Are you considering a career in electrical engineering but wondering how much money you can expect to make per year? Or maybe you're already an electrical engineer and curious to see how your salary compares to others in the field. Either way, understanding the earning potential of this profession is important for making informed decisions about your career and financial future.
As with any profession, the salary of an electrical engineer can vary depending on several factors such as location, education, experience, and industry. According to the United States Bureau of Labor Statistics (BLS), the median annual salary for electrical engineers as of May 2020 was $103,390.
In addition to the median salary, the BLS reported that the lowest 10 percent of electrical engineers earned less than $64,860 per year, while the highest 10 percent earned more than $166,620 per year. Electrical engineers working in industries such as computer and electronic product manufacturing tend to earn higher salaries than those working in industries such as government or educational services.
In summary, electrical engineering can be a lucrative profession with a median annual salary of over $100,000. However, actual salaries can vary depending on several factors such as location, education, experience, and industry.
What Affects an Electrical Engineer's Salary?
Location can have a significant impact on an electrical engineer's salary. For example, electrical engineers working in cities such as San Francisco or New York tend to earn higher salaries than those working in smaller cities or rural areas. Education and experience also play a role in determining an electrical engineer's salary. Those with advanced degrees or several years of experience in the field may be able to command higher salaries.
Personal Experience: My Journey as an Electrical Engineer
After earning a Bachelor's degree in Electrical Engineering, I began my career in the industry working as an entry-level electrical engineer. Over the years, I gained more experience and advanced to higher positions within the company. As a result, my salary increased as well. I found that working in the computer and electronic product manufacturing industry offered higher salaries than other industries within the field.
Industry Salaries for Electrical Engineers
According to the BLS, the computer and electronic product manufacturing industry offers the highest median annual salary for electrical engineers at $110,960. Other industries with high median annual salaries for electrical engineers include aerospace product and parts manufacturing at $109,150, and semiconductor and other electronic component manufacturing at $105,710.
How to Increase Your Salary as an Electrical Engineer
There are several ways to increase your salary as an electrical engineer, including gaining more experience, earning advanced degrees or certifications, and pursuing higher positions within your company. Additionally, staying up to date with the latest industry trends and technologies and developing a strong network of professional contacts can also help you advance your career and earn higher salaries.
Personal Experience: Negotiating a Higher Salary
After several years of experience in the field, I was offered a new position within my company that required additional responsibilities. I used this opportunity to negotiate a higher salary, which my employer agreed to. By demonstrating my value to the company and being willing to negotiate, I was able to increase my salary and advance my career.
Question and Answer
Q: Can electrical engineers expect to receive bonuses or other forms of compensation in addition to their salary?
A: Yes, many companies offer bonuses or other forms of compensation such as stock options or profit-sharing to their employees in addition to their salaries.
Q: Are there opportunities for electrical engineers to work freelance or start their own business?
A: Yes, some electrical engineers choose to work as freelancers or start their own businesses. However, this can be more challenging as it requires finding clients and managing the business side of things in addition to doing the technical work.
Q: What other skills or knowledge can electrical engineers develop to increase their earning potential?
A: Developing skills in areas such as project management, leadership, and communication can help electrical engineers advance to higher positions within their company and earn higher salaries.
Q: How does the salary of an electrical engineer compare to other engineering professions?
A: According to the BLS, the median annual salary for all engineering occupations as of May 2020 was $80,720. This is lower than the median annual salary for electrical engineers specifically, which was over $100,000.
Conclusion of How Much Money Does an Electrical Engineer Make Per Year
As you can see, there are several factors that can impact the salary of an electrical engineer. However, the earning potential for this profession is generally high, with a median annual salary of over $100,000. By gaining experience, earning advanced degrees or certifications, and pursuing higher positions within your company, you can increase your earning potential and advance your career as an electrical engineer.
