I didn't know it coming out of high school, but immediately upon stepping on campus as a freshman, income risk management became my priority, and the driver of most of my major decisions. For a long time now, I have had the aspiration to be a lawyer, but that didn't help too much when deciding what to major in as an undergrad. I entered as a history major, that choice made because I really enjoy learning about the past, but I quickly learned that the skill set I would develop in that major was not one that help me get the kind of job I envisioned. At first I thought the way to solve that problem was by adding a double major, math. After a year of crazy coursework I decided to reevaluate and figure out what I really wanted. My job last summer (2012) was the primary force which drove me to my current major, Economics.
Prior to my work during summer 2012, I had little respect for the business world. I viewed corporations as greedy and power hungry, and jobs like accounting just seemed plain old boring. Then I got a taste of the real world, through the lens of a business. I started to understand the concept of earning a living, or being able to afford things at various price points. I saw the ramifications on production and attitude of good versus bad management. And I was fascinated. Economics, its dynamism and practicality, was the major which could connect those experiences with what I was doing in school, and so I switched. In addition to switching majors I also began working on enterprise projects through IBC here at school. My time spent working on those projects and learning how to apply a business model and plan has probably been the most valuable in my college career. The skills I have gained through that work have, no doubt in my mind, made me a more competitive prospect for the job market and were used substantially during the course of my work as an intern this past summer. Even helped me land a job offer, which I had to respectfully decline.
In terms of impending graduation and the great world beyond, I am more excited than nervous. My situation is somewhat of a fluke, as I have been pretty certain of y post-grad plans as of last May. I will be doing Teacher for America in Houston for the next two years, and am already aware of my salary and benefits. This has really minimized my income risk. I am also graduating a year early so as to avoid having to incur debt during my undergraduate years. My idea is to save the money made during TFA and put it towards law school and business school which have been in the long term plan for quite some time. I'm hoping to get scholarship money to lessen the amount of debt I'll have to take on at that point. Originally planning on just getting a J.D., I decided that I also want to go for an MBA to diversify my skill set (thereby lessening my income risk yet again) and land me in a position in roughly 5 years where I can drive real change and be taken seriously as a leader, in whatever role I find myself in. As a person, I have always been very future oriented, so most of the decisions I make take into consideration the long term and have a lot less to do with what sounds good in the here and now. I also think that points to me being a risk averse person rather than a risk taker.
Teach for America is an interesting first move after graduation for someone who plans to be a lawyer. Be aware that while in class the risk preference we are modeling is financial, in actuality there is also risk of whether the type of work you do is a good fit to keep you engaged and energized.
ReplyDeleteOne might guess that teaching is less rewarding financially than being a lawyer, but it is potentially more rewarding from an emotional view. (My dad was a lawyer but never loved his work.)
There is also a matter of timing your entry into these fields. Though I haven't followed this closes, I believe that Law, as a profession, is in a bit of a slump. Perhaps by delaying your entry into that field you can improve your prospects. This would be good to know more precisely as you decide on next steps.
I also believe Teach for America is an interesting first move for a future lawyer. What were the driving forces behind this decision? I believe that it will definitely make you a more competitive candidate for law school, which can lessen income risk. However, do you think the work you will be doing for Teach for America will help you in the law profession? I had a sister who was interested in doing law but because the economy tanked and law firms started to cut off hiring, she thought it was too risky to go to law school. I also think its really interesting that you want to get your MBA as well. By having a more diverse background and schooling, I think it significantly reduces income risk.
ReplyDeleteI think your decision on pursuing a MBA degree in business school is wise because it reduces your income risk and provide you a more diverse background. Teaching for American is also an interesting point. On one hand, you certainly eliminate income risk after graduate because you already know your job and benefit. On the other hand, do you think there will be any risk or uncertainties of taking TFA as first step in pursuing career as a lawyer? It will enhance your communication skills and real world experience. However, you may gain less professional training and experience as being a teacher.
ReplyDeleteI am also interesting in your internship experience and the job offer they provide. Internship might be one of the most important income risk reduction for college student. Sometimes it also inspire people in some decision making points.