career opportunities.• Identify the financial and legal issues to consider
when looking for employment.
Chapter 2Finances and Career Planning
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Planning for Life
• Q: Career plans are for people who do not know what they want. I know already that I want a high-paying job. So why should I bother thinking about career planning?
• A: Money is just one motivation for work. You need to consider many other factors as well. Career planning considers your personal values, goals, and interests, the basics for any career decision. Since you will probably spend the majority of your life working, consider the old adage: “Choose a career you love, and the money will follow.”
Go to finance07.glencoe.com to complete the Standard & Poor’s Financial Focus activity.
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Main IdeaChoosing and planning for the right career will help you find fulfillment both personally and financially.
Why will choosing the right career help you find both personal satisfaction and financial security?
Section 2.1Planning Your Career
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Choosing a CareerSome people find true satisfaction in their work, while others work just to make money.You can choose whether to:
Get a job just to earn money. Prepare for a career.
Ensuring that your career will fulfill your personal and financial goals requires planning.
jobwork that you do mainly to earn money
careera commitment to work in a field that you find interesting and fulfilling
Section 2.1Planning Your Career
Use the Internet and find at least two career planning sites that are available online. Write the URL in your Notebook. Use keywords: career planning, job planning, help with resume.
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Career Decision Trade-OffsYour choice of career will affect:
The amount of money you make The people you meet How much spare time you have
Section 2.1Planning Your Career
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standard of livinga measure of quality of life based on the amounts and kinds of goods and services a person can buy
Section 2.1Planning Your Career
Choosing a CareerPeople make career decisions based on whether they want to:
Simply maintain a standard of living Pay for the hobbies and activities they
enjoy Pursue careers that provide them with
both money and personal fulfillment Select careers that reflect their interests,
values, and goals
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trendsdevelopments that mark changes in a particular area
Section 2.1Planning Your Career
Opportunity CostsChoosing a career will involve trade-offs, or opportunity costs.Recent trends indicate that some people are making career decisions that allow them to:
Spend more time with their families Enjoy their hobbies and interests Run their own business
The more you know about your own interests, values, needs, and goals, the better you will be able to choose a career that will provide a balance between personal satisfaction and financial rewards.
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Career Training and Skill DevelopmentAcquiring more education will help you to:
Increase your potential earning power. Meet your financial goals. Increase your chances for success.
Your field of study will also affect your salary.
potential earning powerthe amount of money you may earn over time
Section 2.1Planning Your Career
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Checklist for SuccessYou will be an asset to any employer if you:
Work well with others Strive to do your best Are creative when solving problems Communicate well Understand yourself and other people
These basic qualities and skills make success more likely in most job situations.
Section 2.1Planning Your Career
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Personal FactorsYou can take special tests to learn more about your:
Abilities Interests Personal qualities
These tests—called aptitude tests and interest inventories—may give you an edge in choosing a career.
aptitudesthe natural abilities that people possess
interest inventoriestests that help you identify the activities you enjoy the most
Section 2.1Planning Your Career
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Stages of Career PlanningBefore you make any decisions about your career, you should review your situation.Your progress will depend on:
Your opportunity costs The choices that are available to you Your career area
Talking to people in your field of interest can help you with your career planning.
Section 2.1Planning Your Career
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External Factors and OpportunitiesBefore you begin your job search, you should take into consideration:
Social influences Economic factors Trends
These factors directly affect the job market and the opportunities that are available to you.
Section 2.1Planning Your Career
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External Influences on Your CareerWhen you consider your career options, you need to focus on:
Your skills Your training Your experience Social influences Economic conditions Industry trends
You may have no control over the “big picture” factors, but you can make some personal decisions based on real-world influences.
Section 2.1Planning Your Career
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Social InfluencesDemographic trends can affect your employment opportunities. Some examples of demographic trends that have affected the job market are:
More working parents More leisure time More elderly people in the overall
population Greater demand for ongoing employment
training
demographic trendstendencies of people grouped by age, gender, ethnicity, education, or income that change over time
Section 2.1Planning Your Career
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Geographic TrendsGeographic location also influences earning level. In recent years, geographic trends have indicated that some of the fastest-growing job markets are in:
Florida Nevada Arizona Arkansas New Jersey California
Remember to consider differences in earning levels and costs of living as you decide where to look for employment.
geographic trendstendencies of people moving from one area of the country to another as financial centers shift location
Section 2.1Planning Your Career
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Economic FactorsSince the job market changes as the economy does, the demand for certain types of jobs changes.Some economic factors that can reduce career opportunities are:
High interest rates Price increases Decreased demand for certain goods and
servicesBeing aware of current economic trends will help you to choose a career so that you can achieve your financial goals.
Section 2.1Planning Your Career
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Career CenterAt your school’s career center, you will find a variety of free information that can help you with college choices, résumé preparation, job opportunities, and career counseling.How can researching different careers that interest you help your financial planning for the future?
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Trends in Industry and TechnologyChanges in industry and technology also affect the job market.While opportunities have dwindled in some areas of the economy, such as manufacturing, opportunities in other areas—such as service industries—have grown. Some examples of service industries include:
Computer or telecommunications technology Health care Social services Hospitality services Management Education Financial services
service industriesbusinesses that provide services for a fee, offer employment potential in coming years
Section 2.1Planning Your Career
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Career Exploration WebQuest
Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/McGraw-Hill
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What are some strategies you think might be effective in obtaining employment experience?
Main IdeaLearn effective strategies to help you get the job or career that meets your personal and financial goals.
Section 2.2Employment and Career Development
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Employment Search StrategiesAs you take steps to search for a job, your level of success will depend upon:
How well you communicate the value of the experience you already have
How effectively you use proven employment strategies
Section 2.2Employment and Career Development
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Obtaining Employment ExperienceAs you enter the world of work, you may worry that you do not have enough experience.You may be overlooking the importance of various kinds of work-related training, including:
Part-time work Volunteer work Internships and cooperative education Class projects or after-school activities
Section 2.2Employment and Career Development
Create a list of all of your employment experience (babysitting, lawn mowing, shoveling, jobs, etc.)
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Types of Work-Related TrainingWhen you volunteer with places such as nonprofit community organizations and government agencies, you can:
Learn new skills Develop good work habits Make professional contacts
Working as a “temp” is a good way to gain experience and learn more about a particular field.
Section 2.2Employment and Career Development
Create a list of all your volunteer work (church, Salvation Army, etc.
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Internships and Cooperative EducationAn internship may:
Give you the experience you need to obtain employment
Lead to permanent employment Allow you a chance to practice your
application and interviewing skillsCooperative education programs are another way to apply the workplace skills you learn in class to an actual business environment.
internshipa position in which a person receives training by working with people who are experienced in a particular field
cooperative educationprograms that allow students to enhance classroom learning with part-time work related to their majors and interests
Section 2.2Employment and Career Development
Create a list of any internships you have completed.
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Class Projects or After-School ActivitiesClass assignments and school activities can be sources of work-related experience. They can help you gain valuable career skills such as:
Managing, organizing, and coordinating people
Public speaking Goal setting, planning, and supervising Financial planning and budgeting Conducting research
Section 2.2Employment and Career Development
Create a list of all of your school activities (sports, clubs, forensics, etc.
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Career Information SourcesYou need up-to-date information to make the best career decisions. Many sources of information are available to you, including:
Mass media The Internet School guidance offices Community organizations Professional organizations
Section 2.2Employment and Career Development
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ContactsContacts are another good source of advice and information as you prepare for a career. Your contacts are your:
Family Friends Coworkers Teachers Professors Former employers
Section 2.2Employment and Career Development
Create a list of at least 3 good references. Include their name, title, address, phone, email, etc.) DO NOT use family members!
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NetworkingEven people whom you do not know can assist you in a job search. That is why it is never too late to begin networking.Your contacts may:
Know someone who can hire you Be able to arrange an informational
interview
networkinga way of making and using contacts to get job information and advice
informational interviewa meeting with someone who works in your area of interest who can provide you with practical information about the career or company you are considering
Section 2.2Employment and Career Development
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Identifying Job OpportunitiesIf you are going to find employment that is right for you, you need to know where to look for job openings. Explore sources such as:
Job advertisements Job fairs Employment agencies
Section 2.2Employment and Career Development
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Job AdvertisementsAll newspapers have classified ads that include job listings; some list both local jobs and those from a wide geographic area.You can also use the Internet as a valuable source for job opportunities. On the Internet, you can:
Use a search engine to find a company’s Web site and learn more about it
Find a company’s list of current job openings Use job-search Web sites with job
advertisements, advice, and résumé services
Section 2.2Employment and Career Development
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Job FairsAt a job fair, recruiters from local and national companies set up tables or booths where you can:
Discuss job opportunities Submit your résumé
To make the most of a job fair, be prepared to make your best impression on several recruiters in a short amount of time. They may call you in for an in-depth interview at a later date.
Section 2.2Employment and Career Development
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Employment AgenciesEmployment agencies are businesses that match job hunters with employers. The employment agency fee may be paid by:
The company that hires you You You and your new employer
Do not get involved with agencies that ask you to pay a fee without promising you a job in return.To find out more about employment agencies, contact your state’s employment service or department of labor.
Section 2.2Employment and Career Development
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Other Ways to Find a JobYour ability to find a job is limited only by your imagination and energy. Other ways to find a job include:
Visiting specific companies where you would like to work
Calling local businesses in your field of interest
Talking to people with similar interests who have already graduated from your school
Section 2.2Employment and Career Development
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Career Planning Project #1
Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/McGraw-Hill
Using Xtranormal of the online slide show creator listed below:
Create a presentation about the career you researched. Include the following in your presentation:
Nature of the WorkTraining, Other Qualifications, and AdvancementEmploymentJob OutlookProjectionsEarningsWagesRelated OccupationsSources of Additional Information
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Applying for a JobMaking the best possible presentation of your skills and experience is the key to landing a job.Your résumé is your most important tool. The two basic types of résumés are the:
Chronological résumé Skills résumé
Your résumé provides prospective employers with an overview of the special contribution you may be able to make to their companies.
résuméa one- or two-page summary of your education, training, experience, and qualifications
Section 2.2Employment and Career Development
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Career Planning Project #2--Resume
Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/McGraw-Hill
Create a Resume for yourself. Use the
examples shown in class and the textbook (page
46) as your guide.
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Cover LettersYou will want to include a cover letter with your résumé when you send it to an employer by:
Regular mail E-mail Fax
The cover letter tells a potential employer why you are interested in a particular job and why you think that it would be worthwhile for him or her to interview you.
cover letterthe personal letter that you present along with your résumé
Section 2.2Employment and Career Development
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Planning Your Career Project #3—Cover Letter
Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/McGraw-Hill
Using the cover letter in the book (page 47) or examples
shown in class, create a cover letter applying for a job in your are of interest.
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Preparing for the InterviewIf you are granted an interview, you should obtain as much information as you can about the company or industry before your interview. Possible resources include:
The library The Internet Informal interviews with people who are
familiar with that company or industry
interviewa formal meeting with your potential employer that allows you to express why you think you are the best person for the job
Section 2.2Employment and Career Development
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Career Planning Project #4—Job Application
Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/McGraw-Hill
Complete an Application For
Employment
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The InterviewHere are some typical questions an employer might ask:
What education and training qualify you for this job?
Why are you interested in working for this company?
Other than past jobs, what experiences have helped prepare you for this job?
What are your major strengths? Major weaknesses?
After the interview, send your interviewer a note reiterating your interest and expressing your thanks for the opportunity to interview.
Section 2.2Employment and Career Development
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Considering a Job OfferBefore you accept an offer, you have to consider several factors. Find out all you can about:
The company The job itself The working environment The salary Any other benefits
Section 2.2Employment and Career Development
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The Work EnvironmentAs you go on interviews, you will notice differences in workplaces.Ask about official company policies:
How does the company handle pay increases?
How does it measure the quality of employees’ work?
How does it decide which employees to promote?
Section 2.2Employment and Career Development
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Factors Affecting SalaryYour beginning salary will depend on:
Your education and experience The size of the company The average salary for the job you are
consideringTo make sure that you are starting with a fair salary, talk to people with similar jobs at other companies or look for related information on the Internet.
Section 2.2Employment and Career Development
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Raises and PromotionsRaises and promotions are a direct result of how well you do your job. Once you have accepted a job offer and started to work:
Meet regularly with your supervisor Ask for feedback on your performance
and any suggestions for improvement Let your supervisor know that you are
interested in increased responsibility
Section 2.2Employment and Career Development
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Measuring Employee BenefitsYou should also evaluate the types of benefits the company offers besides a paycheck and pay particular attention to:
Health care Retirement benefits The specific needs of your family
Section 2.2Employment and Career Development
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Meeting Employee NeedsChanges in society have brought about changes in the types of benefits that employees receive. Some of these changes include:
Cafeteria-style employee benefits Social Security benefits Pension plans
cafeteria-style employee benefitsprograms that allow workers to choose the benefits that best meet their personal needs
pension plana retirement plan that is funded at least in part by an employer
Section 2.2Employment and Career Development
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Comparing BenefitsYou can compare the dollar value of employee benefits in several ways. These ways include finding:
The market value Whether the benefits are tax-exempt or
tax-deferredA 401(k) plan is an example of a tax-deferred benefit.
Section 2.2Employment and Career Development
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Your Rights as an EmployeeAs an employee, you have certain legal rights; you also have certain legal rights during the hiring process:
An employer cannot refuse to hire a woman or terminate her employment because she is pregnant.
An employer cannot discriminate against a person for any reason related to age, race, color, religion, gender, marital status, national origin, or any mental or physical disabilities.
An employer must pay for unemployment insurance, contribute to Social Security, and provide for workers’ compensation funds in case of a work-related injury or illness.
Section 2.2Employment and Career Development
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Long-Term Career DevelopmentA job is for today, but a career can last a lifetime. As you enter the world of work, ask yourself:
Will you always enjoy the work that you do today?
Will you be successful in the career you select?
You cannot predict the future, but you can develop skills and attitudes that will increase your chances of being satisfied with your work in years to come.
Section 2.2Employment and Career Development
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Guidelines for Career SuccessHere are some basic guidelines to follow for career success:
Make a point of improving your communication skills—both written and oral.
Do your best to get along with your coworkers.
Remain flexible and open to new ideas. Develop good work habits. Be creative in solving your own problems. Be willing to learn new techniques and
technologies.
Section 2.2Employment and Career Development
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Training OpportunitiesA key to your ongoing success will be your ability to keep up with changes in technology and to adapt to the global economy.Take advantage of your company’s:
Regular training programs Professional seminars Help with payment for college courses
You should also continue to read and learn as much as you can on your own.
Section 2.2Employment and Career Development
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Career Paths and AdvancementAs time goes by, you will experience changes in your personal interests, values, and goals.Outside factors, such as economic conditions and social trends, will also influence:
Your career choices Other financial decisions that you make
You will probably go through a series of career stages and experience specific tasks and concerns with each one.
Section 2.2Employment and Career Development
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MentorsOne way to make sure that your career develops in the right direction is to gain support from a mentor.A mentor can:
Give you one-on-one training Help you to meet other knowledgeable
people Provide you with emotional support during
difficult times at workSome of the best mentors are retired people who are eager to share a lifetime of knowledge and experience.
mentoran experienced employee who serves as a teacher and counselor for a less-experienced person
Section 2.2Employment and Career Development
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Changing CareersMost workers change jobs several times over the course of their lives. The following are some signs that it may be time to move on:
You feel bored or depressed at work. Your job adversely affects you physically
or emotionally. You receive a series of poor performance
evaluations. You have little opportunity to obtain a raise
or promotion. You have a poor relationship with your
supervisor or coworkers.
Section 2.2Employment and Career Development
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The Time Between JobsBeing out of work can cause emotional and financial stress. While you are looking for a job:
Continue to eat, sleep, and exercise as usual. Stay involved in family and community
activities. Improve your skills through personal study,
classes, or volunteer work. Think about opportunities with nonprofit or
government organizations.Whether looking for a new job or your first job, always consider how the financial and personal costs and benefits of your career choice will affect your needs and goals.
Section 2.2Employment and Career Development
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Key Term Review job career standard of living trends potential earning power aptitudes interest inventories demographic trends geographic trends service industries
Chapter 2Finances and Career Planning
internship cooperative education networking informational interview résumé cover letter interview cafeteria-style employee benefits pension plan mentor
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Reviewing Key Concepts
1. List some of the personal issues you will need to consider when planning your career.
Personal issues to consider when choosing a career include your: Aptitudes Interests Personality Current financial situation
Chapter 2Finances and Career Planning
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Reviewing Key Concepts
2. Describe factors that affect your potential earning power.
Your potential earning power will be influenced by: Your level of education and training The field of study you select
Chapter 2Finances and Career Planning
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Reviewing Key Concepts
3. Explain how current demographic trends might influence your choice of career.
Chapter 2Finances and Career Planning
Demographic trends can affect your employment opportunitiesSome examples of demographic trends that have affected the jobmarket are: More working parents More leisure time More elderly people in the overall population Greater demand for ongoing employment training
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Reviewing Key Concepts 4. List some ways you might obtain job-related experience.
You can gain experience through: Part-time work Volunteer work Internships Cooperative education Class projects
Chapter 2Finances and Career Planning
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Reviewing Key Concepts
5. Identify sources of information to find out more about the career in which you are interested.
To evaluate career opportunities, use sources such as: The Internet Libraries Newspapers School guidance offices Community organizations Networking with people working in the field you choose
Chapter 2Finances and Career Planning
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Reviewing Key Concepts
6. Explain your rights as an employee.
An employer cannot refuse to hire a woman or terminate her employment because she is pregnant.
An employer cannot discriminate against a person for any reason related to age, race, color, religion, gender, marital status, national origin, or any mental or physical disabilities.
An employer must pay for unemployment insurance, contribute to Social Security, and provide for workers’ compensation funds in case of a work-related injury or illness.
Chapter 2Finances and Career Planning
As an employee, you have certain legal rights; you also havecertain legal rights during the hiring process:
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Newsclip: Career EdgeStudents who develop strong job-search skills have a career advantage. They develop clear career direction. They also communicate and promote their competitive edge to employers.
Log On Go to finance07.glencoe.com and open Chapter 2. Learn more about career strategies. Write a paragraph about how you can boost your chances of getting hired.