Engineers' salaries depend on such variables as experience, geographical area, type of employer, and job description. Engineers typically make more than most salaried professionals, but not as much as some other professionals, such as doctors or lawyers. For engineers working in sales, earnings will probably be based on a combination of salary and commission.

Median annual earnings of mechanical engineers were $62,880 in 2002, the most recent year for which numbers are available. The average annual salary for mechanical engineering technicians was $42,090. For mechanical engineers, the middle 50 percent earned between $50,800 and $78,040. The lowest 10 percent earned less than $41,490, and the highest 10 percent earned more than $93,430. Median annual earnings in the industries employing the largest numbers of mechanical engineers in 2002 were:

	Federal government - $72,500
	Architectural, engineering and related services - $65,610
	Navigational, measuring, electro-medical, and control instruments manufacturing - $65,430
	Aerospace products and parts manufacturing - $65,160
	Other general purpose machinery manufacturing - $55,850

According to a 2003 salary survey by the National Association of Colleges and Employers, bachelor's degree candidates in mechanical engineering received starting offers averaging $48,585 a year, master's degree candidates had offers averaging $54,565, and Ph.D. candidates were initially offered $69,904. The Engineering Workforce Commission conducts a survey of engineers' salaries to help gauge the demands of the current job market, and is a source for more detailed information.

Most companies usually offer complete benefit packages that include health insurance, life insurance, paid sick leave, paid vacations and holidays, and travel expenses. They may also offer some form of profit sharing. Some employers require or encourage their engineers to pursue advanced degrees, with all or part of the tuition paid by the company.

In considering your opportunities, evaluate them based on how they contribute to your career potential and whether the work interests you, as well as the overall compensation package. Plan for such things as the degree of financial independence you desire, your requirements for life and health insurance, accumulating sufficient savings to bridge periods between employment, and establishing a robust retirement plan independent of any single employer.

Though it might seem overly cautious to consider retirement planning when you are just out of college, be aware that the best time to plan for retirement is in your first years of employment. Don't hesitate to ask questions of your employer; questions about retirement or profit-sharing options are evidence of vision and an ability to make and pursue long-term goals.

Additional information on career management for mechanical engineers can be found on ASME's Career Center.