Before I graduated high school, I "knew" what I wanted to be. I convinced myself mechanical engineering would be best suited for my strengths in math and science. And in my naivete, it seemed that engineering was the logical and only answer to what I should do. Of course, when I originally made the decision to pursue this degree, there was a level of risk aversion that played in to my train of thought. The starting salaries of engineers was among the highest of all majors, so I was immediately hooked. By choosing this career path, I knew I'd make a lot of money! 100 credit hours and two engineering internships later, I realized engineering was NOT for me. I didn't like anything about my internships and I despised the real world experience.
Instead of continuing my degree and accepting the guaranteed salary in a field I hated, I took a position with Walmart in management. I didn't have any experience in the field, but the salary, in the moment, was enough to justify quitting school and pursuing a career with the company. This was not something I was particularly proud of, but I knew if I would quit school, the supplemental income from my parents would soon cease to exist, so I had to find a job. Fortunately for me, this job paid well enough that I didn't feel too terribly guilty and I swore I would go back to school once I decided what field would better suit me.
It took me five years to decide that I needed to go back to school in the field of Economics, but what got me there? Walmart began changing it's policies for management and it would be more difficult for me to continue climbing the ladder. While I did promote 5 times during my time with the company, it became clear the end of the line had come, (or would soon come) for me. Here is where I made my biggest decision to avoid income risk. I took a 10k dollar pay cut to leave my job and work for the University. While the nominal value seems high, I determined that the value of receiving a degree with a waived tuition was worth far more than my pay cut. Additionally, the possibility of larger salaries in the future is a reality at the University unlike the inevitable at Walmart.
At Walmart, there was zero job security. I could have been fired at any moment, for any reason. To me, the job security far out-weighed the pay. With the University's clear-cut structure, it was also obvious that I could continue to work my way through the system and make a significant amount more than I would've ever made with Walmart (without my degree).
That all being said, after I complete my degree in Economics, I may consider returning to Walmart in the future as a consultant at their corporate offices. Offices with more job security and greater opportunities to "climb the ladder."
I think many would say I made the "wrong" choice in the moment, when I decided to work for Walmart many years ago, but I think it was the best "wrong" decision I ever made. I figured out what I like to do, while maintaining a livable salary, and then found a suitable solution to avoid future income risk, despite a slight salary setback. Needless-to-say, I will walk away debt free from college knowing what I'm good at. The lesson I learned was valuable and, in the end, I feel I will come away happier.
I must add to this, emotions are one thing economics seems to struggle with. Emotions play a vital role in daily decisions of not only individuals, but organizations too. I find myself constantly writing about my emotions in these blogs, which is not something that can easily be addressed by economic theory. We can however, rank our preferences, which is one way that determining a level of "happiest" is strategically possible.
"Additionally, the possibility of larger salaries in the future is a reality at the University unlike the inevitable at Walmart." Not in the near term. Things are pretty grim now. But in the longer term, maybe you are right.
ReplyDeleteOn the matter of whether you made a right choice or a wrong choice, certainly what you did is not typical, but perhaps it was better than what students typically do. I had another student several years ago who was studying Chemical Engineering and actually got a job as a Chemical Engineer, which he worked at for a year. But then he quit that to go to Econ grad school. He had only one Econ course, my principles class for CHP students. I taught it in a non-traditional way and that got him hooked on the subject matter. So these sort of switches do happen, every once in a while. Also, I think maturity matters as a student and some students right out of high school are too immature to get the full benefit from college. If you follow the trajectory that you took, that's not an issue.
One last point I'd make is that when you near completion of the degree, you should have other opportunities than the U of I and Walmart. Investigating some of those would seem to me a must, even if you do opt for one of the jobs you already know about.
I agree very much, with your point regarding maturity. I think it matters a great deal, and significantly changes, not only the end game, but the material learned along the way. Because I've found something I know I truly enjoy, I'm more receptive to new material. I'm anxious to complete my degree and continue to grad school.
ReplyDeleteOn the matter of other opportunities, I do agree that there are many. In fact, during a reception I held for our alumni last month, one member of the Chicago Fed offered me a position with him as soon as I complete my degree. My greatest concern is that my spouse has a fairly high-ranking position with the University and it would be difficult for us to give up that salary in exchange for a job in the unknown for me. Also, with a new mortgage and only a small amount of equity in our home, there needs to be some consideration for leaving here too quickly after such a large purchase. It certainly wouldn't be out of the question 10 years down the road, but as it stands, we must be conscious of the decisions we've made that fiscally ground us for a number of years. This ties in to the risk aversion (maybe not income-wise) but simply financially. While there could be great return for an investment in a position I may hold many years down the road, there must be consideration for the current situation and the impact changes have on a number of given factors.
Now, there is something to be said for going straight to college after high school and then trying jobs immediately after. It allows the freedom that I am currently unable to experience. This leads to a strong argument against what I've tried in my life and certainly gives merit to the traditional learning/career path.