Engineers are well paid. Indeed, the average starting salary of an engineering and technology graduate is over £25,000; over 15% more than the mean for all graduates. This is because engineers are in demand; it is a skilled profession working across a wide range of sectors, solving an even wider range of problems, and companies will pay a premium for the skill-set of engineers. According to the Office for National Statistics’ Labour Force Survey of 163,218 people aged 16–64 in England & Wales between 2004 and 2010, looking at those who had STEM qualifications and those who worked in SET jobs, the following premiums were found compared with the national average salary.
- a 19% wage premium for STEM overall;
- a 10% premium for science occupations;
- a 33% premium for technology occupations;
- a 15% premium for engineering occupations.
The average graduate starting salary for Chemical Engineering is £29.5k, for General Engineering £26.5k, for Mechanical Engineering £26k, and for Electrical and Civil Engineering £24.5k.