These Are The Countries Where Engineers Are Doing Really Well Financially

Engineering is not an easy profession and requires a lot of hard work from the student while completing the studies and later on in the field as well. However, in some countries, engineers are not paid off well once they enter the industry. The first question which arises mostly is that if the engineering profession is even worth all the effort? The answer is yes, since some engineering positions are always among the top ten highest paying careers. The job market is pretty healthy now, and it is an excellent time to enter the market after your graduation or post graduation. According to the US Bureau of Labor Statistics, Mining, Construction, and Manufacturing industries are witnessing considerable growth. In the healthcare industry, 415,000 positions were added in the US recently.

Even after graduation, engineering graduates enjoy very high recruitment levels. Graduation is only the first step towards a career which will give you steep learning curves, stress, but it is also one of the most rewarding jobs. Nonetheless, there are highs and lows in engineering as well, just like any other profession. Mostly the engineers who are tempted to give up on their jobs report they want to do so because of the long commutes, working hours, no potential for advancements, and not getting along with their boss as well.

There are various disciplines of engineering which tend to pay the most. The data was compiled after collecting from various reputable resources in the US. As per the information, Petroleum Engineering is the most highly paid engineering at the moment, however, this will be affected in future depending on the changes in supply and demand of the oil all over the world. Many of the petroleum engineers are expected to retire in the next ten years. This will also affect the demand for fresh engineers in the field. Computer engineering is another field which is considered a new discipline in engineering and some people claim that the area doesn’t have as many engineers as needed. The wages are also expected to fall as more and more fresh graduates will enter the market in the next few years. Another thing to notice here is that the most quickly growing area is computer software engineering instead of computer hardware engineering.

Incomes of engineers vary depending on what field of expertise they pursue. Petroleum Engineering is the best paid while Civil and Mechanical Engineers are almost equatable, however, they are paid 1.7 times less than the petroleum engineers. Most graduates in the US can expect the entry-level incomes of around $63,000 which makes US second to Sweden for expected salaries of fresh engineering graduates. Another study showed that electrical engineering appears to be the most in-demand engineering degree with an average salary of around $73,078. Top three countries who are paying best to engineers are:

• Switzerland – average expected income at $79,243 per year
• USA – average expected income at $62,948 per year
• Denmark – average expected income at $61,235 per year

On the other hand, countries who pay least to engineers are:

• Vietnam – average expected income at $6397 per year
• Egypt – average expected income at $7458 per year

Even though there is a vast difference between the highest and lowest salary levels, this should also be considered that living expenses in Egypt and Vietnam are much lower than in Switzerland and the US. Higher income also attracts a higher tax rate.

In some cases, it can be as high as 60% or more above a specific threshold. This also varies from country to country. Some employers offer other benefits like holiday allowances, pensions, flexi-time, healthcare, etc. which can prove to be better than the extra 10% pay.

You can also consider moving to countries which are paying better. Working abroad gives exposure to other cultures and also give boost to your CV and skills. You can move abroad and earn in strong currencies like Dollars and spend in weaker currencies like Rupee. This way your income will not be as high as in US but your expenses will stay lower. You can also consider working remotely, which is becoming popular with time.

So what will you choose? Let us know in the comments section.