Engineers are among the best-paying occupations in the world, according to a new report from McKinsey & Co., with average salaries exceeding $100,000 annually.
The survey, which surveyed more than 10,000 engineers and other professionals across nine U.S. cities, found that while the profession has been booming in recent years, the average salary of a professional engineer is below $70,000.
The average engineering salary is the same as it was in 2005, according the report, which was released Monday.
But that’s not to say engineers don’t have a lot to offer, as the survey found that many employers are looking for experienced engineers who can build software, hardware and other products.
“In this post-peak market, engineers are an important asset to an employer,” said Matt Eller, senior vice president at McKinsey.
“And they can help bring up the value of an employer.”
In addition to being a great fit for companies looking for an experienced technical talent, engineers also provide a steady stream of new products and services, including software development, product design, testing and manufacturing.
And while the average engineer is responsible for nearly two-thirds of all software development and development-related jobs in the U.K., McKinsey said engineers are also key players in other industries that are still struggling to recover from the financial crisis.
“While the rise in the engineering job market is impressive, it’s important to remember that the economy is still growing and the number of jobs available for engineers is not growing as quickly as other job categories,” Eller said.
“It’s important for employers to keep in mind that engineering is not for everyone.
And that includes those with high school diplomas or advanced degrees, or those with a degree in a particular field of engineering.”
The study found that engineers are more likely to have a high school diploma, with about 6.5 percent of engineers holding a bachelor’s degree, compared with 2.4 percent of other professional occupations.
More than a quarter of engineers have at least a master’s degree in the field, the report found.
But engineering also comes with a long and storied history, with the U, U.N., U.P., UAS, and UASS all being created as names for various types of engineering.
The American Institute of Standards and Technology is the oldest engineering association, founded in 1889.
The group is known for its efforts to ensure that engineering was taught in schools, and it also works with universities to encourage the development of engineering programs.
“I am thrilled that this survey provides an important benchmark for understanding the skills and experience needed to become an engineering leader,” said James K. Haines, president and CEO of the American Institute for Standards and Technologies.
“This survey helps us build on the work of the Engineers Career Center and other organizations to better understand how engineers work, what their needs are, and what they should be looking for in a future career.”
The survey found the top four engineering occupations are software development (9.4%), product design (7.6%), software engineering (7%) and manufacturing (6.8%).
McKinsey estimates that the average annual salary of an engineer is around $74,500.
But the survey also found that the median salary is $61,500, and those with bachelor’s degrees or advanced degree can expect to earn over $100-million annually.