Really that bad for engineers?

[Anonymous]

What weigh on my mind the most are still mortal concerns like paying my mortgage and bills, saving up to have kids etc. Most of my decisions are directed at optimising the returns/sustainability of returns for my family. I think there are many others who also set the welfare of their families at top priority.

That the role of engineers is 'godly', contributing to long term welfare of nation, etc is to me a bit far-fetched/over-romanticized. You can do that by paying taxes or serving in the public sector, or even simply by being very siao on during ICT! I don't think the government perceives the engineering role in nation building to be that sacred. In the end, nation building still boils down to bread and butter factors like economics/GDP. Which sector is most lucrative/stable - we move in. Period. Make hay while sun shines. Set the sails to catch the winds of growth. By growing the pie and making absolute returns, there are more resources to go around and the nation prospers as a whole (of course there are long term issues of sustainability and exponential growth concerns (resource, energy security), but I will not discuss it here).

With prosperity, you can hire engineers (including foreigners if they are price competitive) to do all your infrastructural works, etc. Yes, the government's own concerns are also very earthly like us - the need to feed the citizens!

Don't get me wrong. Engineering is still an important field. It is driven by innovation and creates good, real value. As a nation we reap the returns via corporate taxes. The fact is more often than not, the return on investment for individuals (by this i mean education) for going into the engineering field locally pales as compared to some other sectors (legal, finance, medical). This is an issue with the structure of the industry. Our R&D still doesn't seem to be taking off, and we haven't quite managed to move up the value chain. Consequently, even the top engineering minds aren't interested in being paid relatively low wages, hence they are moving into finance. I don't think they their considerations are lofty.

But of course, to each his own, and if one has perceptions of grandeur about his/her own work (like doctors!), that's good motivation and you should carry on. But I plead that you refrain from putting down the role of other sectors because if those sectors are lucrative and contribute economically, they are also important.

I digress here. As for skillsets needed in the finance industry, I think it is really quite varied. Accountants, bachelor in finance folks are all useful in the sector. In certain fields like quant finance, they look for people who are stronger in mathematics. For intermediate level complexity, engineers tend to be able to meet up to the challenge. For more complex modelling, they still go for PhD in pure math/sciences, rather than engineers actually. You can tell with a quick check on eFinancialCareers.sg.

[Anonymous]

I wish to add this: there is nothing wrong with pursuing engineering training, if that is what one really likes. The problem is with local jobs.

This thread is getting way too negative about engineers.

In any profession, there will always be those that do exceptionally well, a majority who are average, and also those that don't do well.

Story #1. My relative is an engineer who started his career with an oil and gas MNC in the 70s. Now, he is a multimillionaire with many properties, all rented out and fully paid for. He is enjoying a happy retirement with golf and leisure activities.

Ongoing story #2. Another relative is an engineer with an MNC. Excellent work life balance (far better than mine), although not exceptionally well paid (5k/mth, no bonus). In my opinion he is underpaid for his talent, but well, this is Singapore and not the US.

Ongoing story #3. I am also an engineer, but in the public sector. Work life balance is not excellent (OT until 7 or 8 every day, bring work home to do on weekends). In my early 30s, after bonus income can add up to >80k/yr. I have excellent job security and never worry overly about the future.

Sad story. Another relative who was an engineer in the manufacturing industry endured 2 retrenchments in 5 yrs, was unemployed for almost a year, and is now not doing any engineering work, but employed in something unrelated to his training.

Probably, the key factor influencing the outcome is the type of engineering industry. Oil and gas is excellent, manufacturing not so. Public sector employment is very stable, private sector somewhat less.

You said it yourself. The industry matters. Oil and gas and financial services are the way to go. Except that in the latter, it's actually "financial engineering".

What about IT engineer? Im getting about SGD 190K after bonus, bought $2M terrace house (85% paid up) and drive a bmw. Will turn 36 year this yr

Originally Posted by IT engineer

What about IT engineer? Im getting about SGD 190K after bonus, bought $2M terrace house (85% paid up) and drive a bmw. Will turn 36 year this yr

Go and start your own thread you idiot... How dare you come in and hao lian abt your salary, house and car..... This thread is for depressed engineers to sulk abt their lousy jobs, shitty salary and complain their way to work on the MRT... You should just go and start another new thread titled "My IT job earn more than engineers of Singapore" ok.. Thank you and go and die....

[Anonymous]

Originally Posted by IT engineer

What about IT engineer? Im getting about SGD 190K after bonus, bought $2M terrace house (85% paid up) and drive a bmw. Will turn 36 year this yr

wow. how did you manage to pay 85% of the $2M terrace house with an annual income of 190k? Is 190k a good year or average? It takes about 9.3 years to pay off the principal, assuming you took a 10 year 2% per annum amortized loan. That is, if you throw your entire income into the house, assuming it was 190k all along. And there is still the bmw.

Originally Posted by Anonymous

wow. how did you manage to pay 85% of the $2M terrace house with an annual income of 190k? Is 190k a good year or average? It takes about 9.3 years to pay off the principal, assuming you took a 10 year 2% per annum amortized loan. That is, if you throw your entire income into the house, assuming it was 190k all along. And there is still the bmw.

$190K is my current pay. I made around $1M from investments over the last 5 years in addition to my savings. Still have $200K cash for rainy days.

Originally Posted by IT engineer

What about IT engineer? Im getting about SGD 190K after bonus, bought $2M terrace house (85% paid up) and drive a bmw. Will turn 36 year this yr

I do not know if government has seen spook into this forum. Please stop all your lies. You can't be a IT engineer and earning this pay unless you work for Goldman Sachs or financial sector IT. Other than that, probably sales.

This kind of pay is what MD of my company is getting. I don't call him a engineer, but a manager.

[Anonymous]

Originally Posted by Unregistered

$190K is my current pay. I made around $1M from investments over the last 5 years in addition to my savings. Still have $200K cash for rainy days.

wow. u must have made a killing during the financial crisis? dammit i should have dumped all my savings into anything then. too busy with work. haha. im waiting for the next correction (hopefully) then i'm dumping 80% in.