17 Chapter 2: Economic value of individual programs SUNY WCC’s first Business program10 was established in 1962. In FY 2021-22, SUNYWCC enrolled 1,586 students in the program. Of these students, 208 graduated with an associate degree, five graduated with a certificate, and 126 completed workforce development courses. The remaining students were enrolled with the intent of returning the next year to finish their credential. Career outlook The Business program can lead students into a number of occupations, which may include accountants and auditors; market research analysts and marketing specialists; secretaries and administrative assistants; business operations specialists; and real estate sales agents. Many of the Business program students will enter Westchester County workforce. Using the regional number of annual job openings for these occupations (5,674) and subtracting the regional graduates who may fill these openings (378), we arrive at a gap of 5,296 unfilled positions.11 Alumni impact Former students of SUNY WCC’s Business program added $48 million in income to the Westchester County economy in FY 2021-22. This figure represents the increased wages collected by former students active in FY 2021-22 in the regional workforce as a direct result of their education, the increased output of businesses that employ these students, and the multiplier effects that occur. 10 The Business program is defined by the following CIP codes: Business Administration & Management, General (52.0201), Accounting Technology/Technician & Bookkeeping (52.0302), Administrative Assistant & Secretarial Science, General (52.0401), Marketing/Marketing Management, General (52.1401), Real Estate (52.1501), and Real Estate Development (04.1001). 11 Note that in the total headcount of regional program completers, non-credit or non-degree completions of other regional institutions are not included due to data limitations. Thus, the estimated gap of job openings may be overstated if other educational institutions offer similar workforce or professional development courses in Westchester County. Program completions at the associate degree level and below from other institutions in the county are reflective of FY 2020-21 and were reported to the IPEDS survey for the same CIP codes that represent SUNY WCC’s Business program. Business program Program-to-occupation metrics in Westchester County Number of occupations 46 Total jobs (2022) 94,227 Projected 10-year job growth +6.7% Job openings (2022)1 5,674 Job postings (2022)2 5,516 Median annual advertised salary (2022)3 $45,947 1 The job openings reported in this analysis are specific to students entering the workforce with an associate degree and below. 2 Job openings and job postings come from different data sources and can therefore differ from each other. They both provide insights into local employer demand. Job openings are from government data sources and, while lagged, can be more stable. Job postings reflect real-time employer demand but can have more fluctuations. The number of job postings lower than the number of job openings may indicate the fact that employers hire multiple workers using one job posting or that the education level is not specified in a job advertisement. 3 The median annual advertised salary is specific to job postings at the associate degree level and below. Alumni lifetime earnings increase and impact Lifetime earnings increase per graduate $433.8 thousand Total alumni impact in FY 2021-22 $48 million
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