Choosing a college major is often one of the first major financial decisions in a young person’s life. While passion and aptitude should play leading roles, it’s natural to consider how future earnings differ across fields. Business, engineering, and computer science majors typically report high starting salaries, whereas arts and humanities graduates may take time to reach the same pay levels. This calculator lets you explore the long-term impact of different starting salaries and annual raises so you can weigh finances alongside personal interests.
The tool assumes your income grows at a steady rate over the course of your career. Mathematically, your total earnings for a given major are expressed as , where represents the starting salary, is the growth rate written as a decimal, and is the number of working years. This is a standard geometric series formula used to sum yearly salaries that increase by a fixed percentage.
While starting pay may dominate the conversation, growth rates play a crucial role over a long career. A field with rapid advancement can eventually eclipse one that started higher but remained flat. Try adjusting growth rates to mirror typical raises in your profession. Research from labor statistics agencies can provide average wage increases for various industries, though individual performance and economic cycles also affect the numbers.
Suppose Major 1 is electrical engineering with a $70,000 starting salary and a 4% annual raise. Major 2 might be journalism with a $45,000 starting salary but a 5% growth rate due to fast-paced media demand. Over a thirty-five-year career, the engineer earns × ((1 + 0.04)35 – 1)/0.04, totaling several million dollars. The journalist, despite a lower initial salary, may approach the engineer’s earnings if growth outpaces the difference. This calculator does the heavy lifting so you can compare scenarios in seconds.
Earnings are only one part of your career satisfaction. Some majors lead to flexible schedules, creative outlets, or opportunities to travel. Others may require long hours or frequent relocation. Consider work-life balance, job stability, and personal fulfillment alongside the financial output. Sometimes a slightly lower paycheck in a field you love is worth more than a higher income in a job you dread.
When you click “Compare Earnings,” the calculator displays each major’s estimated total earnings and the difference between them. If the gap is small, it might not be worth switching majors solely for income. But if one career path drastically outperforms the other, you may want to dig deeper into job prospects, required degrees, and growth potential. Use the numbers as a starting point for your research rather than an exact prediction.
The table below demonstrates how two majors with different starting salaries compare over time when growth rates vary.
| Year | Major 1 Salary | Major 2 Salary |
|---|---|---|
| 1 | $70,000 | $45,000 |
| 10 | $99,000 | $73,000 |
| 20 | $146,000 | $119,000 |
No calculator can perfectly forecast individual incomes decades into the future. Economic recessions, technological shifts, and personal choices like career breaks or graduate degrees influence earnings in unpredictable ways. Furthermore, these calculations don’t account for investment returns, bonuses, or career switches that might boost or reduce total income. Still, modeling your future finances gives you a clearer picture than guessing.
Consult reputable sources for median starting salaries, such as government labor departments or university alumni surveys. Reach out to professionals in your desired field and ask about typical career progression. Internships can also reveal whether the day-to-day work aligns with your expectations. Combining real-world insights with calculated projections helps you make a well-rounded decision about your major.
Another factor is the cost of obtaining your degree. Majors requiring specialized equipment or postgraduate study can be more expensive than programs completed in four years. Consider using student loan calculators alongside this tool to determine whether your eventual salary will comfortably cover loan repayments. Financial aid, scholarships, and part-time work during school all influence your bottom line.
Ultimately, the choice of major should balance passion, aptitude, and financial considerations. If you love a subject but worry about income potential, explore complementary minors or certifications that can enhance your job prospects. Conversely, if you choose a high-paying field solely for the salary, find ways to incorporate personal interests so you remain motivated. This calculator is one of many resources available to help you weigh the options and build a fulfilling career.
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