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Choose a College Major That Makes Sense in Today’s Economy. Laurence Shatkin, PhD Senior Product Developer JIST Publishing. Why go to college?. Survey: Most popular response (80%): “ T o find better job opportunities” Next most popular: “To reach my goals in life”
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Choose a College Major That Makes Sense in Today’s Economy Laurence Shatkin, PhD Senior Product Developer JIST Publishing
Why go to college? • Survey: • Most popular response (80%): • “To find better job opportunities” • Next most popular: • “To reach my goals in life” • “To earn more”
What do the trends in the economy mean for your plans for college?
Big trend #1: automation • Routine physical tasks • Routine decisions • Examples • Welding • Call routing • Travel reservations • Retail sales • Warehousing
Big trend #2: offshoring • Routine physical tasks • Routine decisions • Examples • Manufacturing • Help desk • Animation • Airplane service • X-ray interpretation
What can’t be automated #1 • Tasks that involve more than routine physical effort • Unpredictable locations (e.g., plumber) • Emotional support (e.g., counselor) • Motivation (e.g., manager)
What can’t be automated #2 • Nonroutine decision making • Airport trolley vs. airport van • SurveyMonkey vs. employment interviewer • Red-light camera vs. police officer
What can’t be offshored #1 • Tasks where the client/object is on-site • Personal contact (e.g., most health care, grooming) • Physical contact (e.g., auto repair, plumbing) • Physical intervention (e.g., law enforcement, firefighting) • Time constraint (e.g., fresh food)
What can’t be offshored #2 • Tasks that require highly skilled personal communication • Help desk (sometimes) • Creative collaboration (e.g., comedy writer, app developer) • In-person entertainment (e.g., musician)
Result: “Hollowing-out” of the workforce • High-skill jobs are growing • Middle-skill jobs are shrinking • Because of automation • Because of offshoring • Low-skill jobs are growing
Source: Census Bureau. Analysis by Jaison R. Abel and Richard Dietz, Liberty Street Economics
Job-specific skills versus transferable skills • Job-specific • Adjusting an automobile fan belt • Performing a CAT scan • Programming an e-commerce website • Transferable • Mathematics • Complex problem solving • Critical thinking
High-skill job or low-skill job:what’s the difference in pay?
What industries use these highly rewarding skills at the highest levels?
What’s the best place to prepare for highly rewarding jobs and industries?
Source: Anthony P. Carnevale, Stephen J. Rose, and Ban Cheah, The College Payoff: Education, Occupations, Lifetime Earnings
College advantage is eroding Graph by Dylan Matthews, Ezra Klein’s Wonkblog, Washington Post site
Source: National Survey of College Graduates, 2003 Note: For Health professions, includes those with higher degrees.
Sources: National Survey of College Graduates, 2003; BLS Note: For Health professions, includes those with higher degrees.
Which specific college majors offer the biggest payoff? Job Openings Earnings Job Growth
Highest-paying (average of top 5 jobs employing bachelor’s grads) Sources: National Survey of College Graduates, 2003; Bureau of Labor Statistics
Fastest-growing (average of top 5 jobs employing bachelor’s grads) Sources: National Survey of College Graduates, 2003; Bureau of Labor Statistics
“He who is contented is rich.” –Lao Tzu • If you’re not satisfied with your career, it doesn’t matter how much money you earn. • If you’re not satisfied with your major, it doesn’t matter what career it prepares for. • Nonmonetary needs your major should satisfy: • Your interests • Your aptitudes • Your skills • Your personality type
Contact information • Laurence Shatkin • E-mail: Lshatkin@jist.com • Web: www.shatkin.com • Twitter: @LaurenceShatkin • Blog: www.careerlaboratory.blogspot.com • Facebook: Laurence Shatkin, Career Information Author