I’m 26 years old, and half way through an EE bachelor program. I currently work in industrial maintenance, repairing equipment that fails during production (mostly electrical diagnoses and repair, but a lot of mechanical as well) for a fairly large company. Currently, I make $62K per year in the state of Ohio, which is pretty good for this state and definitely for my locality. As of my most recent performance evaluation, my manager stated that I’m on track to receive another raise next October which would put me at $70K per year, still approx. one year away from graduation. Let’s assume that’s my last raise before graduation, though it may not be.
I’ve looked into the data for salaries for EE in this state, but the range is enormous. What I have noticed is that some of the lower numbers I’ve seen are in the $50K-$55K per year range, which I assume are likely for the entry level positions that I would be eligible for. This is where I got the idea that I’ll have to possibly take a nearly $20K pay cut to get my foot into the field, an idea I’m okay with because I believe a salary in EE will quickly outpace one in industrial maintenance, even in the short term.
For those who have been there, done that, what do you think my odds are of being able to get a job without a pay cut? Similarly, what is the likelihood that a pay cut will be necessary until I’ve got some experience behind me?
Since this is hypothetical at this point, lets add in that I’ll be graduating from an “average” university in an ABET accredited program with a GPA of at least 3.5 (I’m halfway through the program, currently my GPA is 4.0 but I expect it to drop slightly as the courses get more difficult).
There is a wide range of starting salaries for starting engineers, based on region, industry, and specialty. I have certainly seen people start lower than $70k and that might be more typical, but I have also seen people start near $90k because they were qualified for and took high demand jobs. You are pretty early to identify a specialty yet, so all I can tell you is that you might take a pay cut, but that regardless your salary should rapidly overtake anything you could reasonably make in you current line of work.
My professor in college always tell me when I was an undergraduate student if you want to make big money don’t become an engineer. Get your MBA! You are more likely make over six figures being a CEO than an engineer. Some engineers are CEOs but most of them have their MBA.
@IncorE206, the MBA can make a lot more money, and the ceiling is definitely much higher, but engineers make pretty good money and it is a lot safer. There are a lot of MBAs making mediocre or bad money, although relatively few of those also have engineering degrees. And six figures isn’t really uncommon among engineers any more, it is more a question of how long it will take.
So if you want to make the MOST money, and are willing to pursue that with diligence, go for the MBA. But as an engineer you can make six figures and be very comfortable without having to live in an airport.
@IncorE206 Most mid career engineers make over 6 figures. But saying to get the MBA assumes a management position. It is entirely possible and common for engineers to progress to management with just a bachelors in engineering. Either in a functional or program management role. Does an mba help for future progression? Possibly. Does it hurt? Absolutely not. But getting an mba right away doesn’t make one qualified to manage others or big projects. Also top mba programs need a few years of work experience too.
Do not underestimate that you are an experienced working adult doing your EE degree. That will be priceless in itself when mixing it up with 22 yr old grads who didn't bother with any internships. Do you have any supervisory responsibilities at work?
@Sybylla’s & @NorthernMom61 make really relevant and helpful points: you don’t have to give up your current job (so no pay cut is required), and ‘starting salaries’ reflect newly qualified entrants, typically students who have come straight through. Salary ranges are indicative, not predictive, particularly for those outside the bell curve. Your work experience will stand to you.