Would you like to earn more money? Sounds like a silly question doesn’t it, but unfortunately earning more money in your current job is typically a lot easier said than done. In all professions and for most (if not all) employees, making money is the most important aspect of working. Engineers in particular are especially focused on their salary and their potential for growth. The affinity that they have for numbers is known to transfer well to finance, and due to the nature of the engineering industry, they have always wondered how to increase your salary as an engineer.
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You could be interested in the likes of civil or manufacturing engineering, which has a relatively low salary range, or petroleum engineering, whose lucrative salaries are notorious in the engineering community. An engineers salary also fluctuates greatly depending on the amount of experience they have, with entry-level engineers earning generally half (or less) of what senior engineers take home. These factors among others are what determines whether an engineer is in the top 5% of earners, or whether you are a “normal” employee between the 25th and 75th percentile.
The following is a list of the top 10 ways on how to increase your salary as an engineer, and maybe even get rich while you’re at it:
Education
It goes without saying nowadays that a bachelor’s degree is required to enter whatever flavor of engineering you choose. However, obtaining a master’s degree in your engineering industry will give you an advantage over other candidates/employees that only possess a bachelor’s degree. It also makes an engineer eligible in most companies for management or supervisory positions. Establishing yourself as an expert in a particular field, and improving your technical skills is a proven way to a higher salary. Becoming a specialist rather than staying as a generalist engineer is one of the main solutions to how to increase your salary as an engineer.
There are plenty of ways to hone your skills as an engineer using online platforms like:
Qualifications
A Professional Engineer (PE) or Chartered Engineer, is an engineer that has been awarded the highest possible level of professional competency. They will have gained a certain amount of experience, been reviewed by their peers and passed the respective exams needed to be awarded this title. Engineers at this level generally move into higher positions in management as they will have the final say on engineering projects. Being in this elite group shows that you take your profession seriously and that your work is of a certain standard. A lot of clients, along with governmental and educational institutions prefer to only work with professional/chartered engineers.
You can prepare for the PE exam using the vast resources on PDHEngineer.com.
Industry
As mentioned previously, the engineering field that you are passionate about or desire to enter will have a big influence on your salary potential. They include petroleum engineering as the highest paying, with aerospace, biomedical, mechanical and chemical all in the top 10 highest paying engineering industries. It is definitely a factor to keep in mind when deciding on what engineering career path you may want to take. Just being conscious of these industry trends can be the difference between an engineer making “normal” money or being a top earner.
Location
Engineering salaries vary wildly depending on where the specific engineering job is located. Metropolitan areas (cities) are known for having both the best engineering opportunities and paying the highest wages. Industries that normally would not be a high paying field can pay top dollar when looking for talented engineers to work on their high profile projects in big cities. New York City is a prime example of this, where MEP (Mechanical, Electrical and Plumbing) engineers are regularly earning almost as much as petroleum engineers. This is down to the extremely high demand for engineers and the high profile nature of the construction industry in New York City.
Experience
Experience is by far the biggest factor in how much money engineers earn. A lot of professionals don’t know that you can negotiate your salary even before you accept your first entry-level position straight out of college. If you have demonstrated successful experience with relevant internships or co-op (cooperative) education, that can help you to negotiate your way to a higher salary. Once you begin accruing real-world engineering experience in your desired field, the more experience you have – the more your salary will rise.
Skills
While an engineer’s technical skills will always be analyzed in an interview or in one’s yearly review, an engineer’s “soft skills” are sometimes forgotten about. Engineers that have developed and honed their critical problem solving and analytical skills, are generally not known as the most skilled communicators. This along with having the ability to build relationships and develop a working rapport with others, has typically resulted in engineers commanding a higher salary. In the modern world, engineers are expected to function as a part of a team and interact with the various members of that team. Architects, other engineers and contractors are just a few professionals that engineers will have to work efficiently with. Engineers that can represent themselves well, and the firm that they work for, will be rewarded with higher salary opportunities.
Master of Business Administration (MBA)
A Master of Business Administration (MBA) degree will suit engineers that are aiming for management positions. Engineers that have a passion for business management will benefit the most from an MBA, which will allow them to become more involved with the business aspects of the company, naturally. Profit and loss statements will become intertwined with their engineering work, and with these business management roles, their focus will lean slightly more towards the financial impact on the company of engineering projects. Management roles bring about their pros and cons, and it is not advisable to enter a management position just for the higher salary. Leading teams and holding others accountable is not for everyone and all engineers will enjoy this added responsibility.
Promotions
If your firm has any special projects coming up, or they will need someone to travel specifically for a site visit, if you put yourself forward for these roles it can lead to internal promotion opportunities. Any action that can be seen as in the best interests of the company, or going above and beyond, will always be looked at in reviews with regards to salary increases. This will help raise your stature within the company, and will make you irreplaceable at your current company – or very attractive to another company. One often forgotten factor of how to increase your salary as an engineer is moving jobs, that being said, onto the next factor!
Change Job
“Job hopping” is not an attractive quality to have and an employer will look at consistent job changes as a lack of loyalty. However in the modern world, changing jobs at strategic times in your career is looked at as being ambitious, and knowing your worth, rather than any negative connotations. Increases in salary at yearly reviews are typically a percentage of your existing salary. Whereas if you change your job you can start off at a much higher salary that you were on at your previous company, and the following percentage increases will again have a bigger impact on your overall pay.
Ask!
Only 29% of employees negotiated their salary at their current job, according to CNBC. This means that the vast majority of employees in general (including engineers) could be leaving a lot of money on the table. Asking for a raise can be a nerve racking experience, but once it is approached with respect and preparation, it can be a beneficial conversation to say the least! Most raises every year are from 1 to 5 percent of one’s gross salary, and if a significant qualification has been obtained, then a raise of 10 to 15 percent can be negotiated. The previously mentioned factors can all be incorporated into any salary negotiations, and will strengthen any case for a raise.
If you were wondering how to increase your salary as an engineer, increasing your salary can be a tricky and stressful process, but it can be made easier by implementing the 10 factors above. Any advantage you have can be used to raise your pay, and having confidence in yourself will also help you achieve your desired goals.
Thank you very much for being here – we appreciate you taking the time to read our content. If you have any other tips you would like to add, or if you have used any tactics previously that worked well, please let us know with a comment below!
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