As US banks scramble to find developers with expertise in AI, many are relying on a surprising backup plan: a 65-year-old programming language called COBOL.
The Unlikely Lifeline
COBOL, short for Common Business Oriented Language, was first developed in 1959 by a team led by Grace Hopper. It’s been powering global finance and government systems for decades, with many legacy systems still running on it today. But as experienced programmers retire, companies are facing a talent crisis, and this has created a lucrative opportunity for new developers learning this older skill.
While tech companies are offering massive salaries to AI engineers, banks and agencies are paying a premium for developers who know COBOL. For example, the US Department of Labor recently reported that COBOL programmers can earn up to $200,000 per year, making them one of the highest-paid programming languages in the industry.
The COBOL Talent Crunch
The shortage of COBOL developers is largely due to the age of the language. As experienced programmers retire, there’s a dwindling pool of professionals with the necessary skills to maintain and upgrade these legacy systems. This has left banks and agencies scrambling to find qualified candidates, leading to a bidding war for top talent.
According to a recent survey, 75% of companies reported difficulty finding skilled COBOL developers, with many turning to online courses and training programs to upskill their existing staff. This has created a lucrative opportunity for new developers learning COBOL, with many companies offering six-figure salaries and bonuses to lure them in.
What this means
For young developers looking to break into the industry, learning COBOL can be a lucrative career move. While AI and machine learning may get all the hype, these legacy systems still run the show in many sectors, and companies are willing to pay top dollar for developers who can keep them running smoothly.
