Education & Employment
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Education & Employment

Okay, what I want to talk to you about now
is the role of education and employment or how education affects your ability for employment
or career paths or future etc. Now, we focused primarily on the idea of employment
first and even if you want to start your own venture, even if you want to go out on your
own, in some way shape perform in the future, generally, your early experiences have a huge
impact on that. That is an area where you can go out and satisfy
the need or want of the customer. Client is largely dependent on the knowledge
and skills that you’ve already acquired and lots of times, even if you’re entrepreneurs,
you’ll take on a role early that allows them to acquire some of this knowledge and skills. Now, is prior employment absolutely necessary
to going out into the market on your own? No, it’s not. But in many ways, it can help or facilitate
efforts. They can certainly give ou an understanding
of a market that you primarily, that you may not have understood before or the market that
you primarily working and you gain in more in-depth understanding that. So, let’s move into how for employment purposes,
getting a job, or getting started on a career. I guess the role of education in that. Well, as you can see on this chart, you’re
exponentially more likely to get a job if you have higher levels of education and particularly
with the business school, business generally tends to have a higher degree of employability
or employment percentage. Higher than that of some of the other majors. And you know, right up there, with information
technology or the health care industry. So with that in mind, education itself does
lead to a higher degree of employment and it generally leads to higher introductory
salaries and there’s a strong correlation between the ultimate salary achieved. That is a level of salary at some given point
in the future or some age in your life for number of years in the workforce versus those
who have a lower or higher degree of education. Anyway, so understanding that your education
level is going to have a huge effect on that. So, now to the purpose of this video, why,
why is education so important in employability and why it has such a relationship to how
much you make. Well, anyone who is going through school when
or in varying levels, the school understands that there are definitely skills that you
acquire in school. But more broadly than that is a general, more
broadly than the actual skills that you acquire, college itself is a signaling functions to
employers. Okay? With that in mind now, a technical school
versus, say a bachelor’s degree school four-year institution is going to have a different signaling
functions. So, a technical school is going to be more
focus on skill-based learning and it’s going to be more focused in demonstrating competency
in a given task in that way. Now, as you know, from this slight of individual
with an associate’s degree or a technical school degree, typically has a lower salary
point and a lower total career earning potential than those who received a four-year bachelor’s
degree. So again, why is this? Well, it comes down to the signaling function
again on the four-year school or the bachelor’s degree where you may acquire actual skills
in a technical school that are superior to or the skills that you would not have learned
in your bachelor’s or four-years degree. Or at least commensurate with. But the signaling function of a bachelor’s
degree is this. It’s a well-rounded decree. Generally, there’s a large liberal arts component,
History, Science, Philosophy, different things of that nature that introduce you to so many
different aspects of life that are important to individuals. So what it does is, introduce you to so much
it makes you you. Generally, when you realize they’re not at
the time or more well-rounded individual that is you are better, able to understand other
people, their names, their wants, their preferences, their influence, things that they value, etc. So, with that in mind, so you go through a
four-year degree, you have this signaling function to an employer. Now, when you have a concentration or major
specialization in school, that again, has an additional signaling function. Not only have you gone through this program
that’s made you well-rounded. You actually have been introduced to a certain
level of skill or ability in this program. So, taken care studying Accounting for example
in the business school, now, very few people, if anyone would ever come out of the business
school sufficiently proficient in Accounting to actually do that for a living. Now, they need additional on the job training
generally under the supervision of another accountant. If you’re going to be a CPA, you’re actually
have our requirements 1,000, used to be 2,000 hours before you can get your certification
as a Public Accountant or your CPA license. So with that in mind, there’s an understanding
that you need to work and acquire a level of practical skills. But if you’re going to be hired into that
position and you’re going to be set up to continue to learn the bachelor’s degree in
accounting has that signaling function that you have been exposed to all of these areas
and while you’re not proficient, at least have that knowledge to draw upon so again,
you can perfect their skills on the job and or at least improve those skills on the job
to become proficient at it. So that’s one that hey, you’re well-rounded
individual, that you’ve been exposed to specific skills that are relevant to the employer. But three, there’s another signaling function
there, with the understanding in mind, that you’re going to learn the majority of what
you do actually on the job force that when you get a position, you’re going to learn
to do that. Well, there will going to be things that you
love to do and things that you hate to do. Now, an employer, when they’re bringing you
on, they know that you have paid money to spin anywhere from three to five years at
an academic institution for bachelor’s degree and during that time, you’re able to prove
yourself that you can take all of these mix classes. Some other classes, you may hate History and
love English. You may hate both of those and love business
classes. Management classes but hate Accounting classes,
etc. So, with that in mind, you undertook this
three to five years-experience and you performed well at it as demonstrated by your grade point
average. Okay? Now, some employers don’t even look at grade
point average. they simply would like to see that you were
successful and that you undertook the whole process and were successful at it. Okay? So, in the job, they are going to give you
things that you like to do and you’ll be engaged and you will do well. They will also give you things that you do
not like to do. Now, if you demonstrated well in school that
you perform well on testing classes that you hated or generally, were not interested in. Likewise, when you’re given task or responsibilities
in the job, you’re also going to do those tasks or jobs well. Simply because you have that level of motivation,
that level of desire. So, I cautioned you against to do what some
students do and say I don’t even like those classes, I did try but I do well in my major
classes. Well, that’s a very negative signaling function. That if you don’t try hard and do as well
as you possibly can in those classes where you don’t, don’t enjoy them or like them,
the employer can assume when you’re given task or jobs that you don’t like, you’re not
going to be engaged, you’re not going to do them very well, and quite frankly, you may
be looking for the lower, you may be looking for a different job that doesn’t require you
to do those. So again, a huge negative signaling function
there. Okay and lastly, so much emphasis now is placed
on graduate education. That is to go on for a master’s degree or
other professional degree such as the law degree. That teaches the skills to do a certain job
or task etc. this is extremely common in Accounting and Finance and again, something like mandatory
to law, medicine, etc. But the importance now is being placed on
the graduate education. Your performance in undergraduate is 50 percent
or more sometimes up for consideration of whether you can get into business school or
whether you can get into that graduate school. If you did improve yourself at the undergraduate
level, still in some of those classes that have no relation to your master’s degree in
finance, that history class has nothing to do with your ability to run the capital asset
pricing model. But, nonetheless, it will affect your ability
to get in the business school so again, your performance very early on becomes extremely
important to your ability getting in the graduate school which oftentimes, is the barrier, is
the hurdle for you getting into the type of job or career function that you want to be
in. Okay? So, with that in mind, just to summarize again,
so, you have the signaling function of college. You have a technical track where you learn
specific skills which can be extremely valuable in certain areas but in other jobs, typically
in general management roles or when you’re going to be managing other people and things
like that. When you need to be well-rounded, the college
education, the bachelor’s degree has that signaling function that you are well-rounded. It shows that you are exposed to a litany
of different topics and you have a concentration for your major and other topics. Part 3, it’s a proof that you’re dedicated
to your work, to classes that you didn’t like as well as the ones that you did like and
four, it’s a prerequisite and a huge factor as to whether you can get into a graduate
program that may be necessary for you to start or be a part of career path or track that
you choose. So with that in mind, education is extremely,
extremely important to personal and professional development and it serves all of those functions
that affect where you’ll start and ultimately where you’ll end up in life.

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