With the global workforce becoming increasingly tech-centric, it’s clear that software developers are now hired in nearly every industry. According to Data USA, there were 4 million computer engineers in America alone, which means they make up 17%! There has been an estimated 17% increase of college graduates who study or work on coding languages like C++ and Java (a language used primarily when writing programs).
It’s no surprise that software engineers are among the most satisfied professionals in any industry. In fact, according to a survey from Hired of 2020 candidates on their job satisfaction levels for this career choice, with nearly 85% reporting, they’re happy having chosen it as a profession.
According to the Bureau of Labor Statistics (BLS), IT professionals are expected to grow by 11% through 2029. LinkedIn’s 2020 Emerging Jobs Report rightfully states that engineering isn’t a new profession, but it still sees tremendous growth across all roles.
Software Engineer Salary: How much do software engineers earn?
Software engineers are in high demand, with the average base salary being $87,192 per year, according to PayScale.
Many different factors go into the total compensation package for software engineers. Base salary, bonuses, and stock options all play an important role in what you’re offered at each level of employment with any company, but there’s also RSU levels that can increase your earnings as well if they vest – depending on how high up in rank you’ve managed to get by now!
At the onsite interview stage, this level is assigned where software engineers can negotiate an increased salary based on their seniority levels and performance. Even though the companies have personalized tier-based structures to level software engineers, the general outline is something like this:
- Level 1: Software Engineer (Entry-Level), If you’re a new graduate or someone who is just starting in their career, then this level may be right for you! The average compensation is $76K.
- Level 2: Senior Engineer, With a little more experience, software engineers can enjoy the rank of Senior Engineer and be paid an average total compensation package worth $84 thousand per year.
- Level 3: Staff Engineer, With a level 3 staff engineer, you have the know-how to take on junior employees. They are typically in charge of managing them and earning an average total compensation per year, just over 95 thousand dollars!
- Level 4: Principal Engineer, Experienced software engineers in this level are paid an average salary of $105,648 per year.
- Level 5: Distinguished Engineer: Engineers have over twenty years of experience and are among the most experienced engineers. They can make an average salary of $114k per year!