It depends heavily on exactly which engineering field you're talking about, and what kinds of jobs. Engineering PhDs in non-computing fields (ie materials, mec

It depends heavily on exactly which engineering field you're talking about, and what kinds of jobs. Engineering PhDs in non-computing fields (ie materials, mechanical, bio-, etc) are often faced with the dilemma of being overqualified for most of the jobs which may be hiring at any given time. Most engineering jobs don't require anything like the research abilities in a PhD, and the candidate with a B.S. is a lot cheaper. R&D departments are a different story, but there are only so many R&D jobs to go around--especially if you're subject to any location or personal-relationship constraints.