3 Degrees to Pursue to Achieve Financial Stability

by Melissa Brock | Apr 10, 2024 | Ask the admission office | 0 comments

Everyone in this world wants to become financially stable—the sooner, the better. Unfortunately, there’s no magic formula for becoming financially stable. Even Google can’t help everyone become rich fast. 

Spending less than you earn and saving as much money as possible might help to a certain extent. But in a world where the cost of living keeps increasing, saving more money than you spend may seem impossible. 

The right degree, however, can offer a pathway to stability and prosperity within a reasonable number of years after graduating. Here, we’ll discuss three degrees — an MBA, nursing and computer science degrees — that can pave your way to financial stability. 

Whether you’re a parent looking to change your educational situation or want to pass on some advice to your high schooler, let’s dive in! 

Key Takeaway

An MBA, nursing and computer science degree all offer financial stability through increased earning potential, job security, career advancement opportunities, access to benefits, networking and personal development. These degrees can equip you with the skills and credentials needed to thrive in today’s competitive job market.

What is Financial Stability?

What does it mean when we talk about “financial stability,” exactly? Sounds like one of those terms a stuffy old bank manager would talk to you about, doesn’t it?

The financial stability meaning refers to having control over your financial situation and can handle unexpected events or emergencies when they come up, meaning you don’t experience significant hardship or disruption to your standard of living. 

Financial stability means you may be able to:

• Navigate financial challenges like job loss or medical emergencies.
• Avoid excessive debt burdens that lead to an inability to meet financial obligations.
• Cover essential expenses with emergency savings.
• Stay afloat with consistent financial support.
• Create and stick to a budget.
• Make informed investment decisions and plan for retirement.

How a Degree Can Help You Achieve Financial Stability

Choosing the right degree can help you achieve financial stability, and that’s obvious, right? After all, the more education you have under your belt, the more you’ll earn.

However, a degree can help you achieve more financial stability in other ways, including: 

• Higher earning potential: It’s not just about how much you’ll make out of the gate. Individuals with higher levels of education tend to earn more over their lifetimes compared to those with lower levels of education. You’re also facing far higher career advancement job opportunities. 
• Job security: You’re less likely to face unemployment or underemployment with the right degree, especially during economic downturns.
• Access to benefits and perks: Some employers offer additional benefits and perks — retirement plans, health insurance, tuition reimbursement and bonuses. These “extras” can bolster your financial well-being.
• Networking opportunities: You can network! Being part of a network of peers, professors and professional alumni from your college or university helps tremendously, and is one of the fringe benefits of financial stability. In a way, you’ll always have someone who can “catch” you if you fall. If you lose a job, why not just dip into your network?
• Entrepreneurship: If you want to start your own business or pursue entrepreneurship, a degree can help you get there. You may be able to multiply your success and financial stability as an entrepreneur. 

Does a degree guarantee financial stability?

No. Plus, it’s important to consider factors like the cost of education, student loan debt (taking on tons of need-based student aid can affect you negatively) and job market trends when making decisions. However, pursuing the right degree for your situation, needs and personality will give you a better chance of success than never pursuing it at all.

Degrees to Consider for Financial Stability

The three degrees are likely ones you’ve already heard of. Why not consider a Master of Business Administration, nursing or computer science? Let’s take a look at each, as well as the potential salary you might earn in each field.

Degree 1: Master of Business Administration

Many executives believe that attending business school has contributed to their career success. Earning a Master of Business Administration (MBA) will contribute to yours. 

An MBA serves as a gateway to management roles and business leadership positions, which pay higher salaries than non-management jobs. Poets and Quants discloses that the average salary for MBA graduates in 2022, as reported by 17 business schools, was $147,648.

If you want to work in a management or business-related field, consider enrolling in an MBA program. This degree will equip you with a deep understanding of business principles and management practices. You will study a wide range of subjects in depth, including marketing, operations, finance and strategic management. 

MBA graduates possess strong leadership and decision-making skills, which make them valuable assets in both entrepreneurial and corporate settings. Many business schools even offer online MBA programs, which makes them suitable for working individuals. Opt for them if you cannot afford to enroll in a traditional in-class program. 

Degree 2: Nursing

Health care is the fastest-growing industry. It is predicted to create about 45% of all the projected job gains between 2022 and 2032. 

Health care workers — surgeons, physicians and registered nurses — are always in demand. However, of all health care workers, registered nurses (RNs) are in the most demand. That is because the U.S. will experience a shortage of RNs in the upcoming years. Why not pursue a degree in nursing and fill the positions of new or retiring nurses?

A career in nursing is not only fulfilling, but also offers financial stability. With a nursing degree, you can earn between $62,253 and $140,275. 

As a nursing student, you will be exposed to a diverse range of subjects, from the principles of nursing practice, patient care, and communication skills to responding to urgent situations. You can pursue your career as an RN in a variety of settings—clinics, hospitals, schools, and community settings. 

There are several paths to becoming a registered nurse. Some earn a Bachelor of Science in Nursing (BSN), whereas others opt for an Associate Degree in Nursing (ADN). Nowadays, many universities are offering an Accelerated Bachelor of Science in Nursing (ABSN). These programs are designed for people with bachelor’s degrees in another discipline. 

If you plan to switch your nursing career, go for the ABSN program. Quite a few nursing schools offer online accelerated nursing programs. Consider enrolling yourself in an online program if you’re a working individual. One significant benefit of online ABSN is flexibility. You can learn at your own pace and schedule without attending the traditional classroom every day. 

Finding the right program, however, can be daunting. As per Online ABSN Programs, accreditation, student support and clinical placement assistance are three criteria that you must consider to narrow your options. Go for an online ABSN program only when a university is CCNE-accredited, offers advisors or counselors and assists with placements. 

Degree 3: Computer Science

The demand for computer science is high in today’s digital world. If you are tech-savvy, you must definitely pursue a degree in computer science. This degree will equip you with a strong foundation in programming, algorithms, and problem-solving skills. Your knowledge will prepare you for diverse roles. 

A degree in computer science opens doors to an array of career opportunities in fields like cybersecurity, data analysis, software engineering and artificial intelligence. These fields, as the world embraces everything digital, are booming and will continue to in the future. 

For example, the median pay for a cybersecurity analyst is $112,000 per year. Their average additional cash compensation is $13,097. The average base salary of a data scientist, on the other hand, is $103,500 per year. 

Choose the Right Degree for You

The degree you pursue will have a significant impact on your financial stability as well as long-term success. So, should you go for one of these if you know in your heart that they’re not right for you? 

No. If you can’t stand the sight of blood or bodily fluids, you shouldn’t choose nursing just because you’ll earn a decent salary. Think through your talents, skills and natural tendencies so you can choose your options wisely. 

Whether you’re interested in business, healthcare or technology, there are plenty of degree options that can lead to financial stability and a rewarding career. Considering your passion, interests and long-term goals will help you choose a degree that aligns with your passions as well as position you for financial success. 

FAQs

Let’s look at a few frequently asked questions you may still wonder about with regard to pursuing financial stability. 

What should you do to reach financial stability?

There are endless possibilities for reaching financial stability, including creating a budget, building an emergency fund, paying off high-interest debt, investing in your retirement, diversifying income sources, maintaining insurance coverage, educating yourself on personal finance (including reading books!), setting financial goals and seeking professional advice when needed. Finally, the most important one of all: Practice disciplined spending and live within your means.

Do you need a college degree to be financially stable?

You can attain financial stability in various ways — college isn’t your only option. You can also pursue vocational training, skilled trades, entrepreneurship and other routes to achieve stability. Higher education can enhance opportunities, but it’s not the sole determinant of financial success.

What degree makes the most money?

Science, Technology, Engineering and Mathematics (STEM) field degrees typically bring home the most bacon, particularly in engineering, computer science and certain branches of medicine. Specific disciplines such as petroleum engineering, computer engineering, electrical engineering and medical specialties like orthopedics or anesthesiology often command higher salaries due to high demand and specialized skills. However, other factors come into the mix, including experience, location, industry and individual career trajectory.

What Does an Admissions Counselor Do? Demystifying the Role

by Melissa Brock | Mar 9, 2024 | Ask the admission office | 0 comments

It’s a Tuesday at 6 p.m. 

You head into the school gymnasium, where you see tables and tables of smiling admission counselors. You’re there with your teen, who looks overwhelmed. 

You know she’s thinking it too: “Where do we start? What should we ask? Do these admission counselors just tell people about the school they work for? Do admissions representatives make decisions? What the heck does that admission counselor do all day?”

If you wonder about any of these things, read on.

Key Takeaway

A college admissions counselor is your child’s resource, providing school information, aiding in visit scheduling, assisting with applications, explaining financial aid, and equipping you to make a college decision. They guide you through the college search journey, offering invaluable support along the way.

What is an Admissions Counselor?

An admissions counselor works in colleges, universities or other postsecondary schools. Their primary responsibility is to assist prospective students with the admissions process. 

Admissions counselors play a pivotal role in recruiting and enrolling students by providing information about academic programs, application procedures, financial aid options, campus life and other relevant aspects of the institution. They also typically offer the following:

• Relationships: If your child applies to a “reach” school, an admission counselor might have some sway with an admission committee. You want someone to go to bat for your child when you might need a little extra push, and a relationship with your admission counselor might be able to do that. 
• Advice: College and university admission counselors (unlike a school counselor) can’t set your child’s high school class schedule. Still, we can tell you what our institution might view more favorably if you aren’t sure which class (or classes) your student should take in high school. 
• Honesty: We’ll also be honest with you if you’re not the caliber of student who would succeed at the college or university we work for, which can save you a lot of time. We might not do general college application counseling, but we can tell you precisely what you need to apply to our institution.

A transfer admission counselor is a specialized type of admissions counselor specifically focusing on assisting students transferring from one college or university to another. These counselors work with students transitioning from a two-year community college, another four-year institution, or any other educational setting to a new academic environment.

The primary responsibilities of transfer admission counselors are similar to those of traditional admissions counselors but with a focus on transfer students’ unique needs and concerns. 

Some of their key responsibilities include:

1. Assessment of transfer credits: Transfer admission counselors evaluate transfer students’ transcripts to determine which credits will be accepted by the new institution and how they will apply toward the student’s degree program.
2. Providing information and guidance: They offer guidance to transfer students regarding the application process, deadlines, required documentation and any specific requirements for transfer applicants.
3. Assistance with academic planning: Transfer admission counselors help students understand how their previous coursework aligns with the requirements of the new institution and assist them in planning their academic trajectory to ensure a smooth transition.
4. Address concerns and questions: They address any concerns or questions transfer students may have about the transfer process, academic programs, campus life, housing and financial aid.
5. Transfer credit policies: They inform students about the institution’s transfer credit policies, including any limitations on the number of credits that can be transferred and the criteria for accepting transfer credits.
6. Facilitating connections: Transfer admission counselors often serve as a point of contact between transfer students and various departments, such as academic advisors, financial aid offices and faculty members.

The transfer admission process and timeline are different at every college. Talk with the transfer counselor at your child’s potential new college to learn about the transfer timeline. If your child comes from a different four-year institution, talk to the transfer counselor to see what steps they need to take to go through the transfer admission process. 

The documents needed as a transfer student may differ from those that first-year students need, which is why talking to a transfer admission counselor is key! Scholarships available for transfer students are often different from those offered to first-year students, so you can speak with a transfer counselor about that, too! 

Understanding the Responsibilities of Admissions Counselors

So, let’s dive in to understand exactly what admissions counselors do. 

Interviewing Prospective Students

When prospective students come to campus, an admissions counselor will typically be on hand to meet with them. Each part of the country is divided into territories, meaning that each student gets “placed” with an admissions counselor. When your child comes to campus, you’ll sit down with an admissions counselor to discuss all the opportunities, admission requirements, campus life and more. 

Many admission counselors are campus-based, so you’ll see them when you visit campus. Others are regionally based, meaning they live where they are recruiting students. 

Admission counselors like working with people, plain and simple. The relationships we can build with students (and families) we work with make our jobs fun and rewarding. 

Sometimes, high schools encourage (or require) prospective students to have an interview as part of their application or for scholarships. 

Admission counselors who do this have an idea of what they are looking for out of this interview, and your child may receive the information they need to review ahead of time, such as if something on an application stands out (either good or bad). 

I’ve said it before and will repeat it: Use the relationship you can forge with an admission counselor. 

Evaluating Recruitment Techniques and Data

Counselors follow the directives of the college or university to recruit their next class, and we ask questions like: 

• What was missing in our last class? 
• Did we enroll too many students into a certain program (if the college admits by program) or not enough students from a specific geographic area? 
• All these factors determine who the college will admit to the next year’s class (and maybe more pronounced at selective schools). 

Your child needs to let us know what you bring to the table that we don’t already have.

Making Admission Decisions

Different schools use different methods to determine admission decisions. Sometimes, it’s strictly a numbers game: if your student meets certain criteria, you’re in! Other schools view students holistically, which means they look not only at grades (and possibly test scores) but also at essays or personal statements, letters of recommendation, etc. 

Admission counselors are real people reading your application. We have emotions and experiences that we come in with, and a good essay or letter of recommendation can make a difference when reading an application! 

Don’t think the admission counselor is looking for a reason to deny your child; they’re looking for reasons to admit your child. Does your child’s application have grammatical errors or inconsistencies? 

Does your child have a GPA rigor on the transcript that the college is looking for? These are the things that stand out to admission representatives. Admission counselors who read applications read many (and sometimes don’t have time to pore over them), so you want to ensure that your child stands out for good reasons, not bad ones. 

Recruiting Students

Those of us in the admission counseling role work with prospective students and want to find students who will “find their fit” at the college or university we work for. It doesn’t serve anyone to admit students who won’t be successful and ultimately leave for whatever reason. 

Building a relationship with a student can show us more than simply reading an application, and it can be helpful for a student to see what life might be like at that college! 

Do you need a bit of hand-holding and can’t get someone on the phone to answer a question? That might indicate what being a student there is like, and it might not be what you need to be successful.

Different seasons in the year bring various responsibilities for admission counselors each year. If the school you’re looking at works on rolling admissions (reviewing applications as they come in) the timelines might be slightly different, but for the most part, the role of an admission counselor is seasonal.

Spring

During the spring, admission counselors ensure that high school seniors have all the tools they need to make a college decision. Talking through financial aid awards, ensuring their housing forms are in, setting up campus visits, and working admitted student events occur now. 

Most colleges have a May 1 decision date, so everything works up to that. 

In addition, we college admission counselors are switching to working with current juniors, traveling to high schools and spring college fairs to get information for the next class so that they can start figuring out their campus visits and narrowing down the list of colleges they are considering.

Summer

Summer is the most restful time in a college admissions counselor’s year. We will help tie up loose ends with the incoming class and maybe help with summer orientation and registration, but we’re also looking back at our incoming class to see if there are any trends and what could (or should) be changed process-wise for the coming year. 

Fall

Ready, set, GO! Fall is go time! 

High school visits, fairs and pushing applications from interested students are highest on the list of priorities. Many of us will spend more days on the road than in our offices during the fall. We get out and talk to your child and their school counselor to get as much information as possible about you — my favorite part of my job. 

Colleges and universities on rolling admissions will also release decisions after an application is reviewed, so your admission counselor will be reaching out to let you know what your next steps are after receiving your decision! 

Pro tip: Is writing not one of your strengths, or have you struggled, and your GPA isn’t the best? Talk to the admission counselor to see what elements are the most important in an application. 

Winter

Winter is review and scholarship time. For admission counselors who review applications, we will spend much of our time in the winter reading applications and working with students to go through their next steps. 

Some schools hold scholarship events in the winter months so that you can have a complete financial aid award (and understand it) before deciding where your child will land the following fall. 

How Admissions Counselors Work with High Schoolers

Your interactions with admission counselors will change throughout your child’s high school career as much as the schools they consider may change. What they want as a high school freshman will differ from what they prefer as a senior! 

Here’s a rough overview of what you can expect from an admission counselor throughout high school.

Freshmen and Sophomores in High School

As students are likely just starting to think about “what comes after high school” as freshmen and sophomores, they will probably have limited contact with an admission counselor. 

If you want to get out and visit colleges, do it! The more exposure you get, the less confusing this process will be later. 

You should expect follow-up from an admission counselor, but most communication will come from you, not the admission counselor.

Juniors in High School

Juniors receive more communication from colleges and their admission counselors. We want juniors to think more seriously about “what comes next.” 

You can expect admission counselors to encourage you to visit colleges, and you’ll find that many schools offer visit days specifically for juniors. 

Seniors in High School

As your child approaches their senior year in high school, you’re likely navigating the maze of college applications and decisions together. It’s a pivotal time, and I want to assure you that admission counselors are here to support both you and your senior throughout this process.

First and foremost, admission counselors are your partners in ensuring your child’s smooth transition to college. They serve as invaluable resources in providing information about various colleges, universities and programs. From admission requirements to application deadlines, they help demystify the college landscape.

Whether it’s discussing campus culture, program offerings or extracurricular opportunities, admission counselors help your senior find the best fit.

Moreover, admission counselors provide hands-on assistance with the application process itself. From deciphering application requirements to crafting compelling essays, they offer invaluable support every step of the way. They help your child put their best foot forward in presenting themselves to colleges and universities.

Financial considerations are also part of the equation, and admission counselors are well-versed in navigating the complexities of financial aid and scholarships. They provide guidance on available options and assist your family in exploring avenues to make college more affordable.

As standardized testing often plays a role in college admissions, admission counselors offer resources and strategies to help your child excel on exams like the SAT and ACT. They ensure your child feels confident and prepared when test day arrives.

Throughout the entire process, admission counselors serve as advocates for your child. They offer unwavering support, address any concerns or questions, and help your child overcome obstacles along the way.

As your child transitions from high school to college, admission counselors continue to offer assistance. They provide information on orientation programs, housing options and academic advising services, ensuring a smooth transition into college life.

Please use admission counselors as the resource that we are. We don’t visit high schools and college fairs just to hand out brochures. We want to know more about your child. The more we know, the better we can help guide them through this process. 

If you don’t need anything, that’s okay! If you do, it’s good to know you can always contact your admission counselor for help.

Do Admissions Counselors Make Decisions Regarding Admission?

Sometimes, yes! This is why your child should develop that relationship with admission counselors, especially if they’re looking at a school that might just be out of your child’s target academic range. 

If we have any pull with the admission process, we will certainly go to bat for your child (if we know them). 

The Role of Admissions Counselors Beyond Acceptance

In my position, I don’t stop reaching out once your child has been admitted. I’ll ensure that you stay on top of scholarship and financial aid deadlines, complete those next steps on time, and then help you ensure you have exactly what you need to make your college decision. 

The bulk of an admission counselor’s role involves working with prospective students, but it isn’t like a door is closed and students on campus never head into the admission office again. Developing a relationship with your admission counselor can lead to a job in the admission office when you enroll at a college or help you find your footing once you get to campus. 

Navigating Special Circumstances

The college admission process can be confusing, especially for first-generation college students. I’m here to help navigate you through the process and help whenever I can. 

The same goes for students needing accommodations to help level the playing field. Working with your admission counselor can be to your student’s advantage, as we can connect you to current students who were in similar circumstances not long before you. Plus, we’re generally more helpful than a Google search.

Tips for Parents in Supporting Their High School Students

I often say that the college search journey is like a road trip where students are the drivers. 

Are you (as the parent) sitting in the back reading, only looking up occasionally, or are you giving turn-by-turn directions (and occasionally grabbing the wheel in fear)? 

Most parents I work with are somewhere in the middle. Whatever your road trip style, you should feel like you can also build a relationship with your admission counselor. Reach out when you have questions because, in the end, we both want what’s best for your family. Think of us as your GPS. You can get turn-by-turn instructions interrupting the music from the minute you leave your block, or you can just use us when things are less familiar.

Common Misconceptions About Admissions Counselors

We admission counselors don’t usually have the final say about whether a student attends our college or university. 

We enjoy working with families and know that not every student we work with will choose to attend our school … and that’s okay! Our main objective is to develop a relationship with the students we work with so that even if your child doesn’t choose our school, you’ll have an experience that you’ll want to tell your friends and family about when it becomes their turn to go through the admissions process. 

From the first meeting at a college fair or high school visit to greeting you on move-in day, we, as college admission counselors, are your guide and advocate. We’re there for you when you have questions, including parent questions! 

My teenagers tell me I’m good at asking “mom questions,” and I get that what parents want to know is often quite different from what students think to ask. Asking questions can only help you and your student come to a college decision that is right for you… and you don’t have to stop asking questions just because your student has paid their enrollment deposit. 

If this has brought up more questions for you or if you’ve had a good experience with a college admission counselor, please share that in the comments section. So many people don’t know how to utilize a college admission counselor, so please let us know how you worked with yours! 

Choosing a college or university to apply to should be a fun process! If you can take advantage of attending a college fair (or several), you should! This is a great time to meet with admission representatives and ask questions. What questions should you ask admissions counselors at college fairs? Here’s our list. 

Don’t treat an admission counselor as a stranger. We want to help you through this process! It’s not about selling you a college or university (although yes, that’s part of it), but it’s about selling you the right college or university for your child. 

Written by Jen DiSessa, senior assistant director of admission at Central College. I worked with Jen professionally during my time there. She’s amazing!

Contact College Money Tips at [email protected] if you have questions about the college search process and achieving a debt-free degree.