There’s good earnings information for U.S. members: Salaries are rising. Base salaries elevated by about 5 p.c from 2022 to 2023, in accordance with the IEEE-USA 2024 Wage and Advantages Survey Report.
Final yr’s report confirmed that inflation had outpaced earnings progress however that’s not the case this yr.
In present {dollars}, the median revenue of U.S. engineers and different tech professionals who’re IEEE members was US $174,161 final yr, up about 5 p.c from $169,000 in 2022, excluding additional time pay, revenue sharing, and different supplemental earnings. Unemployment fell to 1.2 p.c on this yr’s survey, down from 1.4 p.c within the earlier yr.
As with prior surveys, earned revenue is measured for the yr previous the survey’s date of report—so the 2024 survey reviews revenue earned in 2023.
To calculate the median wage, IEEE-USA thought of solely respondents who had been tech professionals working full time of their main space of competence—a pattern of 4,192 folks.
Circuits and gadget engineers earn essentially the most
These specializing in circuits and gadgets earned the best median revenue, $196,614, adopted by these working in communications ($190,000) and computer systems/software program expertise ($181,000).
Particular profitable subspecialties embrace broadcast expertise ($226,000), picture/video ($219,015), and {hardware} design or {hardware} help ($215,000).
Engineers within the power and energy engineering discipline earned the bottom wage: $155,000.
Greater training impacts how properly one is paid. On common, these with a Ph.D. earned the best median revenue: $193,636. Members with a grasp’s diploma in electrical engineering or laptop engineering reported a wage of $182,500. These with a bachelor’s diploma in electrical engineering or laptop engineering earned a median revenue of $159,000.
Incomes potential additionally depends upon geography inside america. Respondents in IEEE Area 6 (Western U.S.) fared considerably higher than these in Area 4 (Central U.S.), incomes practically $48,500 extra on common. Nevertheless, the report notes, the price of residing within the western a part of the nation is considerably larger than elsewhere.
The highest earners reside in California, Maryland, and Oregon, whereas these incomes the least reside in Arkansas, Nebraska, and South Carolina.
Teachers are among the many lowest earners
Full professors earned a mean wage of $190,000, affiliate professors earned $118,000, and assistant professors earned $104,500.
Nearly 38 p.c of the lecturers surveyed are full professors, 16.6 p.c are affiliate professors, and 11.6 p.c are assistant professors. About 10 p.c of respondents maintain a nonteaching analysis appointment. Almost half (46.8 p.c) are tenured, and 10.7 p.c are on a tenure monitor.
Gender and ethnic gaps widen
The hole between girls’s and males’s salaries elevated. Even contemplating expertise ranges, girls earned $30,515 lower than their male counterparts.
The median main revenue is highest amongst Asian/Pacific Islander technical professionals, at $178,500, adopted by White engineers ($176,500), Hispanic engineers ($152,178), African-American engineers ($150,000), and Native American/Alaskan Native engineers ($148,000). The wage hole between Black engineers and the common wage reported is $3,500 greater than in final yr’s report.
Asians and Pacific Islanders are the most important minority group, at 14.4 p.c. Solely 5 p.c of members are Hispanic, 2.6 p.c are African People, and American Indians/Alaskan Natives account for 0.9 p.c of the respondents.
Extra job satisfaction
In accordance with the report, total job satisfaction is larger than at any time prior to now 10 years. Members reported that their work was technically difficult and significant to their firm. On the entire, they weren’t happy with development alternatives or their present compensation, nonetheless.
The 60-page report is accessible for buy on the member value of US $125. Nonmembers pay $225.
