Money does buy happiness. Anyone who believes otherwise has been oblivious to the economic crisis.
With unemployment rates at a high, budget cuts left and right and a competitive job market, financial security has become a major concern for many people. College students are perhaps the hardest hit by this recession. Dream jobs are being reconsidered for fear of not making it big or not making enough money. Many are thinking of career options that are more stable and financially secure to dodge the effects of this economic downturn.
The smartest decision college students can make right now is to choose financially stable careers following graduation. After establishing a more secure financial situation, then they can move on to jobs they are more passionate about or new careers they may stumble upon.
According to a 2009 Employee Job Satisfaction Survey done by the Society for Human Resource Management, employees selected job security for the second consecutive year as the most important and satisfying aspect of their jobs. The top five very important job satisfaction factors included “benefits, compensation/pay, opportunities to use skills and abilities and feeling safe in the work environment.” Even grown-ups need their security blankets.
If our generation follows this model of job satisfaction, then more and more students will consider choosing profitable careers. These don’t necessarily have to include high-paying professions like doctors, lawyers and engineers. According to Forbes.com’s “In Pictures: The 10 Top Jobs for Today’s Grads,” network systems and data communications analysts earn a starting wage of $40,100, and the occupation has a 53.4 percent annual growth of job openings. The average starting salary for physical therapists is $48,530 according to the American Medical Association.
Many jobs in high demand, such as financial analysts and accountants, can act as a bridge to other careers. They can bring in a steady income for the moment, then give you room to decide on other career or schooling options. These jobs may appear to be static, but are actually excellent door-openers to other career possibilities. Take John Legend and Barack Obama, for example, who started their careers in consulting and finance, respectively, but ended up following nontraditional paths.
Kai Cheung, a fourth-year economics student, is considering a career in tax law because of that field’s current high demand and stability. He is considering picking up several minors, including accounting, to become more well-rounded for employers.
“The recession has made me think about staying in school more,” Cheung said. “On the other hand, I’ve also thought about the loans to pay off after school, especially with tuition hikes. There’s a lot to balance out in this situation.”
Students who choose to attend graduate programs after school are also thinking critically about how to better shield themselves in these tough times. Undergraduate degrees nowadays are becoming meaningless to employers and are mere stepping stones to success. Getting better educated for better success is a great option, especially when it’s difficult to land your ideal job at present.
Many students are thinking about the issue of paying off loans after graduation, so financial stability is crucial in this case as well. You don’t want to be stuck paying loans 20 years after college, so you might as well get a head start soon with a high-paying job.
Management professor Julie Ann Gardner-Treloar advises students to continue pursuing their dreams despite financial worries. “You should follow your dream, but find another way to make money,” Gardner-Treloar said. “You just have to be the best in your field and set your standards higher.”
In addition, she said current plans for the future will almost always be different many years down the line. “You may unexpectedly find something you love doing along the way,” Gardner-Treloar said.
College students have years and years ahead of them to pursue their passions. It would be nice to do what you love right off the bat, but money makes life a lot easier. Acquire a steady income, then leave room for financial freedom. Most of us should be familiar with this work-first, play-later ethic, so it shouldn’t be too hard to transition into the “real” world.
I fear a future of waking up every morning and dragging myself out of bed, dreading going to work. I would love to have a job that I am absolutely enthralled with. But think about it ““ the purpose of a job is to make money, not to constantly keep you entertained. Once the money is made, you will have made room to pursue your dream job.
E-mail Ghoogassian at cghoogassian@media.ucla.edu. Send general comments to viewpoint@media.ucla.edu.