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Startup Coding Bootcamp Modern Labor Says It Will Pay You $2,000 a Month For 5 Months To Learn To Code, and Take Roughly 15% of Your Salary For 2 Years Later (vice.com)
Modern Labor promises to teach you to code in five months and help find you a job when you graduate -- but you're on the hook for the next two years. From a report: Most coding bootcamps almost sound like get-rich-quick schemes: Devote a few months to learning a new skill from home, and walk into a job that could pay you $70,000 a year to start. For the most immersive programs, you'll need to put your life on hold while you learn full-time. Usually, students pay for those coding bootcamps upfront while they take time off their jobs to learn.
Startup coding bootcamp Modern Labor pays people $2,000 a month for five months while they learn to code, following a curriculum remotely from wherever they live for at least 30 hours every week (working out to roughly minimum wage). After graduation, if they land a job that pays at least $40,000, Modern Labor takes 15 percent of their salary for the next two years. For example, if they find a job that pays $80,000, they'll pay Modern Labor $24,000 over two years. [...] Modern Labor's business model is an example of an "income sharing agreement," a scheme that's on-trend for Wall Street and Silicon Valley entrepreneurs looking to disrupt education.
Startup coding bootcamp Modern Labor pays people $2,000 a month for five months while they learn to code, following a curriculum remotely from wherever they live for at least 30 hours every week (working out to roughly minimum wage). After graduation, if they land a job that pays at least $40,000, Modern Labor takes 15 percent of their salary for the next two years. For example, if they find a job that pays $80,000, they'll pay Modern Labor $24,000 over two years. [...] Modern Labor's business model is an example of an "income sharing agreement," a scheme that's on-trend for Wall Street and Silicon Valley entrepreneurs looking to disrupt education.
that so many IT analysts are making that being a programmer is becoming a "blue collar" job. Boot camps prey on people with promises of glory and being a hacker, but most of them emerge to work in places where the pay is fairly low and the job basic, like front-end Web development. Very, very few of these "graduates" go on to do systems programming, graph theory, AI/ML, etc. They just don't teach that kind of stuff, and what they do teach is fairly shallow anyway. It's better to go to a community college for two years and get an AS degree in programming. You'll have at least some credibility and an actual degree. And in many cases, it's cheaper than a lot of these boot camps.
I've worked with some of these guys, and they don't emerge knowing much. A few couldn't even set up their own programming environments, as the labs at these places are run by sysadmins who ensure the labs are up to spec all the time. If you want to make money and you're good at math and enjoy numbers, learn Python, R, Go, and some systems stuff. Wall Street loves them some R hackers.
Let's say you make $75K per year. That's like $22K over 2 years you have to pay. Minus the $10K they paid you to learn, that's only $12K for an education and a job. Better than most college deals where you pay upfront with the possibility of maybe making some money in the future
I don't know, I think the fact you were able to read the story and write the comment shows success at government providing you with free education.
We've successfully brought back indentured servitude. This will go nicely with those Debtors Prisons we bought back years ago and the modern slavery this is prison labor.
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if they do manage to find you a job you'll be in deep if you ever lose it. These days you can't make it past an HR filter unless you've got a 4 year degree from a proper University. My bud's been looking for months and the only thing he can get is weekend graveyards where they're so desperate they'll take anything with a pulse. He's had a few of those, they don't last because they're always working to offshore you...
In 1990 this would have worked. But in 1990 I could crack open a book, read it, and go get a job making $70k/yr writing code because that was before H1-Bs and offshoring.
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More like the HR person only actually sends you Candidate 1 if that.
If HR is the gatekeeper for technical hiring, then you work for a dysfunctional organization.
HR's job is to do the paperwork, not make the decisions.
Hiring good people is the most important competency that an organization can have.
It is astounding how many companies are so bad at it.