[MacedonianHero]

PhD PE here.  I work at a federal research center and teach part-time and can't imagine doing anything else!  An undergrad engineering degree is frankly one of the best programs in terms of finding a well-paying and enjoyable job.  And it's probably one of the few where you can pay off loans fairly quickly (ratio of 4-year degree cost to starting salary cost).  You really need to start co-ops and internships as soon as possible.  One or two by graduation is a must.  If you think you might like R&D then grad school is a requirement.  An MS is usually not a very valuable degree in engineering fields, though it varies.  The out of pocket cost of an MS is almost never worth it in terms of increased salary.  Many departments now offer "professional" Masters which is just an MS without the thesis portion - in other words a few semesters of coursework.  If you do decide on an MS, have your company pay for it.
 
If you know that academia or R&D is for you (hard to know at this stage), then a PhD is a must.  The best path is straight out of undergrad.  I've seen a lot of people try to complete a PhD program later after working for awhile, and it's just so demanding.  If you're lucky and determined, a PhD is attainable in 4-6 years.  Most of the "night school" PhDs take 10+ years to finish.  Many PhD students in engineering get full tuition coverage and a yearly stipend of anywhere from $15k to $30k - it usually depends on the local cost of living.  You will basically be broke throughout grad school, but at least you should not have any loans to pay back.
 
Starting and median salaries are quite variable.  IEEE publishes salary surveys and I would suggest looking at some recent data to get a better idea.  $50-70k for a BS with at least some internship experience is typical.  Again there is variability that depends on location, work experience, etc.  A Master's probably only ads another $2-4k year.  PhD provides a big bump in starting salary and a very big increase in long term salaries.   In general this is because PhDs have a much easier time moving up through management.   In my opinion, the job satisfaction provided from having a PhD far outweigh any economic considerations.
 
Anyway, good luck on your career path and please stick with it even though it may be painful at times !

Do you work in industry? I really have not come across too many (maybe one or two) Ph.D's in industry. I did a Masters degree (M.A.Sc....with a full thesis) and one year of a Ph.D. before I dropped out and joined the work force. The poverty was a bit too much to continue with in graduate school. I have never come across any senior manager with a PhD in my past 15 years. In my current company, the senior management team is basically comprised of engineers, accountants and MBAs.

Most of my friends who stayed on and completed their PhDs, stayed in academia as post-doctoral fellows and then professors.

 

[MacedonianHero]

I'd say about 1/3 of my ChemE UG class was pre-med.  Engineering provides a very competative advantage compared to other majors.  Take a few bio electives and you've already got most of the MCAT covered.
 
 

BTW...nice to meet another Chemical Engineer.

 

[ert]

 
Quote:

Do you work in industry? I really have not come across too many (maybe one or two) Ph.D's in industry. I did a Masters degree (M.A.Sc....with a full thesis) and one year of a Ph.D. before I dropped out and joined the work force. The poverty was a bit too much to continue with in graduate school. I have never come across any senior manager with a PhD in my past 15 years. In my current company, the senior management team is basically comprised of engineers, accountants and MBAs.

Most of my friends who stayed on and completed their PhDs, stayed in academia as post-doctoral fellows and then professors.

I have worked in industry and currently work for a federal research center.  All of my work experience has been in R&D where perhaps having a PhD helps with promotion.  I think most PhDs end up in either academia, government, or corporate R&D.  I can't say that I know any in production.
 

 

[MacedonianHero]

 

I have worked in industry and currently work for a federal research center.  All of my work experience has been in R&D where perhaps having a PhD helps with promotion.  I think most PhDs end up in either academia, government, or corporate R&D.  I can't say that I know any in production.
 

Pretty much my experiences too.