Survey finds recent high school grads expect to earn $90k/year by age 30.

[Hockeyguy15]

Originally Posted by Knalus

90k a year is not unrealistic - it's not like they are hoping to drive cars made of diamonds or something like that.

In 12 years time, 90k a year won't buy what it can now, and it actually should be average. What was the average 12 years ago?

Everyone hopes for more than they have, and almost always hopes for more than they can get. Considering this, 90k a year is pretty on target.


People who are claiming this is ridiculous are likely just a little jaded - as will be many of those high school kids when they reach 30.

Ok but if $90K in 12 years won't buy what it can now then they are still in for a rude wake up. They are expecting $90K a year in todays dollars, they are not including inflation.

Also if $90K a year is the AVERAGE salary and it doesn't buy what it does now then the economy is in for a world of hurt.

[Resolute 14]

Based on Macleans' salary tool, a $90k salary would put a person into the 92nd percentile in Canada. So, simply put, nine in ten recent high school grads will be mightily disappointed 12 years from now.

[macker]

Last year wages increased by 3% and CPI was at 3.2%


This should be required reading for anyone who thinks this way :
http://www.amazon.ca/Coming-Jobs-War.../dp/1595620559

One thing that will likely continue to go up much faster vs CPI is student loan debt as currently a Canadian graduate who borrows graduates with a debt of $37,000.

[ma-skis.com]

I don't think these kids are thinking about 90k being worth less in 12 years than it is now, They are probably thinking they will be making the equivalent of whatever 90k is now in the future.

Anyways, that number is probably just something they made up, you might as well ask them what age they think they'll get married or die or whatever else. It's all just speculation on a the part of a optimistic teenager. Not much to really be concerned over.

[Muta]

I'm two years from being 30. I wish I could make big bucks like that.

Dangit, you lucky O&G people!

[malcolmk14]

I have a BA in Communications, if I can get a job by the time I'm 30 I'll be happy!!

[squiggs96]

It's not just O&G. I hated that industry, so I went into real estate development. It was that or mining for me. There are many other industries too, although O&G in Calgary is by far the most lucrative.

[Tyler]

You guys want to make good money?

Work for the City. The pay, benefits and work-life-balance is great.

[Cowboy89]

Originally Posted by squiggs96

It's not just O&G. I hated that industry, so I went into real estate development. It was that or mining for me. There are many other industries too, although O&G in Calgary is by far the most lucrative.

How does the old saying go:

"A housing boom in Houston is an Oil boom in drag!"

Same could be applied to Calgary.

[SeeGeeWhy]

Originally Posted by Cowboy89

Actually in O&G in Alberta if your an engineer, geologist, finance/accounting (with some sort of designation), $90k by age 30 is below market.

EDIT: This is why I always laugh in the face of anyone who argues the 'Upgrade/refine all of our Bitumen here in Alberta' viewpoint. The high cost of labor really makes it tough to compete. Alberta incomes are high because the resource is here and it seriously makes it tough to compete on any value-added business that doesn't have to be done in Alberta.

Check out the spread in this report.. shows a widening gap between Alberta SCO and WTI.

http://www.scotiacapital.com/English...n/bnscomod.pdf

If that trend continues, might it make financial sense to upgrade and sell here?

[Ozy_Flame]

Originally Posted by Tyler

You guys want to make good money?

Work for the City. The pay, benefits and work-life-balance is great.

It's a great place, but it's not all it's cracked up to be. Unless you're in top management, you're unionized just like everyone else. I used to get in trouble for working overtime. I spent many hours donating my time 'for free' just to get my projects done.

[Slacker]

Oh no! I have 7 months left to reach $90k!

I think I'm doomed.

[Cowboy89]

Originally Posted by SeeGeeWhy

Check out the spread in this report.. shows a widening gap between Alberta SCO and WTI.

http://www.scotiacapital.com/English...n/bnscomod.pdf

If that trend continues, might it make financial sense to upgrade and sell here?

Greenfield projects are pretty expensive here and would require that trend to continue for enough time it takes to build and a good time afterwards. I don't see it.

[kirant]

To be fair, inflation means we just might reach it.

10 years from now though, I suspect my Engineering degree won't earn me that much...

[Tyler]

Originally Posted by Ozy_Flame

It's a great place, but it's not all it's cracked up to be. Unless you're in top management, you're unionized just like everyone else. I used to get in trouble for working overtime. I spent many hours donating my time 'for free' just to get my projects done.

It is what you make of it.

With the amount of turnover expected in the next few years, management is quite attaninable for most younger people.

Also.. you work in the union. You should know better than to work a minute more than you're legally obligated to. There's a reason you work for an hourly wage

[SeeGeeWhy]

Originally Posted by Cowboy89

In some cases, but for all of Alberta's bitumen? Greenfield projects are pretty expensive here!

Most definitely! Its just been very curious over the last three years how much the price of lower grade crudes have appreciated relative to their traditionally more valuable counterparts!

It never made sense to me to refine here when there is all this capacity in the US that is not being used... its a win-win. We get to attract investment to produce, we get to sell it to them. Sure we don't get the highest margin possible, but the cost for us to be able to sell at that higher price doesn't make economic sense. Not going to provide a lot of jobs doing that!

The Northwest Upgrader is an interesting case study that should do fairly well over its lifetime.

[Slava]

Originally Posted by Ozy_Flame

That's just it - Finance/Accounting, Engineering, or Geology, all in O&G. If you're not in one of those fields, good luck with that $90k by 30 plan. It's a lot more difficult to do it. I'm in the IT industry as a consultant, and that would be nice to make (guaranteed, anyway).

It's not difficult, but to make that money in Calgary you pretty much have to stick to O&G.

No you don't.

[Ozy_Flame]

Originally Posted by Tyler

It is what you make of it.

With the amount of turnover expected in the next few years, management is quite attaninable for most younger people.

Also.. you work in the union. You should know better than to work a minute more than you're legally obligated to. There's a reason you work for an hourly wage

That's just it - if they found out how many hours I was working beyond what the collective bargaining agreement said, I swear they'd break my legs!

[Ozy_Flame]

Originally Posted by Slava

No you don't.

Explain. I am making a generalization to some extent, but there is some truth to it. If you're talking about real estate, much of the purchasing power people have has an O&G foundation. It's the biggest cog in the Calgary wealth machine, and most cogs are interconnected.

[Slava]

Originally Posted by Ozy_Flame

Explain. I am making a generalization to some extent, but there is some truth to it. If you're talking about real estate, much of the purchasing power people have has an O&G foundation. It's the biggest cog in the Calgary wealth machine, and most cogs are interconnected.

Well I can't deny that the cogs are inter-connected in Calgary and truthfully no one can. I would say that if O&G were taken out of the equation then about 75% of the economy would disappear. That is somewhat irrelevant though.

There are a number of industries where you can earn over $90k/year that are not Oil and Gas. I work in one such industry (financial advisor) and there are lots of people I know who make more than $90k and work in industries totally separate from O&G. I know people in insurance, IT, etc. who all make more. Would we have work if O&G weren't here? I don't know....I wouldn't want to find out. But its not accurate to say that you have to in O&G to make that kind of money.