Because of the limitless employment opportunities for individuals with a background in engineering physics, it is virtually impossible to put a capped amount on salary estimations. In an effort to better gage salary ranges, careful consideration needs to be placed on individual factors that can directly affect an individualís range of potential annual income.
Educational Levels Affect Income Potential
One of the main determining factors of annual income of an engineering physics salary is level of education. As a general rule, the higher the level of education, the greater the salary potential of the individual. For instance, an entry-level petroleum engineer with a bachelorís degree earns a median income of approximately $97,500 yearly. However, income potential significantly climbs for engineers with a Masters degree or higher. For these graduates, entry-level jobs for the same position climb up to a possible yearly income of approximately $125,000.
Best Paying Jobs
Some career choices pay better than others. Although there are many well-paying occupational choices for graduates with a degree in engineering physics, there are a few that stand out above the rest. Nuclear engineering jobs are some of the top paying positions at the bachelorís degree level with an approximate yearly income starting at $104,000. Following in a close second are computer hardware engineers, earning $102,000 yearly and aerospace engineering jobs starting at $101,000 yearly.
Jobs with Substantial Salaries
Consulting the salary levels of other high-paying jobs can help provide some perspective on the relative salaries of entry-level engineering physicists. According to payscale.com, entry-level research scientist positions pay the best, at $107,000 yearly. Software engineers, developers and programmers have an entry level earning potential of approximately 105,800 yearly, while engineering physicists make the least with a starting income of approximately $82,500 yearly. Consequently, although there are substantial variations in income, even entry-level positions for these graduates are still quite clearly above the national average.
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Earning a PhD is no simple feat, however, as earning a PhD in engineering physics takes up to 5-7 additional years of study in addition to a traditional undergraduate degree. Therefore, it is no wonder, that these individuals earn the top wages in the top paying industrial and scientific engineering careers in the industry. According to payscale.com, individuals with a PhD in engineering physics earn an average median income of $120,000-128,000 yearly. In addition, PhD graduates go on to be recruited not only to these top paying positions, but also earn prestigious job titles and work in career positions at the top of their industries.
More Experience and Training Translates Into Higher Wages
Besides education level, work experience is the single most important indicator of annual salary. More experience can also lead to career advancement, which can add a nice bump to overall gross income levels as well. Additionally, staying abreast of the latest technological advancements through updated training and certifications also keeps skills sharp. Employees that are always on top of their game with innovative and new ideas are the individuals companies are interested in promoting into greater roles of leadership and responsibility.
In the engineering world, many variables directly affect an individualís engineering physics salary. Doing whatever is necessary to maintain a competitive edge in an ever changing and technologically advancing industry ensures the greatest opportunities for advancement and the maximizing of overall income potential for an engineering physicist.