Engineers are among the most sought-after professionals, and with that demand comes many ways to increase your earning potential. Whether you're early in your career or a seasoned professional, there are strategic moves you can make to advance your salary.
According to the U.S. Bureau of Labor Statistics, the median annual wage for engineers in 2022 was around $100,000. Top earners in specialized fields or leadership roles can make significantly more, reaching $150,000 to $200,000 or even higher.
For ambitious professionals in engineering, the question isn't just how much they're earning now but how they can make more. Let’s explore several proven strategies for boosting income by advancing education and skill sets and tapping into other earning opportunities.
These recommendations were developed in conjunction with Chalvonna Smith Teachey - Director of the George Washington University’s School of Engineering and Applied Science Career Services.
1. Obtain a Master’s Degree in Engineering
One of the most effective ways to increase your earning potential as an engineer is obtaining a master's degree. A graduate degree enhances your technical knowledge and opens doors to more specialized roles that come with higher salaries. Engineers with a master’s degree typically earn 15-25% more than those with a bachelor’s degree, depending on their field and industry.
Electrical engineers with a master's degree, for example, can often qualify for research and development or management roles, where salaries are significantly higher. Similarly, software engineers or data engineers can leverage their advanced degrees for leadership positions or roles in artificial intelligence and machine learning, areas that are seeing a surge in demand. If you're considering advancing your education, the online Master's in Engineering programs at the George Washington University (GW) are designed for working professionals, offering flexibility and a curriculum tailored to the latest industry trends.
2. Pursue Certifications or Specializations
Continuous learning can also strengthen an engineer’s negotiating position during salary reviews. ONET data reveal that 87% of engineering employers look for evidence of ongoing education and certifications.
For example, GW’s Online Engineering Programs has an established partnership with the International Council on Systems Engineering (INCOSE) that enables students to bypass the INCOSE knowledge exam provided they earn a minimum grade of 85% in both the EMSE 6801 and EMSE 6805 courses. This expedites the process of becoming a Certified Systems Engineering Professional (CSEP).
3. Negotiate for Higher Pay or Promotions
Many engineers overlook the power of salary negotiation. If you’ve taken on additional responsibilities, earned new certifications, or completed a significant project, it’s the perfect time to approach your employer for a raise or promotion.
Effective negotiation starts with understanding your value. In high-demand fields like engineering, where qualified talent is always in short supply, strong negotiation skills can accelerate your career growth and boost your earnings.
Research salary benchmarks in your area or industry using resources like ONET and the Bureau of Labor Statistics (BLS). Make a data-driven case for why your contributions justify a higher salary. Often, the salary you start with can snowball as you move into more senior roles, but that initial push must come from you.
4. Transition into Leadership or Management Roles
Moving into management can offer significant financial rewards for engineers interested in technical work and overseeing teams. Engineering managers can make an average salary of $121,000 per year, with top earners making well over $158,000.
Pursuing leadership positions will also expand your skillset beyond technical abilities. "Soft skills" such as communication, critical thinking, and problem-solving are essential for management and leadership.
While leadership roles often require strong interpersonal and management skills, obtaining a master’s degree — particularly one that includes leadership or project management courses — can give you the foundation you need to succeed in these roles.
5. Tap Into Networking Opportunities
Your ability to network with peers and faculty can provide pathways into many career possibilities. These contacts can directly connect you to companies, potential mentors, contract work, new roles or new projects that may not be widely advertised.
Industry conferences are also valuable networking opportunities. According to data compiled by ONET, nearly 90% of engineering professionals found a job through networking. Joining a professional association such as IEEE, SWE, and ASME can help with subsidies for required licenses and other expenses, allowing you to save money on costs—a great way of implicitly raising your earnings.
6. Invest in Emerging Technologies
Engineering is experiencing growth in areas related to automation, digital technologies, and sustainability — and the field is constantly evolving, with new technologies like blockchain, green energy, artificial intelligence, and machine learning. Engineers who proactively learn about these technologies and integrate them into their work often find themselves in higher demand and command better salaries.
Mechanical engineers who learn about sustainable energy systems or electrical engineers who specialize in innovative grid technology are better positioned to negotiate higher pay thanks to their cutting-edge knowledge.
Likewise, engineers skilled in high-demand areas like cybersecurity, AI, and renewable energy are seeing increased pay prospects due to a scarcity of candidates in these fields. According to data from Glassdoor, cybersecurity engineers and machine learning engineers in the U.S. earn around $90,000 and $99,000 in average base pay, respectively, with the top earners making between $183,000 to $213,000.
Conclusion: Take the Next Step to Boost Your Earning Potential
Whether you pursue a master’s degree, obtain certifications, or transition into management, the opportunities to increase your earnings as an engineer are plentiful. The key is to remain proactive and invest in your education and professional growth.
If you’re ready to advance your career and explore how a master’s degree can help you make more money, check out GW’s Online Master’s in Engineering programs. The flexible, fully online format is perfect for working professionals looking to elevate their careers without putting their current roles on hold.