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The differences between value engineers and product engineers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a value engineer, becoming a product engineer takes usually requires 4-6 years. Additionally, a product engineer has an average salary of $89,645, which is higher than the $88,531 average annual salary of a value engineer.
The top three skills for a value engineer include project management, CAD and sigma. The most important skills for a product engineer are CAD, product design, and project management.
| Value Engineer | Product Engineer | |
| Yearly salary | $88,531 | $89,645 |
| Hourly rate | $42.56 | $43.10 |
| Growth rate | 10% | 2% |
| Number of jobs | 47,777 | 157,888 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 74% |
| Average age | 42 | 41 |
| Years of experience | 4 | 6 |
A value engineer specializes in designing and developing procedures and strategies to enhance the value of projects and operations in an organization. Although the extent of their responsibilities varies on their company or industry of employment, it usually includes conducting research and analysis, reviewing documentation, developing tools, creating and presenting financial models, and help in developing processes and practices to optimize operations. Moreover, a value engineer typically works in a team environment, which requires an active communication line for a safe and efficient workflow.
A product engineer specializes in designing and developing commercial materials and services. They are primarily responsible for conducting thorough research and analysis of the latest trends and marketing conditions to come up with new ideas and products for the public. Moreover, they are also responsible for producing reports and presentations, coordinating with the development team of their company. Product engineers also reach out to vendors and suppliers for the raw materials, set regulations and standards for the product, and even conduct a rigorous and regular quality check.
Value engineers and product engineers have different pay scales, as shown below.
| Value Engineer | Product Engineer | |
| Average salary | $88,531 | $89,645 |
| Salary range | Between $63,000 And $124,000 | Between $68,000 And $118,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | California | California |
| Best paying company | Amazon | Meta |
| Best paying industry | Manufacturing | Technology |
There are a few differences between a value engineer and a product engineer in terms of educational background:
| Value Engineer | Product Engineer | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 74% |
| Most common major | Mechanical Engineering | Mechanical Engineering |
| Most common college | Northwestern University | Michigan Technological University |
Here are the differences between value engineers' and product engineers' demographics:
| Value Engineer | Product Engineer | |
| Average age | 42 | 41 |
| Gender ratio | Male, 89.6% Female, 10.4% | Male, 87.8% Female, 12.2% |
| Race ratio | Black or African American, 4.7% Unknown, 3.9% Hispanic or Latino, 11.5% Asian, 12.2% White, 67.5% American Indian and Alaska Native, 0.2% | Black or African American, 3.1% Unknown, 4.5% Hispanic or Latino, 7.9% Asian, 17.0% White, 67.4% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 4% | 5% |