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Advice for 2020 Grads From a Millennial That Graduated in 2010

08.14.2020 by admin // Leave a Comment

advice for recent college graduate, advice for recent grads, advice for recent graduates, advice for graduates, career advice for graduates, financial advice for graduates

College graduation has come and gone. The pandemic, unfortunately, has not. It’s a tough job market out there for new grads. Glassdoor Economic Research found that new grad related job openings fell 68% in May from the same time last year. They also found that 7 of the top 10 companies attracting the most new grad applications are tech companies. This is no surprise since tech companies tend to offer high salaries.

It’s not just job postings either, good salaries are tougher to find during recessions as well. According to the National Bureau of Economic Research graduating in a recession leads to large initial earnings losses of about 9% of annual earnings in the initial stage eventually recede but don’t disappear until about ten years after graduation.

Don’t get discouraged by this news. While it’s tough, there are still ways to thrive. I graduated in 2010 and saw a lot of this first hand. We had less paid internship opportunities in college. Entry jobs didn’t begin opening up until much later. We also saw many of our friends who graduate a year or two above us get a job offer and then have it revoked, get laid off after only months of working or struggle to get that first job after graduation. Based on what I saw during the Great Recession and how we all took control of our jobs and our finances in the decade since here is my advice for graduates.

Be Prepared To Share Your Resume and What Jobs You’re Interested In At A Moments Notice

My top career advice for graduates is to always be prepared. Practice your 30 second elevator pitch on your background, what you’re looking for and how you add value. Always have your resume up to date, even if you’re content in your current job.

You know you need to prepare for a job interview, but how prepared are you for a chance encounter? While in person chance encounters are less likely during social distancing, they can still happen through word of mouth. Perhaps one of your parents, a relative, a friend or a neighbor hears of a job and contacts you. Will an opportunity land in your lap? It’s unlikely. But, if you tell people you’re looking for a job and put yourself in situations where you meet new people these types of chance encounters are more likely to happen.

These are the situations you need to be prepared for. If there is an opportunity, they’ll ask for your resume to share. They’ll ask about what types of jobs you’re looking for, so they can think about if they know of any openings.

Do have your resume always up to date. Do be clear with what you’re looking for. Don’t say you’re open to anything. By keeping it too vague it’s hard for someone to help you. That doesn’t mean you need to know exactly what you want. Here are a few ways you can answer it:

Talk about your background – what did you major in? What were you most excited about in your internships and classes?
Location – are you looking for a job locally or are you open to moving for a role? Do you have a preference?
Are you looking for a full time or part time role? Are you open to a role that starts as part time but could lead to something full time?
Speak to your skill set – what areas are you strong in?

See Also: How to Ask for a Job Referral

You May Not Land Your Dream Job… and That’s OK

Millions of Americans are unemployed or furloughed. Competition for jobs right now is tough. So, chances that you’ll land your dream job are slimmer. But, that doesn’t have to be a bad thing! Think back to when you were applying to college. Did you end up at your dream school? Did it all work out in the end?

To put things in perspective, you’re also in your early 20s. Most people do not know exactly what they want to do with their lives at this age. It’s a myth that everyone knows exactly what they want to do when they graduate college. It’s important to be flexible. Take a job and figure out what you enjoy and what you don’t enjoy about that job. Then, continue looking for ways to enjoy that job more, or look for another job you’ll enjoy more.

The job opportunities available now may be wildly different than your major. Your opportunities may even be going back to where you worked part time in high school. That’s ok. No company is going to frown upon the interim job you took during a pandemic.

Know What Seems Like Settling May Be The Best Thing That Happens To You

I stumbled into the tech industry at the recommendation of my career center at college. I had no idea what my dream job would be then. We were in middle of the recession so I got an offer and accepted. Turns out it was the best thing that could have happened. The tech industry is an amazing industry to work in. I met countless mentors and sponsors that helped torpedo my career. Now, everyone wants to work in tech! But back then, almost no one I went to school was trying to get a job in tech.

Some of my friends in tech sales that graduated around the same time have shared they joined a tech inside sales program because those were the jobs that were available. Sales reps at several high tech companies say they earn an average of over $142,000 a year. Here they were in the middle of the Great Recession and they ended up getting their foot in the door to one of the best paying jobs that doesn’t require an advanced degree.

Use Your College Career Center To Identify Open Positions and Helpful Contacts

Career Services on campus is a great resource for current students and recent alumni. They have access to tools that can help you identify what careers to pursue. Often, they’ve helped alumni get their jobs and have maintain those relationships. When you’re trying to get an in at a company they may know of an alumni to reach out to. They also have relationships with companies that hire entry level positions. Career Services may even be the most important office on campus according to an opinion piece on Forbes.

Network With Alumni

If you’re looking at jobs at a company my advice for graduates is network with current alumni at the company. That way, you have a connection that you can reach out to for a referral if a job does open up. Don’t expect alumni to reach out to you with any opportunity they hear. It’s likely they are busy. Instead, monitor the open jobs at that company and reach out again when you see one you’re interested in.

First, reach out to alumni you have relationships with asking if they know of opportunities. Remember to be as specific as you can with what you are looking for. Join LinkedIn Alumni groups for your college and also look to join ones on Facebook. Sometimes there are even subgroups for a certain location. Post in these groups and share your story. Many people are happy to help, and may help offer advice even if they don’t know of any job opportunities currently available.

Consider a Paid or Unpaid Internship In The Short Term Instead of a Full Time Job

While you’re looking for a full time role, one path to potentially get a full time offer is to accept an internship. An internship is helpful if you don’t have much experience on your resume and you need a little more experience to start landing interviews. Internships are also helpful if the company isn’t hiring full time right now but may be hiring for full time positions in a couple months.

Add To Your Experience Through Volunteering

Not all experience is from internships and part time jobs. You can also show your experience through your volunteer experience. Use this experience to show how you’ve built leadership experience, reliability and additional skills that are relevant to the jobs you are applying to. Not all volunteering has to be in person or even at a non-profit.

If you see a local business struggling and they don’t have a social media presence offer to help them set it up for free and add that experience to your resume. This also opens up opportunities for future paid work. They may recommend you to their network and you can begin charging for your time.

Be Frugal For The Next Few Years

My top financial advice for graduates is to be frugal for the next few years. It’s not the best economy right now and we don’t know how long it’ll take to recover. So, once you get a job keep conserving as much cash as possible. It’s not like there is a lot to do now anyways with businesses closed and limited travel options available. Plus, if you have a remote job you don’t have to buy more than a few shirts for Zoom calls.

Ways to keep living like a college student include cheap housing and cheap food. Keep living at home or move in with roommates into a starter apartment. If you’re moving out, try to negotiate rent. Vacancies are up right now so you’re more likely to have success negotiating things like a free month of rent. The next biggest expense is transportation. Hold off on buying a car especially if you don’t know where you’ll end up living. Use your current car as long as you can. If you don’t have a car, buy a used car and shop around for deals.

Hang out with friends outside instead of going to a restaurant. Go on a walk, or bring food for a picnic. Drinks and food at restaurants are expensive and with many bars closed there are less cheap drink specials to be found. Eat at home. When you buy groceries, look for coupons and deals. There are also ways to spend less on food by buying cheaper options. For example, buy oats and make oatmeal instead of single serve yogurts. You can find dinner recipes and meal planning tips to save money.

Is frugal living not for you? This doesn’t have to be a permanent lifestyle, but the longer you’re able to live frugally like you lived in college the easier your finances will be. You don’t have to cut back in all areas either, the single most important expense is housing.

See Also: How to Save Money in Your 20s

Start An Emergency Fund Once You Land A Job

Once you land a job, whether it be part time or full time, start an emergency fund. An emergency fund is an amount of money set aside to cover emergencies if they arise. The money should be easily accessible and liquid (such as money held in a checking account or savings account) that you have for when things go wrong. This includes an unexpected health bill, unexpected car repair, if you lose your job and so forth.

At this point, don’t worry about how much money you should have in an emergency fund. Your focus once landing a job is to start an emergency fund, even if it’s only contributing $5-10 a paycheck. If your family gave you some money for graduation put some of that cash in your emergency fund. Get in the habit of consistently contributing a little money with every single paycheck, and automate the savings so you don’t even have to think about it. Once you are more settled, you can start building your emergency fund.

Want a High Salary? 10 Tips to Get a Job At A Tech Company

07.23.2020 by admin // Leave a Comment

how to get into IT, how to get a job at a tech company, how to start an IT career

The more money you make, the easier it is to save money and make more money through investing or starting your own business. You can achieve financial independence quicker and decide if you want to retire early or keep working and have a nicer lifestyle. So, how do you get that high salary? One way to get a high salary is to get hired by a tech company. The IT industry is known for high salaries. According to Indeed, the average base salary for a software engineer is almost $110,000. That doesn’t even include bonuses or RSUs. CNBC highlights 11 jobs that pay $150,000 or more at Amazon including product management, technical program management and solution architect.

A common misconception is that you need to know how to code to get a job at a tech company. This is not true. There are plenty of jobs in operations, sales, marketing, finance, HR and additional departments that don’t require you to be an engineer. The hardest part about getting a job at a technology company is getting your foot in the door. So, how do you get a job in IT? I reached out to a few bloggers to share their stories on how they got their jobs in IT.

Apply To a Leadership Development Program

This is my story of how I got a job in IT. I started at a IT company by applying to a leadership development program during my senior year in undergrad through career services. I was a senior in college during the Great Recession, majoring in business management. Wondering, what jobs exactly does a business management major apply to? I spoke to career services and they recommended I apply to leadership development programs. These programs allow you to have multiple different jobs over the course of 2-3 years and is a great program for people that don’t know what they want to do for work. One of the [business operations] leadership development programs they recommended was at a technology company that recruits on campus.

As luck would have it, the recruiter happened to be in my same sorority at another school. We immediately hit it off. I knew nothing about the IT industry. But, before the second round, I happened to read an article about how cloud computing was the next best thing. I brought that up in my interview, the panel was impressed and I got the job.

My advice to getting a job at a tech company: apply for a leadership development program if you are graduating college or a masters program, and read a couple articles about the next “big thing” in tech right before your interview. CIO magazine is a good place to find a few of these articles. When you’re in your interviews, look for ways you relate to each person you interact with. Do you like the same sports or sports teams? Do you have a similar hobby? A lot of acing any interview is to be liked and deemed that you’ll be a good fit. Sometimes it’s as simple as having a similar hobby.

Self-Teach Yourself to Code

Money Mage shares their story on how to get into IT by learning how to code:

I learnt to code in my bedroom as a teenager and got my first job aged 16. It paid my way through University. I studied Computer Science at undergraduate, and specialized in Computer Games postgraduate. I’ve always been into games! I now work for one of the biggest companies on the planet, in an engineering role that’s also customer-facing. I love my 9-5, I know that’s not a popular view, but it’s awesome. I’ve been fortunate in my career, finding a low cost of living area that has high employability. Starting early really helped, as University was a breeze. I’ve also got to work with some amazingly talented people in the Games industry.

Employability in tech is high at the moment. It’s highly white-male skewed, and many companies are positively discriminating to correct the balance. Tech-bro culture is horrid. The correction means it’s a great time to get into tech, you can start self-taught and work your way up. I’d strongly recommend brushing up on the fundamentals, data structures, algorithms, even performance and optimization. It’s so easy to get hung up on the latest frameworks and language trends. The fundamentals are lasting. The big companies select for fundamentals + fit, not frameworks.

Take Digitally Focused PR Classes to Gain Technical Experience

Madison, from Best Company, shares her tips on how to get into IT in a digital marketing role:

Although I work in tech, I’ve always considered myself as a creative. One that loves to create something out of nothing. My journey as a creative started by filming weddings, but in recent years i’ve pivoted into my current job—a digital marketer in the tech space. How did I make this huge leap? Well, the most crucial decision was my college major, Public Relations. My program did not teach “traditional PR” but instead had digitally focused PR classes. We learned about SEO, social media listening, content creation, blog writing and how to structure Google AD campaigns. My college program showed me that the tech space was more than just software engineers. Creatives had a niche to showcase their technical and creative skills through digital marketing. My major’s unique digital initiatives allowed me gain technical experience in college and land jobs in the tech industry that fit my skills and interests.

Join The Military in a Cyber Security Role

Eric, from FireTheMillennial, shares his story of how he got into tech through a Cyber Security Analyst role within the military:

My name is Eric, and I started working in tech when I turned 18. I enlisted in the military and was given the job of Cyber Security Analyst, which sounded exciting on paper but was just policy enforcement. We were required to obtain the CompTIA Security+ certification to graduate from our technical training. That certification is a requirement in the cybersecurity field. It shows a base level of understanding of information security and networking concepts. I left the military after 5 years and worked for a couple of the top 10 defense contractors as an information systems security officer and have been working for them ever since. A few tips to get a foot in the door:

Figure out what exactly your end goal is. Do you want to go the security route? Networking? Penetration tester? – Get a baseline certification. Whether that be Security+, Network+, you’re going to have to show recruiters/the company that you have at least a base knowledge of the field
Do you want to work for a defense contractor? You’re going to need a security clearance. Nine times out of ten, you won’t get considered without one. The easiest way to get one is to join the military, but that’s a commitment you have to think about.
If you want to work for the tech giants (Amazon, Microsoft, etc), start working on their cloud certifications. Whether that be Azure (Microsoft) or AWS (Amazon), cloud technologies are huge right now and they’re not going anywhere. They both provide online study resources for their certifications “

Leverage C++ Skills To Land A Job As a Junior Developer At A Software Company

Adam, from Awesome Personal Finance, shares his journey on how he got into IT through a Ph.D. in math:

My journey into tech is unconventional. It starts with a Ph.D. in math. While this is a great accomplishment it initially limited my employment options because I had no significant experience. From California, I tried to initially work in finance in New York. The timing couldn’t have been worse as Wall Street banks were melting down. I was standing in Times Square when Lehman Brothers announced their closure.

Having decent skills in C++ from some mathematical modeling classes I looked for a job as a junior developer at some software companies. Jobs were still very hard to find back then and competition was stiff. I had to finally settle by taking a professor job. The pay was low and it was not what I wanted to be doing, but I had my own office and was back to looking for tech for jobs. After one year of looking I decided I needed help. Hours of sifting through the internet led me to find a senior Amazon Engineer who offered tech interview coaching. I paid him $199 and he got me pointed in the right direction over the phone.

Being sick of online resume submissions I decided to try some job fairs in major cities. It was literally the last person I gave my resume to that pulled out a cell phone and offered me an interview that day. I nailed the white board interview and have been working as a software developer ever since.

Get A Technical Job At a Non Tech Company and Leverage That Skill Set To Move Into a Tech Company

Moving and Baking shares their story on how they moved into IT from working in tech at a financial services company:

I grew up with computers before it was cool. I probably wrote my first program in Basic around age 7, and built web pages for extra credit in high school. Then, I went on to major in computer science and math in college. Coming into the job market after the dot com bubble burst, I took the only offer I got with an online financial services company. I spent 13 years in financial services technology in NY and CA before moving to Texas in 2016. At that point I was ready for a change, and connected with recruiters at several technology companies here. The skills I had built in tech and product management translated well to a tech company. Though different in business purpose, the problems are surprisingly similar and I’m enjoying this role tremendously.

Work with a Recruiting Agency Who Can Help Find Tech Jobs That Match Your Background

Zero, at Walking to FIRE, shares her story of how she got into tech with a background in Special Education and using recruiting agencies:

I graduated in May, 2014 with an M.Ed. in Special Education. As a senior in college, I was diagnosed with a rare vascular condition in my brain that required me to have brain surgery. Because of my background in special education as well as newfound personal interest in working to improve the living conditions of people with disabilities as a newly disabled person myself, I moved to NYC with a few thousand in the bank, a lot of enthusiasm, and no experiences to actually get me in the door.

I was job hunting for half a year, sending hundreds of resumes to every disability advocacy nonprofit and service organizations in the city. Unfortunately, my half-year sublet to an apartment was ending, and I still didn’t have a full-time job, paying my bills by juggling multiple gigs (babysitting, tutoring, working as therapist for boy with down syndrome). It was either go back to my hometown to try to find a job there, or find a full-time job ASAP to justify a new lease.

In the last month of my job hunt, I found out that recruiting agencies existed, and what’s better – they’re free! I submitted my resume to multiple recruiting agencies, and unlike the hundreds of resumes that probably went unread, I got calls immediately. Within days, I was interviewing with a consulting firm who needed to fill a client’s IT Helpdesk Engineer role. The caveat was that the client wanted a Japanese/English bilingual, and those are very hard to come by. “We know you have no technical backgrounds,” the recruiter said. “And though we can’t teach linguistic skills, we can teach technical skills. Would you be interested in trying a help desk role?” And that was how I began my journey that got me from a Special Education teacher to Helpdesk Engineer to SysAdmin to working freelance as a Technical Writer!

Major in Marketing? Learn to Code to Differentiate Yourself

Forrest is a Digital Marketing Manager at a restaurant technology company and blogs at Don’t Work Another Day shares his story about how he majored in marketing and learned how to code:

For me, getting a job in tech was not planned. I have always loved technology and having the latest gadgets, but it was not to focus of my education. Instead, I received my degree in marketing and taught myself web development throughout college. This enabled me to build websites for others, bolstering my career into digital marketing. Tech is highly dependent on your skills rather than education. If you have the skillset, you’re likely to receive a job offer even without a college diploma. Because the vast majority of marketers are unable to write code, this positioned me in a good place to work as a digital marketer, combining my skills in marketing and web development.

If you’re interested in working in tech, I encourage you to learn as many coding languages as you can to set yourself apart. There are many free resources available to help you. Most of my knowledge came from YouTube videos and a few books, all of which are free.

Become a Consultant That Partners with Tech Companies

Jordan, at One Cricketeer, shares his story on how he works with tech companies in his current role:

I had access to a computer as long as I remember. I played PC games that honed my problem solving abilities at a young age and excelled in STEM classes throughout school. Next, I got accepted to the highest ranked undergraduate engineering school in the US. I graduated with double major in Software Engineering and Computer Science, with a double minor in Math and Computational Science (using computers to do modeling and solve complex math problems). After graduation, I applied to a bunch of companies and accepted my current one that a professor had worked for and recommended me to.

I currently work in a boutique consulting firm, which then partners with larger corporations like IBM, Google, Amazon, etc and then I work at their clients for a few months to years at a time. I can rotate whenever a job is finished or talk to my manager about where my interests exist, and we work on a plan such as certifications or job shadowing.

Get An Interview At A Tech Company Through A Referral

Steve at NW Outlier shares his story of how he started working in IT through a referral with a high school diploma and a drive to succeed:

Getting into tech in the late 90’s was different than today. When I decided to finally make that move, I chose to work in a used computer store. I always was on time, worked hard, got noticed… was promoted to manager. Fast forward a couple years when my sister in law was working as a contractor (temp worker testing software) at Microsoft and called me one day at the store and asked “do you want to work at Microsoft?” I did not hesitate to interview. At the time, Microsoft would hire less knowledgeable workers to point out difficulties that users would experience with their software. I started as a temp worker making $18/hr working on Windows 98. I would spend my time writing the best defects, with high levels of accuracy and detail for the developers.

Over time my knowledge was sufficient or significant to be considered an engineer, but still not hired as a full-time person. After 3.5 years I moved on to a dot com that failed within a year, then interviewed at Microsoft and my current employer. My objective was to move towards full time employee, and I was open during my interview with both to let them know this was my goal/objective. I ended up being there through a couple mergers for a total (my temp work and full-time employee work) of just over 17 years. While building that career, I kept the same work ethic, I was in early and stayed late – I loved technology, so it was easy for me. When I started as an employee at my current employer, I was an entry level person, from there over the years I worked myself up to a Principle Solutions Architect.

All this was accomplished with just a high school diploma. I will admit, part of me wishes I spent some time in school to get a 2-4 year degree to compete with some of my peers. Towards the end of my career I was working shoulder to shoulder with PhD level network architects. Working this hard, for this long is for sure going to burn anyone out, so please – be sure to be saving a significant portion of your income. So, when the time comes you can shift down and maintain the same lifestyle. I have started following the personal finance blogs, and the FI/RE crowd – this saved my life! We’ve saved and invested almost enough to not worry about having a W2 or day job income, but I still have a few more years…. Stay Tuned.

How to Get Into IT Summary

There are plenty of ways to get into IT, this only includes examples from 10 different people! Some people pursued the route of learning how to code and others leveraged their skill sets in other areas like marketing and operations to get jobs in those respective divisions. Another got their foot in the door through an employee referral.

Technology companies pay well and can help you achieve your financial goals faster. You are able to earn a higher salary and increase your savings rate. If you work in tech now, how did you get into IT originally?

Advantages Of Working For A Large Company As A Young Professional

05.27.2020 by admin // 4 Comments

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Choosing to work for a large company, a small company, or starting your own business can impact the quality of your life. These days there is a lot of advice out there about working for yourself instead of a large company. Certainly, there are benefits to working for yourself but there are also benefits to working at a large corporation, especially when you are a recent graduate. Here are a few advantages for working at a large company as a young professional.

Opportunities for Career Advancement At Large Companies

Most large companies have specific criteria for advancement. At times, this may seem bureaucratic. But, you’ll clearly know what you need to do to get that promotion. For many jobs, there is a clear career path. If you start in inside sales you can clearly see two career paths: advancement to outside sales and advancement to an inside sales manager position. If you’re in professional services like accounting or audit there is a clear career path leading up to partner or a clear path to get promoted to a certain level and then go in-house.

Career Development Opportunities

One advantage of working for a large company is the amount of career development opportunities offered for free. If you work for a large corporation your team likely has money for training and internal training available. They also likely offer training internally, ranging from company specific training to skills training that’s easily transferable. Some companies also offer LinkedIn Learning for free. Don’t hesitate to ask your manager about what training options you have available through your company, or what opportunities there are for external training / certifications.

It’s important to continue learning and acquiring additional skills. You’ve invested in yourself by attending college, but it doesn’t end there. There are other professional certifications and additional degrees that can significantly increase your earning potential such as MBA or another Masters degree, CPA, CFA or PMP. If the external training / certifications will help you in your current job your employer may be willing to partially or fully pay for it. While a large corporation may not pay 100% of these costs, they may have programs that can help partially cover these costs. In fact, this is how I was able to avoid student loans and get my MBA.

Networking Opportunities

It’s important to surround yourself with people you admire. Find someone that has the job you want and learn from them. Surround yourself with people that you learn from, have positive attitudes and you enjoy being around. When you work for a large corporation there are plenty of opportunities to network and find people you admire. Leaders in your company may host lunch and learns. Companies also have employee resources groups and community service opportunities. Both of these serve as opportunities to meet coworkers that you don’t work with day to day.

Additionally, find advocates within your company. At large corporations getting put on projects that are high visibility will help expand your network of advocates. Another way is to join a large corporation as part of a leadership development program. Many decisions will be made about your career when you aren’t in the room. Have people who are in that room that will advocate on your behalf. Sponsors will advocate for you to be put on good projects, considered for new roles and for promotions. They will help push you in the right direction, put you in meetings to help you get executive visibility or expand your network. You are more likely to get a job through an employee referral and will have even greater odds if the person referring you is one of your sponsors.

Formal Mentor Programs

Many companies offer formal mentor programs that you can sign up to be a part of. Mentors will help give you career advice when you don’t know how to navigate a situation and help guide you on topics you discuss. Think of a mentor like a coach. Career advice is especially important for young professionals because the visibility you have so far is limited. Those with more experience or have greater visibility to the bigger picture can help you dream bigger.

Large Global Companies Offer Experiences Working with Different Cultures

When you work for a large corporation you likely have a much broader customer base and coworkers located around the globe to support that global customer base. There may even be opportunities to travel abroad!

It’s very beneficial to work with different cultures when you’re first starting your career. Diversity of thinking, creativity and access to talent anywhere were the top three benefits of global teams found in research conducted by SHRM. The diversity of thought helps you see situations from a different perspective and broadens your mindset.

Ability to Change Jobs Without Changing Companies

Your career path is as much about figuring out what you don’t like as figuring out what you do like. Luckily, at large corporations you can try many different jobs without having to leave the company. It is easier to figure out what you don’t enjoy at a large corporation because the opportunities are endless. This also helps you build transferable skills. Finding your niche skills will allow you to command a higher salary or start your own business down the line.

Are you in marketing and think you’d like sales better? Large corporations have large departments so there are more opportunities to make a career pivot. Want to live somewhere else? Large corporations have a large geographical presence and may even let you keep your current job and allow you to work remotely.

Invest in Retirement Early

Large corporations often offer 401(k) plans and employee matches. Many large corporations offer a company match up to a certain dollar amount or certain percentage amount. For example, if you put 3% of your salary into your 401(k) plan, they will match that 3% and make an equal contribution to your 401(k) account. This is free money.

401(k) plans are also a great investment vehicle when you’re a young professional because you have less responsibilities and you have time. Even if you’re paying down student loan debt, if you don’t have a mortgage and don’t have kids those are major expenses you aren’t paying right now. You’re able to take advantage of compound interest and have your wealth grow over time, faster.

Corporate Benefits Package

Large corporations have a number of other benefits in addition to 401(k) plans. They often offer health insurance, dental insurance, vacation time, sick time, tuition reimbursement and more. Your health insurance may include additional perks like money toward your gym membership and acupuncture. Some companies also offer Employee Stock Purchase Plans which enable you to buy company stock at a discount.

Not sure how much your benefits package is worth? Benefits accounted for 32% for employers cost of compensation for US workers in June 2018.

When you work for yourself, you think you have more flexibility for when you work and hours you work. While this is partially true, it is much easier to put on an OOO on during vacation when you work for a large company. Often, you’ll have either a boss or peer that you can put as your backup and they’ll cover for you. When you work for yourself, it is much harder to unplug and take uninterrupted time off.

Steady Salary to Pay Down Debt and Invest

When you work for yourself, your salary isn’t guaranteed. If you get sick and can’t work one day you won’t make money that day. If you get sick at a corporate job you’re much more likely to be able to take a sick day or PTO.

Because you know your salary when you work for a large company, you are able to budget and start forming an emergency fund. Within your budget, you can set aside money every month to put towards tackling any debt and money to invest.

Advantages Of Working For A Large Company As A Young Professional Summary

Advantages of working for a large company as a recent graduate include career advancement, networking opportunities, development opportunities, corporate benefits and more. Even though the upside income potential working for yourself is far greater, it’s hard to start your own business right out of the gate. Many either do not have the business acumen or risk tolerance to start working for themselves immediately.

Working for large corporations isn’t for everyone. It is very structured and you are one of thousands of people but there are plenty of opportunities for advancement. When you work for yourself, you may have unlimited income potential depending on the industry, but it’s also riskier. Regardless of which path you choose initially, you can always change your mind later.

What advantages did you see working for a large company as a young professional?