Dreamwork: What do I need to know as a Counselor about helping for a career?

by 

Antonis Antoniou

What major shall I choose? What career to pursue? What my job will be? I will guide you in this article based on a huge study that was made in the US and adopt as much as possible to what applies in our country.

 

To find a dream job, look for:

1.        Work you’re good at.

2.        Work that helps others.

3.        Supportive conditions: engaging work that lets you enter a state of flow, supportive colleagues, lack of major negatives like unfair pay, and work that fits your personal life.

 

The usual way people try to work out their dream job is to imagine different jobs and think about how satisfying they seem. Or they think about times they’ve felt fulfilled in the past and self-reflect about what matters most to them. Isn’t that a question almost all Counselors ask?

 

If this were a normal career guide, we’d start by getting the students to write down a list of what they most want from a job, like “working outdoors” and “working with ambitious people.” The bestselling career advice book of all time, What Color is Your Parachute, recommends exactly this. The hope is that, deep down, people know what they want.

 

However, the latest research shows that although self-reflection is useful, it only goes so far. You can probably think of times in your own life when you were excited about a holiday or party but when it happened, it was just OK. In the last few decades, research has shown that this is very common: we’re not always great at predicting what will make us most happy, and we don’t realize how bad we are. I have noticed that for some years, many students who study abroad return to Cyprus before finishing their degree. Why? They are studying abroad for a year or two, realize they can’t continue and start over again, mostly in private Universities. Most of the time in a different major. Why?

 

It turns out we’re even bad at remembering how satisfying different experiences were. One well-established mistake is that we often judge experiences mainly by their endings. Let me give you an example. If you missed your flight on the last day of an enjoyable holiday, you’ll probably remember the holiday as bad. Right?

 

The fact that we often judge the pleasure of an experience by its ending can cause us to make some curious choices. This means we can’t just trust our intuitions; we need a more systematic way of working out which job is best for us.

 

The same research that proves how bad we are at self-reflection can help us make more informed choices. We now have three decades of research into positive psychology -  the science of happiness - as well as decades of research into motivation and job satisfaction. I will try to summarize the main lessons of this research and explain what it means to find a fulfilling job.

Two commonly overvalued objectives for a satisfying career are:

·       High Salary: The pursuit of a well-compensated position.

·       Ease of Work: The desire for a low-stress job environment.

 

In 2015, CareerCast, a prominent job ranking platform in the US, evaluated professions based on criteria such as current and future salary prospects, stress levels, and work environment quality. According to their assessment, the role of an actuary - professionals who apply statistical methods to assess and manage risk, primarily in the insurance sector - was deemed the best job.

 

While actuaries generally report higher job satisfaction compared to the average, they do not rank among the most contented workers. Only 36% find their work to be meaningful, indicating that being an actuary may not be exceptionally rewarding. The CareerCast rankings, therefore, do not encapsulate the full picture. Evidence suggests that financial compensation and stress avoidance are not as crucial as often presumed.

 

The Paradox of Money and Happiness: The adage “money can’t buy happiness” contrasts with the common priority of higher pay when job hunting. When questioned about life improvements, more money is frequently the go-to answer.

 

The quality of research on this topic varies, but comprehensive economic studies provide a clearer picture. The consensus is that while money contributes to happiness, its impact is modest.

 

For instance, an increase in pre-tax income from 40,000 to 80,000 in the US correlates with a slight uptick in life satisfaction, from roughly 6.5 to 7 on a 10-point scale - a significant income boost for a marginal gain in happiness.

 

This finding aligns with anecdotal evidence of high earners who are nonetheless unhappy. Moreover, when considering daily well-being, income’s significance dwindles further. “Positive affect” - the feeling of happiness on the previous day - plateaus around 50,000, indicating no further correlation with everyday joy beyond this income level.

 

Similarly, the percentages of individuals reporting the absence of sadness or stress also show no significant increase past a certain income threshold. Recent findings suggest that daily happiness does rise with income, surpassing the $90,000 mark annually. However, this increase in daily happiness is less pronounced compared to overall life satisfaction. In a review of his earlier research, Kahneman observed a high frequency of near-maximum happiness ratings, which may have led to an apparent leveling off in the happiness-income graph, despite actual gains in happiness.

 

The connection between income and happiness could also be influenced by a third variable. For instance, good health might simultaneously boost happiness and earning potential. If this holds, then the actual impact of additional income on happiness is likely weaker than what the direct correlation implies. To put it into perspective, a household income of $90,000 is roughly equivalent to a single person’s income of $48,000 without dependents. To adjust these figures for personal circumstances, consider the following, all before taxes:

 

The $48,000 benchmark from 2009 (initial study) would be closer to $68,000 in 2024 due to inflation.

Add $25,000 for each non-working dependent you fully support.

Increase by 50% if residing in a costly city like New York or San Francisco, or decrease by 30% if living in a more affordable area such as rural Tennessee. Online resources are available for precise cost-of-living calculations.

Adjust upwards if you are particularly driven by financial incentives, or downwards if you prefer a more economical lifestyle.

Include an additional 15% to enable retirement savings or the amount you need to sustain your desired standard of living post-retirement.

 

As of 2023, the average college graduate in the United States is projected to earn about $77,000 annually throughout their career, while an Ivy League graduate might expect over $120,000. Consequently, if you’re a college graduate in the US or a comparable country, you’ll likely reach an income level where further increases have minimal impact on your happiness.

 

At the same time in Cyprus if we compare the rent prices and average utilities a third of that amount applies. So basically, we are talking about a $25,000 income and the Ivy League rule doesn’t apply. At the same time, the cost of dining out comes relatively close to the one of the States. That lays more pressure on the household income.

 

Are we happier in Cyprus? No need to answer. The questions to answer are simple. What work are you good at? Does that work help others? Will you find supportive conditions? Salary and easiness need to be evaluated at a second level. At this level aim for a good starting salary with a prospect.

Choose wisely!