Thursday, September 26, 2013

Income Risk Management

Even if it is my last year in the college, I still cannot give an accurate answer when people ask me what I plan to do after college. It is hard for me to know the real implications about each step I took, until I really get into the condition. At this point, I will consider some of my risk minimizing process I took actually increases my loads. For instance, I chose to study aboard in the U.S. because it seems that an oversea background will enable me find a better position and have higher entry salary in China. However, the cost is expensive and I encounter the problem about where to locate myself. Even though I don't need to afford my tuition and accumulate any debt, I still felt like I owe my parents this amount of money.

I chose Communication when I applied U of I, and added Economics as double major. Choosing communication is my first approach to minimize future income risk. I was interesting in mass communication from my junior school and have some related background. As long as I have some productions in magazine and video, I thought it will be easier for me to enroll in a better university if I applied as a communication major. Communication tends to be a general subject and it trains people skills in communication. People with a communication degree can work in various industries, including marketing, consulting, and media. However, it is too broad and not professional enough. But I have a backup in my future career. My mother worked in media industry for more than 20 years and she has a strong network. I already knew that it is possible for me to obtain a job in her network. This decision solved my first concern: at least I can find something that I am interesting in after graduate.

After studying in U of I for a while, I was not satisfied with my original future blueprint and seeking for something might provide me a better future. I began to consider about working in the U.S. for a few years to gain some different experience then get my master degree, before I finally settle down in Asia. Honestly, I chose to double major in Economics is not because I am interested in Economics, but for a broader career range and learn more about the real world. I considered double major and studying in a minor were my second step of income risk management. As an international student, I confront a cruel fact: if you want to stay in the U.S., it is not about what kind of job you find and what is your salary, but about whether you can get a job offer with Visa sponsorship or not. There is not doubt that having two majors will make a person more competitive in job market.

Other approaches I took to manage income risk include internships, networking with different people, learning a new language, and studying aboard during summer. People always emphasize the importance of internship and networking since our freshman year. So everyone understand their functions. However, I think a new foreign language is a good tool in reducing income risk because people can manifest their language skill more directly. Moreover, it also provide some possibilities of job offer from another country. Even though my Chinese has fulfilled the college requirement, I still learned Japanese in the college because it will enhance my ability when working for companies targeting Asian market.

Even though I just have some rough idea about my future career now, I believe that everyone will figure out their way at some points. Another approach I may take is going to grad school. However, before I do it, I will definitely evaluate the benefits and risks.

5 comments:

  1. You made an interesting point that so far other members of the class haven't made. By leveraging the people network that a parent has, you can vastly increase your chances of a good first job and thereby lessen income risk.

    Given that there seems to be many Chinese students on campus and guessing that many of them would like to find a job in the U.S. upon graduation, it is interesting that there is not yet an established path to achieve this goal. But it certainly makes sense that learning English well would be part of it, as would learning more about American culture.

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    1. I think networking is particularly helpful for people who want to take a step in communication industry because reference will be more valuable than regular job seeking process. I also took several related internship and tried to expand my network, especially in my targeted market.

      For many Chinese students, they do want to find a job after graduation. But the fact is that it is challenging for people who want to work in media related field because of the cultural gap. There are still lots of obstacles to get through.

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  2. I think it is very interesting to think about how networks, like the one your parent is apart of, can lessen income risk greatly. As an international student as well, I think you can lessen income risk because you have really diversified your background and have experienced something many people haven't: communicating and interacting with a vast amount of different people and learning a new culture. This seems like an valuable skill especially if you want to work in the realm of communications.

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  3. Networking is very important and can seriously limit future income risk. I also was offered a job through the company which my mom works at, so having connections is definitely a way to lessen income risk post-graduation. For now that position is my backup in the case that any of my current plans fall through. I am interested to know why you would prefer to stay in the US following graduation as opposed to going back to work for the company that has already shone interest in you in China. Is the income substantially different or is it more about getting more experience and a more substantial network? To me it sounds like trying to get a job in the US is much more complicated and risky than taking the job back home. I wonder what the rewards are. Keeping an open mind is also a method to lessen income risk, as it allows you to diversify your options and shop around, as if you are the consumer. It sounds like by not settling immediately and having an open mind you are opening the door to many possibilities.

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    1. I prefer to stay in the U.S. for several years after graduation because most of Chinese companies see job experience in the U.S. more valuable and people will more likely get higher salaries once they come back to China. It also expands the network and potentially provide more opportunities in future. The other reason is that I want to finish my master degree before I finally settle down in somewhere. So staying in the U.S. may reduce the risk in my master application. I agree with you that keeping an open mind is important. At this point, we should not say no to any opportunity because anyone of them might open a new door for us.

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