One of the best ways to eliminate student debt faster is to start off your career with a lucrative … [+]
The class of 2024 is waking up from graduation to realize they are in a financial black hole.
“The cost of college has steadily increased over the last 30 years,” notes recent Forbes research into student loan debt statistics. “In that timeframe, tuition costs at public four-year colleges grew from $4,160 to $10,740 and from $19,360 to $38,070 at private non-profit institutions (adjusted for inflation). As costs have risen, so has the need for student loans and other forms of financial aid.”
Unfortunately, the older you are, the thicker the shackles of college debt entwine. Noticeably, the Forbes research pointed out that those who are in their senior years are most likely to be encumbered with up to $100,000 or more of student debt. And the sad reality is that this ongoing vicious cycle is only getting worse. “Today, more than half of students leave school with debt,” the report said.
What if that cycle could be reversed? What if it was possible to graduate from college and start your career on the right foot?
Perhaps it would be better to consider making as much money as possible in the earlier years of your career, to get your student loan repayments off to a flying headstart, than to pay ludicrous fees in dribs and drabs for a lifetime.
If you’re graduating and setting your sights on landing your first job so you can launch a successful career, here are three entry-level jobs you might want to consider concentrating on so you can get out of debt faster (salaries extracted from Salary.com and Glassdoor):
1. Remote Software Developer/Engineer
By now, it’s probably a well-known fact that software development and software engineering are by far the most highly compensated careers globally, even when starting at the entry-level. Even from graduation, you can make up to $87,000, and then as you gain more technical skills and experience, go on to earning six figures annually.
Typically, software engineers and developers need degrees in computer science and even mathematics, but these days, hopeful developers are able to get their foot in the door through attending bootcamps and online training courses, and joining groups.
Average salary (after graduation): $85,000 to $128,000
Average salary range (with experience): $114,013 to $135,979
2. Remote Technical Product Manager
Careers within the project management profession (product, project, and program management) are very similar by nature and in some of their foundational principles, but there are some striking differences. Product managers tend to make the most money in the tech sector, or within finance/fintech, and healthcare, and they take the lead in paving the way for some of the world’s best innovations within these sectors, managing a team of developers and others involved with the creation and testing of the product.
Common degrees that are suitable for this career include business management and marketing (although you do not need a degree to be a product manager as you can start your career with a product management certification).
Average salary (after graduation): $91,204 to $116,958
Average salary range: $110,125 to $138,220
3. Remote Digital Marketing Manager/Marketing Analyst
Digital marketing is a highly lucrative industry to jumpstart your career in, and it can be rewarding and thrilling to see the results and positive impact of your marketing campaigns.
If you graduated with a degree in fields such as business management, marketing, advertizing, or even communications or psychology, you would be able to get your foot in the door in this career, as all these subjects are very much connected to successful digital marketing. You can work your way up in this field from junior level, or even decide to start as a digital marketing analyst and climb the ladder to more senior titles as you gain experience over a few years.
Average salary (after graduation): $100,498 to $132,448
Average salary range: $108,389 to $141,892
You can land a high-paying entry-level job without even needing a degree
Whether you decide to get a remote entry-level job as a software developer, technical product manager, or work in digital marketing, deciding on an entry-level job is one of the most important decisions of your professional (and financial) life. Even if you don’t have a relevant degree, you can still launch these careers through undertaking relevant training and certifications, many of which are free or reasonably priced compared to a four-year degree. Start your career right, and you won’t regret it.