The student's dilemma

[Ultima]

I finished a D.E.C (College diploma) in computer science last year; however as there were nearly no jobs available where I live, or they were low paying for the work input, I decided to continue on in University toward a Bachelor of Commerce. After that I want to go for a MBA, so far my grades are pretty good.

My dilemma though is how much money can I reasonably expect to be making, and for what work input? My part-time job is at a unionized distribution warehouse where I make $12/h as an assembler (loading stuff onto a pallet and driving a transpalette around) and get overtime for more than 8 hrs, so for a part-time job it's pretty well paying to help me support car and rent payments while studying full time.

The pay scale rises dramatically; I calculated if I worked full-time at this place, after 7 yrs I'd be making $70G a year (with 10 hrs overtime/wk). It's a pretty easy job.. it's physically demanding but it's low-stress as well! When there are jobs like this that pay so well, the uni degree seems less attractive... , in much more stressful jobs. If I had went in a place like this right after HS, I'd already be making $50k a year instead of being a poor student.. (Salaries are all in Canadian, and to put things in perspective.. a nice middle class home where I live costs around $150k - $200k, a decent economy sedan $20k, some healthcare is free (dental/etc. requires insurance), most other goods similar to US prices after conversion).

I know everyone says to go for education, and that's what I'm doing, it would seem a waste to not go as far as I can, but with all the graduates these days depressing salaries... I mean, many people have degrees these days... it seems to raise a dilemma. I've noticed the government ads on the radio don't push people to go for tech degrees lately, but rather to enter a trade. What's your take?

 

[Kalbi]

wtf is Bachelor of Commerce?

Do public accounting. 20% raises each year until you hit Manager. Then it's like 10%.

Or if you are into computers do IT audit (aka IS Assurance) for a pubic accounting firm and you get the above cept your pay is 1.2 times the audit pay.

 

[hypn0tik]

Go to school. It'll be better for you in the long run. Don't limit yourself to some factory job.

 

[Otaking]

Originally posted by: Kalbi
wtf is Bachelor of Commerce?

Do public accounting. 20% raises each year until you hit Manager. Then it's like 10%.

Or if you are into computers do IT audit (aka IS Assurance) for a pubic accounting firm and you get the above cept your pay is 1.2 times the audit pay.

I think it's some Canadian mumbo jumbo.

 

[TriStar]

College degrees are no guarantee of a better or more lucrative future. Consider going fulltime with your current employer, dumping school and enjoying life.

 

[DaveSimmons]

I'd probably go mad from boredom myself.

A software development job is challenging but rarely boring if you work for the right company. And at some companies you'll have the satisfaction of having your work used throughout the country or even the world.

But then I'd probably go mad from boredom working the middle-management job you seem to be aiming for too, so perhaps the warehouse job is equally suited to your own temperment. Only you can say.

 

[imported_LoKe]

Stay in school, you'll thank yourself later.

 

[EmperorIQ]

Originally posted by: Otaking

Originally posted by: Kalbi
wtf is Bachelor of Commerce?

Do public accounting. 20% raises each year until you hit Manager. Then it's like 10%.

Or if you are into computers do IT audit (aka IS Assurance) for a pubic accounting firm and you get the above cept your pay is 1.2 times the audit pay.

I think it's some Canadian mumbo jumbo.

no its the truth, public acountants in a consulting firm makes around 45k, if the firm is big, but their network security consultants make roughly 55k-60k starting off. On top of that, you're going to work with other companies, consulting for them, creating networks, etc.

 

[Ultima]

Originally posted by: DaveSimmons
I'd probably go mad from boredom myself.

A software development job is challenging but rarely boring if you work for the right company. And at some companies you'll have the satisfaction of having your work used throughout the country or even the world.

But then I'd probably go mad from boredom working the middle-management job you seem to be aiming for too, so perhaps the warehouse job is equally suited to your own temperment. Only you can say.

Middle management isn't exactly what I'm going for... well, I'm not quite sure what I'm going for, but I got kind of a sour taste off computer science, thats' why I didn't go back in. I was good at it, but the market just seems to suck so bad for programmer types, at least here. It could be that the program was no good, or the employment situation here is not good.. I don't know, but out of my graduating class not one person is currently working full-time in an IT related position. Some are doing office jobs but it's not programming or anything in-depth IT.

The warehouse job is boring, but you don't notice it because it's physically active and fast paced.. so you don't really get bored. Most of those types of jobs make me want to shoot myself, and most of these jobs pay very poorly ($20k/year) but I tolerate this one cause maybe it's more physically exerting, or more independent.. I don't know. The fact I could be getting $70k a year doing it is kind of attractive...

My plan for now is to do well at school, I'm taking a B.Comm majoring in MIS (which has decent job prospects right now), so I'm not throwing away my IT experience but building upon it with the degree, get good grades and a good GPA, and make contacts through the co-op program and see where that goes, while I'll be staying at the job part-time since it's perfect for that role right now.

 

[habib89]

well see thing is, it's going to take you 7 years to get to 70k... you're making 12 now which is what.. 24k without overtime? so maybe with ot, it's 30-35k.. so you'd have to wait 7 more years to double your pay.. i'm not saying this is a good or bad thing.. just kinda bringing it out..

i just got my degree in mechanical engineering.. i got a summer internship that pays 24/hour (~$49k/year).. this is just an internship.. i think starting pay at my company is about 60k +benefits... so that's close to what'd you get in 7 years.. but then again you're right, i spent a whole bunch of time in school when i could have been making money...

i say stay in school... get your degree in something that really makes you happy.. unless what you do now really makes you happy... if you get your degree, and find a job that is truely rewarding, that'll make up for all the lost money

 

[Ultima]

Originally posted by: habib89
well see thing is, it's going to take you 7 years to get to 70k... you're making 12 now which is what.. 24k without overtime? so maybe with ot, it's 30-35k.. so you'd have to wait 7 more years to double your pay.. i'm not saying this is a good or bad thing.. just kinda bringing it out..

i just got my degree in mechanical engineering.. i got a summer internship that pays 24/hour (~$49k/year).. this is just an internship.. i think starting pay at my company is about 60k +benefits... so that's close to what'd you get in 7 years.. but then again you're right, i spent a whole bunch of time in school when i could have been making money...

i say stay in school... get your degree in something that really makes you happy.. unless what you do now really makes you happy... if you get your degree, and find a job that is truely rewarding, that'll make up for all the lost money

You also live in California... everything's so much more expensive and incomes are also a lot higher in the US. It's hard to compare salaries across regions because of these differences... I agree that staying in school is the best thing to do right now! It's always fun to think about the alternatives, though... some guys at that company make $130k/yr, but they also work double work weeks and have no lives... I don't live to work but work to live.. which is why money is one of my primary concerns, so I have cash to do the things I want to do when I'm NOT at work.

 

[Kalbi]

Originally posted by: habib89
well see thing is, it's going to take you 7 years to get to 70k... you're making 12 now which is what.. 24k without overtime? so maybe with ot, it's 30-35k.. so you'd have to wait 7 more years to double your pay.. i'm not saying this is a good or bad thing.. just kinda bringing it out..

i just got my degree in mechanical engineering.. i got a summer internship that pays 24/hour (~$49k/year).. this is just an internship.. i think starting pay at my company is about 60k +benefits... so that's close to what'd you get in 7 years.. but then again you're right, i spent a whole bunch of time in school when i could have been making money...

i say stay in school... get your degree in something that really makes you happy.. unless what you do now really makes you happy... if you get your degree, and find a job that is truely rewarding, that'll make up for all the lost money

IS Assurance pay scale: Audit pay scale
1st year: $50k $45k
2nd year: $60k $53k
3rd year: $70k $62k
4th year: $80k $70k
5th year $90-100k $80k

these are excluding bonunses. also IS Assurance hours are 12+ hours a day 7 days a week. audit is 65 hours/week avg during busy season.

Edit: go private after 5 years in public accounting and get $100-$150k depending on how well you networked and schmoozed. Oh and you work 9-5.

 

[Albis]

which of the big four accounting firms can give a 10k raise each yr . . . i don't know any that can do that. it's reasonable to see a 10% raise if you're a good performer

 

[ponyo]

I wouldn't say one is better than other. Some are better off with college. Others are better off learning a trade. Both have high earnings potential. It really depends on the person. Neither guarantees anything. Everything is what you make of it.

My college degree was a waste because I chose not to use it to the fullest potential. I'm now involved in a trade. Lot happier and earning much more than corporate. So for me trade from the start would have been the better option but that's hindsight. At the time, I thought college and corporate was right for me.

 

[Keyvan]

this reminds me of my "Economics for Engineers" prof back in first year.

He was basically making a point that a bachelor's degree is a very poor financial decision.
This is Canada, so the figures might be totally off for the Americans (and others on the boards).

On average, each year of University costs about 15K if you live frugally.
So a 4 year degree will run you up about 60K.
Also, during these four years, you've given up the opportunity to be employed, so let's say that you had a full time job which started you off at 25K a year. So this adds up to 100K of potential income that you've given up.
That puts your degree at a whopping 160K CAD$



P.S.: I know this is skewed, because most competent students manage to make up quite a bit of cash during the four months of summer and work part time during the year. But the whole point being there's more to university than just getting ready for a high paying job.