Transcript Is Business a STEM Career? - City Colleges Transfer

Is Business a STEM Career?
Fernando Miranda-Mendoza
Raymond Tse
Transfer-Mation Leadership Conference
October 3, 2014
What are STEM careers?
There are eight STEM disciplines identified on the U.S.
Department of Labor's O*NET occupational database:
1.
2.
3.
4.
5.
6.
7.
8.
Chemistry
Computer Science
Engineering
Environmental Science
Geosciences [Earth Sciences]
Life Sciences
Mathematics
Physics and Astronomy
Bright Outlook Careers
The Department of Labor's O*NET defines
bright outlook careers as:
“Bright Outlook occupations are expected to
grow rapidly in the next several years, will
have large numbers of job openings, or are
new and emerging occupations”
Business as a STEM career?
Some business careers demand strong
quantitative skills like those obtained through a
STEM career. Many of these careers are “bright
outlook” occupations:
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Accounting
Actuarial Science
Business Intelligence Analytics
Financial Quantitative Analysis
Risk Management
Accounting
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Accountants analyze financial information and prepare
financial reports to determine or maintain record of
assets, liabilities, profit and loss, tax liability, or other
financial activities within an organization.
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Most accounting jobs require a bachelor's degree. The
CPA (Certified Public Accountant) certification is highly
desired and a number of additional undergraduate or
graduate accounting classes are needed in order to
prepare the CPA exam. Usually this involves a year past a
regular 4-year college degree or a master's degree.
Accounting
(2013 Wages)
Actuarial Science
• Actuaries analyze statistical data, such as mortality,
accident, sickness, disability, and retirement rates
and construct probability tables to forecast risk and
liability for payment of future benefits. Also they
may ascertain insurance rates required and cash
reserves necessary to ensure payment of future
benefits.
• Actuaries must take a series of (challenging) exams
to become certified and progress in the profession.
Actuarial Science
(2013 Wages)
Business Intelligence Analytics
• Business Intelligence Analysts produce financial
and market intelligence by querying data
repositories and generating periodic reports.
Devise methods for identifying data patterns and
trends in available information sources.
• This occupation requires a background in
computer programming and courses like algebra,
calculus, and statistics.
Business Intelligence Analytics
(2013 Wages)
Financial Quantitative Analysis
• Financial Quantitative Analysts develop
mathematical models used to inform
individuals or financial institutions engaged in
saving, lending, investing, borrowing, or
managing risk.
• Strong programming and quantitative skills
are a must and involve math courses like
algebra, calculus, and differential equations.
Financial Quantitative Analysis
(2013 Wages)
Risk Management
• Risk Management Specialists analyze and
manage risk management issues by
identifying, measuring, and making decisions
on operational or enterprise risks for an
organization.
• Backgrounds in actuarial science and
mathematics are likely needed.
Risk Management
(2013 Wages)
Median wage comparison
Risk Management
Financial Quantitative
Analysis
Business Interlligence
Analytics
Actuarial Science
Accounting
IL Median
US Median
$0
$10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000
Approximate cost of study
• These careers typically require a bachelor’s
degree.
• The approximate cost of completing a BA/BS at
UIC in two years is:
2($29,848/year) = $59,696
• This estimate is based on the 2012/2013
academic year and applies to full-time, first-time
degree/certificate-seeking undergraduates.
Approximate cost of study
(continued)
• Additional costs:
– Accounting: CPA exam costs approximately
$3,000
– Actuarial science: Typically two preliminary
exams currently costing $200 each
– Some of these careers, like Financial
Quantitative Analysis and Business
Intelligence Analytics may require a master’s
degree. Financial support for graduate work
may come in the form of an assistantship
What does it take to move into a
Business STEM career?
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Mathematics and Statistics
Critical thinking
Computer skills
Interpersonal skills
Continuous learning
ONLINE RESOURCES
DEPARTMENT OF LABOR CAREER EXPLORATION AND JOB ANALYSIS TOOL (O*NET):
http://www.onetonline.org/
STEM CAREER ARTICLE BY THE DEPARTMENT OF LABOR STATISTICS:
http://www.bls.gov/opub/ooq/2007/spring/art04.pdf
LIST OF STEM PROFESSIONS:
http://www.ice.gov/doclib/sevis/pdf/stem-list.pdf
BE AN ACTUARY SITE:
http://www.beanactuary.org/
WOMEN AND STEM CAREERS:
http://www.aauw.org/stem/STEMresources.cfm
UIC NET PRICE CALCULATOR:
http://www.uic.edu/depts/financialaid/npcalc.htm