A career in engineering can ensure a great salary in the long run. But a recent study suggests that even entry-level engineering and other STEM careers will most likely net you a lucrative return on your education.
An analysis of entry-level professional salaries recently conducted by the Hay Group division of employment advisory group Korn Ferry analyzed salaries for 5.6 million entry-level positions at 20,000 companies. The analysis focused on 25 entry-level professional job titles in 15 countries.
The study showed that in every nation analyzed, science, technology, engineering and math (STEM) careers were among the highest paid out of all the surveyed careers. As an example, entry-level engineers in the United States can expect to make 19 percent above the U.S. national average at $59,213. An entry-level software developer in Australia can make 14 percent above that country’s national average at $56,079.
“It’s important to note that many factors go into determining salaries, including the local cost of living and the supply and demand for particular skill sets in specific places,” said Bob Wesselkamper, Korn Ferry Hay Group global head of rewards and benefits solutions. “However, graduates who choose certain career paths where talent is in high demand, like engineering or technology, can expect to make more than their peers, regardless of the country in which they reside.”
As always, one of the keys to encouraging students to pursue university and college degrees in engineering and the STEM fields is to introduce these fields to students early and often.
“Exposing young people to several different types of career paths early on will help them decide on careers that are both personally fulfilling and economically viable,” said Troy Steece, a Korn Ferry Futurestep project manager specializing in early career recruiting.
Making sure young people know about the many and varied career paths in STEM will help ensure that there will be a growing number of new engineers and scientists entering the workforce on a regular basis, providing employees with the skills the future will need. Making sure that these students know their career choice will lead to a great salary can also encourage them to pursue STEM.
The Korn Ferry analysis also revealed the countries and careers with the highest and lowest average salaries across all employment fields for new university graduates around the globe.
Across all employment fields, the report showed that—based on the countries and career titles included—the United States offers the highest average new graduate salary, at $49,785 annually.
Here are the top five average graduate salaries across all employment fields, from the list of 15 analyzed countries:
- United States $49,785
- Germany $49,635
- Australia $48,987
- Netherlands $43,515
- France $35,424
(All salaries are in U.S. dollars for consistency. Currency fluctuations have not been factored in.)
For more information, visit the Hay Group at Korn Ferry website.