According to salary.com, the average starting salary for a petroleum engineer with a bachelor’s degree is $87,000. A master’s degree will boost that annual pay by $10,000 while those with a Ph.D. can expect to take home an average of $108,000 in the United States. The highest starting salary for this position is in California at over $140,000 annually; almost $100,000 more than the lowest paid states on the Gulf Coast. While still an exceptional salary, it is important to remember when viewing these figures that they represent entry level positions and do not reflect bonuses or other financial benefits such as stock options.
The average starting salary for petroleum engineers is $62,000 while experienced engineers earn $112,000. These are the figures that the American Association of Petroleum Engineers presents in their 2018 overview report.engineers
Average starting salary for petroleum engineers
As you can tell, the average starting salary for petroleum engineering is competitive with other engineering careers, mostly due to the high-demand of individuals with this skill set. Plus, when looking at the total compensation of petroleum engineers, the average annual employment income is fairly high as well.
If you are for a petroleum engineering degree, this should help you make an apples to apples comparison between the typical starting salary of companies that hire people with a four year degree.
The petroleum engineering field offers a variety of career opportunities, which is something that you will want to consider when deciding on your field of study. In addition to working for oil and gas companies, some people work for refineries or for construction companies as well. You can also work in the non-profit sector as an advocate for renewable energy, or find a place to utilize your skills in government. The possibilities are endless!
The petroleum engineering industry is not for the faint of heart. The business world has its own fair share of risks, but the energy sector and oil exploration industry is a wholly different kind of beast.
The future of the oil and gas industry is bright thanks to the sustained exploration efforts in newly developed shale plays. Unfortunately, however, the past few years have seen a decline in new hires across all industries, as a result of a drop in new graduates due to the struggling economy.
