As a career coach, one of the most common dilemmas I encounter among college students and their families is the consideration of changing majors. This decision is not just an academic or career pivot; it’s also a financial one. Understanding the implications and effectively strategizing can save both heartache and money. As a college student, I changed my major five times before settling on a path I felt good about. Thankfully, my changes didn’t result in financial hardship for my family because I changed a lot during my freshman and sophomore years. Also, I was fortunate to have the guidance of a sold academic advisor who kept me on a pathway that didn’t cost my family more money in the long run. 

Understanding the Costs

Changing majors can lead to additional semesters or even years in college. This extension means more tuition and extra costs for books, housing, and other fees. Before making any changes, it’s essential to evaluate the financial implications. Some of my clients started their kids off at an engineering school, such as Georgia Tech, only to learn that their students would rather attend culinary school. Unfortunately, those credits don’t transfer. Some colleges have tuition locks, which guarantee the same tuition rate for continuous enrollment within a certain period. If a major change extends beyond this period, costs can increase significantly.

Start with Career Exploration Early

Encourage your child to start exploring potential career paths early in high school. Sophomore year is a good time to start this if you believe your student is on the pathway to a four-year college. Many assessments are available for career exploration, but I recommend the Birkman Method personality assessment.  This tool has a unique way of looking at the following:

• Personality
• Interests
• Ideal work environment
• Work Style

It takes data points from the assessment and compares them with the Department of Labor Jobs database to give a high school student a look at career options for their unique personality. The career options for the Birkman include job families that require four years of college and jobs that may require trade school or some other pathway. Utilizing these resources before the college years can prevent a family from making an investment that might not make sense for the student and their unique personality and interests. 

Utilize Academic Advising and Career Services

Every college has academic advisors and career services; these resources are invaluable. Encourage your child to make regular appointments to discuss their academic progress and career aspirations. These professionals can provide insights into which majors lead to viable careers and how certain majors can be versatile in the job market. Fortunately, I had a solid academic advisor in college who kept my focus broad enough that all the changes in my direction didn’t cost my family additional dollars due to lost credits. 

Consider Double Majors or Minors

If your child is torn between interests, consider the feasibility of a double major or adding a minor. This solution can be a way to pursue multiple interests without needing a complete shift later. However, it’s crucial to understand how much this will add to the workload and if it’s realistically manageable without extending their college tenure. I chose to major in Advertising in college and minor in Business. This dual major gave me access to traditional business-focused classes offered through the business school, while I completed most of my classwork through the journalism school. 

Evaluate the ROI of the New Major

Consider the return on investment (ROI) when contemplating a major change. Some fields may require further education for lucrative positions, which means more time and money. Discuss the potential earning power and job opportunities in the new field compared to the current one. This doesn’t mean your child should only consider high-paying majors, but they should be aware of the financial realities. There are many resources for looking at the ROI.  One solid resource is O-net, which provides oversight of the website mynextmove.org. This website includes information on hot careers and the outlook for a potential job. Here is a sample page for a marketing career path. Another great resource is salary.com. This website helps employees evaluate their worth based on job title and location. 

Strategic Course Planning

Before committing to a major change, review the course requirements for the new major. Identify any courses already completed that can fulfill requirements in the new major to avoid retaking similar courses. Planning can significantly cut down on unnecessary classes and expenses. Again, having an academic advisor that can help point you in the right direction is crucial. 

The Psychological Aspect

Changing majors is not only a financial decision but also an emotional one. It’s essential to support your child’s mental health during this time. Stress, uncertainty, and fear of making a wrong decision can be overwhelming. Ensuring they can access counseling services or discuss their worries can ease this transition. I took a pre-calculus class and immediately knew I didn’t want to concentrate on a major that required a lot of math. I knew in my heart that I was more of a writer than a mathematician, but I needed to explore my options to figure that out. I got stressed out taking difficult math classes because I didn’t enjoy math.

Engage in Open Family Discussions

Openly discuss the implications of changing majors with your child. Talk about financial limitations, expectations, and the realistic outcomes of their decisions. These honest conversations can align expectations and prepare for any necessary adjustments in college plans. I didn’t do a good job openly discussing my frustrations with my parents. Instead, I internalized a lot of my stress and fear. Thankfully, I found some great professors at the University of Georgia who helped me through my challenges. Still, in hindsight, I wish I had engaged in more discussions with my parents about the stress I was feeling as I changed my focus. 

Conclusion

Changing a major is a significant decision that impacts a student’s career trajectory and family finances. By proactively managing this process—through early career exploration, strategic planning, and utilizing available resources—you can help your child make informed decisions that align with their career ambitions and financial realities.

As families navigate these decisions, remember that the journey is as important as the destination. Supporting your child’s growth, learning, and interest changes is part of the educational process. By planning and communicating, you can help them make financially and personally rewarding transitions.

To understand the financial and academic implications of changing majors, schedule a complimentary consultation with J. Todd McCarty from Career Upside to get started today. He’ll walk you through a career enhancement process, enabling you to build a plan toward career fulfillment.