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Labour Analysis
1
Labour Market Analysis
Hilary Wong
Career Pathway
A Career Pathway
Graduate High School - Crofton House School
PSI - Western University
Total Cost ---> $109,906.94
Entry Level Job -
Research Industrial/Organisational Psychologist ----> $75,000
Career Progression-
Hospital Psychologist ----> $97,159
Post Secondary Costs
Western University
Cost and Salary Analysis
Salary + Cost Analysis
Salary + Cost of Living
Total University Cost - $105,106
Total Cost After Parental Financial Aid - $15,600
Entry Level Job - Research Industrial/Organisational Psychologist ----> $54,382
Entry Level Net Pay
Is It Worth It?
Is It Worth It?
With the support of financial aid, my entry level job net salary ($54,382) allows me to pay off my student loans ($15,600) within a year. With this information, I am ablr to determine that this career pathway can be worth it, given my net worth salary. If I were not given the finincial aid, I belive it would still be worth it worth it, even though it may take me an estimated time of 2 years to pay off my student loans. For my projected interest in becoming a hospital psychologist, the alternate pathways to getting there are very open, and allows for there to be many different ways to get there. I do not belive there is specifically another way to achieve greater success in being more financially stable. Compared to other entry level jobs I seeked upon finding this one, the salary of others were substancially lower, and therefor a less effective way to pay off my student loans.
BC Labour Market Outlook 2022
The graphs and projection of my interested field of work looks like it will be increasing in need and value/importance. It is projected that in BC, social workers are projected to have 3,300 job openings in 2022. As social workers are under the industry where I am interested in, it may apply to the future of my plans. In general, health care and social assistance have the highest growth of jobs opened by major industries.(Figure 4-1). The stigma of mental health has been decreasing and importance to value it continues to increase, therefore making the job outlook increase in demand.
Career Projections
Projection Graph
What trends are coming up in this sector that you may need to account for?
Trends
45% of jobs are estimated to be disappearing, due to machines and artificial intelligence. The collaboration between humans and machines in my field of work is a more realistic assumption, as humans have the emotional intelligence that machines do not, which is a primary skill in this job. With the increase in potential involvement of machines, it can be said that basic software skills can be a useful skill to have. I do not believe work in psychology can be replaced with machines and artificial intelligence, therefore the jobs are not negatively affected, and the ability to find jobs will not be negatively affected either.
BC Psychology
Training + Skills
Skills
1. Active Listening
2. Reading Comprehension
3. Social Perceptiveness
4. Critical Thinking
5. Speaking
6. Writing
Training, Education and Skills
- Completed Graduate Degree : Psychology (Arts) or Psychology (Sciences)
- Fulfill supervised practical experience requirements
- Pass a written jurisprudence exam and pass the written Examination for Professional Practice in Psychology (EPPP)
Advice
Ms. Cindy Neufeglise-Ross
Crofton House School - School Councellor
Mentorship Advice
1. There are options to do clinical psychology or clinical testing with many different types of groups (ex. kids, women, disabled people etc.)
2. There are lots of different types of people to work with, there are lots of options
3. Internships after University will help you figure out what you do not like
4. Research oppertunities allow for you to branch out and meet professionals
5. There are lots of different groups of people to learn from