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Is Business a STEM Career?

Explore the connection between business and STEM careers. Learn about bright outlook occupations in accounting, actuarial science, business intelligence analytics, financial quantitative analysis, and risk management.

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Is Business a STEM Career?

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  1. Is Business a STEM Career? Fernando Miranda-Mendoza Raymond Tse Transfer-Mation Leadership Conference October 3, 2014

  2. What are STEM careers? There are eight STEM disciplines identified on the U.S. Department of Labor's O*NET occupational database: 1. Chemistry    2. Computer Science     3. Engineering     4. Environmental Science     5. Geosciences [Earth Sciences]     6. Life Sciences     7. Mathematics        8. Physics and Astronomy

  3. 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”

  4. 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: • Accounting • Actuarial Science • Business Intelligence Analytics • Financial Quantitative Analysis • Risk Management

  5. Accounting • 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. • 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.

  6. Accounting (2013 Wages)

  7. 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.

  8. Actuarial Science (2013 Wages)

  9. 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.

  10. Business Intelligence Analytics (2013 Wages)

  11. 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.

  12. Financial Quantitative Analysis (2013 Wages)

  13. 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.

  14. Risk Management (2013 Wages)

  15. Median wage comparison

  16. 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.

  17. Approximate cost of study(continued) • Additional costs: • Accounting: CPA exam costs approximately $3,000 • Actuarial science: Typically two preliminary examscurrently 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

  18. What does it take to move into a Business STEM career? • Mathematics and Statistics • Critical thinking • Computer skills • Interpersonal skills • Continuous learning

  19. 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

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