financial crisis effect on Engineering (1 Viewer)

[spartan31234]

Financial Crisis effect on engineering?

I have been hearing a lot about the effects for engineering, for one thing I do not think the demand for engineering will increase in the immediate future ( 1-2 years). The current shortage is obviously because growth form china, which produced a boom in mining which flowed on to the civil industry, as there would be increase flow of money into Australia and need of infrastructure to support this boom would have increase.

The value of the Australian dollar has reduced thus showing the demand for Australian goods mainly iron ore has reduced. ( with respect to USA – not sure with others)

I think the demand for mining and petroleum engineers should decrease. ( what is the oil price now any way – indication of demand) and perhaps civil.

The old engineering shortage – early last year was produced in a economic boom worth billions of dollars, how can that any government economic injection can replace the multibillion profits made in 2007.

(Uni’s have been saying this in lectures a lot…)

http://www.abs.gov.au/ausstats/abs@.NSF/bb8db737e2af84b8ca2571780015701e/589F3467801BDFF5CA25723600023C95?opendocument

I Suppose any government action now is like the air bag, it will stop the accident getting worse.

The question that I have is as follows

Will engineering recover within 4-5 years from now. My personal opinions is that it will, but only after a fall in demand in all sectors. – in fact people entering UNI now may enter the industry in a time growth after they graduate.

What sectors of engineering will recover the fastest

Will the research and Design side of eg Mechatronics ( CSIRO) recover

Do u trust what people say on open days?

In my personal opinion think the economy is going to recover in 4 years so for me this may not be a problem, however I cannot predict what is going to happen in 4 years, especially since I have not done much research, I ask any one with economic/ engineering experience to help us out and discus this issue

Ps has anyone made another post like this?..

 

[Joel8945]

I really do hope that it does, as I potentially will be entering the engineering sector within 5 years! If that doesn't work out I'll go towards majoring in mathematics and go into the financial sector. As for science I really am pessimistic in what will happen here. Even though I love science, from what I heard it may be a real gamble going into it. I haven't even started university yet and I am scared of what will happen to me once I hit employment. But really who wants a uni HECS debt and a degree with no job demand?

 

[nchoy]

Frankly, who knows what is going to happen in a few yrs time. This thing is affecting all industries. I guess you got to also think the career you are going into is really something you want. Eventually, the economy will come around then at least you are not stuck with a wrong career choice.

 

[bigb0yjames]

wait for MUSK's answer.

 

[sirfeathers]

I think the demand for mining and petroleum engineers should decrease. ( what is the oil price now any way – indication of demand) and perhaps civil.

I would agree with this, since demand for building materials, energy inputs and other natural resources tends to be directly correlated with global growth.

However, I don't think other branches of engineering will slow down any more than any other type of career. Perhaps there will be fewer grants given to high-end technology research etc as budgets are made tighter, but remember that there is still a global undersupply of engineers (in Australia especially), so job prospects should still be alright.

 

[spartan31234]

well i guess the current shortage due to the economic boom before the finacial crisis. I also wonder weather the finacial crisis was created because of stupid banks or unsustainble growth?

OMG Omium is right
http://www.abc.net.au/news/stories/2008/12/11/2444169.htm

 

[whatashotbyseve]

I know nothing about engineering but I do know that the op's font hasn't been used since the last financial crisis.

 

[Omium]

Financial Crisis effect on engineering?

I have been hearing a lot about the effects for engineering, for one thing I do not think the demand for engineering will increase in the immediate future ( 1-2 years). The current shortage is obviously because growth form china, which produced a boom in mining which flowed on to the civil industry, as there would be increase flow of money into Australia and need of infrastructure to support this boom would have increase.

The value of the Australian dollar has reduced thus showing the demand for Australian goods mainly iron ore has reduced. ( with respect to USA – not sure with others)

I think the demand for mining and petroleum engineers should decrease. ( what is the oil price now any way – indication of demand) and perhaps civil.

The old engineering shortage – early last year was produced in a economic boom worth billions of dollars, how can that any government economic injection can replace the multibillion profits made in 2007.

(Uni’s have been saying this in lectures a lot…)

http://www.abs.gov.au/ausstats/abs@.NSF/bb8db737e2af84b8ca2571780015701e/589F3467801BDFF5CA25723600023C95?opendocument

I Suppose any government action now is like the air bag, it will stop the accident getting worse.

The question that I have is as follows

Will engineering recover within 4-5 years from now. My personal opinions is that it will, but only after a fall in demand in all sectors. – in fact people entering UNI now may enter the industry in a time growth after they graduate.

What sectors of engineering will recover the fastest

Will the research and Design side of eg Mechatronics ( CSIRO) recover

Do u trust what people say on open days?

In my personal opinion think the economy is going to recover in 4 years so for me this may not be a problem, however I cannot predict what is going to happen in 4 years, especially since I have not done much research, I ask any one with economic/ engineering experience to help us out and discus this issue

Ps has anyone made another post like this?..

What Financial Crisis.


Rio Tinto Cut 12 000 Jobs, so theres your indicator

 

[Kalashnikov47]

Can I say one thing... why restrict your sight on the current crissi so much? Yes the global economic slow down might effect our immediate future, but who knows what is going to happen tomorrow?

The world is like cycle, everything rotates around... like 10 years ago if you are an accountant, you are very well-off and making good money... now since everyone wants to be an accountant, we have too many accountants and therefore they are no longer as well-off as they used to be...

 

[goony]

i can tell you the public sector has heaps of spots for graduate engineers. im doing some work placement over at railcorp atm, and some of the departments are really short of permanent staff (of my division of about 50 engineers and cad drafters, about half are within 10 years of retirement and the other half are contractors or in temporary positions...another graduate and myself are the only engineering guys there under 35 pretty much).