Career Arrows are Graduation Gifts. Some packs give it as an Arrow of
Light gift, but my plug is to wait until graduation for these reasons:
1) It hold the history of the boy's personal Cub Scouting career - a
symbol for each badge, arrowpoint, and rank achieved. It is possible to
earn more Webelos badges after earning the Arrow of Light. Many boys go
on to earn All 20 Webelos Badges.
2) Arrow of Light ceremonies don't always happen at the same time as
Graduation; sometimes the Arrow of Light is earned several months before
Graduation. A Webelos should be awarded his Arrow of Light soon after
he earns it, rather than waiting until graduation.
3) It's a little more convenient to plan around graduation, because
graduation month is predictable and is less likely to sneak up without
warning.
I have heard of three different ways to make a Career Arrow.
The one above is made wrapping colored embroidery floss around an arrow. Here are
INSTRUCTIONS
for the colors you could use to symbolize certain awards earned. There
are no official rules for the colors, though. These are just ideas.
Some people are handy with a paintbrush and paint the stripes on the arrow shaft.
If you have an affinity with your printer, a pair of scissors, and glue,
you could print tiny images of all the awards the Webelos had earned in
his career, cut each out, and glue them in order on the arrow. You can
find every Webelos badge, even, on the internet. This makes a visual
that's immediately understandable to the observer, and has its own
decorative look.
The idea is that every boy take something home from Blue & Gold. 
, Free rental.
Put inside the can a letter from the Cub Scout's parents, bishop,
den leader, and cub master. She also included a poem and a small token/trinket. 
The idea is that the Cub Scout receives
this can but cannot open it. There are only two conditions where the
boy can open it; 1. if the Boy receives his Eagle or 2. if the Boy
graduates from High school.
One
of the most memorable Pack Meetings I have attended was the summer of
1998 when the cubs hunted Dinosaur Eggs. The week before the pack
meeting the leaders made paper mache' dinosaur eggs.
A toy dinosaur was inserted through a flap door made in the egg after
the egg was painted. We always had our pack meetings outside during the
summertime. The eggs were hidden around the property before the boys
arrived. The first egg the boy found was his. 
