FIN2100 Chapter 2: Financial Aspects of Career Planning

what is a job?

an employment position for money

what is a career?

a commitment to a profession that requires other skills and experiences

what is a trade-off?

a risk to trade for any type of job

what are the most common factors for trade-offs?

personal, social, and economic factors

what is a skills gap?

a difference of levels of skills between employees and what is required by the employer

what are technical skills?

skills needed for a specific job or career

what are general skills?

skills that can be used at any type of job or career

what are some personal factors for careers?

aptitudes and interest inventories

what are aptitudes?

natural abilities

what are interest inventories?

activities that give satisfaction

what is a social influence that can impact a career?

demographic and geographic trends

what is the geographic buying power formula used for?

comparing living costs and salaries in different cities

what are some economic conditions that can affect career opportunities?

high interest rates, price fluctuations, and global supply and demand

what are some strategies for gaining experience?

start at a part time job, volunteer, internships, and campus projects

what are some career information sources?

the occupational outlook handbook, networking, and informational interviews

what is networking?

the process of making connections and using them for a career

what is an informational interview?

a meeting to gather more information of a potential job or career

what does job creation involve?

making a position for your specific skill set and the ones of an employer

what is needed to apply for employment?

a resume, a cover letter, and an interview

what is a resume?

a document with ones skills and important feats or achievements

what is a cover letter?

a document that will show interest in applying and getting interviewed

what should you research before accepting an employment position?

the work environment and any factors that may affect the salary

what is the formula for the tax-equivalent value of a nontaxable benefit?

value of the benefit / (1 - tax rate)

what are your employment legal rights?

employment pregnancy rights, no discrimination, minimum wage, and workers comp

what are some skills and attitudes for a fufilling work life?

good communication, flexibility, organizing lists, and being creative

what are some formal methods for expanding knowledge?

company programs, seminars, and advanced college courses

what are some informal methods for expanding knowledge?

reading and discussing with others, and online courses

what is a mentor?

a past or present employee that can help you based on their past experiences

how can you cope with difficult career situations?

acknowledge mental health issues, maintain a healthy routine, assess financial situation, and maintain focus

what are some resume elements?

contact info, career summary, education, experience, and references

what are some types of resumes?

chronological resume, functional resume, and posters

what are the types of paragraphs needed for a cover letter?

intro paragraph, development paragraphs, and a concluding paragraph