Orcad Pspice and NI Multisim are both popular choices for circuit simulation, but preferences vary based on user needs. LTSpice is highly regarded for being free, lightweight, and unrestricted, making it a favored option among many users. The discussion highlights the importance of choosing software that aligns with future career goals and project requirements. Users are encouraged to consider their specific needs and the learning curve associated with each software. Ultimately, selecting the right circuit simulation software can significantly impact one's proficiency and opportunities in the field.