Your Income and Your Career

Sources of Income

• Wages, salaries, tips, and commissions• Entrepreneurship, or business earnings• Investment earnings• Government payments• Grants, royalties, and inheritances

Wages, Salaries, Tips, and CommissionsWages pay that is figured at an hourly rateSalary pay that is a fixed amount, regardless of the hours workedTip a voluntary payment that a customer makes to an employeeCommission a percentage of the total sale, paid to an employee instead of, or in addition to salary or wages

Entrepreneurship, or Business Earnings• Entrepreneur Someone who organizes, manages, and assumes the

risks of owning a business• Sole proprietorship a business owned by one person• Partnership a business with co-owners, in which both parties are

legally joined together• Corporation a business owned by a group of stockholders

Investment Earnings

• Investing committing money to stocks, bonds, or real estate in order to earn a financial return

Government Payments

• Financial aid for students• Social Security• Medicare• Medicaid• Unemployment Insurance• Aid to dependent children

Grants, Royalties, and Inheritances

• Grants payments or property given to people or institutions, which do not have to be paid back• Royalties a percentage of the sales in dollars paid to an author,

songwriter, or inventor when copies of his her creation are sold• Inheritance an amount of money, property, or an object of value,

given by someone who has died

Choosing your career

1. Daydream2. Make a thorough self assessment3. Gather career information4. Set a realistic career goal5. Make a decision6. Outline a plan of action

Research and write a short biography of a famous entrepreneur, such as Bill Gates. At least 1 typewritten page no more than 2 pages. Print legibly if written by hand.

Due by next Tuesday

Activity (optional)

Discover your personality type and ideal career.

Click on Careertest.net to take a career aptitude test.

After you complete the test, answer the following: 1. Write down your type description 2. List three careers people of your type tend to enjoy doing

• Analyze the relationship between various careers and personal earning goals.• Identify a career goal and develop a plan and timetable for achieving

it, including educational / training requirements, cost and possible debts.• Evaluate current advances in technology that apply to a selected

occupational cluster.

ActivityGo to Occupational Outlook HandbookExplore different aspects of occupations by clicking on the following tabs:• What workers do on the job• Work environment• Education, training, and other qualifications needed to enter the

occupation• Pay• Projected employment change and job prospects from 2012 to

2022• Similar occupations• Contacts for more information

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Financial LiteracySteven Pearson

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Occupational Group • Architecture and Engineering

Name of Occupation• Aerospace Engineer

Picture of Occupation

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What Aerospace Engineers do

• Aerospace engineers design aircraft, spacecraft, satellites, and missiles.

• In addition, they test prototypes to make sure that they function according to design.

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Duties

Aerospace engineers typically do the following:• Direct and coordinate the design, manufacture, and testing of aircraft

and aerospace products• Assess proposals for projects to determine if they are technically and

financially feasible• Determine if proposed projects will result in safe aircraft and parts• Evaluate designs to see that the products meet engineering principles,

customer requirements, and environmental challenges

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Work Environment and Schedule

• They are employed in industries where workers design or build aircraft, missiles, systems for national defense, or spacecraft. Aerospace engineers work primarily for firms that engage in analysis and design, manufacturing, research and development, and for the federal government.

• Aerospace engineers typically work full time. Engineers who direct projects must often work extra hours to monitor progress, to ensure that the design meets requirements, to determine how to measure aircraft performance, to see that production meets design standards, and to ensure that deadlines are met.

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Education• Entry-level aerospace engineers usually need a bachelor's degree.

High school students interested in studying aerospace engineering should take courses in chemistry, physics, and math, including algebra, trigonometry, and calculus.

• Bachelor’s degree programs include classroom, laboratory, and field studies in subjects such as general engineering principles, propulsion, stability and control, structures, mechanics, and aerodynamics, which is the study of how air interacts with moving objects.

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Licenses, Certifications, and Registrations

• Aerospace engineers are not required to be licensed at the entry level.• More experienced aerospace engineers, who assume more

responsibility, usually earn the Professional Engineer (PE) license. Licensure generally requires the following:

• A degree from an engineering program accredited by ABET• A passing score on the Fundamentals of Engineering (FE) exam• Relevant work experience• A passing score on the Professional Engineering exam

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Important Qualities

• Critical-thinking skills. Aerospace engineers must be able to translate a set of issues into requirements and to figure out why a particular design does not work. They must be able to ask the right question, then find an acceptable answer.

• Math skills. Aerospace engineers use the principles of calculus, trigonometry, and other advanced topics in math for analysis, design, and troubleshooting in their work.

• Writing skills. Aerospace engineers must be able to write papers that explain their designs clearly and create documentation for future reference.

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Advancement

• Eventually, aerospace engineers may advance to become technical specialists or to supervise a team of engineers and technicians.

• Some may even become engineering managers or move into executive positions, such as program managers. However, preparation for assuming a managerial position usually requires serving an apprenticeship under a more experienced aerospace engineer.

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Pay

• The median annual wage for aerospace engineers was $103,720 in May 2012. The lowest 10 percent earned less than $65,450, and the top 10 percent earned more than $149,120.

• A compensation study published by Aviation Week in 2012 found that average annual pay among aerospace engineers was $71,859 at the entry level.

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Job Prospects

• Aerospace engineers who know how to use collaborative engineering tools and processes and are familiar with modeling, simulation, and robotics should have good opportunities.

• Employment opportunities also should be favorable for those trained in computational fluid dynamics software, which has enabled companies to test designs in a digital environment, thereby lowering testing costs.

• The aging of workers in this occupation also should help to create openings in the occupation over the next decade.

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Similar Occupations

Industrial Engineers• Industrial engineers find ways to eliminate wastefulness in

production processes. Materials Engineers• Materials engineers develop, process, and test materials used to

create a range of products, from computer chips and aircraft wings to golf clubs and snow skis.

Mechanical Engineers• Mechanical engineers design, develop, build, and test mechanical

and thermal devices, including tools, engines, and machines.

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Contacts for more information

• For information about general engineering education and career resources, visitAmerican Society for Engineering EducationTechnology Student Association

• For information about accredited engineering programs, visitABET

• For information about licensure and current developments in aeronautics, visitAmerican Institute of Aeronautics and Astronautics