Managing future income risk, I believe, all starts from the day you are born. Every decision made in life, affects where you will be in the future. Some of the biggest factors are what your major is, activities and organizations you are apart of, and your location.
The University of Illinois has a great career services, which has what seems like an unlimited amount of resources for students to search career opportunities. With all these resources, what makes a student qualified for a job? Certain requirements include GPA, major, location preference, courses taken, and many others. If you do not have one of the qualifications that a job requires, applying for the position could not be a possibility for you anymore. So ultimately, your decision to not take a class or to pick a certain major could be the reason why you are or are not qualified for a certain job.
At U of I certain majors are more heavily recruited; for example, an accounting major. U of I has one of the most prestigious accounting programs in the world and because of that, all of the best accounting firms do whatever they can to recruit and hire as much U of I graduates as possible. The Big Four (PwC, Deloitte, KMPG, & Ernst and Young) have dedicated so much time at the College of Business and donated so much money to make sure that the College of Business does a good job marketing their companies so that every accounting graduate wants to work for one of the Big Four.
I have a friend who graduated from U of I in May 2013 with a Masters Degree in Accounting. When he described his recruitment process for how he obtained his current job at PwC, (with a very nice salary) he explained it as “very easy.” He interned for PwC for two summers in a row and said that he expected nothing less but than to receive a full time job offer from them. He explained that the reason it was so easy is because being an Accounting major at U of I, having a GPA over 3.5, and being personable are the 3 things that any accounting firm is looking for and will hire almost without a doubt.
It was interesting to hear about how “simple” his process was in comparison to the struggle that other U of I graduates with different majors face to land a full time job. He made it sound too easy and almost unfair. From my perspective, he was working for that job offer for three years. He chose a difficult major, was able to maintain a great GPA, and sacrificed his summers to intern at an accounting firm instead of the typical life guard job that most students have over summers. He sacrificed a lot to make sure getting a full time job was easy. He managed his income risk by doing all the work beforehand to guarantee the results and the income that he wanted.