Growth Trends for Related Jobs
For job seekers, determining the salary they will likely receive is an important step in the search. Fortunately, there are resources that display salary ranges, breaking down how much workers make in specific positions. Determining the salary at the midpoint percentage is sometimes straightforward, although in other cases some calculation is required.
Study a salary range chart. Various employment and job information websites provide these charts. You will need to find one that lists the percentage of people who earn a given salary in the chart.
Identify the salary at the 50 percent level. By definition, this is the midpoint percentage, so the salary at that level represents the midpoint or median of the range. This means that half of the people in the job earn less than the identified salary and half earn more.
Calculate the weighted average. In some cases, it may be difficult to determine the midpoint salary. For example, consider a chart divided into four 25 percent ranges. In this case, the midpoint salary isn't clear because there is a jump from one range to the next at the 50 percent level. Assume the salaries for the four ranges are $30,000, $35,000, $40,000 and $45,000. Multiply each salary by its corresponding percentage and add the results. In this case, the weighted average is $30,000(.25) + $35,000(.25) + $40,000(.25) + $45,000(.25), which equals $37,500.