Career Progression Estimator

A Career Progression Estimator is a tool that models your potential salary growth over your entire working life, from starting your career to retirement. It goes beyond simple annual raises by factoring in career stages—early, mid, and late—where salary growth rates typically differ, as well as the significant impact of promotions and career changes.

The estimator divides your career into distinct phases. It applies a higher growth rate during the 'Early Career' phase when skills are developing rapidly. The 'Mid Career' phase assumes a more moderate, steady growth, while the 'Late Career' phase often has the slowest growth. The model compounds your salary annually and allows for step-change increases from promotions at specified intervals to create a realistic, long-term earnings trajectory.

• Your highest salary growth will likely occur in the first 10-15 years of your career. This is the critical period to focus on skills development, networking, and seeking opportunities for advancement.
• Mid-career plateaus are common in Australia. To break through, consider specialising in a high-demand niche, taking on leadership responsibilities, or pursuing further education to re-accelerate your earnings growth.
• Don't underestimate the power of job-hopping, especially early in your career. An external move can often secure a 10-20% salary increase, an amount that would typically take 3-5 years of standard annual raises to achieve internally.

• Use the estimator to visualise the financial impact of upskilling. If a certification could lead to a promotion 2 years earlier, you can model the long-term financial benefit.
• Compare different career paths. Model a scenario where you stay in a safe, steady role versus one where you take a risk on a new industry with higher growth potential.
• Plan for retirement by seeing your potential final salary. This figure is crucial for calculating how much superannuation you will accumulate and what lifestyle you can expect in retirement.