I. Compensation Personal Application Report

Overview

This is your opportunity to get a head start on your future and apply concepts we are studying in class. There are several components to this assignment. This report should be approximately 3 pages in length including the budget (which should be in a table form or excel spreadsheet) and a reference list. Be sure that your paper is professionally presented with sub-headings, page numbers, and appropriate font size (12 inch font with 1 inch margins is standard) and appropriate color ink (black). Avoid providing extraneous information or exceeding required page length or your paper will be docked points. This is a business report so a high level of professionalism is a must. I highly recommend that you create a rubric or check-sheet for yourself and proof-read before you turn this report in to me. Again, before you turn this paper in, please ask yourself is this my best work? Would I be proud of this report if I turned it into my boss at my dream job?

How to write this report

First, research the base pay of a desired and reasonable first job after graduation using at least FIVE different sources. Consider almost any reasonable entry level job that you will be interested in obtaining after graduation. Although www.payscale.com or www.salary.com are good starting places, you need to go beyond and look for respected salary surveys done by professional organizations, magazines, and internal organizations. Another good source may be an informational interview with a respected and knowledgeable professional in your field. Please note, if you will be going to graduate school right away, then please do this assignment as either a first-year graduate student working as a research assistant or as a new professional in your field.

Second, create comprehensive budget for your anticipated expenses. Be sure to include a minimum of 10 different categories (i.e. rent, automobile, clothes, etc.) You may find it helpful to speak with recent alumni, your parents, or professionals in your field for help in determining accurate costs.

Third, you must include a detailed tax breakdown so that you can see what you will actually take home in your paycheck (in other words be sure to show your net pay in addition to your gross pay). Be sure to show the complete tax bite (you may find www.paycheckcity.com or www.salary.com to be useful in performing these calculations).

Finally, you must include a reference list with complete citations of your sources for complete credit. You must include a minimum of five different sources (APA or MLA style ok).

Please note that these reports will be reviewed by TurnItIn