Bank at School - Lesson 5           Previous Lesson       Next Lesson
The World of Work             
                                                                            
Introduction
Lesson 4 examined income and some of the other ways people obtain money. We also discussed the concept of income. In Lesson 5, we will take a look at the type of employment available today. We will also discuss the relationship between education and income. To illustrate the variety of jobs available and how education and interests can influence the type of job one has, we will look at a cross-section of jobs found at a financial institution.
 
Objective

• To introduce students to the wide range of talents and skills utilized in the workplace.
• To heighten students' awareness of the relationship of education to job opportunities (and income).
• To illustrate how education, job type and income are inter-related through examination of the workings of a financial institution.

Lesson Material
Have you ever thought about what type of work you might like to do when you finish school? Perhaps you think it might be fun to be a police officer or a lawyer or a professional athlete. Every job requires certain talents and skills. Since most people spend the majority of their time at work, it also might help to enjoy the work you do.

Employment is the principal source of income for most people. Salaries can often reflect the value society places on a given service or skill. However, higher paying positions often attract greater interest than those that pay less.

Let's examine the various factors that can determine what a job pays. Take for example a cashier in a grocery store and a doctor. The cashier may receive $5/hour. The doctor may receive $50/hour. They both perform a needed service. Why does the doctor earn more?
Education plays an important role in job choice. Higher education (anything beyond the high school level) offers people the opportunity to learn certain abilities or skills. However, obtaining a college or advanced degree requires certain sacrifices. As the cost of higher education rises, more and more people work while they go to school. They may also take out loans from a financial institution, which they will have to pay back after finishing school. The trade-off for pursuing a college or graduate degree is the ability to take advantage of greater job opportunities, often at a higher salary (as in the case of the doctor verses the cashier).

Education is not the sole factor in determining salary levels. Occupations where a particular skill is in high demand may command a higher salary than others with similar education and skill requirements (for instance, computer programmers).

Sometimes, a job may pay less than other jobs with similar education or skill requirements. This may happen if there are more people willing to perform the work than there are opportunities. People working in entertainment or "glamour" fields frequently encounter this phenomenon. For every Michael Jordan or Madonna, there are thousands of others working in sports or show business who may not even be able to support themselves based on the income they earn.

Let's take a look at the variety of skills, interests, and educational backgrounds people have who work at a financial institution.  {Teachers: You may want to ask your financial partner to come to address the class about the types of positions found in a financial institution.}

Types Of Positions Typically Found At A Financial Institution
Tellers - Tellers are responsible for accepting customer deposits and handling a money drawer. Generally, financial institutions prefer a college degree but will accept a high school diploma. Salary $15-20,000.

Management Trainee - Management Trainees generally have college degrees and an interest in business or finance. Over the course of the training program, which usually lasts one year or longer, trainees learn how the financial institution performs its various functions. Salaries for management trainee vary, but usually range between $22-28,000.

Loan Officer - Loan officers are responsible for making and servicing loans to the financial institution's customers. Loan officers may specialize in an area of work such as business loans or home loans. Loan officers must know how to determine a loan applicant's suitability for a loan as well as be able to answer customers' questions. Loan officers also look for new clients for the financial institution. Loan officers typically must have several years of prior work experience in the financial institution before they can become an officer. Salary $30,000-40,000 at a small bank; $40-60,000 at a large financial institution.

Attorney - Because financial institutions must comply with a wide range of laws and regulations, they need to have someone on staff with knowledge of banking law. To become a lawyer you must attend law school after graduating from college. Salary $35-50,000.

Public Relations Manager - The public relations manager is responsible for presenting information to the public about financial institution programs and activities. A public relations manager should have strong grammar and public speaking skills. They must also be able to write clearly and understand the financial institution's concerns. Salary $25-50,000.

Computer System Designer - Financial institutions employ very sophisticated computer systems to keep track of clients' funds. System designers work with the various financial institution departments to ensure access to the information necessary to serve the financial institutions' clients. System designers usually have a degree in computer science and a strong interest in computers and mathematics. Salary $25-40,000.

The work world offers a dazzling number of possibilities. Within a financial institution alone there are several different skills and interests needed. There is a job somewhere for every interest and skill. Just remember, the better prepared you are, the more options you'll have to explore!

Suggested Activity

• Discuss your current career interests.
• List the many different professions reflected in your circle of family and friends.
• List some high-paying professions. Why do you think they have high salaries? Does the salary make you interested in the work?
• Is salary a true measure of a job's value to society? (examples: football player, clergyman, rap singer, teacher)

Suggested Homework

• Select three careers which interest you and research them in the Occupational Handbook or other library sources.
• Find out what education and skills are necessary to perform each job.
• Make a list of reasons for choosing a job (salary, interest, location, etc.). Rate them according to how important you think they are.

Glossary
(Teachers: This lesson does not contain a glossary.)

COPYRIGHT NOTICE: Portions of this material are subject to the copyright of the Office of the Illinois State Treasurer and may not be produced in any manner without its express written permission. Permission to use these portions herein is limited to use for educational purposes only.