Planning For Your Future Career

A recent Pew Research Center survey found that one major aspect of work that American adults are dissatisfied with was how much they were paid. Especially those who reported they didn’t earn enough to pay their bills.

Earning potential shouldn’t be the only factor you consider for your future career, but it’s absolutely worth researching. This is especially true if the job requires a lot of education or training—think of those as additional time and money. Plus, the longer you are working towards a career, the less time you have to earn money in that career. You decide if the trade off is worth it.

Education and Training

There are lots of educational and training requirements for jobs. Some jobs require specific education or training, other jobs prefer it, and others prefer on-the-job training instead.

Types of Education

• High School Diploma/GED — Necessary for most jobs.
• Vocational Training/Apprenticeships — Hands-on training that leads to a specific job, like an electrician or hairdresser, without a four-year college degree.
• Associate’s Degree — A two-year degree, typically from a community college. This can lead to a Bachelor’s degree or be a stepping stone to an entry-level position.
• Bachelor’s Degree — A four-year degree from a university or college, usually required for a professional job.
• Master’s or Doctorate Degrees — Advanced degrees that can take two to four years (or more) in addition to a traditional bachelor’s degree and lead to a higher earning potential.

Typically, the longer it takes the complete educational and training requirements for a career, the more money it costs. It also impacts when you start earning money. For instance, a person who completes a 10-week computer programming bootcamp can start working less than one year after high school graduation. If that same person decided instead to become a lawyer, that would require around seven years—a four-year Bachelor’s degree and a three-year Juris Doctorate. Compare how much money you could earn in the six year difference between the educational requirements for the two jobs, not just the average salaries.

Questions to Ask About Education

1. What is the time commitment for the education or training? How long until you can start earning money?
2. How much does education cost? Consider tuition, fees, books, and living expenses.
3. Are the skills or training required in demand in the job market?
4. Does the job require additional licenses or certifications to get hired? Careers with these extra requirements include doctors, nurses, lawyers, and teachers.

Income Potential

The income potential for any job refers to the amount of money you can expect to make once you’re established in the career. A job with a low income potential likely won’t make a lot of money, while a job with a high income potential tends to earn more. Of course, there are people who are successful in traditionally lower-earning careers, and those in higher-earning fields who struggle. Think of a career’s income potential as a guide, not a guarantee.

Questions to Ask About Income

1. What is the typical salary range for this job?
2. What locations offer the highest earning potential for this job? And what areas have the lowest?
3. What is the earning potential of this job in the area where you plan to work and live?
4. Does the earning potential vary by industry?
5. Is this job in a high-growth field or one that is declining? How could that impact your future income?

Connecting Education and Income

When thinking about education and income, one big question is: how long will it take to earn back the cost of education with the potential income? Only you can determine whether or not this payoff is worth it. If you enjoy school and feel passionate about a particular career, such as the medical field, the investment of time and money may be worth the payoff. If you’d prefer to get straight into the career field, consider a career with minimal training requirements.

The decision about what career to pursue isn’t one-size-fits-all, so really think about what’s the best fit for your skills and the life you want to have.