I'm 23 years old, and I graduated from a prestigious university with a bachelor's degree in computer science and a minor in philosophy. I spent the past year as a staff member at the university working in a research group.

I've been talking with friends about the booming computer programming job market. As I see it, there are two major options for someone wanting to take advantage of this situation.

Option 1: Enter the contract job market. Talent-starved companies regularly hire part-time, hourly programmers with very specific skills to work on specific projects that the company needs to complete in a timely manner.

These contracted employees are expected to have perfect command of the skills they're hired for and receive no training from the company. Such contractors make $100 to $200 an hour over a three- to 12-month period, and they can even receive overtime pay.

That works out to anywhere from $150,000 to $350,000 a year or more if you can search out lucrative offers and really punch the time clock. The idea of working for 10 years while living on canned goods and then retiring at 33 is pretty enticing.

Option 2: Follow a more traditional path by getting a job at a good company (or perhaps a start-up) and start working your way up the ladder. This time-honored tradition has many benefits�stable environment, job security, benefits, steady salary increases, opportunity for promotions, stock options, and so on.

Graduates from my school in my major typically make a $60,000 starting salary right out of college, and if you're good, it's not hard to do better than that and also advance quickly.

So the question is: What do you think?

Option 1: If you can work as a contractor full-time for 10 years at those rates, I can earn 50 percent a year in the stock market for the same period. See you on the beach with a margarita.

Option 2: If you can spend 10 years working your way up the ladder at a single company, I'll eat the same meal every day for those 10 years, and I'll see you at the doctor's office�a psychiatrist for you (you'll need one) and an internist for me (I'll need one).

A very wise man said to me years ago, "Nick, in your lifetime you will be blessed with the freedom and ability to have four, five, six, or more careers. Enjoy it."

He was absolutely right. Don't presume that one path will take you to retirement, whether at 33 or 66. My advice to you is this: Start with a regular job and learn about corporate environments. Even when you become a contractor, you'll need to know how companies operate if you want to deal with them effectively.

It's easier to learn the ins and outs of the corporate world when you're young�you'll have more stomach for it. Spin off on your own when your skills and savvy seem sufficient�you'll be more valuable to your clients at that point.

No matter how great your technical skills, you will find that companies value other skills even more: interpersonal, sales, and management. They also value vision and unbridled creativity that knows no rules�but only in people who aren't full-time employees. Employees who do that get fired or buried in the bureaucracy.

That's my two bits. For what it's worth, I know lots of programmers and brilliant technical people�some successful, some not. The most successful have a breadth of skills and savvy that's truly rare. They're more than technologists.

Here's one thing to consider: Big numbers usually crumble for one reason or another. You won't likely see $350,000 a year because you won't be working 40 hours a week, 50 weeks a year as a contractor. One reason is that you have to spend a certain amount of time marketing your services and lining up contracts. You may think these will walk up and bite you, but they won't. Sales is a lot of hard work.

The other reason you won't bill all your available time is education. As you pointed out, highly paid contractors "have perfect command of the skills they're hired for." As clients' needs change, you'll have to spend considerable time learning new technologies and techniques.

I wish you the best. I'm not really a cynic, by the way, and I'm not trying to discourage you. I'm a big fan of working for one's self. The challenge is to set it up so you'll profit from it in the long run.

Best,

Nick Corcodilos

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