5 Ways Engineers Can Make More Money in Today's Market

The hard work of earning an engineering degree can pay hefty dividends.

According to the latest reports from the Bureau of Labor Statistics (BLS), engineers in the U.S. earned an average of $91,160 a year in 2020, which is considerably higher than the national average for annual wages.

That doesn’t mean that there isn’t room for growth, though. If you’re feeling dissatisfied with your current salary, there are a number of ways to boost your earnings in the engineering field.

Here are a few new key ways to raise your earnings as an engineer in today’s job market.

1. Maintain your professional engineer (PE) license

The benefits of maintaining a PE license can vary depending on your specialization and intended career path, but becoming a PE can often open the door to higher-paying management positions. There are also a growing number of clients who prefer only to work with certified PEs.

2. Pick a new engineering career path

According to the BLS, the industries with the highest median wages in 2020 were:

• Petroleum Engineers: $137,330
• Computer Hardware Engineers: $119,560
• Aerospace Engineers: $118,610
• Nuclear Engineers: $116,140
• Chemical Engineers: $108,540

Switching specialization mid-career can seem daunting, but retooling what you already know and applying it to a new industry can be worth it in the long run if you’re looking for higher earnings.

Before you move into a new discipline, make sure you’re ready. Signing up for professional development hours (PDHs) can help master key concepts, codes and standards, and best practices for your upcoming career change.

3. Use your connections

Networking is key when you’re looking for better-paying opportunities—and you may already have connections you can use.

If you have a mentor in your field, reach out to them for guidance. They may offer a useful perspective on how to meet your salary goals or give you valuable insights on starting a job search.

If you belong to a professional organization like ASME, you can also take advantage of its networking platform to connect with other professionals through committee work, collaborations, volunteer work, and more. You never know what opportunities might come from new connections.

4. Go remote

There's now a viable alternative to relocation changes. Remote work, as well as hybrid models, have risen sharply over the past few years, allowing engineers to do most, if not all, of their work from a distance.

While some positions may still require you to be onsite—think pump engineers or industrial robotics—many engineering jobs can now be done remotely. Check out job sites like LinkedIn and Indeed.com for open positions.

5. Sharpen your digital skills

According to some estimates, up to 50% of engineers may need to learn new skills to keep up with the pace of the digitalization of the engineering industry.

Regardless of their particular area of specialization, engineers should build the habit of lifelong learning, particularly with regard to new digital technologies. Constantly learning new skills can help you grow and develop in your career and may also help you raise your earning potential.

Here are some quick and easy ways of upskilling yourself:

• Enroll in a PDH course to deepen your knowledge of digital skills
• Volunteer for projects or tasks at work that involve learning new tools
• Stay up-to-date on industry news and development through magazines, online videos, podcasts, and more
• Participate in your professional association’s conferences and committees

Looking to raise your earnings? Don't go it alone

ASME loves to see engineers succeed. That’s why we offer comprehensive tools to help our members find new career opportunities.

We're also helping to reinvent remote learning via our ASME Virtual Classroom offerings. Earn CEUs or PDHs from home with ASME's world-class instructors.

Explore our courses today, including some of the most in-demand technical topics.

Related:

• Top 10 Most Transferable Job Skills for Engineers
• Engineers are Using Self Directed Learning to Take Control of Their Careers
• Interviewing Success for Engineers: Tips for Getting the Job
• 7 Steps for Building a Better Professional Network