Engineering Pay

[opcomm]

As a new grad, I need advice:

Graduating and gotten couple of offers, but the salary is just damn disappointing.

Before graduating, I heard stories of people pulling north of 90K straight out of school.

Who are the guys who make these large coins? Heck, I heard of someone who cleared 330K in a year working in Fort Mac 2 years after graduating from U of C engineering. It's tempting to want to have the chance to make such an amount, but I don't know how.

Even if I'm not making much now, what are my career options?

I was thinking of working for 3 years, then going for an MBA in top MBA programs in the likes of Harvard, Wharton, Queens, etc. But I'm not sure how useful such a degree will be in the Alberta oil industry.

Should I stick to my EPC job or keep searching for something on the producer side? Had an offer from SLB as a Field Engineer which I am going to turn down. Will go the EPC route hoping to someday join the business development/management side of things on the producer side after an MBA.

But if any other suggestions on how to proceed, things to make one have an interesting/adventurous career, I will much appreciate it.

I am single, willing to travel anywhere...I just don't know much about oil and gas considering I'm the first in my family going this route. They are into finance.

Thanks.

PS: I'm currently with a top 3 EPC firm according to Fortune 500.

[90_Shelby]

It's too bad there wasn't a public website which held statistics on engineering salaries.

[tch7]

Originally posted by opcomm
Before graduating, I heard stories...

I heard stories too. Like one of a fat man in a red suit that showers me with presents at Christmas just because I'm so awesome. Then I grew up and came to understand the reality of the situation.

[badatusrnames]

You likely won't make $90k base, but if you include bonuses and retirement plan, you'll hit $90k gross total compensation, at least if you're working for an oil and gas producer.

[XylathaneGTR]

Wow...you're working at an EPC (a mother fuckin' TOP 3 EPC) and NOT making 90k?

On monday morning, you march RIGHT INTO your manager's office and tell him to sack the fuck up and pay you what you're worthk, just like all those other people you heard about.
If he doesn't sign you for 100k/yr on the spot base salary with a 15% target bonus, walk the fuck out of there, brah.

[opcomm]

You guys are hilarious.

You don't have to bash. Just make constructive remarks instead of throwing innuendos @ the OP.

Thanks.

[Sugarphreak]

...

[ExtraSlow]

There are lots of stories, and then there is reality.

Truth is that some people get 15-20% bonuses, and 15-20% worth of stock/RRSP matching etc. That's not an average mind you, but it does happen. So if you are making $45k base, then that's $63 on your T4 at the end of the year.

For new grads, many get very small bonuses, because they contribute very little. If you can't find an offer for a higher salary, you ARE NOT worth more.

[Darkane]

Originally posted by opcomm

Who are the guys who make these large coins? Heck, I heard of someone who cleared 330K in a year working in Fort Mac 2 years after graduating from U of C engineering. It's tempting to want to have the chance to make such an ammount, but I don't know how.

Nope. Not happening. That is VP money.

Don't believe the stories, I hardly believe my close personal friends unless they show me stubs. Money is to easy to lie about because people think they're somebody if they can convince you they make more money.

[msommers]

Originally posted by opcomm
Who are the guys who make these large coins? Heck, I heard of someone who cleared 330K in a year working in Fort Mac 2 years after graduating from U of C engineering.

Whoever told you that is full of crap. Not only is grossing 330k/yr not happening, but netting that much is even more far off; that's roughly 430k/yr before taxes.

90k/yr w/ compensation sounds about right - salary probably in the 70k range.

Unless I'm completely out of the loop and new grads are making 80k+ before benefits.

[Type_S1]

70-80k base starting is average for a producer. Don't listen to any other bs. Some also give you signing bonuses and I would EXPECT a minimum 15% potential bonus.

Also, engineers with an MBA are a dime a dozen. The truth is the majority of engineers are terrible business people. If I were you I would get a CFA instead of an MBA. Be a numbers fucking guru and you will be compensated well. A CFA will also get you into a BD role but as the numbers guru.

[ExtraSlow]

MBA is worthless before you have ten years of experience. Getting it before you are ready is a waste of time.

I've said this before dozens of times, but if you get good experience, don't worry about the money, it will come. Your first five years all all about working your bag off, building your resume, and proving that you are worth the bigs bucks. Your degree and your grades don't prove shit.

I'll also add that the two people that I know who earn top pay for thier age both work insane hours.
One worked at least 70 hours a week for the first ten years, and the other works a minimum of 60 a week. They got paid well for it, but it's not something most people would be interested in. Most people would prefer to work 40-50 hours, take home average money, and enjoy their lives.

[opcomm]

Originally posted by ExtraSlow
MBA is worthless before you have ten years of experience. Getting it before you are ready is a waste of time.

I've said this before dozens of times, but if you get good experience, don't worry about the money, it will come. Your first five years all all about working your bag off, building your resume, and proving that you are worth the bigs bucks. Your degree and your grades don't prove shit.

Yah, you are right. But 10 years is a really long time to wait. An MBA from a school like HARVARD or Wharton can in no way be a waste of time, I suppose - not sure though.

[XylathaneGTR]

Originally posted by ExtraSlow
Your first five years all all about working your bag off, building your resume, and proving that you are worth the bigs bucks. Your degree and your grades don't prove shit.

Que the whining from OP about how he sould have just gone to Ft. Mac with all of his friends instead of struggling through an engineering degree to only end up not getting "what he's worth."

Didn't you already make a thread about this, OP?

[ExtraSlow]

Originally posted by opcomm


Yah, you are right. But 10 years is a really long time to wait. An MBA from a school like HARVARD or Wharton can in no way be a waste of time, I suppose - not sure though.

I disagree. An MBA from Harvard CAN be a waste of time if you go before you are ready and you go with the sole purpose of getting paid more when you get finished. That is a waste of time.

If you go once you have a good base of technical knowledge, a solid understand of how the business works, a clear idea of where your career is headed and knowledge of how you can help your organization, then it's a great tool to make you a better asset to the company.

[dubhead]

Originally posted by XylathaneGTR

Que the whining from OP about how he sould have just gone to Ft. Mac with all of his friends instead of struggling through an engineering degree to only end up not getting "what he's worth."

Didn't you already make a thread about this, OP?

This thread does sound familiar wasn't there one like this a month ago or so. As a Tech I realized about 4 months into school that the salary numbers people were throwing out were a bunch of B.S. Oh well as long as the ladies think engineers actually make lots of money then we'll be ok.

edit: shouldn't post within the first 20 minutes of waking up.

[battlebot]

Originally posted by opcomm
As a new grad, I need advice:

Graduating and gotten couple of offers, but the salary is just damn disappointing.

Before graduating, I heard stories of people pulling north of 90K straight out of school.

Who are the guys who make these large coins? Heck, I heard of someone who cleared 330K in a year working in Fort Mac 2 years after graduating from U of C engineering. It's tempting to want to have the chance to make such an ammount, but I don't know how.

Even if I'm not making much now, what are my career options?

I was thinking of working for 3 years, then going for an MBA in top MBA programs in the likes of Harvard, Wharton, Queens, etc. But I'm not sure how useful such a degree will be in the Alberta oil industry.

Should I stick to my EPC job or keep searching for something on the producer side? Had an offer from SLB as a Field Engineer which I am going to turn down. Will go the EPC route hoping to someday join the business development/management side of things on the producer side after an MBA.

But if any other suggestions on how to proceed, things to make one have an intersting/adventurous career, I will much appreciate it.

I am single, willing to travel anywhere...I just don't know much about oil and gas considering I'm the first in my family going this route. They are into finance.

Thanks.

PS: I'm currently with a top 3 EPC firm according to Fortune 500.

OP:

im guessing your pulling in between 50-60k...... but think about it how much is what your doing worth?

your doing all the grunt work that any intern/co-op can do and are worth exactly that......

if you want to make the big bucks go to site(and learn something there while your at it)........when i say big bucks i mean between 90-100k

[Aleks]

Starting out in the field is a huge asset if you want to get on with a producer.

[blitz]

Don't believe these guys. Turn down any job that isn't 6 figures base.

[msommers]

Originally posted by Aleks
Starting out in the field is a huge asset if you want to get on with a producer.

We had an engineer out at site that was a new grad and was astounded by how much he didn't know. Much to our surprise, he sent in a request to the office to be out here for 6 months before he goes back.

A couple other Eng friends had to work a 2-year term before they went into the office.

While not required, it certainly helps to have field experience.