Engineering is an interesting field that offers unlimited possibilities, and it’s also a lucrative area that offers both a high salary and good job security. If you’re interested in becoming an engineer, you should also understand the finances involved in this decision. Your salary as an engineer is dependent on a number of factors including your education, experience, specialization, and more.
Out of a sample of more than 900,000 engineers, Glassdoor reports that the average salary among all subfields and levels of experience is $78,831. While you might not earn that much in your first year as an engineer, you’ll likely have room for growth as you spend more time in the industry.
Just as salaries can vary widely among engineers with different levels of experience, engineers with different specializations are often compensated differently. On the other hand, the engineering landscape is always changing, and it’s impossible to predict which jobs will be the highest paid in five or ten years.
While engineering skills are often highly valued in general, focusing on certain specific areas can further increase your earning potential. Some subfields are either growing quickly or are likely to remain in high demand over time, making them great options for any upcoming engineer.
According to Glassdoor, electrical engineers and civil engineers are two of the highest paying areas within engineering. Both job titles offer an average salary of $86,000 per year, or about ten percent higher than the average among all engineering positions.
Furthermore, both of these areas see consistent demand and will continue to be relevant well into the future. Areas like petroleum engineering, on the other hand, may have already reached their peak, making them less attractive for young engineers deciding on a field of study.
Engineers in nearly every area work in situations that make them liable for unexpected damages, injuries, or delays, and they’re often held responsible for costly verdicts and legal fees, Even the most reliable engineers can’t completely remove the risk of something going wrong, and a single mistake can lead to substantial liabilities.
Fortunately, professional liability insurance provides engineers and other professionals with the protection they need. With professional liability coverage, you’ll be covered for settlements, verdicts, and any legal fees in the event that you are responsible for a professional mistake resulting in damage or injury. Go to BizInsure for more information about the available insurance options for engineers and why coverage is so important.
Every career path is different, and engineering is often an unpredictable field. That said, you can improve your prospects by considering these factors early on in your career. No matter what you end up doing, remember that salaries often vary widely depending on experience and talent. Continue to learn new skills throughout your career in order to become a more effective engineer and a more attractive hire.