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About your statement that 50% of engineering students transfer out or flunk out...that is probably true overall but not at top-tier schools. The percent of students who start out in engineering and graduate from engineering might be even lower than 50% at second-tier schools like WPI, Northeastern, RIT, and Drexel. But, at Cornell, for example, about 87-88% of the freshmen who start in engineering, graduate from engineering. It is probably similar at other top-tier engineering schools. At Caltech, where engineering and science are virtually the only options, the graduation rate is in the 88% range I think.
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<p>But the point still stands - that even at the top schools, plenty of students who think they want to do engineering will end up majoring in something else anyway. That's why it's beneficial to be at a school that offers you a wide range of options. What you are saying is true - that the students at the higher-ranked engineering schools tend to complete engineering degrees at a higher probability than those a lower-ranked schools, but it is still true that even at the top schools, plenty of people who think they will be engineers end up in something else. Hence, even the top schools exhibit some level of engineering attrition. </p>
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slipper- Overall, engineering offers better career options than business. The starting salaries for engineers are roughly 50% higher than for accounting and advertising, overall. True, some very bright, top engineering students are lured away from engineering by high salaries but not many percentage-wise. Cornell sends its share of engineering grads to med schools, law schools, and MBA programs but the large majority go into the workforce as engineers or go the grad school for engineering
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<p>But that's not a fair comparison, as slipper said. In his case, he was not talking about ALL engineering grads. I completely agree that if you get an engineering degree from New Mexico Tech with a 2.0 GPA, you're not going to get any lucrative banking or consulting offers, and so getting an engineering job is clearly the best you can do - far better than the middling business-type jobs you might get.</p>
<p>But we're talking about Ivy/Ivy-caliber students here. And the truth of the matter is, these students really do have extensive opportunities to get into consulting and banking. </p>
<p>As a case in point, I think there is little disagree that MIT is the best engineering school in the country. But even at MIT, notice how many engineering students go to banking/consulting, as can be seen on p. 11-12 of the following pdf. I'm not talking about MIT Sloan undergrads, I'm not talking about econ undergrads, I'm talking about * engineers *. </p>
<p>For example, let just look at the course 6 undergrads (the EECS students). I see employers like Goldman Sachs, Fidelity, Lehman Brothers, JP Morgan, Boston Consulting Group, Credit Suisse, Morgan Stanley, and others. If I look at the chemical engineers (course 10), I see JP Morgan, Lehman Brothers, BNP Paribas, PA Consulting, and the Hudson River Group. If I look at Aeronautics (course 16), I see Monitor, McKinsey, Credit Suisse, Booz Allen Hamilton, and others. </p>
<p><a href="http://web.mit.edu/career/www/infostats/graduation06.pdf%5B/url%5D">http://web.mit.edu/career/www/infostats/graduation06.pdf</a></p>
<p>Furthermore, that pdf doesn't even capture the full dynamic of who actually WANTS to get a banking/consulting job (as opposed to who actually gets one). Anecdotally speaking, I would estimate that for every one person who gets a banking/consulting offer, another person wanted to get an offer, but was unsuccessful. Hence, you have to effectively DOUBLE the number of people who are going to banking/consulting to factor in how many people WANTED to get into banking/consulting. </p>
<p>In fact, I know a fairly substantial number of MIT engineering students who are taking engineering jobs who freely admit that that's not really their first choice - that they'd rather be going to consulting/banking, but didn't get an offer, so they have no choice but to work as an engineer as a backup. But I have never heard of the reverse - that an MIT engineering student couldn't get an engineering offer, so he has 'no choice' but to take a banking/consulting job as a backup. In fact, in general, if somebody has a banking/consulting offer and an engineering offer, he will usually take the banking/consulting offer. The only notable exceptions that I have witnessed are the engineering jobs at Google - I have seen people turn down top banking/consulting jobs to work at Google. But that's the only one I know of where an engineering company can consistently win over banking/consulting. </p>
<p>But the point is, it all gets down to available options. The truth is, the vast majority of engineering students out there are graduating from no-name, low- tier schools, so they don't even have the choice of getting into consulting/banking. And clearly most regular business jobs out there, which these guys could get, are low-paying and dead-end. So, sure, under those circumstances, I agree with you that engineering clearly wins. Given the choice of working as an engineer or taking a regular business job, engineering wins out because it's the best of your available options. That's not in dispute. But when we're talking about Ivy-caliber students, things change dramatically, and consulting/banking are now viable options.</p>