Is a Graduate Degree in Engineering Worth It? (In-Depth Guide)
Deciding whether to pursue a graduate degree is an important career decision for engineering students and professionals.
With rising tuition costs and the time commitment required, many wonder if advanced engineering degrees are worthwhile investments.
The Rising Popularity of Engineering Graduate Degrees
Advanced degrees in engineering are growing increasingly popular.
According to the Engineering Workforce Commission of the American Society for Engineering Education, graduate enrollment in engineering programs exploded by 63.5% between 2000-2015.Several factors drive this trend:
- Technological advancement: New technologies like artificial intelligence, robotics, and data science create demand for highly skilled engineers.
Advanced degrees equip students with specialized up-to-date knowledge. - Career advancement: A master’s or Ph.D.
provides access to senior and leadership roles.
Many organizations require graduate credentials for management positions or to work on complex projects. - Higher salary potential: Advanced degree holders typically command significantly higher pay than bachelor’s graduates. However, earnings vary greatly depending on the field.
- Intellectual curiosity: Some pursue graduate studies purely out of passion and interest in their engineering discipline, not just career or money factors.
But how do these expected benefits compare to the investment required for an advanced engineering degree?
Does the salary boost justify tuition and opportunity costs? The value depends heavily on the engineering specialty.
Key Factors Impacting the Value of a Graduate Engineering Degree
Several variables influence the return on investment and overall value proposition of a graduate credential in engineering fields.
Key factors include:
1. Engineering Discipline
Outcomes for master’s and Ph.D. graduates can differ drastically across engineering concentrations.
For example, petroleum and semiconductor engineers with advanced degrees earn far higher salaries than similarly educated bioengineers.
2. Degree Type
A master’s degree takes less time and money to obtain than a Ph.D. But doctorates open more career opportunities in research and academia. Weigh degree costs versus expected benefits.
3. Program Reputation and Specializations
Top programs provide excellent networking and career prospects. Specialized degrees in cutting-edge fields like data engineering or cybersecurity offer better salaries.
4. Funding Available
Funded programs cover tuition and provide stipends lowering out-of-pocket costs. This greatly impacts ROI.
Over 80% of engineering doctoral students receive assistantships or fellowships.Now let’s analyze outcomes and ROI for graduate engineering degrees across specializations.
Graduate Degrees in Software and Computer Engineering
Software engineering and computer engineering are two of most high-demand and highest paid fields.
Graduate degree holders enjoy excellent job prospects and salaries.
Employment Outlook
The Bureau of Labor Statistics projects 21% growth for computer hardware engineering and 22% rise in software development roles from 2020-2030, much faster than average job market growth.
Rising adoption of technologies like cloud computing, machine learning, and data science will drive enormous demand for highly skilled computer engineers and software developers over the next decade.
Most technology companies now expect or require master’s credentials even for entry-level hires in these domains.
Doctorates are necessary for specialized research and university-level teaching roles.
Salary Potential
The typical entry-level salary offered to software engineering master’s graduates is $125,000 or more at top technology firms like Google, Facebook, Microsoft, and Amazon.
Large engineering consultancies also pay six-figure starting salaries.
According to PayScale, the average yearly pay for software engineers with master’s exceeds $130,000, versus under $90,000 for those with only bachelor’s.
Salaries escalate even higher for Ph.D. holders, reaching $150,000 or more. Senior software architects and engineering managers with advanced credentials can expect total compensation up to $200-300k.
Job Satisfaction
Software developers and computer engineers rank among the most satisfied engineering professionals.
Challenging, creative work and high salaries contribute to excellent job satisfaction for master’s and doctorate degree holders.
Is a Graduate Degree Worth It?
Yes – graduate software engineering and computer engineering programs deliver exceptionally strong ROI. Salaries for credentialed developers and engineers eclipse most other fields while job opportunities boom.
Advanced degrees equip students for the most complex and highest paying industry positions. Even bachelor’s holders reach a career ceiling without a master’s or Ph.D.
Graduate Degrees in Electrical Engineering
Electrical engineering master’s graduates enjoy generous salaries and promising career prospects. However, income potential and returns on graduate program investment vary across electrical engineering subfields.
Employment Outlook
Jobs for electrical engineers are projected to grow 7 percent over the next decade – faster than average according to the Bureau of Labor Statistics.
Openings will result from advances in emerging technologies like smart grids, autonomous vehicles, renewable energy systems, and robotics.
Master’s credentialed engineers will be required to spearhead development of sophisticated electronics systems and electrical infrastructure.
Electrical engineering doctorates qualify for high-level research or faculty appointments.
Salary Potential
The average starting salary offered to master’s degree electrical engineers exceeds $80,000 with top employers like Intel, Qualcomm, and Texas Instruments.
Total compensation can reach up to $200,000 for highly experienced engineers in management, design, or testing roles.
Salaries differ by specialization however – electronics, semiconductor, and signal processing engineers outearn power transmission experts.
But all specialties benefit from graduate degree salary boosts. Doctorate holders may command an additional $15-20k in base pay.
Job Satisfaction
Most electrical engineers find their work engaging and rewarding. Designing electronics systems and solving complex problems provides intellectual stimulation. Lucrative salaries and bright employment prospects also contribute to excellent career contentment for graduate degree holders.
Is a Graduate Degree Worth It?
Yes – master’s and Ph.D. credentials provide outstanding value for prospective electrical engineers. Advanced degree holders qualify for the highest paying industry jobs and leadership roles.
Certain electrical engineering specializations like microelectronics and telecommunications offer better financial returns than others. But all benefit from graduate degree salary perks and career advancement.
Graduate Degrees in Mechanical Engineering
Mechanical engineering is among the broadest engineering disciplines.
From aerospace and robotics to automotive and manufacturing, mechanical engineers work across diverse industries.
Employment Outlook
The job outlook for mechanical engineers is strong – 7 percent growth is forecast from 2020 to 2030 according to government labor analysts.
Automotive and aerospace companies will drive robust demand for mechanical design and testing engineers over the next decade as self-driving vehicle and space system technologies evolve.
While mechanical engineering master’s degree holders enjoy favorable prospects, doctorates are required for specialized research or academic positions only.
About 12 percent of working mechanical engineers hold advanced degrees.
Salary Potential
The average starting salary for master’s degree mechanical engineers approaches $70,000 with top employers like SpaceX, Tesla, Boeing, and Lockheed Martin.
Total compensation can eventually exceed $150,000 for engineers in management, product design, manufacturing, and R&D roles.
Mechanical engineers with doctorates typically earn 10-15% higher salaries than those with master’s credentials in comparable positions.
Job Satisfaction
Mechanical engineering ranks high for career satisfaction since professionals solve technically complex problems and build innovative products.
Opportunities to invent, design, and analyze mechanical systems provide intellectual stimulation. Lucrative salaries contribute to high job contentment.
Is a Graduate Degree Worth It?
Yes – mechanical engineering master’s programs deliver strong ROI for most students.
An advanced degree qualifies engineers for specialized technical and management roles with 10-15% higher salaries in automotive, aerospace, manufacturing, and other thriving industries.Mechanical engineering doctorates are only worthwhile for those interested in research or academia.
About 87% of working mechanical engineers hold bachelor’s or master’s as their top credentials.
Graduate Degrees in Civil Engineering
Civil engineers plan and supervise infrastructure projects like bridges, roads, dams, tunnels, airports, and sewage systems.
A graduate degree can be a sound investment for prospective civil engineers seeking advanced field specialization.
Employment Outlook
The job outlook for civil engineers is very positive – 8 percent growth is expected over the next decade says the Bureau of Labor Statistics.
Expanding populations and deteriorating infrastructure will drive demand for new transportation, water system, and construction projects and engineers to spearhead them.
Civil engineering master’s degree holders are well qualified for infrastructure design, project management, and site supervisor roles. A doctorate is necessary for college teaching or high-level research positions only.
Salary Potential
The average starting salary for civil engineers with master’s exceeds $65,000 with top employers like AECOM, Jacobs, Fluor, and Bechtel.
Total compensation can eventually reach $150,000 for highly experienced project managers and structural designers.
Doctorate degree holders may earn up to 10-15% higher salaries than those with master’s in comparable roles.
All civil engineering professionals benefit from significant graduate degree salary perks throughout their careers.
Job Satisfaction
Most civil engineers gain satisfaction from planning vital infrastructure projects that impact communities. They also enjoy intellectual stimulation from solving complex structural, geotechnical, hydraulic, and environmental challenges. Lucrative salaries also rank civil engineering high for job contentment.
Is a Graduate Degree Worth It?
Yes – civil engineering master’s programs deliver strong returns on investment for most students.
An advanced degree qualifies civil engineers for specialized infrastructure design and project leadership roles with 10-20% higher salary potential.
A civil engineering doctorate is beneficial primarily for those interested in research or university instruction.
About 88% of practicing civil engineers hold bachelor’s or master’s as their top credentials.
