Earnings reports offer valuable insights into the financial health of American companies. members: Salaries are rising. According to IEEE-USA, base salaries increased by approximately 5% from 2022 to 2023.
Despite earlier concerns that inflation had outstripped wage growth, the opposite is true this year.
For $x in dollars, the median revenue of U.S. According to a recent report, the median annual salary for IEEE members including engineers and various technical professionals was approximately $174,161 in the final year, representing a 5% increase from the $169,000 recorded in 2022, excluding overtime pay, revenue sharing, and other supplemental income. Unemployment rates declined significantly, dropping to a low of 1.2% in the latest survey, a notable decrease from the previous year’s rate of 1.4%.
For the purposes of this survey, earned revenue refers to the amount generated over a 12-month period preceding the survey’s documentation date, specifically applying to the 2024 survey which measures revenue earned in 2023.
IEEE-USA calculated the median wage by considering only respondents who were tech professionals working full-time in their primary area of expertise, a sample of 4,192 individuals.
Circuit and systems engineers typically command the highest salaries.
Specializing in circuits and units achieved the highest median earnings of $196,614, closely followed by those working in communications, with a median income of $190,000, and computer systems and software experts, who earned a median salary of $181,000.
Profitable subspecialties include broadcast expertise, which commands a salary of $226,000, followed by picture/video specialists at $219,015, and hardware design or support professionals at $215,000.
The engineers in the power and energy engineering sector received a starting salary of $155,000.
Higher levels of education have a significant impact on earning potential. On average, those with a PhD. Earned a median revenue of $193,636, securing the top spot. According to data, individuals holding master’s degrees in electrical engineering or computer engineering earned an average salary of $182,500. Individuals holding a bachelor’s degree in electrical engineering or computer engineering commanded a median income of $159,000.
Income potential also varies depending on geography within the US. Respondents in the Western United States, as reported by IEEE, demonstrated a significant disparity compared to those in the Central United States, with an average income boost of nearly $48,500. In contrast to other regions, the cost of living in the western part of the country is notably higher.
Highest earners typically call California, Maryland, and Oregon home, whereas those with the lowest incomes tend to be found in Arkansas, Nebraska, and South Dakota.
Teachers are often among the lowest-paid professionals.
According to the latest figures, full professors commanded a median salary of $190,000, while affiliate professors received $118,000, and assistant professors earned $104,500, illustrating significant disparities in compensation across academic ranks.
Approximately 38% of surveyed teachers held full professorships, while 16.6% were affiliate professors and 11.6% served as assistant professors. Approximately 10 percent of respondents hold non-teaching analytical positions. Approximately 47% of the total are tenured, while around 11% are in a tenure-track position.
Gender and ethnic gaps widen
The gap between women’s and men’s salaries widened. Despite varying levels of expertise, women earned an average of $30,515 less than men.
Median main revenues stand out most prominently for Asian/Pacific Islander technical professionals at a whopping $178,500, trailed closely by White engineers at $176,500, followed by Hispanic engineers at $152,178, African-American engineers at $150,000, and Native American/Alaskan Native engineers at $148,000. The pay gap between African American engineers and the average salary recorded has widened by $3,500 compared to last year’s report.
Asian Americans and Pacific Islanders comprise the largest minority group in the United States, accounting for approximately 14.4 percent of the population. Approximately 5% of the membership consists of Hispanics, while 2.6% identify as African Americans, with American Indians and Alaskan Natives comprising around 0.9% of the respondents.
Extra job satisfaction
According to the report, overall job satisfaction has reached an all-time high in the past decade. Members revealed that their projects required substantial technical expertise and had a profound impact on their organization’s overall performance. Despite this, however, they were unhappy overall with their current compensation and development opportunities.
The comprehensive 60-page guide is available for purchase at a member-only value of USD 125. Nonmembers pay $225.
