$78,000-80,000 is the Median salary for mechanical engineers. Median means middle, NOT average.
After 5 years, the average salary jumps to $65,000 per year. After 10 years experience, the average jumps to the median salary. About $78,000 per year. After 40+ years of experience, you can potentially make $100,000+ per year with management reponsibilities.
Masters degrees on average boost your salary by $8000 per year. If your tuition is $40,000, it will take about 8 years to pay off your grad school. However, many employers pay some percentage of your salary, cutting the payback period in half.
How much does a mechanical engineer make per year?
I am 1/3 years out of school (3 from bachlors/1 from masters). I make approximately 69k.
"Do masters degrees earn you more than a bachelors"
Just depends on your employeer. My employer could care less, so it didn't help my pay. I am hopeing that if I move companies perhaps a new employer might take notice of my master degree and decide I am worth more to the company.
"I want to get a masters, though, and maybe start a company of my own"
If you want to start your own company then you REALLY need to look into getting your PE. If you think a masters will help you pass your PE exams then get a masters for sure. Of course once you start your own company you decided on your own pay...so whether or not you have a masters will be meaning less.
Its not the name of your degree that counts its whether or not you can do the job competently. Also, I very much doubt you can get a 78k a year job working on roller coasters unless the currency you are talking about is one of the lesser ones ! Well qualified (IMechE) engineering surveyors and structural engineers probably get ￡37,000 - ￡45,000 plus car and benefits.
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Mechanical engineers work on mechanical devices including tools, engines and equipment. Because of their broad approach to engineering, they can find employment in several manufacturing industries, including aerospace, power production and robotics. They typically work in professional office settings but may visit production facilities or machine sites. Compensation varies by employer and location.
Salaries
The nation’s 238,260 mechanical engineers averaged $40.17 per hour or $83,550 per year as of May 2011, according to the Bureau of Labor Statistics. However, the lowest-paid 10 percent earned less than 424.68 per hour or $51,340 per year, while the best-paid 10 percent made more than $57.67 per hour or $119,950 per year. To receive these salaries, these professionals need a minimum bachelor’s degree in mechanical engineering, which typically includes courses in physical and life science, math and engineering. Internships or co-ops expose students to practical experience in industry. Master’s degrees are needed for those wanting managerial posts in the field.
Employers
The biggest employers of mechanical engineers in 2011 were architectural and engineering services, which offered more than 20 percent of the total positions and paid a mean $43.03 per hour or $$89,500 per year. Next was the federal government with 5 percent of the jobs and averages at $44.32 per hour or $92,190 per year. With almost the same percentage of employment, aerospace products and parts manufacturers offered a mean $42.97 per hour or $89,390 per year. The highest-paying employers were lessors of real estate at a mean $57.39 per hour or $119,380 per year. Oil and gas extraction was next for pay, averaging $52.17 per hour or $108,520 per year.
Locations
The state with the highest employment for mechanical engineers in 2011 was Michigan, with 13 percent of the jobs at mean wages of $41.63 per hour or $86,590 per year. California was next with 9 percent of the positions. It also offered the second highest-paying jobs at a mean $44.83 per hour or $93,250 per year. The state with the best-paying employers was Alaska, with average salaries at $49.45 per hour or $102,860 per year. For cities, Warren, Michigan, topped the list for employment with 7 percent of the positions and averages at $43.72 per hour or $90,940 per year. Idaho Falls, Idaho, was the city with the highest averages at $61.97 per hour or $128,890 per year.
Benefits
Because of their professional status, mechanical engineers typically receive the same benefits as other professionals at their employers. These include medical, dental and vision insurance; vacations; paid sick leave and holidays; and retirement benefits. Certain employers also offer profit sharing, disability insurance, education assistance and flexible work hours.
Not much
In a few years, I want to become a mechanical engineer specializing in roller coasters. I heard that engineers make a lot of money, and that mechanical engineers with bachelors degrees make 78k a year. I want to get a masters, though, and maybe start a company of my own after I get experience with working with B&M. Do masters degrees earn you more than a bachelors, and if not, how would it help me more? Thanks for answering!
