Education ROI: Make your school put some skin in the game.
We're impressed with Careerist.com: If they accept you as a student, they put skin in the game by offering IT training and job placement with salaries starting around $70K/year and let you pay for most tuition monthly after you start your new job. Tweet
They offer IT training and job placement with salaries starting around $70,000 a year, but your success becomes their concern, too.
Suddenly it's more than your old lady praying you find — and keep — your job. Your alma mater's right behind you, too.
Here at PM, we’re fascinated with an online IT training program (or school) called Careerist.com.
Here’s their deal:
In as little as four weeks, they will train you for a new career in IT, even if you have no IT experience or know what “IT” means. Hint: it’s more than a pronoun.
For once, your school will make your success as important to them as it is to you.
Once you are trained, they will then help you get your first IT job, and they place students with tech companies that include Amazon, Facebook, Intel, Google and Apple along with non-tech companies like CBS, Visa, JPMorgan and Peloton. These jobs typically have salaries starting at $50-$70,000 per year.
So far so good. But it gets better. They help you write a resume and do the job search.
Then they give you two options for paying for your new, life-altering education:
Option #1: Pay the full cost of your education for $2,499.
Option #2: Pay a $799-$899 admissions fee, and then pay 15% of your new $70,000 salary every month for the first 24 months.
If you opt for Option 2, you will pay more ($899 + $2100 based on 15% of two years $70,000 salary = $3,000), but you will pay the bulk of that after Careerist has trained you and helped you get a new job.
The payment model behind Option #2 is called an Income Sharing Agreement or ISA model.
By choosing Option 2, you know that when it comes to your success, you both have skin in the game. You’re investing $799-$899 and your time, and they are investing the remaining cost of your education. Then, once you’ve completed your training, it’s in their best interest as well as your best interest to make sure you get a great paying new job.
Here is a great article from Forbes, if you want to know more about ISAs.