Applied Research
Project
Patrick Lydon
S
Which Job Should I Take (Finance
Major)?
S Entry level
Financial
Analyst in
Boston, MA
S Salary: $51,000
S Entry level
Financial
Analyst in
Charlotte, NC
S Salary: $43,000
Boston Average Living Expense
(Monthly)
S
Average Rent for One Bedroom
Apartment : $1,800
S
Monthly Grocery Budget: $325
S
Utilities: $75
S
Television and Internet: $50
S
Transportation: $75 Subway Pass
(Owning a Car is Impractical)
S
Health Insurance: $250
S
State Income Tax: 5.15%
How Does This Break-Down?
S
Monthly Income: $4,250
S
Subtract Income Tax: $218.88
S
Subtract Cost of Living
Expenses: $2,575
S
Total Usable Income After
Expenses in Boston: $1,456.12
Charlotte Average Living
Expense (Monthly)
S
Average Rent for One Bedroom
Apartment: $1000
S
Monthly Grocery Budget: $300
S
Utilities: $115
S
Television and Internet: $45
S
Transportation: $79 Subway Pass (Stay
Consistent with Boston)
S
Health Insurance: $245
S
State Income Tax: 5.75%
How Does This Break-Down?
S
Monthly Income: $3,583.33
S
Subtract Income Tax: $206.04
S
Subtract Cost of Living
Expenses: $1,784
S
Total Usable Income after
Expenses in Charlotte: $1,593.29
Factors Leading to Decision
Boston
Charlotte
S
Personal Affinity for the City
S
Greater cultural and social scene
S
Less Usable Income
S
More Usable Income
S
Higher cost of Living (28% more
nationally)
S
Low Cost of Living compared to
other cities (96 index according to
Area Vibes)
S
NACE Salary $49,070 (Starting
Pay is slightly more)
S
NACE Salary: $46,090 (Starting
Pay is slightly less)
S
More Dangerous living in Boston
S
Safer City
My Choice is…BOSTON
Graduate School
Possibilities
S
Graduate School and Finance
Majors
S
Graduate Schools in the greater Boston Area
that offer Finance Programs: Boston College,
Northeastern, University of Massachusetts
Boston, Bentley University and Boston
University
S
Boston College MBA Program: $22,760 per
Semester
S
Northeastern MBA Program: $63,236
S
Bentley University: $4,065 per Credit
S
UMass Boston: $15,557 per Semester
S
Boston University: $47,422 (Full Program)
Graduate School Impact on
Financial Analyst
S
According to NACE the average
entry level Financial Analyst
position across the country is
$47,000 a year
S
With a graduate school degree
the entry level salary is expected
to increase by as much as
$28,000 a year
Related Career Paths
S
Financial Advisor (32% of workers in the field
have graduate experience and experience is
encouraged)
S
Brokerage Clerk (Graduate School is not
Required)
S
Sales Agent (22% of workers in the field have
graduate experience)
S
Securities and Commodities Traders
(Graduate School is not highly necessary)
S
Accountants (Graduate School is highly
suggested for higher paying jobs such as CPAs
over 60% of workers in field have graduate
experience)
Pros of Graduate School
S
Graduate school offers people in
the financial sector nearly
$20,000 in salary boosts
compared to those with only
Bachelor degrees
S
Although expensive, graduate
school offers greater flexibility
and possibility in garnering
higher paying jobs and
progressing up the corporate
ladder
Conclusions from Applied
Research
S
I have learned invaluable information regarding financial planning. Although
Boston is not my final choice for possible living places in the future I have
gained the skills to do similar research moving forward.
S
While Graduate school is expensive the benefits both from a monetary
perspective and a satisfactory perspective make the initial investment
worthwhile.
S
Graduate school will allow me to pursue higher level jobs and greater
monetary success in the future.
S
My plan of action now is to look further into graduate school options and
began to plan for possible applications to graduate schools inn the future.