ENGINEERS: In demand

THE one profession that does not have to fret about job security and mobility is engineering.

There is a worldwide shortage of engineers today, including in Singapore although more than 3,000 engineering graduates enter the market every year.

The demand is being fuelled chiefly by speed-silly changes in technology. Companies need engineers' creativity to come up with ground-breaking yet cost-effective innovations to maximise market share.

The talent shortage may be due to how engineers are highly prized in the field of management for their methodical, innovative, analytical and implementation skills. It's all too common to hear engineers leaving their profession to manage corporations.

But here's the curious thing: Among the six professions profiled, engineers seem the most poorly paid.

That conundrum, says National University of Singapore engineering professor Chou Siaw Kiang, is because professional or consulting engineers - who usually work on construction projects - are remunerated according to a fixed fee structure regulated by laws. There's only so much they are allowed to charge for their services, be it designing a road or a bridge.

Estimated salary range of top earners: CEOs, chief financial officers and chief operating officers of engineering firms draw between $200,000 and $800,000.

Oft-cited top earners: Tan Pheng Hock, president and CEO of ST Engineering; and William Tan, chief executive officer of SIA Engineering. Top management of aviation firms such as Honeywell Aerospace could also be on the list.

Who they are: Engineers who steer technology-rich industries.

What you need to be in the top tier: Engineers must be creative such that they not only deal with concepts but also find cheap yet effective ways to meet customers' demands.

Where the money is: The aviation industry.

Point to consider: Many students today are studying engineering not to become professional engineers, but to work in MNCs, found their own start-ups or even go into teaching or financial services.