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Project Overview

This project aims to compare the financial benefits between staying in full-time employment and obtaining a PhD to become a professor. Analyzing factors like salary increases, retirement age, and career prospects will help the individual make an informed decision. The team will use financial analysis techniques to evaluate the scenarios and present a comprehensive report.

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Project Overview

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Presentation Transcript

  1. Project Overview Personal Investment Options Benefit Analysis of Obtaining a PhD EGR 403 Team 5 Jon Estanislao, Fady Mina Muhammad Rahman,Oscar Villa

  2. Team Members & Roles

  3. Scenario • Full time Engineer with Masters Degree • Current Age: 30 • Current Salary: $75,000

  4. WORK FULL TIME Retire at age 65 -Assume 5% salary inc/year Qualifies for 401(k) OBTAIN PhD PhD: 4 years to obtain - Stipend of 35,000 during that time - Not eligible for 5% inc After PhD salary increases -8% salary inc/year Leave company at 50 and work for a University until retirement at 70. -Assume starting Salary of $85,000 with 3% inc/year Decision: Work full time until Retirement or Obtain PhD and retire as a Professor?

  5. Project Goal • To determine which career path is most economically beneficial to the individual in question. • To obtain a better understanding of the financial analysis techniques learned in class by applying them to real life situations.

  6. Resources • Internet Resources - www.howstuffworks.com - www.swz.salary.com • Literary Resources -Essentials of Engineering Economy Analysis • Additional Resources -Dr. Rosenkrantz

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