Blog: Engineers Face Challenges Even with a Degree That Pays for Itself

When people describe engineers, they often use words like “pragmatic” and “logical.” So it’s not surprising that when asked about assessing the value of their education and what they would have done differently given the chance, engineers are the least likely to say they would have pursued a different field of study. 

“73 percent of those who studied engineering said the benefits of education exceeded the costs—the highest of any field of study,” reported the Federal Reserve System in its recent report on the overall financial well-being of Americans, “Economic Well-Being of U.S. Households in 2023.” 

The report stated that those who majored in engineering (along with computer and information sciences and health) reported the lowest percentage of those saying they would have selected a different field for their undergraduate degree. The results do not come as a surprise to Preston Cooper, an independent consultant in the field of education policy. 

Engineering degrees lead to some of the most lucrative careers, he explained. “There's a lot of labor market demand for people with skills in engineering, so employers are willing to pay top dollar to hire engineering majors,” Cooper said. And “while money isn't everything. Most students pursue a college education in order to land a good job with high earnings—and studying engineering is perhaps the surest path to that.”

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According to Cooper, if you examine the latest FREOPP data that recently added the latest information from the U.S. Department of Education’s College Scorecard, engineering majors can expect a median ROI of $949,000, compared to just $160,000 for the median bachelor's degree overall. For mechanical engineering specifically, according to the data, the median ROI is $851,000. 

Cooper defines ROI as the increase in lifetime earnings that a student can expect when they enroll in a certain degree program, minus the costs of tuition and fees, books and supplies, and lost earnings while enrolled. And for those who pursue vocational training (not quite a mechanical engineering degree but work is adjacent to it and works well within manufacturing or robotics), “we estimate that the ROI of a certificate in the technical trades—including HVAC technology, precision metal working, and electrical installation, among other fields—is $313,000,” he said. 

Beyond ROI

But enjoying a financial return on the money invested in an engineering degree doesn’t fully explain the satisfaction that engineers express when talking about their career of choice. “An engineering degree is very versatile,” explained Roberta M. Rincon, director of research and impact for the Society of Women Engineers. “Someone with a degree in engineering can work as an engineer, but they can also move into other careers, including project management or sales.” 

Those who pursue an engineering degree may not feel locked in, because “engineers learn how to solve problems, and problem-solving is an asset that is applicable in a variety of different industries and sectors,” she added. 

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And while many engineers enjoy their work, Rincon is quick to point out that not all engineers, once working in the field are happy or satisfied. “The data show that engineering remains a male-dominated field, despite the increasing number of women earning engineering degrees,” she explained. 

Research further highlights the obstacles that women face in the engineering workplace, including gender bias and stereotypes that can negatively impact career advancement. “Such frustrations lead many women to leave the profession in early or mid-career, applying their skills and expertise in careers outside of engineering,” Rincon concluded. She explained that “gender and racial bias in engineering has a significant impact on the retention of diverse talent.”

Employers that seek to understand why women leave the profession can begin to make progress toward better retention of women engineers, Ricon concluded. One strategy is to examine what women engineers look for in their employers and what kind of company culture works best for them. Summing up the situation, Rincon quotes from the research article “Women’s Reasons for Leaving the Engineering Field,” women left engineering “even though their needs were in line with the needs provided by the occupation, but not adequately reinforced through the organizations’ work design, systems, and practices.”

Cathy Cecere is membership content program manager.