Soaring tuition fees have made many people think twice about higher education. A careers discussion in 2013 is likely to be unrecognisable from a generation ago. One of the key questions asked now is: "Is it worth it?"
A recent UK survey by consumer watchdog Which? and the Higher Education Policy Institute (Hepi) heightened the debate about value for money, suggesting student expectations of higher education have risen as tuition fees have increased. Of the 17,000 students polled across the UK, 29% of first-year students said their courses were not good value for money, compared to 16% last time the study was carried out in 2006, when fees were just more than £1,000 a year.
Course selection a generation ago may have been weighted more towards academic and social experience for students. But future job prospects and earning potential are now making the decision much more mercenary.
In this respect, careers in engineering catch the eye. In the US, the National Association of Colleges and Employers (NACE) publish data three times a year on college graduate starting salaries. Engineering dominates the list, taking seven of the top ten spots in NACE's April survey: petroleum engineers earned the most with an average starting salary of $93,500 (£61,271); second were computer engineers with $71,700 (£46,985); chemical engineering graduates – with a healthy starting salary of $67,600 (£44,298) – came in third.
In the UK, comprehensive starting salary statistics for graduates are not so easy to come by, but engineering graduates can enjoy similar pay packets. Data published in 2010 indicated UK graduate starting salaries for dentistry and medicine were ranked first and second at £29,805 and £28,913. Chemical engineering was ranked fourth with three more engineering disciplines placed in the top ten.
The Institution of Chemical Engineers' (IChemE) own annual salary survey, published in July 2012, indicated graduates typically could expect to earn £27,861 in their first year. These high rewards are helping to drive demand: record numbers of students are enrolling on UK courses.
Engineering also has another advantage. It's a profession that recruits from a global talent pool and those eye-watering starting salaries on offer in the US are attainable by UK graduates. Many employers in the chemical processing industries – such as pharmaceuticals, nuclear, food, oil, gas etc – are huge, multinational companies. Many are based in the US but they have operations all over the world and recruit all over the world.
Salary and career progression for chemical engineers also remains lucrative. IChemE data from 2012 indicates that the median salary for chemical engineers is £53,000 a year – an increase of 33% over the past decade. Chartered chemical engineers typically can expect to earn £70,000 a year, with sectors like petrochemicals offering substantially higher rewards.
Matt Stalker is head of communications at the IChemE.
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