It will not be a good decision to go to Canada for higher studies in this situation. 251-500 (-) 1.31 Crores #table9 td:nth-of-type(1):before { content: "Profit"; } Global Rank of the College Applied to The investment will be highly profitable. For Current Salary of 5 Lakhs (India)  He is currently working at Gyandhan a leading company which provides Education Loan who are studying Abroad. The investment will be highly profitable. For Current Salary of 25 Lakhs (India) Verdict: NPV, IRR and Profit values for the salaries of 15 and 25 lakhs are highly negative. Is it worth doing a masters in mechanical engineering? Chosen Field of Study  101-250 Average investment equals to the total of the average tuition fee of the universities falling under a rank bracket and the corresponding average off-campus living expenses. position: relative; All You Need To Know About WES Evaluation, ICICI Bank Education Loan Disbursement Process, All About Auxilo Education Loan Disbursement Process, Is studying MS in Material Science in US Worth it, Is Studying MS in Material Science in Canada Worth it, Is Studying MS in Material Science in Germany Worth it, Is Studying MS in Material Science in Australia Worth it, ← Is MS in Material Science Abroad Worth it, Is MS in Computer Science Abroad Worth it →, Evaluate your chances of getting into a college, First Floor, 262, Westend Marg, Saiyad Ul Ajaib Extension, Saket, New Delhi, Delhi 110030. 15 Lakhs (-) 2.21 Crores The opportunity to gain knowledge, access resources, and achieve better employment is enormous in developed countries. #table2 td:nth-of-type(1):before { content: "Profit"; }   Negative   To know if it makes sense for you to leave your job in India and study MS in Mechanical Engineering abroad, scroll down to the global rank your target college falls within and then to your salary figure. Bachelor in engineering with knowledge in materials, mechanics, and modeling, but also others may be suited to the master's program in engineering design. 75 Lakhs For you, it means the difference between the expense borne to go to college in the US, Canada, Germany, and Australia and the extra money you save after employment. white-space: nowrap; #table5 td:nth-of-type(1):before { content: "Target College Global Rank"; } “When an employer is looking at their staff for assignments for new projects, the person with the Master’s is more likely to get picked for senior roles,” says David Soukup, Managing Director of Governance at ASME, The American Society of Mechanical Engineering. Negative 1-50 In recent years, costs for higher education have well outpaced the rate of inflation, and the MBA degree is no exception. 74 Lakhs   Which Engineering Discipline is Right For You? Tax treatment: We have studied and accounted for income tax regimes of all countries in our calculations. 1-50 NPV Verdict: For those with a salary of INR 25 lakhs per year, it is not a good decision to leave your job in India and go to the US to study MS in ME. 1-50 47% IRR We assume in this article that 80% of your education expenses is funded by an education loan and the rest by scholarships/own funds. Profit left: 6px; If y…   (-) 26.83 Lakhs   For the Current Salary of 25 lakhs (India). $87,335. Close.   (-) 30.81 Lakhs   251-500 The Internal Rate of Return is the discount rate that makes the NPV of all cash flows from a particular project equal to zero.   (-) 1.77 Crores   (-) 2.1 Crores border: none; It tells you if it is worth leaving your present job to study master’s in the US, Canada, Germany, and Australia. The average salary for a mechanical engineer is about $10,000 higher if they have that extra degree. How Does the Tool Find Out?   Target College Global Rank   Negative Profit is self-explanatory.     We regularly talk about the value of internships and extra-curricular activities, but one thing that’s bound to stand out is a postgraduate degree. Profit But is it really worth the extra time, effort, and money that you’d spend pursuing an advanced degree? 51-100 101-250 70% #table12 td:nth-of-type(1):before { content: "Profit"; } Verdict: For those with a salary of INR 25 lakhs per year, it is not a good decision to leave your job in India and go to the US to study MS in ME. #table2 td:nth-of-type(3):before { content: "IRR"; } 1,87,31,931 Master of Mechanical Engineering (MME) - Salary - Get a free salary comparison based on job title, skills, experience and education. #table2 td:nth-of-type(1):before { content: "Target College Global Rank"; } But it Financially Worth it to Study MS in ME Abroad? It will not be a good decision to go to Canada for higher studies in this situation. Graduates are prepared for careers in a variety of manufacturing settings, including transportation and safety, … For the US, Canada, Germany, and Australia, the expenses increase by 3% and for India, by 5% every year. 51-100 NPV NPV 101-250 You will be better off working in India than studying in Australia if you are earning around these salary denominations. “If all the other candidates fresh out of college have got a Bachelor’s, and you’re the one with a Master’s, you’ll get noticed,” says Hadick. The table above vividly depicts the positive values of NPV, IRR, and Profit for 10 years. Verdict: Engineers earning around 5 lakhs in India, if you get an opportunity to study in Australia in the colleges ranking between 1-500, you must go for it. 91% (-) 1.54 Crores 1,00,81,483   Verdict: Engineers earning around 5 lakhs in India, if you get an opportunity to study in Australia in the colleges ranking between 1-500, you must go for it. (-) 58 Lakhs   Target College Global Rank   For the US, Canada, Germany, and Australia, the expenses increase by 3% and for India, by 5% every year. Mechanical engineering; Civil engineering; Electrical engineering; Engineering management; Geotechnical engineering; Each of them will also have different specializations to choose from. Net Present Value is used to calculate the total of all cash flows (in and out) that are directly connected to a project. Negative   #table1 td:nth-of-type(1):before { content: "Profit"; } To answer this question, we utilize our estimate future earnings tool.   46.64 Lakhs   IRR Through their Engineering Outreach program, the University of Idaho’s School of Engineering offers an affordable, online Master of Engineering in Mechanical Engineering.   } Due to the huge number of colleges in the US, Canada, Germany and Australia, and varying Indian salaries, we’ve created categories. thead tr { (-) 1.3 Crores There are a few reasons why getting a master’s degree might benefit you and your mechanical engineering career: You’ll Make More Money (-) 1 Crore But if you get admit from a college ranking between 251 and 500, it is not a very favorable proposition as the NPV is negative. Note that Georgia Tech boasts the second lowest tuition in the top six programs ranked by the magazine. top: -9999px; #table10 td:nth-of-type(2):before { content: "NPV"; } #table3 td:nth-of-type(1):before { content: "Profit"; } (-) 8 Lakhs Read Also - Is Studying MS in Material Science in Germany Worth it Last Few Words $50,000 – 130,000. When it comes to answering the question of whether or not an Masters in Engineering is worth it, the answer is generally “Yes.” Depending on the specifics, it may or may not give you a significant return on your investment financially. Name Negative It means if you are earning INR 5 lakhs per year right now but get the option to study MSME in the US, you should definitely choose to go. td { border: solid 1px ; } td { border: solid 1px ; } } NPV An online mechanical engineering master's degree leads to employment opportunities in some of the newest and most innovative industries. IRR #table5 td:nth-of-type(3):before { content: "IRR"; } 1.1 Crores Special interest in understanding mathematical and physical theories and descriptions of for instance different construction behaviors, design processes, materials behavior may be a benefit for maximizing the learning outcome in education. So just by looking at the basic numbers, it’s clear that it certainly does pay off to give up that year and a half and spend that tuition money. Accurate, reliable salary and compensation comparisons for Australia Negative For every year, for a given country and college group, we calculate (a) net savings in both India and the target country by subtracting the expenses (including income tax and loan repayments) from income, then (b) convert the foreign savings into INR, and finally (c) calculate the difference between the two net savings. 58 Lakhs An MBA at a storied institution such as Harvard or Stanford will easily run you above $60k per year. 33 Lakhs The opportunity to gain knowledge, access resources, and achieve better employment is enormous in developed countries. It is a time-weighted measure of return, used by most financial analysts over the world. Getting an I-20 form to apply for your visa. Master's . 65 Lakhs 2.11 Crores To know if it makes sense for you to leave your job in India and study MS in Mechanical Engineering abroad, scroll down to the global rank your target college falls within and then to your salary figure. (-) 29.83 Lakhs In our calculations, we have accounted for all standard factors and made standard assumptions. 88% 111% Therefore, use the numbers we’ve given above for assistance. Profit   Masters in Mechanical Engineering Programs in the Dallas-Fort Worth Area Explore masters in mechanical engineering programs and graduate schools offering MS mechanical engineering degrees. Verdict: NPV, IRR, and Profit are positive and very high for all rankings.   (-) 1.19 Crores   (-) 1.43 Crores Even if you don’t do one right away, it’s worth considering at a later stage when you’re ready to take the next step. The answer seems clear.   (-) 1.99 Crores In the coming weeks, we’ll give similar analyses for the other fields as well. 251-500 Read Also - Is studying MS in Material Science in US Worth it, For the Current Salary of 5 lakhs (India). 94 Lakhs Profit The Pros. 1.6 Crores (-) 40 Lakhs Now that you have a basic grasp of the assumptions, we move on to answering the original question. They are: Now that you have a basic grasp of the assumptions, we move on to answering the original question.   (-) 86.20 Lakhs   Most Master in Mechanical Engineering programs begin with foundational courses in advanced mathematics and science, such as statistics and physics, and continue with specialized courses in optimization, engineering materials, systems design, manufacturing engineering and management. Verdict: NPV, IRR and Profit values for the salaries of 15 and 25 lakhs are highly negative. If the NPV is positive, it’s great. For the Current Salary of 15 lakhs (India) Is it worth getting masters degree in mechanical engineering? ASME recently conducted a survey into the value of a Master’s degree. IRR 1-50 But for countries such as Australia, Canada, and Germany, it only makes sense when you are earning only around 5 lakhs in India. Find the best mechanical engineering programs for you with government statistics and … It means if you are earning INR 5 lakhs per year right now but get the option to study ME Masters in Canada you should definitely choose to go. The living expenses such as rent, utilities, car, fuel, insurance, food are averaged as per the country and taken from standard sources.   (-) 1.33 Crores   A mechanical engineering Master’s can help you find work, boost your career, and pay for itself.   $83,000. Hadick concurs. padding-right: 10px;   td { border: solid 1px ; } Verdict: The NPV is not only positive but also very high for all rankings. For India, the corresponding numbers are 7% and 20%. Core to Mechanical Engineering process is the ability to formulate a problem, identify potential solutions, analyze and model solutions and select the most appropriate solution within constraints. #table3 td:nth-of-type(2):before { content: "NPV"; }   #table12 td:nth-of-type(3):before { content: "IRR"; } You would earn and save much more by continuing to work in India. Rather, its another feather in your cap, and potential employers will recognize the analytical and problem solving skills required of such a degree.   1.45 Crores   Canada Profit Is an engineering master’s degree worth it if I have a bachelor’s degree? Verdict: The NPV is positive and also very high for all rankings. #table8 td:nth-of-type(3):before { content: "IRR"; } 51-100 1-50 #table8 td:nth-of-type(1):before { content: "Profit"; } We assume in this article that 80% of your education expenses is funded by an education loan and the rest by scholarships/own funds. By Jordan Friedman , Contributor April 26, … It is the extra savings you make by choosing to study abroad and working there. td { border: solid 1px ; } The investment will be highly profitable. Every alternate year, he/she gets a promotion which leads to a 10% increase in the salary. You can choose to specialize in different fields like mechanical or electrical engineering, or take a program that covers all types of theory and practices. Verdict: It is clearly visible that NPV, IRR and Profit values for the salaries 15 and 25 lakhs in India are completely negative and in such a case, it will not be a prudent decision to go for Mechanical Engineering masters in Germany. IRR Profit A zero NPV means you get your original investment back plus the required rate of return. In the current job market, a Master’s in Engineering will only serve to make you more competitive.”, However, that’s not the only way to look at it. Therefore, use the numbers we’ve given above for assistance. Profit Nov 21, Published date: 24 Aug 2019 2.5 Crores   #table3 td:nth-of-type(3):before { content: "IRR"; } 1.42 Crores #table2 td:nth-of-type(2):before { content: "NPV"; } 251-500 51-100 $70,554. The cost of attaining that coveted acronym is no mere chump change. (-) 56 Lakhs #table5 td:nth-of-type(1):before { content: "Profit"; } It means if you are earning INR 5 lakhs per year right now but get the option to study MSME in Germany, you should definitely choose to go. As you near the end of your mechanical engineering Bachelor’s, you’ll inevitably be faced with the decision to pursue a postgraduate degree or move into the workforce. Posted by u/[deleted] 4 years ago. Engineering seldom requires an advanced degree. Verdict: The NPV is not only positive but also very high for all rankings. (-) 10 Lakhs Negative Most engineering employers accept online master's degrees, but make sure the program is accredited, experts say.   (-) 1.7 Crores It means if you are earning INR 5 lakhs per year right now but get the option to study MSME in the US, you should definitely choose to go.   (-) 77.42 Lakhs (-)1.99 Crores Tax treatment: We have studied and accounted for income tax regimes of all countries in our calculations. (-) 47 Lakhs 75 Lakhs 1-50 The question up for debate is not “should you go abroad for MS in Mechanical Engineering?” It is, “Is it worth studying MS in Mechanical Engineering abroad if you’re already earning well in India?” And that’s what we’ll help you decide. position: absolute; 101-250 #table6 td:nth-of-type(3):before { content: "IRR"; } td { border: solid 1px ; } The higher the IRR, the better is the choice for you. (-) 1.4 Lakhs 101-250 Profit That being said, this is mechanical and in the Midwest, so it may … 251-500 Bachelor's . 251-500 What’s NPV? (-) 95.45 Lakhs IRR For Current Salary of 15 lakhs (India) 26 Lakhs IRR   1.13 Crores   On one hand, you’re taking on additional debt right when you want to be earning money. Still Confused? United States #table5 td:nth-of-type(2):before { content: "NPV"; } 1) Mechanical engineering is worth it for me because it opens up the type of career options I'm interested in.   (-) 40 Lakhs     118%   #table10 td:nth-of-type(1):before { content: "Profit"; } (-) 43.53 Lakhs tr { border: 1px solid #ccc; }   1.36 Crores   I use the knowledge gained in my Master’s courses everyday. Although you can be a successful mechanical engineer with just a Bachelor’s degree, the evidence is that having a Master’s will give you an edge throughout your professional life. Read Also - Is Studying MS in Material Science in Germany Worth it. Students will gain the knowledge and skills … /* Top/left values mimic padding */ } In the Estimate Future Earnings tool, you can change this input. Many R&D jobs in industry can still be had with only a BS. This query will take effect for any screen smaller than 760px   Target College Global Rank   For the Current Salary of 5 lakhs in India. (-) 1.8 Crores 51-100 (-) 30 Lakhs On the one hand, it’s more common for engineers to find themselves in management positions early in their careers. NPV Negative (-) 29 Lakhs (min-device-width: 768px) and (max-device-width: 1024px) { They are: To get a more granular answer, you can use our tool. Negative Knowledge is a qualitative factor. I am currently enrolled in a local mid tier MS ME program where I am a part time student as I continue to work full time as a project engineer. Verdict: If you are earning INR 15 lakhs per year right now, it still makes sense financially to study MS in Mechanical Engineering from the US in colleges ranking between 1 and 250 as NPV, IRR, and Profit, in this case, are positive. The program has a thesis option, a project option, and a coursework option to choose between. Verdict: If you are earning INR 15 lakhs per year right now, it still makes sense financially to study MS in Mechanical Engineering from the US in colleges ranking between 1 and 250 as NPV, IRR, and Profit, in this case, are positive. The IRR, NPV, and profit shown are for 10 years after the completion of the moratorium period when the repayment of the loan starts. Hadick urges a little caution, however. (-) 1.46 Crores and also iPads specifically. There is no doubt that a Master’s degree in mechanical engineering from most colleges in the USA will offer you a decent career. td { As you read on, you’ll notice two more figures given next to NPV - IRR, and Profit. The investment will be highly profitable. It is a time-weighted measure of return, used by most financial analysts over the world.   Target College Global Rank     Target College Global Rank   I can't find statistics, but the people I know who have graduated with a masters in mechanical engineering have maybe an average salary of $65k, maaaaybe $70k - not that much difference considering that the students who go into the masters programs would likely have been on the top end of the salary pool for the BS. (-) 1.1 Crores 52%   Target College Global Rank     IRR   What Does the Tool do? The final decision should be taken after considering all factors. In very simple words, if you invest X amount of money to go to the US, Germany, Canada, and Australia for MS in Mechanical Engineering, will it yield a net profit in the long run? $45,000 – 89,500.   IRR   How to: Get an Engineering Job with a Low GPA, Engineering in the New Industrial Revolution, Where the Engineering Jobs Are: July 2015, 7 More Celebrities You Didn’t Know Were Engineers. The NPV is exceptionally negative. Mobile Number For the Current Salary of 15 lakhs (India) /* Force table to not be like tables anymore */ It gives you an NPV figure based on your Updated on: 02 Dec 2020 The Internal Rate of Return is the discount rate that makes the NPV of all cash flows from a particular project equal to zero. Tackle engineering challenges in all facets of the assumptions, we will discuss four college rank groups for. Of 5 lakhs in India than studying in Australia Worth it final oral for... 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