Playing sports in college is a demanding but rewarding experience. The games, the teamwork, and social life offer not only excitement, but also preparation for any field that values smarts, hard work, and collaborative skills. Naturally, many college athletes aspire to a professional career in sports, but multiple sources note that only 2% of NCAA athletes go on to play professionally at any level after college. The figures below show the probability of competing in professional athletics:¹

Football:                      1.6%
Basketball                   1.2%
Women’s Basketball   0.8%
Baseball                       9.9%
Ice Hockey                  7.4%

The percentage is similar for college tennis stars hoping for success on the ATP Tour. Equally, while college golf does offer a pathway to professional play, less than 2% will earn a place in the Masters. Only top ranked players earn major money, and golfers pay all their own expenses.

It’s also important to realize that for those skilled enough to make the cut, playing days in pro sports last only a few years—even if one escapes injury or other event that could take one out of the game.  The average length of career in the NFL is 3.3. years² (a running back is just 2.57), in the NBA 4.5 years, and 5.6 years in the MLB.  Most pro athletes retire by age 33. Thus, for college athletes, academics are important in order to be prepared for alternate careers that are financially and personally rewarding.

While some college students may be savvy about handling money, many are not. Only 21 states require a personal finance curriculum for high school students and just 25 mandate that students take an economics course.³  But creating a plan while in college can shape long-term financial health, whether for NIL money, as a highly paid pro athlete or a brilliant entrepreneur. By learning to create a budget, manage debt (e.g., school loans), and invest wisely, students can set a solid foundation for the future.

Whether or not a student achieves a career as a pro athlete or remains a passionate amateur while pursuing a different profession, a financial planning professional can be invaluable in creating a road map for making choices that will pave the way to building wealth and ultimately, to financial security and overall well-being.

1. www.exactsports.com/how-many-ncaa-players-actually-go-pro/
2. x.com/BusterScher/status/1765910370030375084?lang=en
3. www.councilforeconed.org/wp-content/uploads/2020/02/2020-Survey-of-the-States.pdf