A woman smiles while collaborating in the alchemy code lab.

Alchemy Code Lab Career Impact Bond

Impact Investments, Economic Mobility, Education

Highlights

$62KAverage annual income of employed graduates

46%

Percent of Alchemy Career Impact Bond students who identify as a person of color

Social Finance partnered with Alchemy Code Lab, a 25-week, full-time, synchronous online training program, on a Career Impact Bond. This impact investment financed training for 158 unemployed or underemployed individuals to enter mid-level software engineering careers from December 2020 to February 2023.

Goals

  • Expand access to training: Minimize risks for learners by covering their upfront tuition costs and providing supportive services like financing for living expenses to help them succeed.
  • Support career advancement: Empower learners to develop the skills needed to land careers in software development.
  • Bring diversity to the profession: The program focused on serving people of color, women, and LGBTQIA+ individuals.

Participant Stories

For Dimitra, the Right Support Helped Her Find a More Fulfilling Career
Dimitra SCL Headshot

For Dimitra, the Right Supports Meant a Chance to Thrive

Dimitra—a Portland, OR native and mom to a toddler—was working as a high school art teacher but was seeking more fulfillment from her career. She decided to enroll in Alchemy Code Lab through the Career Impact Bond. After graduating, Dimitra was hired as a Junior Software Developer at Cornell Pump Company with a starting salary of $65,000—$22,000 more than what she was making as an experienced teacher.

With Financing and Support, Devon Became a Software Engineer
Devon, Alchemy Lab Participant

With Financing and Support, Devon Became a Software Engineer

Working in a variety of entry-level jobs, Devon was interested in coding but wasn’t sure how to start anew. Buoyed by the support of the Career Impact Bond and living expense coverage, Devon enrolled in Alchemy and landed a job as an Associate Consulting Engineer, Software Development at CDW. “The Career Impact Bond was really important—if that wasn’t available, I wouldn’t have been able to do the program,” they said.

Short-Term Training was ‘Life-Changing’ for Paul
Paul ACL Headshot

Short-Term Training Led to a Meaningful Career for Paul

Paul was working night shifts at UPS to pay the bills. He loved how his community college classes challenged him, but progress through the curriculum was slow and unfulfilling. So he decided to enroll in Alchemy through the Career Impact Bond. After graduating, Paul landed a job at Pay Clearly with a salary of $88,000—a $58,000 increase from what he was making before.

 

How It Works

 
Things for me have changed a lot since I graduated. I have more time to spend with my daughter. I was able to move and finally purchase a home. I now have the work life balance I’ve always been striving for.

Dimitra

Junior Software Developer, Cornell Pump Company; Alchemy Code Lab Career Impact Bond graduate

Dimitra Headshot

Partners and Supporters

Header photo courtesy of Alchemy Code Lab.

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