If you want to make big bucks working in tech, you need to play your cards right.
There’s a reason why careers in tech have a good rap.
Between 2000 and 2018, Facebook, Microsoft, Alphabet, Apple and Amazon employed over 1 million people. Last year alone, the tech industry made a record-breaking $487 billion in retail sales revenue.
With that being said, you can’t buy a house in Silicon Valley by landing just any job in tech. Working in the tech industry can mean anything from selling iMacs at a local Apple store for $15 an hour to designing the user interface of the next hottest app for a yearly salary over $100,000. And the jury is out on what the future of tech jobs will look like.
The Bureau of Labor Statistics predicts jobs in computer and information research science will increase 22% by 2030. Other jobs, however, such as computer programming, are expected to decline by 10%.
A shaky economy also makes the outlook of tech jobs difficult to predict. Some journalists say the field is hiring like crazy while others say companies that over hired during the pandemic now face the challenge of having to let people go. There are also those who claim that, though tech companies are still hiring, new employees can no longer expect the same high starting salaries they would have once received.
But there’s cause for concern even for those who do have stable tech jobs. With the U.S. inflation rate hovering above 8%, money in people’s pockets doesn’t travel as far as it did a year ago. Don’t get me wrong — you can still earn a boatload of money working in the tech industry, but you won’t necessarily get it by making aimless decisions.
Here are three considerations to maximize your tech salary while minimizing the cost of success.
1. Skip the traditional college experience
Today’s workforce has the luxury of building their careers with more free help than ever before. Want to network with employees at your dream company? Add them on LinkedIn. Not sure what to wear to your next interview? Type the question into Google– or even ask Alexa!
In addition to helping people navigate the daily vicissitudes of the workforce, the digital era has also created significant learning opportunities – many of which you can access for free.
Online learning platforms such as Coursera and edX have exploded in the past decade, giving people the opportunity to explore new skills and topics anytime and from anywhere.
Universities’ reliance on virtual learning models during the pandemic has shifted classroom norms, as 73% of college students report that they are open to taking some of their courses in a fully online format. Completing college courses and degrees through online platforms has become just as legitimate as getting your degree the old-fashioned way. On average, it’s also $10,776 less than attending in-person classes at a public university for four years.
Although, chances are you can probably land a solid job in tech and skip the four year degree altogether. More companies — especially those in the tech industry — are eliminating degree requirements to widen their talent pools. Interested candidates must instead show they have the skills and competencies required for a position, which often come in the form of certifications, apprenticeships, associates degrees and experiences.
Online education platforms such as General Assembly offer immersive courses that teach students skills in data analytics and software engineering. By the end of 12 weeks, students leave with enough information to launch a career in tech in a fraction of the amount of time it would take to complete an undergraduate degree. For those looking to develop the skills needed to quickly launch a career in tech, completing an online course or certification is a great option.
2. Remember that not all tech jobs are created equal
Do your research before deciding which tech path you want to pursue. With so much talk about the metaverse and another iteration of Apple’s thinnest MacBook, it can be easy to develop wishful thinking about the tech industry’s outlook.
But remember — the demand for tech jobs isn’t equal across the board. You don’t want to invest time and money to learn skills that become automated. Taking the time to learn the outlook of different tech jobs will help you choose something that will still be relevant down the line.
Also take time to research the tech jobs that are currently in high demand. Currently, the tech industry is in need of:
- Database administrators and architects
- Information security analysts
- Software developers
- Network and computer systems administrators
- Computer programmers
- Web developers
- Computer and information systems managers
- Systems analysts
- Help desk and desktop support professionals
- Network/cloud architects
3. Rethink your location
Improving your financial wellbeing ultimately comes down to two things: how much you make and how much you spend. Where you choose to live impacts both of these things.
A study by CodeClan determined the best cities to pursue a tech career based on their average salary, cost of living, number of tech companies and jobs and average broadband speed.
Bern and Zurich in Switzerland took the first two spots on the list, respectively. However, if you’re looking for something a little more local, here are the top cities in the U.S. where ajob in tech will get you more bang for your buck.
- Atlanta
- Washington
- Seattle
- St. Louis
- Pittsburgh
- Miami
- Minneapolis
- Boston
- Dallas
- Houston
A successful career is no longer just about what you do, but how you do it, and tech is no exception. Think carefully about which skills you want to develop and how you strengthen them. Reconsider where you apply for jobs. In the long run, these decisions can make all the difference.
