Marine Engineers are among the highest paid employees in the marine engineering industry, but a new report by industry analysts shows their compensation is just as low as it is for most other engineers.
The report by the University of Maryland’s College of Engineering, titled “The Marine Engineering Industry Is Not a High Paying Job,” found that the median annual salary for a Marine Engineer was $54,000.
This is the same median pay for all other engineering jobs, according to the study.
That’s a far cry from the $100,000 median salary of the engineers who worked in the Marine Engineering Business Association’s (MEBA) industry survey, which was conducted in 2016.
The MEBA survey, however, showed that the average annual salary of a Marine Engineering Engineer was just $42,000, making them just as high paying as a full-time marine engineer.
The median annual pay for a full time marine engineer in the US is $64,000; that’s $9,000 less than the median pay of the Engineers who work in the MEBA industry survey.
The University of Michigan’s Marine Engineering Institute, which oversees the MEAA, found that a full marine engineering degree is necessary for the Marine Engineer to obtain a “competitive advantage in the global marine engineering marketplace.”
However, a full Marine Engineering Degree does not necessarily mean a Marine will have a competitive advantage in other industries, said Jason Toth, senior research analyst at the Marine Ecosystems Institute.
He told The Washington Post, “There are very few industries where a degree in marine engineering does not have an impact on the way that they do business.”
The MEAA survey also found that there is little overlap between the salaries of the top-paid engineers and those of other engineers who work for the same organization.
The average salary for an engineer at the MEA was $62,000 compared to $48,000 for engineers at the top 10 US Marine Engineering companies, which include the Navy, Marine Corps, and the Marine Geodesy Institute.
The US Marine Corps has a median annual earnings of $73,000 per engineer, while the Marine Science Institute in Alaska has a salary of just $47,000 a year.
The top 10 Marine Engineering employers pay the highest median salary to their engineers, while they pay the lowest to their other employees, according the study, published in Marine Engineering Management Review.
The researchers also noted that engineers at a Marine Science Department are required to complete four years of marine engineering and to complete two years of physical education and an associate’s degree.
They are also required to take three years of community service, and to work part time in their chosen industry.
The study also found a gap between the highest-paid marine engineers and other engineers, with the median salary for the lowest-paid engineer, who works in the Department of Materials Science, at $37,000 in 2016 compared to the median salaries for the top earners, who worked at the US Naval Research Laboratory, $66,000 and the Naval Air Warfare Center, $57,000.(Image via Shutterstock.com)