In Time for Super Bowl 51, New Study, Infographic from Paysa Says, Want to Be a Millionaire? Tech Field a Better Bet than Pro Sports
01/26/2017 | 01:31pm CEST
Engineering Career Delivers Odds of Larger Payout
Odds of becoming an engineer are higher than the odds of making it as a professional athlete and the payout can be higher.
PALO ALTO, Calif., Jan. 26, 2017 (GLOBE NEWSWIRE) -- Looking forward to 2017 Super Bowl 51 on Sunday, February 5, Paysa today released new research and an accompanying infographic that considers which goal presents the best odds of becoming a millionaire: winning the lottery, going pro as an athlete or becoming a tech engineer.
The odds of winning the lottery are one in 14 million. One out of 659 players makes it from their high school baseball team to the pros and one out of nearly 12,000 high school basketball players turn pro. When it comes to making it to the NFL, only one out of 4,233 high school players get a shot.
“Many high school kids dream of making it to the NFL, MLB or NBA, but the reality is that very few make it to the pros – most who pursue a sports career never realize that dream or at best, play a more supportive role,” said Chris Bolte, CEO of Paysa. “Those who do make it face the reality that their time and earning potential is limited and could even be at risk due to injury. At the same time, over a half a million unfilled jobs in technology continue to go unfilled across all sectors of the economy, making it a way better bet to pursue an engineering, computer science or other tech degree that can promise the same or even better earning potential over the long haul.”
NBA players can count on a hefty average salary of $2,505,720. MLB players who make an average of $500,000 can also do well. For high school football players who do make it to the NFL, there is no doubt that the average annual salary at $860,000 is alluring.
But since the average professional sports career lasts only a few short years, the long-term payout is not necessarily any better – and could even be worse -- than what an individual would realize if he or she went to engineering school.
Here are some comparisons:
MLB: average career length is 5.6 years with the lifetime earning potential of $2,912,000
NFL: average career length is 3.5 years with the lifetime earning potential of $3,010,000
NBA: average career length is 4.8 years with the lifetime earning potential of $12,027,456
The chances of making it to the MLB, NFL or NBA are slim. But if an individual made it their goal to become a tech engineer, it’s reassuring to know that the average acceptance rate at engineering schools is 63 out of 100. Six out of 10 engineering students graduate and 97 out of 100 find jobs.
The odds of making it as a tech engineer are therefore much higher than the odds of making it in pro sports and they payout can be much more as well, especially when you consider that tech degrees are becoming more and more accessible.
For example, as HR Dive reports, Georgia Tech is among hundreds of schools looking to attract more students. The university recently announced plans to launch a new online master’s degree program in analytics, its second computer science-based distance learning program that will be offered for less than $10,000.
Considering that average career length for an engineer is 40 years, with an average annual salary of $125,418.00, the lifetime earnings potential for a person in this role is $5,016,723. If you work at Facebook, your overall earnings could be as much as $13,533,236. If you are a Google employee in the tech engineering space, you could make as much as $10,674,690 over the course of your career.
About Paysa Paysa offers personalized career and hiring recommendations plus real-world salary insights for maximizing opportunity, earning potential and value at all stages of an individual’s career. Using proprietary artificial intelligence technology and machine learning algorithms, Paysa analyzes millions of data points including jobs, resumes and compensation information, providing professionals with actionable tools, insights, and research. They can then see and understand their individual worth in the market today, and how to increase their value. Paysa also empowers enterprises with the knowledge they need to be competitive in today’s fierce tech hiring market. Employers can learn which skills, real-world company experience and educational background offers the greatest predictor of a candidate or employee’s future success at their organization.