00:00is a human resource management degree or
00:02major worth it that's what we're going
00:04to be talking about today but before we
00:05get into that make sure to gently tap
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00:11we talk about personal finance college
00:12degrees careers and opportunities that
00:14are going to lead you to success and we
00:16also go over how you can avoid some of
00:18the common financial mistakes that so
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00:27an opportunity and with that out of the
00:29way let's jump right into it first of
00:31all what the heck is human resources
00:34well human resources or human resource
00:36management is going to be all about
00:38taking care of the company's most
00:39important asset which is of course its
00:42people so you're going to need a really
00:44in-depth understanding of labor laws of
00:46course but you're also going to have to
00:47be really good at communication as well
00:50as conflict resolution and with this
00:52degree about 6 800 people graduate every
00:55year so first let's go ahead and talk
00:57about salary or earning potential so
00:59according to pay scale if you graduate
01:01with a human resource management degree
01:03you would expect to make around 45 000 a
01:05year starting out and 74 000 in
01:08mid-career pay you can compare that to a
01:10really high paying degree or a really
01:12low paying degree and you'll see that
01:13it's kind of somewhere in the middle and
01:15probably on the lower side now two
01:17career paths you might go into is
01:18becoming a human resource manager or a
01:20human resource specialist hr managers
01:23according to bls are going to make
01:24around 116 000 a year and then one step
01:28down from that is going to be hr
01:29specialists and they make around 61 000.
01:32now some other career paths you might
01:33end up going down with this degree would
01:35be administrative services manager
01:37compensation and benefits manager or
01:39maybe a labor relations specialist now
01:42this is technically a business degree
01:44and when you look at the work life
01:46earnings aka how much you earn over an
01:48entire lifetime business related degrees
01:50tend to earn more than average so the
01:52average over a lifetime is 2.4 million
01:54and business degrees earn around 2.6
01:56million and then if you go into a
01:58business related profession then you'd
02:00make around 2.8 million however if you
02:02became a manager you'd probably make
02:04around 3.3 million overall hr is not
02:07going to be one of the higher paying
02:08business degrees but at the same time
02:10it's also not bad so i'd say it's
02:12probably a little bit above average so
02:14for this one i'm going to give it a
02:15score of 7.5 out of 10 when it comes to
02:18earning potential or salary next we're
02:20going to be talking about satisfaction
02:22and for this one i like to combine two
02:24different things which is meaning and
02:27job satisfaction so meaning is basically
02:29how much you think your job positively
02:31impacts the world in a significant way
02:33and then job satisfaction is just how
02:35much do you enjoy doing your job on a
02:36day-to-day basis so if your job was
02:38being a professional food taster and you
02:40just got to go around tasting food all
02:42day long you'd probably enjoy that a lot
02:44but it might be questionable whether you
02:46think it has high meaning whether it
02:48positively impacts the world so
02:50according to pay scale a human resources
02:52degree has a meaning score of about 54
02:55meaning 54 percent of people who
02:57graduate with this degree go into a
02:59career where they think their job
03:00significantly positively impacts the
03:02world compare that to a really high
03:04score like radiation therapy or a really
03:06low score like plastics engineering
03:08technology and you see here that it's
03:10pretty average maybe slightly above
03:13average when you look at a specific
03:15career like human resource manager you
03:17see that the meaning score jumps up a
03:18little bit to around 61 which again
03:21slightly above average and when you look
03:23at job satisfaction it's about 73 which
03:25is pretty good as well compare that to
03:27clergy which has really high scores
03:29across the board and parking lot
03:30attendance which is really low now just
03:32from personal experience i know several
03:34people who have gone into hr and of
03:35course it does depend on your
03:37personality but they seem to really
03:39enjoy it you would probably want to be
03:40someone who's outgoing here because
03:42you're going to be around other people
03:43pretty much all the time and this
03:45section of course is extremely
03:47subjective and a lot of the time it's
03:48going to depend on other factors that
03:50are outside of your control like the
03:52business you work for the industry you
03:54work in the people that you work with
03:56where you live etc so as long as you're
03:58not like toby from the office you're
04:00probably going to be good here no god
04:02please no no this one i'm going to give
04:05it a score of 8.5 out of 10. now when it
04:08comes to demand this is probably the
04:09most important one out of all the
04:11metrics because of the fact that it
04:12influences everything else a lot of the
04:15time it comes down to simple supply and
04:16demand if you learn skills that are high
04:19in demand chances are you're going to
04:20get paid more chances are the companies
04:23are going to treat you better you're
04:24going to get a lot more opportunities so
04:26you're going to have higher job
04:27satisfaction etc etc now with that being
04:29said human resource manager which is one
04:32of the common careers is growing at
04:34about 6 over the next 10 years meaning
04:37there's 165 000 jobs right now and
04:39pretty soon they're going to have 10 000
04:42new jobs created human resource
04:44specialists on the other hand is growing
04:45even faster at around 7
04:50000 jobs available already and that
04:52means over the next 10 years there's
04:53going to be 46 000 new jobs created now
04:56if you search monster.com for the
04:58keyword human resource management degree
05:01you'll see that around 28 000 jobs pop
05:03up this is pretty good and you can
05:05compare it to something that has
05:06extremely high demand like computer
05:08science or something that has really low
05:09demand like anthropology however there's
05:12one really really big problem here and
05:14that is you can get into human resource
05:16management with a bunch of different
05:18types of degrees in fact a lot of people
05:21end up getting social science or liberal
05:23arts degrees and their plan is to become
05:25a human resource manager or a human
05:27resource specialist so you don't
05:29necessarily have to get a human resource
05:31management degree in order to get into
05:33hr to me that's a really big red flag
05:36because even if it's not saturated right
05:39now there's a good chance it will be
05:40saturated soon because of the fact that
05:42all these other degrees can get into
05:44that particular career there's little to
05:46no barrier to entry there and so a lot
05:48of the time it might be a better idea
05:50for you to get a different degree and
05:51you'll always have that option on top of
05:53that business related degrees are known
05:55for being extremely flexible you can get
05:57a business degree and go into all kinds
05:59of different careers human resource
06:01management is one of the few business
06:03related degrees that kind of pigeonholes
06:05you to a specific skill set so don't get
06:07me wrong there are other career paths
06:09that you can go down but it's not going
06:10to be as flexible as if you got an
06:12accounting degree or a finance degree so
06:14for that reason i'm going to have to
06:15give this one a 6.5 out of 10 when it
06:18comes to demand next let's talk about x
06:20factors and that's going to be anything
06:22that we haven't talked about yet and i
06:24usually like to focus on skills
06:26flexibility and how easily something
06:28will be automated or outsourced now like
06:30i mentioned before over a lifetime
06:32business degree graduates tend to earn
06:34above average and there's a ton of
06:36different career paths that they can go
06:38into business degrees are great for
06:39combining with other types of degrees in
06:42order to make them more flexible and
06:44more marketable hr management is kind of
06:46a little bit of an exception here though
06:48sure you can combine it with certain
06:49other types of degrees like maybe
06:51psychology for instance but there's a
06:52lot of combinations that don't make a
06:54lot of sense now when you look at the
06:56skill itself of human resource
06:58management ziprecruiter shows that it
07:00has a score of about 34 out of 100. now
07:02to give context to that the highest
07:04score is going to be software
07:05engineering at 88 and one of the lowest
07:08scores is industrial sowing at eight and
07:10this is basically how much businesses
07:12out there are willing to pay people that
07:14have certain skills that doesn't
07:15necessarily mean that the skill isn't
07:17inherently valuable it just means how
07:19much businesses are willing to pay at
07:21this particular time in history and
07:23human resource management is definitely
07:25on the lower side here now luckily the
07:28likelihood of it being automated is
07:30extremely low about 0.6 chance another
07:34positive or you could maybe think of it
07:35as a negative depending on your
07:37perspective is that business related
07:38degrees tend to not be that difficult
07:41when i was in college i lived in a
07:42scholarship hall with 50 guys and they
07:45were pretty much people in every
07:46different type of degree path i can tell
07:48you the people who studied engineering
07:49physics were studying all the time a lot
07:51of the science related degrees were
07:53pretty tough too same with math however
07:55the business people were pretty much
07:57just partying and having fun all the
07:59time even during the weekdays so i know
08:02this is subjective everybody's got their
08:03strengths and weaknesses and their
08:05talents but i'm just thinking you know
08:07objectively speaking business degrees
08:09are not going to be as hard as some of
08:10the other ones so overall when it comes
08:12to x factors i'm going to give hr
08:14management a 6 out of 10. so some of the
08:17pros here are that it does have a
08:18relatively decent satisfaction rating if
08:21you are able to get a job the salary is
08:23also pretty decent especially if you're
08:24able to move up to those higher level
08:26positions and this is going to be really
08:28good for certain personalities there's
08:30some people that absolutely love hr cons
08:33here is that the workload can be
08:34stressful you're going to be dealing
08:35with a lot of conflict you're probably
08:37going to have to fire people as well as
08:39decide who you're going to hire a lot of
08:41the higher paying positions are going to
08:42require a lot of work experience and
08:44there's going to be a lot of competition
08:46because there's tons of other degrees
08:48that can go into the same career fields
08:50so overall i'm going to give this one a
08:54out of 10. it's viable you can
08:56definitely go into it and it can be
08:58great for the right person you want to
08:59make sure that you do your research know
09:01exactly what you're getting yourself
09:03into it might be a good idea for some
09:04people to just take extra classes in hr
09:07maybe minor in it or double major
09:09instead of fully just going all the way
09:11in and majoring in just an hr management
09:13degree this way if you end up going into
09:15hr that's great but you're also going to
09:17have some more flexibility you're going
09:19to have other choices just in case you
09:21change your mind now if you want more
09:22help doing research on the right college
09:24degree for you and you don't want to
09:25wait for my video to come out check out
09:27my patreon down below where i have the
09:29college degree ranker version 1.1 in my
09:32opinion this is the best resource for
09:33college degrees that's ever been created
09:36i know that sounds dramatic but i worked
09:37really hard on this and pretty soon i'm
09:39going to be coming out with an even
09:40better version version 1.2 if you
09:43haven't done already go ahead and gently
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