The tech industry has faced an abundance of change in the past few years, from the coronavirus pandemic and the Great Resignation to the continuous labor shortage. Now more than ever, technology professionals are in high demand, and with such a competitive market, salaries are rising.
A Look at The Numbers
When looking at bootcamp graduates specifically, the starting compensation has steadily risen with the continued talent crunch, competition in the local market, and inflation. However, the increases are less than the general salary inflation of 4% to 12% for the industry. Nonetheless, code school graduates are extremely competitive and in high demand, with an average of one to two offers within the first three months after training. In 2022, the starting compensation for students graduating is $73,292, compared to $65,236 in 2021.
Momentum Graduates Succeed
Bootcamp hires progress in their careers at a fast rate, especially those who graduated from Momentum. After three+ years post-graduation, salaries increase an average of 41%. The median salary of Momentum graduates who have been working in tech between two years and 35 months after graduating is $90,000, while the median salary of Momentum graduates who have been working in tech for at least three years after graduating is $91,750. This salary growth shows the effectiveness of bootcamp graduates. Career changers and non-traditional hires are able to get up to speed quickly, add value, and progress upward in an organization.
As the new year quickly approaches, most companies are narrowing their budgeting and talent search plans for next year and considering ways to innovate and diversify their teams. If you are considering a career change to tech, now is the time to do so, and Momentum is ready to help you on your journey.
For companies, Momentum can help you make the transition from a reactive hiring process to a more proactive, predictable, and cost-effective approach. We are ready to serve as your technology training partner with courses in software engineering, agile process, and adjacent skill demands. To learn more about Momentum’s offerings, contact our team today.