The Hay Group division of Korn Ferry, a recruitment firm dedicated to supplying people and organizations with work advice, has conducted research into how much more engineers make than their peers. The study looked at 42,500 graduate engineers and students in 770 different organizations in the United Kingdom. The study found that those who had graduated with STEM (science, technology, engineering, and mathematics) degrees earned 20% more than their peers. The study found that engineers and software developers were the highest paid STEM professionals in the UK. The average starting salary for a graduate was $34,208, however for engineering professionals, their salaries saw increases of 17%. Meaning engineering graduates could look forward to about $39,936.
The top five countries that promise the best starting salaries after graduating from university are:
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Theoretically, every country’s engineers should make 20% more than their peers. So all of the aforementioned salaries can be increased, however, there are many other factors to consider. The study illustrates this by saying an engineer in the United Kingdom would make more money working in London than they would in the West Midlands.
Where is the demand for STEM graduates in the UK? In the digital sector. Vivienne Dykstra, the global graduate practice leader for Korn Ferry said that the digital sector currently makes up 10% of the United Kingdom’s gross domestic product and is sorely in need of STEM-graduates.
“This demand is being reflected in the salaries that newly qualified students can command. With digitally savvy talent at a premium, the graduate recruitment market is a competitive place. Employers need to look at ways to differentiate themselves. Alongside providing opportunities to develop and grow, it’s critical businesses offer strong starting salaries to really stand out of the crowd,” Dykstra added.
Thus, it depends on what kind of engineering you go into and where you get into it. Some branches of engineering make more money than other branches. And, if you’re looking for employment and a big salary, being willing to relocate might also be something to consider.
Source: Korn Ferry