According to The Ladders, an online job-matching site, what a person's name is affects how much they will be paid.
It turns out, the longer the name, the less money one is likely to make. For names longer than five letters, a person loses about $3,600 per year for each letter. A boy named Alexander, then, could expect to miss out on more than $500,000 over the course of a 40-year career.
But if Alexander went by Alex, things would change. Of all the nicknames people go by, only one nickname proved to earn less than the original name, and that was Larry/Lawrence.
Many are criticizing the study, though, and say that there are other things to take into consideration. CEO of babynames.com, Jennifer Moss, said many CEOs and high-earners are older, and popular names in the '60s and '70s were much different than the popular names of today.
"Some people say there are more Bobs who are CEOs. But, that was a popular name for boys in the 1960s, so they are now at that level in their careers," she said.
She also said the data should analyze specific socioeconomic and ethnic groups in different industries.
"The tech industry employs many people who have immigrated from India, for example," she said. "They commonly have longer names."
Moss said parents should not worry about how a baby's name will affect their income, and instead, worry about how a name will impact social interactions, as positive social interactions tend to lead to better career options.
She recommends that names be easy to spell and pronounce.
"I've seen Jennifer spelled with a 'g' and a 'ph.' That person is going to be spending the rest of her life spelling her name for people," she said.
Asking children about a potential name is also beneficial if a parent is worried about bullying.
And for those that wish to be unique, Moss said to choose something lower on the list of popular names.
But unique names need to be carefully considered, as some could have negative effects on the child.
"Pixie is cute for a child, but not a CEO."