Paper Chase: This Is What Veterans Return To
Housing starts numbered 1.14 million in April. That was up 20% from March and an all time high since November 2007.
There was no rate hike from the Fed coming from their June meeting stating the sluggishness from the economy was transitory. They specifically cited bad weather and slowdown at the ports as sources.
Summer travel is expected to be at an all time high due to a strengthening economy. 222 million travelers are expected this summer which is up 4.5% from last year.
The unemployment rate fell to 5.4% in April. and 4.7% for veterans. Still, it has been a difficult transition for some of our most recent veterans.
The unemployment rate for post 9/11 veterans is 6.9%and that number worse for women, blacks, and latino. A large part of the disparity is in employer misunderstanding of disabilities. 29% of veterans reported a service related disability, and up to 20% report Posttraumatic Stress Disorder (PTSD).
On the job, there is no doubt that veterans add value. They earn 11% more on average than their non-veteran peers.
The Military MBA (MBV) at The USC Marshall School of Business
The need for an MBA tailored for veterans has certainly been substantiated by the demand as tremendous interest has been shown via inquiries and applications. It is a one year (2 semesters) program, with classes every other Friday and Saturday. There are 40-50 students, all veterans, and tuition is $49,700. The student makeup of the program is 36% Army, 26% marines, 18% Air Force, 18% Navy, 2% Coast guard.
Veterans are already attractive MBA candidates with the technical skills in engineering and program management they already possess entering business school. The MBV program further allows them to develop leadership and program management skills.
Veterans also have a different style of leadership. There is a distinct and professional culture in the services. There is a certain way those from the military talk to one another and direct operations. Even varying opinions are doctrinally base; therefore, there is a tremendous amount of predictability in the military that is not transferrable to the civilian professional world.
The opportunity for hard, tangible skills such as statistics, finance and accounting are developed in the program, as these things are not emphasized in the armed services which are essentially nonprofits. The acquisition of these skills allow them to to stand out.
Many of the graduates do go into corporate roles, as many are reservists looking to advance in their already established civilian careers. Their most recent cohort has been more entrepreneurial, initially looking corporate, but becoming more start up focus as the MBV program exposes them to innovation with a focus on technology.
Return To Civilian Life
Service members are used to a steady paychecks and readily available military benefits. In many cases, this can allow them to build up savings better than the average American; however, other issues like credit can have them fall behind the civilian population. That’s why it’s important they seek out the remedies for these problems.
The Post 9/11 GI Bill covers up to 100% of tuition and fees for college, allows a monthly housing allowance, up to $1000 a year for books and supplies, and the option to transfer benefits to family members. The Leave No Veteran Behind program fills in where the GI Bill leaves off.
Credit is a big issue for a lot of veterans, so they should look to take advantage of favorable terms on home loans and no private mortgage insurance premiums. Additionally, there are programs to assist veterans with job training, small business loans, and franchising opportunities.
Credit Cards from the USAA, Pentagon Federal Credit Union and the Navy Federal Credit Union should be taken advantage of. In a time where rates are hurting people the most on credit cards, these institutions offer very favorable ones.
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