How Do Engineers Make Money?
You are probably already aware that engineering is a highly-valued profession anywhere, particularly in the US. This is because engineers are highly-skilled professionals who train intensely and extensively to become qualified for their role. But did you also know that engineers are well-compensated as well?
Yes, that’s right! Engineers make a lot of money. If you are planning to pursue a profession where your talents and skills will be recognized and compensated, then consider pursuing an engineering degree in college.
You will first have to check which engineering course you should be pursuing. You might have heard of the following engineering courses that are currently in demand:
- Chemical engineering – the study of biological and chemical substances used to make other new substances.
- Civil engineering – the study of the design and construction of infrastructure projects.
- Mechanical engineering – the study of the development of mechanical systems.
- Electrical/electronic engineering – the study of electronic power application systems.
- Engineering management – the study of the combination of industrial engineering skills with business acumen.
- Computer engineering – the study of the development of computer software and hardware.
- Aerospace/aeronautical engineering – the study of topics related to the development of aircraft.
These are all highly valued fields of engineering. The reason there are so many of these fields is that each is devoted to a particular specialty which can become quite complicated and challenging to implement in the real world. If you are a specialist in at least one of these fields, you may find yourself deluged with job offers and then earning a nice salary when you accept one of them.
How Much Money Do Engineers Make Per Day?
Engineers are the backbone of any industry. They have a wide range of skillsets and can be found in different fields such as aerospace, automotive, civil, chemical, and electrical engineering.
Engineers are one of the highest-paid professionals in the world. According to Glassdoor research, they make an average wage of $72k per year. But what about their wage per day?
The average wage for engineers per day is $1,965 or $8.67 per hour. This is based on a 40-hour work week with two weeks off for vacation or sick leave pay included in that number.
How Can Engineers Make a Lot of Money?
Get the right education – If you intend to become a well-compensated engineer and you have identified which engineering field you want to specialize in, the next step is to pursue a bachelor’s degree in that field. Yes, this does mean applying to a college or university which has an excellent reputation in educating engineers. If you only have a high school diploma, try to find ways to enter college or university such as looking for scholarships offered in your preferred school.
Naturally, your grades will matter. This is always important, regardless of which engineering school you study in. So, while you are in school, try to get as much exposure about engineering as you can. If you can be exposed to job sites, you may be able to comprehend the textbook knowledge as observed and applied in industry.
Seek out higher studies – If you can secure the right resources, it is a good idea to earn a Master’s degree too. This would allow you to apply for supervisory and management positions later on. Your goal should be to qualify as a technical specialist which is better compensated than generalist engineering positions.
Those who want management positions primarily may even try to study for their MBA (Master in Business Administration). It all depends on the talents and skills you already have. Some students may feel they would like a more technical approach to their career. Others may want to manage engineers too, aside from having the right technical skills. It starts with your choice.
Aim to become a Professional Engineer – This is a very good option for any entry-level engineer. A Professional Engineer (or PE) is highly prized in the industry because the PE is responsible for the technical perusal, approval, and signing of engineering drawings.
According to this site: https://www.engr.ncsu.edu/academics/undergrad/profengr/
“The PE license is the engineering profession’s highest standard of competence, a symbol of achievement and assurance of quality.”
So, get the preliminary accreditations after graduating from your College of Engineering (such as passing the Fundamentals of Engineering (FE) exam and getting experience while employed for four years in an engineering position). Then you can aim for your PE accreditation. That will really help you in your career.
Incidentally, PEs are also used as highly-qualified specialist witnesses in litigation. That makes this kind of accreditation important in the industry. All engineering graduates should target this kind of special role in the field they choose, especially if you are aiming to get rich in your career.
Try to find ways to advance in your employer’s company – Since engineering is a highly technical field of expertise, it is always possible to seek out ways to be promoted at your company.
For example, you can volunteer for enrichment positions wherein you will be observing closely the work going on. This is necessary so that you absorb more technical knowledge and skills, and also get the attention of your supervisor or manager.
You can also assist your colleagues at work, if you have the right set of skills for their role. This will also help you get along better with your supervisors, especially if they are having a hard time with the task at hand.
Can You Make Millions as an Engineer?
The truth is, engineering is one of the best jobs to take if you are aiming to become a multi-millionaire. For example, if you are an aerospace engineer you stand to earn $118,610 (based on 2020 median pay) even at an entry-level position if you are a fresh graduate of a Bachelor’s degree. That’s a decent amount already for compensation. if you handle your money well, that alone could be quite lucrative already.
Here are other engineering fields and their median pay:
- Agricultural engineer (Bachelor’s degree graduate) – $84,410
- Bioengineers and Biomedical Engineers (Bachelor’s degree graduate) – $92,620
- Chemical Engineers (Bachelor’s degree graduate) – $108,540
- Civil Engineers (Bachelor’s degree graduate) – $88,570
- Electrical and Electronics Engineers (Bachelor’s degree graduate) – $103,390
This just shows that if you study well and absorb knowledge and skills, as well as get experience in your specialty engineering field, then you won’t have to worry about money at all.
There are also certain engineering professionals who can gain higher-than-average compensation, in diverse engineering fields such as:
Biomedicine engineers can earn an annual median income of $86,220, or $41.45 per hour.
Software engineers may rake in an average annual base salary of $118,167, or $50.74 per hour.
Robotics engineers can bring in $91,986 as their average annual base salary, equal to $39.52 per hour.
This simply means that if you are young and want to earn more than is offered in your current position, you still have the option of shifting to one of these more in-demand fields in the future. You should also try to keep learning more as you keep working so that your qualifications improve.
It is also true that some US states may offer more than in your current state of residence. For example, robotics engineers in Pasadena, California earn $69.74 per hour whereas their counterparts in Boston, Massachusetts only get paid $37.91 per hour. This means you have to do your research to find the US state that is paying more for the same job you are doing right now. Fortunately, often the information that you need to make that decision is available online.
Conclusion
Bear in mind though that, if you are quite skilled in your job and management takes notice, this may mean that you will be qualified enough for an increase in compensation every time you advance. As long as you handle your compensation well, the compensation will be quite sufficient for you – and you can keep advancing in this profession through the years.
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