Florida Banking October 2022

FLORIDA BANKERS EDUCATIONAL FOUNDATION

COLLEGE IS AN INVESTMENT THAT NEVER LOSES VALUE

BY LETTY NEWTON, DIRECTOR OF FLORIDA BANKERS EDUCATIONAL FOUNDATION (FBEF)

V alue is something we hear about every day: the value of stock portfolios, the value of real estate and the value of the dollar. Depreciation is so common that we accept the inevitability of the decline of value over time. There is one important exception to this rule, though: a college education. An undergraduate or graduate degree will always yield high returns. The Florida Bankers Educational Foundation (FBEF)

of $45,024. Workers with a Bachelor’s degree earn an average of $62,640 and those with a Master’s degree make an average of $74,160. With today’s tight jobmarket, employees are trying to do more than increase their salary; they are trying to remain competitive.The business world is changing rapidly, with more jobs requiring specialized skills and more education. Additional training is needed on almost every level of the business workforce as technology advances and work

understands the value of education and assists bankers across the state by providing forgivable loans to bank employees struggling to pay for college. Donations to the FBEF will allow us to continue supporting the development of bank employees and the creation of a more viable workforce for the future. The reality of higher education is that it is expensive and time-consuming. Many bankers question the benefit of spending years, as well as thousands of dollars, working toward a degree.The statistics show that, while the cost of a college degree does continue to rise, the value of a degree does the same. A June 2021 report by economist Elka

environments change. As banking continues to change, banks may find themselves with employees whose skills are not up-to-date or whose employment background in banking is limited. Job requirements in all areas continue to evolve, causing bankers to seek the skills and the knowledge that will allow them to remain employed, in turn helping banks avoid turnover costs. By enabling employees to bring their newfound proficiency back to the workplace, the FBEF is creating a win-win situation for both the employee and the bank. Please help us in our ongoing efforts to offer assistance to deserving bankers around the state

“ MANY BANKERS QUESTION THE BENEFIT OF SPENDING YEARS, AS WELL AS THOUSANDS OF DOLLARS, WORKING TOWARD A DEGREE. THE STATISTICS SHOW THAT, WHILE THE COST OF A COLLEGE DEGREE DOES CONTINUE TO RISE, THE VALUE OF A DEGREE DOES THE SAME. ”

Torpey, entitled“Education pays, 2020,”Career Outlook, U.S. Bureau of Labor Statistics, outlined the median usual weekly earnings for full-time wage and salary workers based on educational attainment. Using this information to calculate annual earnings, workers with a high school diploma and no college earn an average of $37,488, while those with an Associate’s degree earn an average

by making sure that your employees know about the FBEF and the financial assistance that we provide. The FBEF Scholarship/Loan Program provides funding opportunities for bankers who are pursuing their undergraduate or graduate degrees, need help paying for college, and meet FBEF application requirements. The FBEF also offers the Career Development Program

22 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING