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Why do some higher degrees offer a less salary?
One of the things I would like to pursue is becoming an entrepreneur or working as an architect. Well for one thing, I would like to run my own things, for example running my own business, or being able to draw a drawing on a piece of paper and later making it into a house or building. #business #entrepreneur #career #architect # #architecture
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5 answers
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John’s Answer
Running a successful small business is very difficult and it requires startup capital to pay rent, buy products and equipment, pay for advertising, pay yourself a salary, office supplies, etc. I recommend you model out your business in a spreadsheet. The costs will fall into two categories: overhead and product-related costs. Overhead is the expenses that you have to pay monthly even if you don't sell a single product. Product-related costs are expenses related to building, stocking, selling and maybe shipping each product. To lower these costs, you may want to try and set up an online business. Online businesses have their challenges too. Since they require less capital, more people do it and so there are many more online businesses than say a street where you locate a physical business. I'll outline a few steps.
What am I good at doing?
How much will someone pay me for my services or the product I create
Do I have any experience working in a business?
Should I get experience from college or working at a business before I start my own business?
How much capital do I have to invest in the new buisness?
John recommends the following next steps:
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Nick’s Answer
Hi Javier,
This a dilemma that many face - the entrepreneurial route vs. the traditional path of college-grad school-job. I think it boils down to where you feel your passion lies and your tolerance for risk/failure. It goes without saying, going out on your own to start your own company carries a higher degree of risk and uncertainty - especially in the early stages. However, if it's something that you have a burning passion for, you have a strong business plan and have the skills that are aligned to execute, being young shouldn't deter you. However, there is also benefit in gaining real-world experience coming out of school to develop your expertise. The real sweet spot is the convergence of your entrepreneurial passion and your skills/capabilities.
This a dilemma that many face - the entrepreneurial route vs. the traditional path of college-grad school-job. I think it boils down to where you feel your passion lies and your tolerance for risk/failure. It goes without saying, going out on your own to start your own company carries a higher degree of risk and uncertainty - especially in the early stages. However, if it's something that you have a burning passion for, you have a strong business plan and have the skills that are aligned to execute, being young shouldn't deter you. However, there is also benefit in gaining real-world experience coming out of school to develop your expertise. The real sweet spot is the convergence of your entrepreneurial passion and your skills/capabilities.
Updated
Luke’s Answer
In architecture specifically, the B.Arch and M.Arch are interchangeable for a couple of reasons. 1. if you look at NAAB's requirements the M.Arch is exactly the same just a couple more GE/support courses. 3. Architecture is more about the experience than degrees, GPA, etc.
4-year degrees do make slightly less but it's really just the difference of having 1 more year of experience. The real difference is that it can be harder to get that first job with a 4-year degree instead of 5-year B.Arch or 6+ year M.Arch.
Architecture is also a "professional" field meaning that you get licensed. That license matters a lot more than the degree. The degree is a just a qualification for licensure depending on the state.
There are a couple of characteristics of fields where a degree earns you more money. Those career fields tend to have lots of institutional involvement, either government involvement, unions or just big corporations. Those lend themselves to what I've heard called "stickering" which the more "stickers" you've earned the more you make, there is little discretion and bad employees are often rewarded and good employees get held back and often eventually leave.
Architecture tends to be companies of 1-250 employees, you don't have these highly structured pay scales.
5 years out of school nobody is going to remember that you have a B.Arch vs M.Arch. Now a 4-year degree you might be still earning experience hours in order to get licensed but other than that, it's mostly irrelevant.
With some degrees, there is a massive oversupply of undergraduates (I think Biology and Chemistry are good examples) This pushes people to grad school to put themselves above the pack. These bachelor degrees also tend to be broad while the masters tend to get more specific and thus more marketable to employers. I always encourage people interested in those fields to look into fields like Bio-Resource Agricultural Engineering and others with incorporate Bio and Chem. BRAE grads get paid well right out of undergrad and are in high demand.
You also got to ask what value does that Master's add? For example, what value does a masters in Construction Management add on top of a bachelors? not much as far as I know.
4-year degrees do make slightly less but it's really just the difference of having 1 more year of experience. The real difference is that it can be harder to get that first job with a 4-year degree instead of 5-year B.Arch or 6+ year M.Arch.
Architecture is also a "professional" field meaning that you get licensed. That license matters a lot more than the degree. The degree is a just a qualification for licensure depending on the state.
There are a couple of characteristics of fields where a degree earns you more money. Those career fields tend to have lots of institutional involvement, either government involvement, unions or just big corporations. Those lend themselves to what I've heard called "stickering" which the more "stickers" you've earned the more you make, there is little discretion and bad employees are often rewarded and good employees get held back and often eventually leave.
Architecture tends to be companies of 1-250 employees, you don't have these highly structured pay scales.
5 years out of school nobody is going to remember that you have a B.Arch vs M.Arch. Now a 4-year degree you might be still earning experience hours in order to get licensed but other than that, it's mostly irrelevant.
With some degrees, there is a massive oversupply of undergraduates (I think Biology and Chemistry are good examples) This pushes people to grad school to put themselves above the pack. These bachelor degrees also tend to be broad while the masters tend to get more specific and thus more marketable to employers. I always encourage people interested in those fields to look into fields like Bio-Resource Agricultural Engineering and others with incorporate Bio and Chem. BRAE grads get paid well right out of undergrad and are in high demand.
You also got to ask what value does that Master's add? For example, what value does a masters in Construction Management add on top of a bachelors? not much as far as I know.
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Charles’s Answer
Hi Javier. If there a lot of people with the skills needed to do a job, the pay for it tends to be lower. When your skills are rare or take a special type of training and experience to develop, your earning potential goes up. For a simple example, the person who designs computer chips that go inside of iPhones gets paid more than the cashier at the Apple store who sells the phone.
As an entrepreneur, you bring a special set of skills to the table. One of the advantages of owning your own business is YOU. Your creativity, professionalism and the quality of your work is what will make you stand out once you begin serving customers/clients.
If you decide to go to college and study architecture or go for an internship first to see if that's really what you want, keep an open mind. Be focused on training, certifications and licenses that put your skills above the competition. You got this!
As an entrepreneur, you bring a special set of skills to the table. One of the advantages of owning your own business is YOU. Your creativity, professionalism and the quality of your work is what will make you stand out once you begin serving customers/clients.
If you decide to go to college and study architecture or go for an internship first to see if that's really what you want, keep an open mind. Be focused on training, certifications and licenses that put your skills above the competition. You got this!
Updated
Kim’s Answer
Javier,
Stating it in an over-simplistic manner, labor and wages are based on supply and demand. So, if there is no demand for someone with a Master's degree in Food History, they aren't going to be able to ask for a high salary. Some degrees involve placing yourself at higher risk. For example, surgeons can face lawsuits for medical malpractice much easier than family doctors. Some degrees require mastering a lot of specialized knowledge, such as law. Some do not.
Wages at all levels depend on what an employer is willing to pay, and what a worker is willing to accept. For example, even though minimum wage is $7.75/hr, here in San Antonio, if an employer wants someone who is dependable, shows up, on time, calls-in if they can't make it, etc, they know they need to pay at least $10/hr.
There are many other societal factors involved. Jobs that are historically "women's work" tend to pay less than jobs known as "men's work." Examples are teaching and social work.
Why do athletes get paid so much? I don't rightly know!
hope this helps!
Stating it in an over-simplistic manner, labor and wages are based on supply and demand. So, if there is no demand for someone with a Master's degree in Food History, they aren't going to be able to ask for a high salary. Some degrees involve placing yourself at higher risk. For example, surgeons can face lawsuits for medical malpractice much easier than family doctors. Some degrees require mastering a lot of specialized knowledge, such as law. Some do not.
Wages at all levels depend on what an employer is willing to pay, and what a worker is willing to accept. For example, even though minimum wage is $7.75/hr, here in San Antonio, if an employer wants someone who is dependable, shows up, on time, calls-in if they can't make it, etc, they know they need to pay at least $10/hr.
There are many other societal factors involved. Jobs that are historically "women's work" tend to pay less than jobs known as "men's work." Examples are teaching and social work.
Why do athletes get paid so much? I don't rightly know!
hope this helps!