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It's rare. And a lot of the businesses that are paying these salaries to new developers aren't profitable, they're running on VC money.

In my experience $120k is in line with a developer with a 4-year CS degree and 1-2 years of work experience and maybe some OSS work.

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For one thing if you're experienced you get a much better response rate than he got.

I hear back upwards of 60% when I send resumes to positions I am a good match for on job boards.

Your personal experience as someone hiring developers or yourself looking for new jobs? I think a candidate with a 4 year CS degree and 1-2 years work experience should probably command more than $120k. A lot of it depends on how well you can sell yourself, IMO.

Where? Also, are you assuming this work experience is at Facebook or Twitter? Most developers in the U.S. work for consulting firms or non-software-core businesses. The fact of the matter is that $120k is the median salary for software developers in the SF bay area, the highest-paying region in the U.S.

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