Garman/Forgue
Personal Finance
Eleventh Edition
Chapter 2:
Career Planning
PPT slide program prepared by
Amy Forgue and Ray Forgue.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
1
Introduction
A career is the lifework chosen by a
person to use personal talent,
education, and training.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
2
Your Next Five Years
In the next five years you can start
achieving financial success by doing the
following related to career planning:
1. Map out a career plan by setting
benchmarks as you move up the career
ladder.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
3
Your Next Five Years
2. Identify your career planning values
and live them in your selection of
jobs and in your performance at
work.
3. Continually enhance your education
and professional training.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
4
Your Next Five Years
4. Seek out mentors on the job and in
other professional settings.
5. Join and be active in the
professional associations relevant to
your career.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
5
Learning Objective #1
Identify the key steps in successful
career planning.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
6
Career Planning
• Career Planning: Finding
employment that will use your
interests and abilities and that will
support you financially.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
7
Figure 2-1: Steps in Career
Planning
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
8
Create Your Career Goal and
Plan
• Identify your Career Goal
• Develop a Career Plan.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
9
Identify Your Values
Values:
Principles, standards, or qualities that
you consider desirable.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
10
Clarify Your Interests
• Professional interests are longstanding topics and activities that
engage your attention.
• Interest Inventories: Scaled surveys
that assess career interests and
activities.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
11
Consider Costs, Benefits, and
Lifestyle Trade-offs.
• Weigh cost and benefits of various
career options.
• Identify lifestyle trade-offs resulting
from various career options.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
12
Review Your Abilities,
Experiences and Education
• Abilities (Professional abilities,
Aptitudes)
• Experiences
• Education and professional training
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
13
Take Advantage of Networking
• Professional Networking: Making
and using contacts with individuals,
groups, and other firms to exchange
career information.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
14
Align Yourself with Tomorrow’s
Employment Trends
• What are the likely high-wage and
high-growth occupations in the years
to come?
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
15
Table 2-1
Projected High-Wage, HighGrowth Occupations
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
16
Target Preferred Employers
• Preferred Employer: Employers that
would suit you best.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
17
Finalize Your Career Plan and
Begin Your Career
• Your career plan should be realistic.
• Your career plan should be flexible.
• Reassess your career every few yeas.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
18
Concept Check 2.1
• Distinguish between a job and a
career.
• How do your values affect your tradeoffs in career planning?
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
19
Concept Check 2.1
• What can be done to enhance your
abilities and experiences without
working in a job situation?
• What are the components of career
plans and goals?
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
20
Learning Objective #2
Analyze the financial and legal
aspects of employment.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
21
Financial and Legal Aspects of
Employment
• Identify Employee (or Nonsalary)
Benefits
• Place a current market value on the
benefit.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
22
Financial and Legal Aspects of
Employment
• Calculate the future value of the
benefit.
• Know your legal employment rights.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
23
Concept Check 2.2
• Summarize how education level and
age affect income.
• What two techniques can be used to
place monetary values on employee
benefits?
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
24
Concept Check 2.2
• Choose three career advancement
tips and explain how each might apply
in someone’s personal situation.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
25
Learning Objective #3
Practice effective employment search
strategies.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
26
Effective Employment Search
Strategies
• Assemble a résumé.
• Résumés can employ a:
– Chronological Format
– Functional Format
– Skills Format
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
27
Figure 2-3: Sample
Chronological Résumé
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
28
Figure 2-4: Sample Functional
Résumé
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
29
Figure 2-5: Sample Skills
Résumé
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
30
Effective Employment Search
Strategies
• Identify job opportunities, using:
– The Internet
– Career Fairs
– Classified Advertisements
– Employment Agencies
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
31
Effective Employment Search
Strategies
• Write an effective cover letter.
• Cover Letter: Letter of introduction
sent to a prospective employer to get
an interview.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
32
Figure 2-6: Sample Cover Letter
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
33
Effective Employment Search
Strategies
• Obtain strong reference letters.
• Apply!
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
34
Effective Employment Search
Strategies
• Interview for success.
• Job Interview: Formal meeting
between employer and potential
employee to discuss job qualifications
and suitability.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
35
Interview for Success
• Do some research before the
interview.
• Prepare responses for anticipated
interview questions.
• Create positive responses to negative
questions.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
36
Interview for Success
• Compile revealing personal stories.
• Prepare questions to ask the
interviewer.
• Try taking personality tests.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
37
Interview for Success
• Be ready for telephone interviews.
• After the interview, evaluate it and
send a thank-you note.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
38
Effective Employment Search
Strategies
• Negotiate.
• Accept the job.
• Periodically update your career plan.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
39
40
Concept Check 2.3
• Explain how networking can be used to
one’s advantage in career planning.
• Offer suggestions on correctly assembling a
résumé and cover letter, and explain how
the two documents differ.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
41
Concept Check 2.3
• Explain how to compare salary and living
costs in different cities.
• Summarize the best methods to identify job
opportunities.
• List five suggestions for interviewing with
success.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
42
Worst Financial Blunders in
Career Planning
Based on others’ financial woes, you will
make mistakes career planning when
you:
1. Neglect to fully research a company
before going for an interview.
2. Fail to match your interests and
preferred work style with the
requirements of the career.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
43
Worst Financial Blunders in
Career Planning
3. Disregard networking by not getting
involved in career-related professional
associations.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
44
Do It Now!
You know more about personal finance
after reading this chapter, so get started
right now by:
1. Preparing or updating your résumé.
2. Contacting your school’s placement
office to explore careers in your field.
3. Visiting one of your professors to seek a
mentoring relationship.
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
45
What Do You Recommend
Now?
Now that you have read the chapter on
the importance of career planning, what
do you recommend to Ashley in the
case at the beginning of the chapter
regarding:
1. Clarifying her values and lifestyle
trade-offs in career planning?
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
46
What Do You Recommend
Now?
2. Enhancing her career-related
experiences before graduation?
3.
Creating career plans and goals?
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
47
What Do You Recommend
Now?
4. Understanding her work-style
personality?
5.
Identifying job opportunities?
2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicaed, in whole or
in part, except for use as permitted in a license distributed with a certain product or service or on a
password-protected website for classroom use.
48