Managing Future Income Risk
Around the same time last year, I made the decision of adding a new major, Statistics, as a senior (I am a super-senior now), to manage my future income risk better. The most important reason for making this decision despite my long overdue graduation was to increase the chances of getting a job that provides me with adequate income. Because of the sudden decision of adding the major, I was under a large amount of stress as I had to fit a very math intensive major into three semesters -- which meant 3 to 4 technical courses each semester on average. For the entire year last year, I felt very fulfilled and motivated, but the same time, exhausted. I put a halt to most of my extra-curricular activities and turned down many invites to events so that I could focus on my academic goals, which impacted my future job choices.
I wish I had added the major a little earlier so I could learn everything at a slower pace which meant more practice and absorption for the knowledge. However, it was worthwhile despite how fast paced and overwhelming my schedule was because I felt like the addition of a STEM major along with my already existing Economics major would make me exponentially more competitive in the job market in the US, which is my most immediate plan after graduating this fall. Statistics, especially, is a highly applicable major that will provide me with quite a skillset for data analytics, which will add practicality to my Economics major which is a highly theoretical subject.
As for managing future income risk, adding the Statistics major definitely helped me. Ever since I added the major last year, it has been tremendously easier for me to get internships -- higher chances of getting interviews which increased the number of positions I was accepted to. This significant change in my competitiveness was due the increasing demand for data related job positions in the market around the recent years. Not only have the chances of getting jobs been increasing, the average wage I have been earning for the summers have also increased by $10 per hour ever since adding data analytics in my skillset. Furthermore, as an international student, because of the governmental policies on the work visa, adding a STEM major allows me to extend my temporary work visa (OPT) from 1 year to 3 years as opposed to having just an Economics major, which would help me stay in the US much more easily post-graduation.
Some people would refrain from extending their undergraduate career because of the accumulated debt. Luckily, I never had to worry about debt because my family have been financially supporting me. I have also had additional income on top of my allowance during summers because of my internships. Therefore, adding a new major which added 3 extra semesters did not financially impact me directly, as my family would unconditionally pay for my education. If my situation was different and I had to pay for my own tuition and deal with debt, I would not have so easily determined the addition of my Statistics major as the tuition for international students is as high as 16k USD per semester.
I have not had any immediate relative who had experience in managing income risk post graduation in the United States. I am an only child, and the first person to study overseas as opposed to having an education in my home country and working there. I want to try my best to maximize my time here, and hopefully repay my family's support over the years. Ultimately, after working in the US for a couple of years, I would eventually want to help my parents with their business back in China, when I am experienced and educated enough to take on such a big responsibility.
Given this decision to get a second major in statistics, it would help to review your thinking in the spring semester of your sophomore year and then again in the spring semester of your junior year. Why wasn't the decision to have the second major done earlier. That seems a mystery from what you have written.
ReplyDeleteIt may be that you didn't understand the need for it earlier. If that's true, then an important point in managing risk is for you to have an accurate picture of the current situation. It is often hard to do that because you lack the right information. So I wonder what information you gained that helped you understand the situation . From what you wrote, perhaps it was trying for interviews for internships with only the Economics major. But it seems possible that you got advice from some office on campus or from other students who were further along than you. So it would be useful to know this.
Information gathering as risk reduction is really quite important. I suspect it will likely continue to be important for you even after you land your first job, because you will need to continue to look for other opportunities and understand what capabilities you will need so those opportunities are available.
I actually decided to add the major because of the new friend I made last summer. She introduced me to a lot of her friends who were also in her major. She told me that she was a Math major before and ever since the add of her Statistics major, it had been a lot easier for her to look for internships and jobs. I took her advice, even though it was very late into my undergraduate career.
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