COBOL? Seriously? I've never heard of anyone using COBOL in web development. As far as I'm aware the majority of COBOL code that is still in use is "legacy code" - i.e. stuff that has somehow escaped being re-written in a more modern programming language.
It's possibly a less maligned language than PHP, however.. ;-)
Sure. But this being the webdeveloper.com forum, and PHP being a language that is mostly used in web development, I rather assumed you were talking about it's use in web development. I've never used COBOL so can't really make any further comment. I would be interested to hear if anyone does use it for purposes other than maintaining legacy code.
To the best of my knowledge, there are very, very few (if any?) companies creating new applications using Cobol; so any jobs using it would be for maintenance of (old) existing programs, typically mainframe and/or client-server apps. If that sort of thing interests you, it could be a reasonably rewarding niche job for as long as those old legacy apps hang around.
"Please give us a simple answer, so that we don't have to think, because if we think, we might find answers that don't fit the way we want the world to be."
~ Terry Pratchett in Nation
A lot of those using COBOL are for legacy systems, mostly because they have a lot of data and money invested in those systems back then and it would be costly (development-wise, manpower-wise and problems when porting the data while daily operations is going on) to move the data.
If you want to create for the web, then java, php, ruby and python would be good options. PHP still remains as the most widely used language for the web.