Theft is a misdemeanor or felony depending upon the value or type of thing taken. Theft is typically trivial shoplifting. Theft involving a credit card or computer is a felony.
Theft has tremendous negative collateral consequence to careers. It carries social stigma. Minor theft charges end up being very serious theft charges because nobody hires a thief. Theft charges can be negotiated and settled to avoid a record. Theft charges can be paid off or worked off in a civil compromise or diversion agreement. Theft charges, properly handled, can avoid conviction upfront or be expunged to avoid impact to career.