You have chosen biology as your college major because you would like to be a medical major. However, you find that the probability of being accepted to medical school is about 10 %. If you are accepted to medical school, then your starting salary when you graduate will be $300,000 per year. However, if you are not accepted, the you would choose to work in a zoo, where you will earn $40,000 per year. Without considering the additional years you would spend in school if you study medicine or the time value of money, what is your expected starting salary as well as the standard deviation of the starting salary?

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Long Term Career Development

Long-term career development is the process of selecting a career, developing skills, and molding the career path in the long term. It’s a lifelong process of learning and decision-making that leads to obtaining one's desired job and lifestyle. Long-term career development takes time and effort to lead a successful career path.