How Much Are Engineers Worth?
What is this year’s average salary for New England electrical engineers with a post-college degree and 10 years of experience? According to Buildingteam.com’s updated salary tool, the answer is $70,000.
Based upon a nationwide survey of more than 1,100 engineers and architects, this valuable resource enables designers to calculate their worth based upon their title, education, professional registration, geographic region and years of experience.
For example, a mechanical engineer working in Los Angeles with five years of experience, a professional license and a college degree can command $61,000, while an electrical-engineering department head in Chicago with 15 years of experience is worth $113,200, according to the salary tool.
The survey, found at www.buildingteam.com also polled designers on other compensation issues, including raises and benefits.
According to the study, 35.7 percent of the respondents received a raise of between 2.6 and 5 percent in 2000; close to one-fifth are making up to 2.5 percent more than they did last year; and 14.7 percent were awarded a 5.1- to 7.5-percent increase in salary this year. Overall, the survey reported that just about 70 percent of engineers and architects are satisfied with their last raise.
On the topic of overall job satisfaction, 71.9 percent of those surveyed responded that they are extremely satisfied or very satisfied with their jobs, 24.6 percent say they are somewhat satisfied with their work.
The survey also discovered that the top three benefits included in engineers’ and architects’ compensation packages are medical insurance (82.7 percent), life insurance (61.9 percent) and a 401K plan (61.3 percent).