Manufacturing and Production Careers | Industrial Economic Engineer

Industrial Economic Engineer

Career Area: Engineering

Occupation Group: Mechanical and Related Engineers

Salary

Percentile wages tell how much a certain percentage of an overall population in a geographic area or within a given industry or field makes. The percentile wage estimate is the value of a wage below which a certain percent of workers fall.

An example would be the 25th percentile, 25 percent of workers employed in that occupation earn less and 75 percent earn more than the estimated wage value. At the 75th percentile, 75 percent of workers employed in that occupation earn less and 25 percent earn more than the estimated wage value.

A typical Industrial Economic Engineer earns the following wages (national and state):

State

The average salary in North Carolina for those pursuing this career is $67,259

*The salaries depicted here are representative of the range of salaries posted in job listings over the past year. Living wage in North Carolina is $30,000.

National

The average salary in the United States for those pursuing this career is $78,571

*The salaries depicted here are representative of the range of salaries posted in job listings over the past year. Living wage in North Carolina is $30,000.

What Does a Professional in this Career Do?

Uses engineering and economic models including game theory to optimize an organization's production process ensuring efficient use of time, resources, and energy.

Employment Trends

The job demand and job growth statistics shown here were derived from job posts over the past year. Expected job growth projections are extrapolated from year-over-year job post listing history.

Job demand and job growth is expected at the following rates:

LocationGrowth
North Carolina20+14%
Nationwide589+9.7%

Skills

A professional in this position typically utilizes the following skills in the course of everyday work in this exciting and challenging field:

Baseline Skills

The following are baseline skills every Industrial Economic Engineer is expected to have in order to experience success in this field:

  • Planning: Working experience with the process of thinking about and organizing the activities required to achieve desired goals.
  • Communication Skills: The ability to convey information to another effectively and efficiently.
  • Microsoft Office: Microsoft Office is an office suite of applications, servers, and services developed by Microsoft.
  • Microsoft Excel: Microsoft Excel is a spreadsheet developed by Microsoft for Windows, macOS, Android and iOS. It features calculation, graphing tools, pivot tables, and a macro programming language called Visual Basic for Applications.
  • Problem Solving: Problem solving consists of using generic or ad hoc methods, in an orderly manner, for finding solutions to problems.

Specialized Skills

These skills are specific to working in this career:

  • Industrial Engineering Industry Expertise: Industrial engineering is a branch of engineering which deals with the optimization of complex processes, systems, or organizations.
  • Industrial Engineering: Industrial engineering is a branch of engineering which deals with the optimization of complex processes, systems or organizations.
  • Cost Estimation: A cost estimate is the approximation of the cost of a program, project, or operation.
  • Budgeting: Experience planning how the financial resources of a business or department are to be allocated during the next business period.
  • Cost Analysis: Definition of cost analysis 1 : the act of breaking down a cost summary into its constituents and studying and reporting on each factor 2 : the comparison of costs (as of standard with actual or for a given period with another) for the purpose of disclosing and reporting on conditions subject to improvement

Distinguishing Skills

Any Industrial Economic Engineer that possesses the following skills will stand out against the competition:

  • Ergonomics: Ergonomics is the study of designing equipment and devices that fit the human body, its movements, and its cognitive abilities.
  • Economic Analysis: A systematic approach to determining the optimum use of scarce resources, involving comparison of two or more alternatives in achieving a specific objective under the given assumptions and constraints.
  • Engineering Projects: Project Engineering bridges the boundaries between engineering and project management, leading the technical workers who contribute to the building of structures or products.
  • Computer Aided Drafting/Design (CAD): Computer-aided design (CAD) is the use of computer systems (or workstations) to aid in the creation, modification, analysis, or optimization of a design.
  • DMAIC: DMAIC (an acronym for Define, Measure, Analyze, Improve and Control) (pronounced d-MAY-ick) refers to a data-driven improvement cycle used for improving, optimizing and stabilizing business processes and designs.

Experience

This position typically requires the following level of experience. The numbers presented in the pie charts below were derived from actual job posts over the past year. Not all job postings list experience requirements.

Experience Required%
0 to 2 years28%
3 to 5 years57%
6 to 8 years9%

Many of the programs offered through NC State are designed for working professionals who need additional credentials to enhance existing work experience.

Students who do not have the expected level of experience may wish to look into internship and employment opportunities.

Common Job Titles

It is possible to find work in this field in positions commonly listed as the following job titles:

  • Industrial Engineer
  • Outside Plant Engineer
  • Senior Industrial Engineer
  • Lead Industrial Engineer
  • Continuous Improvement Engineer

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