There’s good earnings news for U.S. members: Salaries are rising. Base salaries increased by about 5 percent from 2022 to 2023, according to the IEEE-USA 2024 Salary and Benefits Survey Report.
Last year’s report showed that inflation had outpaced earnings growth but that’s not the case this year.
In current dollars, the median income of U.S. engineers and other tech professionals who are IEEE members was US $174,161 last year, up about 5 percent from $169,000 in 2022, excluding overtime pay, profit sharing, and other supplemental earnings. Unemployment fell to 1.2 percent in this year’s survey, down from 1.4 percent in the previous year.
As with prior surveys, earned income is measured for the year preceding the survey’s date of record—so the 2024 survey reports income earned in 2023.
To calculate the median salary, IEEE-USA considered only respondents who were tech professionals working full time in their primary area of competence—a sample of 4,192 people.
Circuits and device engineers earn the most
Those specializing in circuits and devices earned the highest median income, $196,614, followed by those working in communications ($190,000) and computers/software technology ($181,000).
Specific lucrative subspecialties include broadcast technology ($226,000), image/video ($219,015), and hardware design or hardware support ($215,000).
Engineers in the energy and power engineering field earned the lowest salary: $155,000.
Higher education affects how well one is paid. On average, those with a Ph.D. earned the highest median income: $193,636. Members with a master’s degree in electrical engineering or computer engineering reported a salary of $182,500. Those with a bachelor’s degree in electrical engineering or computer engineering earned a median income of $159,000.
Earning potential also depends on geography within the United States. Respondents in IEEE Region 6 (Western U.S.) fared substantially better than those in Region 4 (Central U.S.), earning nearly $48,500 more on average. However, the report notes, the cost of living in the western part of the country is significantly higher than elsewhere.
The top earners live in California, Maryland, and Oregon, while those earning the least live in Arkansas, Nebraska, and South Carolina.
Academics are among the lowest earners
Full professors earned an average salary of $190,000, associate professors earned $118,000, and assistant professors earned $104,500.
Almost 38 percent of the academics surveyed are full professors, 16.6 percent are associate professors, and 11.6 percent are assistant professors. About 10 percent of respondents hold a nonteaching research appointment. Nearly half (46.8 percent) are tenured, and 10.7 percent are on a tenure track.
Gender and ethnic gaps widen
The gap between women’s and men’s salaries increased. Even considering experience levels, women earned $30,515 less than their male counterparts.
The median primary income is highest among Asian/Pacific Islander technical professionals, at $178,500, followed by White engineers ($176,500), Hispanic engineers ($152,178), African-American engineers ($150,000), and Native American/Alaskan Native engineers ($148,000). The salary gap between Black engineers and the average salary reported is $3,500 more than in last year’s report.
Asians and Pacific Islanders are the largest minority group, at 14.4 percent. Only 5 percent of members are Hispanic, 2.6 percent are African Americans, and American Indians/Alaskan Natives account for 0.9 percent of the respondents.
More job satisfaction
According to the report, overall job satisfaction is higher than at any time in the past 10 years. Members reported that their work was technically challenging and meaningful to their company. On the whole, they weren’t satisfied with advancement opportunities or their current compensation, however.
The 60-page report is available for purchase at the member price of US $125. Nonmembers pay $225.