Vocations · Professional Development · Career change

How deep is the dip,
and how long
until it pays back?

A move into a new field usually means months of lower pay before a better salary. Put both paths side by side, month by month, and see how much cushion the change needs and when it comes out ahead.

The career change income calculator

The worked example is a made-up move from retail management to web development. Nothing you type leaves this browser.

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What you get

Vocations · Professional DevelopmentFree

What you finish with
The income cost of the transition, the lowest point (the savings or borrowing the move needs), when the new pay passes the old, the payback time and the difference after the years you pick, with a year-by-year table.
Who it is for
Adults weighing a career change or retraining program, and job seekers comparing a lower-paid entry role in a new field with staying put.
Format
Browser calculator for a phone, tablet or computer, by touch or keyboard. Prints a summary; downloads a spreadsheet (.csv); export and import a file.
Access
Free. No account, no sign-in and nothing to install. Everything you type stays in this browser; nothing is sent to Caveat.
Where it lives
The Professional Development space in Caveat Vocations.
Support
Questions, a correction or a request: team@caveatacademic.com.

How to use it

  1. Type your current salary and usual raise.
  2. Count the months before the new salary starts.
  3. Add any income meanwhile and the one-time costs.
  4. Type a realistic entry-level salary in the new field.
  5. Read the lowest point: that is the cushion to save.

Run my numbers

How the impact is worked out

Two paths compared month by month from today.

The worked example: retail store manager to web developer9 months training$42,200pay given up + courseLowest point−$42,200savings the move needsPaid back3 yrs 5 morunning total at $0After 10 years$158,051ahead of stayingThe worked example: retail store manager to web developer9 months training$42,200pay given up + courseLowest point−$42,200savings the move needsPaid back3 yrs 5 morunning total at $0After 10 years$158,051ahead of staying
A career change dips before it climbs. The depth of the dip is the savings it needs; the payback time is when it has earned that back.

The dip

During training or a job search the new path earns whatever comes in meanwhile, while the old path keeps paying a full salary. The one-time costs land at the start. The running total of the difference falls until the new salary starts; its lowest point is how much savings, severance or borrowing the change needs.

The climb

Once the new salary starts, each month adds the difference between the two salaries, with each path’s raise every twelve months. If the new field starts lower but grows faster, the new salary passes the old one later; the payback month is when the running total is back to zero.

Sources

  1. U.S. Bureau of Labor Statistics. Occupational Outlook Handbook: pay, entry requirements and outlook by occupation (bls.gov/ooh).
  2. CareerOneStop, sponsored by the U.S. Department of Labor. Changing careers and training finder (careeronestop.org).
  3. O*NET OnLine, U.S. Department of Labor. Related occupations and transferable skills (onetonline.org).
  4. Consumer Financial Protection Bureau. Building an emergency fund (consumerfinance.gov).

The worked example is made up. Pay is before tax; benefits are not counted. Your entries stay in this browser. Support: team@caveatacademic.com.