<p>Im truly interested in engineering, however, pay is a big concern for me. Im thinking about Mech Eng for undergrad at either USC, UC Berkeley, or UCLA. I will go to grad school to get my PhD. Is it possible for me to make around 200 k by the time I am approaching 40 years old? What if i persue a different type of engineering, like Bio Eng? Will my undergrad/grad school affect my salary? thanks!</p>
<p>Somewhat possible, but highly unlikely.</p>
<p>Why is pay such a big concern? I'd be concerned if I was receiving low pay, but 200,000 is no where near low. Better off as a doctor or lawyer if you wanna make that type of money.</p>
<p>Highly unlikely for an employed ME with 15-20 yrs of experience. A more likely scenario is running your own (successful) engineering firm or becoming partner of a big firm. </p>
<p>Your academic credential will have little to do beyond the initial few years. However, the school's alumni network may be very helpful over your entire career.</p>
<p>To earn $200k you will either have to start your own company, or find a way to contribute millions of obvious value to your employer. </p>
<p>By the way, earning a PhD is not an obvious route to wealth. You'd be better off earning the $250-300k you would give up while earning your PhD.</p>
<p>Im also considering a double major in buisness, which would help me start my own buisness/move up along another firm. however, i always hear about the insanity of trying to double major with engineering. this is why I like USC, the only school I have found with a single major, Computer Science/Buisness Administration, that is designed to allow students in engineering to double major. not to mention that the alumni association that follows a degree from USC is one of a kind.</p>
<p>if i do something like this, or if i do end up double majoring in buisness so that i can start my own buisness or move up a big firm, would it be more probable to make about 200 k a year?</p>
<p>if you want to make 200k/year just major business in one of the top schools and work for investment bankers.</p>
<p>nobody can guarantee that even with double degree/graduate degree you'll receive 200k/year</p>
<p>...if you go to a top school and get a phD along the way, there is a DEFINITE probability that as long as you have decent social and networking skills, you will be making 200k a year for sure. I banking and law are extremely competitive fields. Engineering is as well, but a much more exclusive field. A Phd will pay well, ESPECIALLY if you find a specialty of the field that is in high deman. I know many an EE phd here at USC that goes out making 160k plus a year after graduation. it is USC however, and there are connections, but there is much light at the end of the tunnel if you play it smart.</p>
<p>Anecdotes mean nothing. Very, very few engineers make that much and if you are not ready to accept a lower pay, then you should consider pursuing another career.</p>
<p>If you have a PHD in EE, you #1 priority should be landing a job at all, becuz u r so specialized and normally very demanding in terms of salary. and i've heard rumors that some engineering managers are reluctant in hiring PHD's since the managers generally tend to feel threatened by PHD's taking over their positions.</p>
<p>but after a PHD finds a job that's meant for a PHD, i guess there can be a happily ever after...that is until you're 50 ish...unless you get a tenure at a university which is 1 in 100 ish ?</p>
<p>It depends on what field you go into. A lot of IEOR majors here at berkeley end up getting jobs in consulting, finance, and management. All of which make big bucks if you can remain with a firm for a few years. You will not be making 200K as an engineer, but you could make that much if you majored in engineering. However, I know ChemE's can make lots of money, but often have to work for a period in Alaska or middle East. I know someone who works 9 months in either Alaska or Middle East, then gets 3 months off each year. They make about 250K for each job they do.</p>
<p>When people can understand that the probability to have very high income (above 200k, let's say) doesn't mainly depend on your degrees (how high or how many or what type), it requires a lot more - luck, sharp visions, social connections, marketing skills, the ability to apply knowledge to real world, courage to take risks...
It's true that for general populations, the higher/more degree they have the higher income they can get. But if we talk about those people whose income is way above average, it's another story.
Go check out those rich people and find out what degrees they have, I am sure you'll be surprised to see that most of them don't have high/many degrees or no degrees at all. Well, some high-degree people do get rich, but the percentage is maybe only 0.1% out of high-degree people which is not a higher percentage than no-high-degree people.
MY OPINION is that it's pretty blind to believe that just degree itself can bring you A LOT of fortune.
To go back to the original question, I'd say if you get an engineering degree or engr. degree plus something, your likelihood of making around/somewhat above 100k is very high, but if you ask the likelihood of making above 200k, we have to know alot more about you than just your degrees.</p>
<p>Is it possible? Yes.
Is it likely? No.</p>
<p>Your best bet would be to go to a school with a very wealthy student body and to marry someone who has a large trust.</p>
<p>Basically you need to become a Kevin Federline.</p>
<p>Its possible but highly unlikely. Engineering jobs tend to cap off around 120-150k unless you move into a management or entrepreneur position.</p>
<p>If you really want the money try PetroE?</p>
<p>what would i expect to be paid after 5-10 years if I choose chem. engineering.</p>
<p>maybe 60K a year.</p>
<p>About the doctors, they really don't get paid to much, yes websites say they make 200K a year or more, thogh after all their business expenses, they make around $70K a year, Not worth it if you spend $500K on a education.</p>
<p>i disagree with the 60K a year figure. At Berkeley, most chemE's start at the salary. On average I'd say after 5-10 years I'd say 80,000-100,000. However it really depends on what industry you work in.</p>
<p>yea, tiverrsx is right.</p>
<p>80-100K, I agree. This figure isn't that far off with other engineering majors who know their stuff though and make intelligent career decisions.</p>