Author Topic: Why should financial engineers be paid more than actual engineers?  (Read 4329 times)

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Offline VK3DRB

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Re: Why should financial engineers be paid more than actual engineers?
« Reply #25 on: April 13, 2017, 11:26:31 am »
There is an old saying: People are very good with other people's money.

A few Australian politicians have recently lost their jobs due to their dipping into the public purse for personal extravagances and outright rorting of the system. In fact, our federal politicians shape policy to benefit themselves even if it is to the detriment of the Australian people. It is a form of legal corruption. As they amass wealth, they have displaced a whole generation of young Australians wanting to get a roof over their head. The political fat cats ignore the homeless who cannot afford to buy or rent a home in Melbourne. About half of the politicians are involved in tax avoidance in the form of family trusts and other scams they mastermind. Their policies will always make sure they do not lose out, no matter what.

Pay is like a pyramid. Those at the top can easily get a king's ransom and not affect the bottom line much, in contrast to if the numerous plebs at the bottom get even a small pay rise. If you are just another engineer among many, don't expect to be well paid if you are very good. You will be comfortable and that is where it ends.

In contrast, some public servants are rewarded to the extreme whilst they slash and burn an organisation, lower its service quality and put customers last... http://www.abc.net.au/news/2017-02-23/australia-post-ceo-resigns/8296566

In Australia, talented electronic and embedded engineers are paid crap money compared to civil engineers , "train" engineers, "building" engineers and "finance" engineers. We only do it for the love of electronics or coding. Else we'd be doing something else that pays a lot better for something requiring less brains and stress.

The CEO who involved with the United Airlines fiasco will still get his $14.5 million salary after he loses his $660K bonus for doing irreparable damage to United Airlines. He is still laughing all the way to the bank, and probably secretly laughing at his customers and his employees.

Yes, people are very good with other people's money.
 

Offline MrOmnos

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Re: Why should financial engineers be paid more than actual engineers?
« Reply #26 on: April 13, 2017, 11:32:24 am »
I hear sob stories every day at work about how little engineers get paid (by engineers).

My opinion is that if you aren't satisfied with the pay don't do the job. Find something else to do. Leave the engineering to some other guy and don't be the fool to do it.

I think this is also the part of the problem. I think there is nothing wrong with wanting to do what you love and earning good amount of money at the same time. I don't think that is sob story. I think that is natural of a human beings. Monetary incentives are a huge part of job satisfaction even when you are doing what you love. Besides, I am not saying engineers should be paid millions. I am saying they are not compensated well enough for the jobs they do. 
« Last Edit: April 13, 2017, 11:34:46 am by MrOmnos »
 

Offline MrOmnos

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Re: Why should financial engineers be paid more than actual engineers?
« Reply #27 on: April 13, 2017, 11:41:16 am »

In Australia, talented electronic and embedded engineers are paid crap money compared to civil engineers , "train" engineers, "building" engineers and "finance" engineers. We only do it for the love of electronics or coding. Else we'd be doing something else that pays a lot better for something requiring less brains and stress.


They have exploited that love for work for many years.
 

Offline VK3DRB

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Re: Why should financial engineers be paid more than actual engineers?
« Reply #28 on: April 13, 2017, 11:52:16 am »
I hear sob stories every day at work about how little engineers get paid (by engineers).

My opinion is that if you aren't satisfied with the pay don't do the job. Find something else to do. Leave the engineering to some other guy and don't be the fool to do it.

I think this is also the part of the problem. I think there is nothing wrong with wanting to do what you love and earning the same amount of money at the same time. I don't think that is sob story. I think that is natural of a human beings. Monetary incentives are a huge part of job satisfaction even when you are doing what you love. Besides, I am not saying engineers should be paid millions. I am saying they are not compensated well enough for the jobs they do.


Funny that. I resigned last week after working almost 5 years as a senior electronics design engineer in a medical electronics company. I start a new job in a few weeks. More great state-of-the-art electronics to work on! Better pay was only a part of the reason, but it was not the whole reason. If you don't pay people competitively, they are more inclined to move on.

That being said, I will miss some of the excellent people I work with :'(, but hope to maintain some of these friendships out of work :D and of course make new friends in the wonderful world of electronics  :-+. Woohoo!
 

Offline CatalinaWOW

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Re: Why should financial engineers be paid more than actual engineers?
« Reply #29 on: April 13, 2017, 03:43:38 pm »
One thing that always haunted me, but seems ignored by many engineers, is the question:  Did I pay for myself?   

It can be a difficult question to answer, but restated, did sales that directly resulted from my work generate enough margin to pay my salary.  That is a very crude measure since lots of other things have a claim on margin, but in many cases is not as low a bar as you would think.  Be honest in evaluating your fraction of the sales.  Sure you were solely responsible for the electronics design, but what about the enclosure, and packaging, and assembly, and BOM, and sales, and (gasp) management (include accounting, HR and all of those).  A product is like a table.  All legs are important (don't take this down a classic engineers rathole and point out that a twenty leg table can do without a leg or two.  It is an analogy and is only instructive, not congruent to the real problem).  Each leg loves to claim that the product wouldn't exist without them, and usually they are correct, but so are the other claimants.  Who should also be haunted by the same question.

Once you have determined that you are actually paying for yourself you can go on to argue about who has the right share of the spoils.  During my career I worked with many engineers who did not in my opinion pay for themselves.  They were often some of the loudest complainers about low engineering pay.
 
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