UNIVERSITY NEWS LAST UPDATED : 02 APRIL 2015
Engineering is the degree to take if you want to become rich, a survey of the world’s billionaires has found.
And the head of engineering at Birmingham City University has backed analysis of the Forbes rich list, saying that engineering has witnessed a significant increase in earning potential.
Approved Index examined the educational background of billionaires on the Forbes list and found more than a fifth of the 100 richest people in the world studied engineering at university.
Parmjit Chima, Head of School of Engineering, Design and Manufacturing Systems at Birmingham City University, said: "Studies show that the earning potential for engineering graduates is among the highest in the UK for any profession.
"In the past it was the doctors, dentists and clinicians who earned the most, but engineers are now up there with them."
Engineering graduate billionaires have an average wealth of £17.3 billion, compared to £16.1 billion for billionaires without a degree and £15.1 billion for those who studied finance.
For those just starting their careers, more than two thirds of graduates find work in engineering within six months, an Engineering UK report shows. Engineering graduates can expect to start on £26,536, which is higher than £21,725 for all graduates, and nearly as high as the average salary of £27,174 for all workers. Further education students generate more than £75 billion for the UK economy over their lifetimes.
Mr Chima says earning potential is down to renewed growth in manufacturing, and in particular the automotive industries: "There's a renewed focus on the UK becoming a manufacturing economy once more, and that’s good news for engineers.
"Earnings are on the rise across aerospace, food and drink, construction and of course the automotive industry which has seen something of a resurgence, borne out by the recent Jaguar Land Rover investment news.
"Analysing the Forbes list may reveal the 100 richest people in the world and what they studied, but a closer look on any job site will reveal that jobs in engineering display significant salaries. Someone with a level four or five qualification can expect to earn £30,000 to £40,000, and a degree will push this earning potential significantly higher."