The Class of 2024 is waking up from graduation to realize they are in a financial black hole.
2024 Remote Jobs That Pay $100,000+
Recent Forbes research into student loan debt statistics underlines the bleak landscape they now face. “The cost of college has steadily increased over the last 30 years,” the report notes.
“During that time period, the cost of tuition at public four-year colleges increased from $4,160 to $10,740 and from $19,360 to $38,070 at private nonprofit institutions, adjusted for inflation. As costs have increased, so has reliance on student loans and other financial aid.”
Escalating Debt Across Generations
Student debt is not limited to recent graduates; it touches people of every age. Unfortunately, the older you get, the stronger the chains of college debt become.
On the basis of research conducted by Forbes, older years are most likely to be chained with a heavy chain of student debt—up to $100,000 or even more. This vicious cycle just gets worse and worse.
This is where the right entry-level job can make a world of difference in accelerating the debt repayment process and setting the stage for success in one’s financial future. The three entry-level positions below have some of the higher starting salaries.
1. Software Engineer/Developer
- The average starting salary would go up to $65,000 to $75,000 per annum, depending on the location and company.
- Software engineers or developers design, develop, and then maintain software applications or systems. They find employment in a broad range of industries, from technology and finance to healthcare and retail.
- Important competencies identified to be associated with this position include programming languages, such as Java, Python, or C++, problem-solving capabilities, detail-oriented eye, and the ability to work in a team environment.
- More experienced software engineers, and those acquiring further developing skills, can progress up the ladder to senior positions such as a senior software engineer, software architect, or technical lead.
2. Registered Nurse (RN)
- Average Starting Salary: $60,000-$70,000 per annum (dependent on location, healthcare facility, and chosen specialty)
- The Registered Nurse organizes patient care, manages medication, and provides health-related education to patients and their respective families. They work in hospitals, private clinics, nursing homes, and other health institutions.
- Some of the significant skills learned include compassion, attention to detail, critical thinking skills, great communication, and the ability to work under pressure.
- There is potential for the RN to become an advanced practice nurse—for example, a nurse practitioner or nurse anesthetist—or to become specialty trained in areas like critical care or oncology, or to move into leadership roles such as nurse manager or director of nursing.
3. Financial Analyst
- Average Entry-Level Salary: $55,000–$65,000 per year (depending on the state, industry, or company size)
- Job Description: Financial analysts evaluate financial data, prepare reports, and make recommendations to guide an organization’s investment decisions. They work within the finance departments of corporations, investment firms, banks, and consulting firms.
- Skills Required: Analytical capabilities, attention to detail, financial modeling skills, proficiency in Excel and other financial tools, and excellent communication skills.
- Growth Opportunities: With greater experience, additional qualifications such as CFA, and higher education like an MBA, the financial analyst can progress to the positions of senior financial analyst, finance manager, or even an investment banker.
Keeping these factors in mind and weighing all of the pros and cons associated with each of the entry-level positions under consideration, make a decision that best serves your personal and professional expectations.
Keep in mind that very few people have a linear career path, so it is okay if interests change as goals change.
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