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Most Engineering jobs can guarantee to earn you a substantial income, but that does not mean you can be a millionaire. It is unfortunate to see people do engineering for the money only because there are other ways to make money and be rich. Engineering is difficult in general, and if you are in it for the wrong reasons and only to make money, you will face serious challenges because engineering jobs are dynamic and require a lot of thinking and problem-solving.
On average experienced Engineers make around $90,000, which can reach up to $150,000 per year. Even the entry salaries could start at $37,000, which is still reasonably well paid compared to other disciplines. This makes Engineering a well-paid industry, and people who work in the industry could live a comfortable life.
However, there are few challenges the engineering industry facing today. Due to the extreme competition with a high number of fresh graduates compared to the number of intake for graduate positions, graduates usually work below the market average. That is because the competition between companies has made small to medium-sized engineering companies charge lower fees for their services, which has brought down the industry value in general.
Still, that should not discourage you from being an engineer because there are many opportunities as an engineer, and it can simply open a world of possibilities for you. Many engineers can work in other non-engineering industries, and they can be successful and bring value because engineers focus on providing value and eliminating challenges.
Typs of Engineering Jobs
- Small to medium-sized consultant companies: working as a private consultant is the most common way to work as an engineer. It is one of the most career rewarding places because you will be involved in most areas of design and implementation, which add value to you and make you an expert.
- Government job: Government jobs can involve tendering for jobs and reviewing work. Those types of jobs are usually well paid. However, depending on your major, there are not many career development opportunities.
- Giant Engineering Companies: Big companies where you would specialise in a specific area. Depending on your major, your work is limited as you are not involved in everything compared to consultant companies. However, there is a high chance for career progression.
- CEO or a business owner: this can be the most financially rewarding job and the most difficult and risky. You will be the person to make all the decisions and review the work. This type of job usually revolves around making important company decisions, approving work and dealing with clients. The CEOs are the company face, and they receive the most publicity compared to other roles.
Can CEOs positions make you rich?
There is no dought that engineers make great CEOs simply because engineers possess that systematic way of thinking that makes them problem solvers and the right people to lead. The most successful companies in the world are managed by engineers, for example:
- Satya Nadella: The CEO of Microsoft. He has a bachelor in electrical engineering. His net worth is $250 million.
- Sundar Pichai: The CEO of Alphabet. He has a bachelor degree in metallurgical engineering. His net worth is $600 million.
- Mary Barra: The CEO of General Motors. She has a Bachelor of Science degree in electrical engineering. Her net worth is $184 million.
The Bottom Line
Engineering in most career paths will not make you super-rich. However, it can promise you a comfortable life where you can afford almost anything. CEO is a high-risk, high reward position, and it is the most challenging position you can have as an engineer.
