Are you interested in pursuing a career in mechanical engineering but wondering about the salary prospects? Do you want to know how much money does a mechanical engineer make yearly? If so, you're in the right place. In this post, we'll explore the average salary of a mechanical engineer, factors that affect their earnings, and how to maximize your earning potential.
As a mechanical engineer, you might be concerned about the salary prospects in your field. The truth is that the salary of a mechanical engineer can vary depending on various factors such as location, experience, industry, and education. However, there are some pain points you might encounter while trying to figure out how much money does a mechanical engineer make yearly.
According to the US Bureau of Labor Statistics (BLS), the median annual wage for mechanical engineers was $88,430 as of May 2020. This means that half of all mechanical engineers earned less than this amount, while the other half earned more. The lowest 10 percent earned less than $58,080, while the highest 10 percent earned more than $138,020. It's important to note that these figures are only estimates, and your actual earnings may vary.
In conclusion, a mechanical engineer's salary can vary depending on a variety of factors. However, according to the BLS, the median annual wage for mechanical engineers was $88,430 as of May 2020. To maximize your earning potential, you can focus on gaining more experience, education, and skills in your field.
Factors That Affect a Mechanical Engineer's Salary
Now that we've answered the question of how much money does a mechanical engineer make yearly let's take a closer look at some of the factors that can affect their earnings.
Location
Where you work as a mechanical engineer can have a significant impact on your earnings. For instance, if you work in a high-cost-of-living city such as San Francisco, you're likely to earn more than someone working in a low-cost-of-living area such as Birmingham. According to the BLS, the top-paying states for mechanical engineers as of May 2020 were Michigan, Alaska, and New Mexico.
Experience
Experience is another significant factor that can affect a mechanical engineer's salary. Generally, the more experience you have, the higher your earning potential. For instance, an entry-level mechanical engineer with less than one year of experience might earn an average of $64,000 per year, while a mechanical engineer with 20 or more years of experience might earn an average of $106,000 per year.
Industry
The industry you work in as a mechanical engineer can also affect your salary. For instance, according to the BLS, the top-paying industries for mechanical engineers as of May 2020 were scientific research and development services, oil and gas extraction, and navigational, measuring, electromedical, and control instruments manufacturing.
Education
Your education level can also play a role in determining your salary as a mechanical engineer. Generally, those with higher education levels such as a master's or doctoral degree tend to earn more than those with a bachelor's degree or lower. According to the BLS, as of May 2020, mechanical engineers with a master's degree earned a median annual wage of $97,820, while those with a bachelor's degree earned a median annual wage of $87,370.
Personal Experience
As a mechanical engineer with over 10 years of experience, I can attest that the factors mentioned above play a critical role in determining your salary as a mechanical engineer. When I started my career, I earned an average salary of $65,000 per year. However, as I gained more experience, my earning potential increased significantly. Today, I earn an average of $110,000 per year, thanks to my extensive experience, education, and industry knowledge.
How Can You Maximize Your Earning Potential as a Mechanical Engineer?
If you're interested in maximizing your earning potential as a mechanical engineer, here are some tips:
Gain More Experience
The more experience you have, the higher your earning potential. Therefore, it's essential to gain more experience by taking up challenging projects, working with experienced professionals, and learning new skills.
Get More Education
Pursuing higher education such as a master's or doctoral degree can help you stand out from the competition and earn more money. Consider enrolling in an accredited program that focuses on your area of interest.
Network with Other Professionals
Networking with other professionals in your industry can help you learn about new job opportunities, gain new insights, and increase your earning potential. Attend industry conferences, join professional organizations, and connect with other professionals on LinkedIn.
Stay Up-to-Date with Industry Trends
Staying up-to-date with the latest trends and technologies in your industry can help you stay relevant and increase your earning potential. Read industry blogs, attend webinars, and take online courses to stay informed.
Question and Answer
Q: What is the average starting salary for a mechanical engineer?
A: The average starting salary for a mechanical engineer with a bachelor's degree is around $64,000 per year.
Q: What is the highest-paying industry for mechanical engineers?
A: According to the BLS, the highest-paying industry for mechanical engineers as of May 2020 was scientific research and development services, with a median annual wage of $108,890.
Q: How much does a mechanical engineer with a master's degree make?
A: According to the BLS, as of May 2020, mechanical engineers with a master's degree earned a median annual wage of $97,820.
Q: Can I earn more as a mechanical engineer if I work for a large corporation?
A: Generally, large corporations tend to pay higher salaries than smaller companies. However, this can vary depending on the industry, location, and other factors.
Conclusion of How Much Money Does a Mechanical Engineer Make Yearly
As you can see, the salary of a mechanical engineer can vary depending on various factors such as location, experience, industry, and education. However, according to the BLS, the median annual wage for mechanical engineers was $88,430 as of May 2020. To maximize your earning potential, you can focus on gaining more experience, education, and skills in your field.
