[Porsche-O-Phile]

I actually started as an AE many years ago but switched out into an ME program after figuring out that an undergraduate AE degree was probably a bit too specialized and my success or failure was going to be closely tied to military defense contracts / political election cycles. I also didn't like the thought of being "part of the problem" of the military-industrial complex (political / economic philosophy - had to be true to my beliefs). An ME degree (and particularly if one goes on to obtain EIT / PE) will open a lot more doors. I strongly advocate getting a general / broad undergraduate degree, then working for a couple of years (like I did) before figuring out whether or not one wants or needs (or whether it's even worth it) to specialize via a graduate program. I've "fallen back" on my undergraduate credentials a couple of times when my graduate / specialized field (architecture - and yes I consider architecture more specialized than an"general" program nowadays but that's another discussion...) fell on hard times.

Specialization is a double-edged sword - when the field in question is in demand you can easily make a helluva lot more than as a generalist but it's also a LOT easier to find yourself on the unemployment line if / when demand for your particular specialization wanes. When that happens, ANYTHING is better than a "$0" take home number even if you end up not working in the area you personally find most desirable or interesting. During the last crash there were a LOT of people with specialized degrees and experience who found themselves asking "do you want fries with that?" or even not being able to find anything at all. Many lost savings, retirement accounts, cars, houses, etc. because companies panicked and slammed the door shut on R&D or pretty much anything that didn't have an absolutely guaranteed positive RoR, then slashed headcount by the thousands indiscriminately. So part of the thought process should include one's economic outlook and what level of protection from layoffs you might want or require. Are you able to absorb a year or two out of work? Can you budget well? Do you have a reliable "fall back" already or not? As a point to consider, quite a few people post-2008 still are not back in their chosen areas of specialty, having moved on by necessity to new jobs or careers. Most are earning well below what they originally were (chronically under-employed or "degree-rich / job poor").

The "holy grail" of course is to find a specialized course of study that has high demand and is likely to remain highly in demand for a long time. This used to include things like biochemistry, petrochemical engineering, computer engineering, robotics, etc. but these days they're all volatile. If I was going to go back to school today I'd probably go for something like (general) chemical engineering or perhaps materials science (nanotechnology). I see that as a growth area that's likely to have some staying power as well as opportunity for real innovation.

Would you rather work a job that nets you a consistent / reliable $70k a year (generalist) or a job that has a 75% chance of getting you >$100k a year but a 25% chance of giving you a goose egg (specialist)? The math is something along those lines (you need to research it for your particular field). Alternatively you can be a risk-taker and want to start your own company / practice with a chance for unlimited potential earnings but a much higher probability of failure / zero income. I am grappling with this dilemma now and have been since about 2007. FWIW I get occasional side gigs that excite me and make me want to go "all in" on doing my own thing but given the regulatory environment, tax structure and generally anti-entrepreneurial / pro-corporate climate out there make it very hard to convince myself to jump ship, give up a steady paycheck and good benefits - particularly if one has dependents and financial obligations. Yes that means I'm "whoring myself out" and am "part of the problem" but it's hard to see it as being a sensible risk right now. Being a slave sucks but I digress...

All these points of view are things to consider. There is definitely NOT a "one-size-fits-all" solution here and my best advice would be for the college-bound young man or woman to take some time, do some serious introspection about who they are, what they really want, what level of risk they're really comfortable taking, what resources they realistically have and what they REALLY want out of life (not just "make money" - there's a lot more to it than that!). Know thyself.

Good luck!