Today far too many college graduates are unable to find job. To make matters worse, some of these same people borrowed heavily to fund their college educations. Some have over $100,000 in outstanding student loans. It is easy to blame the American economy for these ills, but it is the individual who possibly selected a pricey university and a college major where supply greatly exceeds demand in the labor market
However, recent engineering graduates are among the least likely to have trouble finding a job. Most engineering majors had multiple job offers before they even completed their course work. And how is it that so many of them graduated without debt? One of the reasons is that engineering majors often take 5 to 6 years to complete their degree because they are involved in co-op and intern programs along the way. As a result, they are well-paid and often their tuition is fully or partially covered by their employer. Plus they gain valuable work experience.
In Stop Acting Rich, I mentioned that:
The frugal nature of wealthy engineers is certainly reflected in their demonstrated superior ability to generate wealth from income. Overall, engineers produced about 22 percent more wealth per dollar of realized income than did millionaires in general.
They have a higher than average propensity than others in their income/age cohort to accumulate wealth. They are less likely to favor expensive status denoting products and brands than others.
Among those engineers who are significantly more productive in transforming income into wealth are mining engineers, geological engineers, safety engineers, marine engineers, chemical engineers, aerospace engineers, petroleum engineers, etc. Recently, USA Today reported the results of several studies of the projected lifetime earnings of 171 college majors. Among those with the highest earnings over a 40 year career path were petroleum engineer majors, marine engineers and mining and mineral engineers. But the article also suggested that several of the majors with the highest average annual earnings are among the least popular majors, “suggesting that there is a real demand in these areas.”