Applied Research Project

Ben Durham
CNS 220 Assignment
Wake Forest University
 Cost of Living Expenses

Average Expense PHILADELPHIA NEW YORK CITY

Rent (2 bedroom) $1,484.00 $3,257.00
Utilities $147.30 $190.00
Monthly Groceries (for 1) $355.00 $396.30
Health Insurance $281.84 $359.66
Car Payment $479.00 $499.00
Car Insurance $134.00 $109.00
Parking Garage $230.00 $329.00

Average Total Monthly Expense $3,111.14 $5,139.96

Sales Tax by City

Sale Tax Philadelphia, PA New York City, NY

State Rate
6% 4%

City Rate
2% 4.5%

Metropolitan Commuter 0.375%

Transportation District Tax -

Total Sales Tax

8% 8.875%
Average Salary by City & Education Level

$122,100

$85,900 $82,300

$54,900

Undergrad Graduates
Salary Data

Undergrad Salary is based on:

- having a BS/BA degree from Wake Forest
- less than one year work experience
- average salary in a particular city (PHL or NYC)
Graduate Salary is based on:
- having a graduate degree from Wake Forest
- 1 to 5 years work experience
- average salary in a particular city (PHL or NYC)
Conclusion
When comparing the job market and cost of living for a financial advisor career in both
Philadelphia and New York City areas, we can conclude:

Average salary is 57% higher for undergrads and 68% for graduates in NYC; However,
cost of living is 60% higher in NYC than in PHL; a difference of $2,028 in expense
monthly
After expenses and earnings are computed, NYC only pays $3,000 more per year than
PHL
Sales taxes are slightly higher in NYC
Generally speaking, a $55K salary in PHL would be equivalent to a $98K salary in NYC
Having a graduate degree could pay off; WFU graduate degree cost around $60,000-
80,000, but would potentially increase average salary by 60-70%
There are a variety of factors that are as important as the size of the paycheck. For
example, cost of living, location, opportunity and growth can have a tremendous
impact on ones choice and outcome.
 Other Job Titles and Average Earnings Associated
with Graduate Degree

Financial risk analyst: $83,545

Actuary: $80,029
Operations Research Analyst Manager: $146,456
Econometrician: $91,900
Data Scientist: $118,709

Economics graduates with advanced degrees can expect to earn a

Medium Salary between $85,000 and $150,000
Reference
"Cost of living: How far will my salary go in another city?"CNNMoney. Cable
News Network, n.d. Web. 15 Apr. 2017.
"Cost of Living Calculator."Bankrate.com. N.p., n.d. Web. 15 Apr. 2017.
"7 Most Lucrative Master's Degrees Series: Economics | Kaplan Test
Prep."Grad School Insider. N.p., 03 Sept. 2015. Web. 17 Apr. 2017
"PayScale Tools & Calculators."Salary Report. N.p., n.d. Web. 14 Apr. 2017
Salary Calculators for HR and Job Seekers. N.p., n.d. Web. 15 Apr. 2017.