I'll second this with the following anecdote. A few years ago, I completed an electrician certificate program at a community college in Texas. I wasn't exactly looking to switch careers, but I wanted to learn how to work on electric motors safely. As part of that program, they talked to us about the job and pay.
As a preface, in Texas, anyone in Texas can apprentice as an electrician if one is willing to pay $50 for a license. This requires one to work for a master electrician and generally as a helper for a journeyman. After 8000 hours (4 years), one can take a journeyman exam. As as a journeyman, one can work solo day to day, but still must work under a master electrician. After 4000 additional hours (2 years) and passing the master electrician exam, one can become a master and work fully independently. Most states are similar, but they are licensed independently.
A few guys dropped out of the program to apprentice. They were getting paid $16/hour to haul parts for home generator installs. Journeyman pay was around $30-40/hr depending. We were told that journeyman union pay in large metros like Chicago was about $50/hr. I'm not sure if any pay differential exists for master electricians if they are doing solo work. The real money in electrical work was by becoming a master electrician because then you could hire journeyman and apprentices to work for you and tax their labor. As with any job, the technical training does not prepare one to run a business and some people are good at it and some aren't. However, at the end of the day, it's capitalism. One generally becomes wealthy by having other people do work for you and you keeping a portion of that labor. It doesn't matter if it's electrical work, yard work, or computing.
Anyway, if one wants to become an electrician, great! However, you're almost certainly not going to get rich from it. I met some guys who followed some of the disaster/building booms running communication wires and they all got stiffed on their promised pay. That doesn't mean you will, but please don't think it's guaranteed.
> We were told that journeyman union pay in large metros like Chicago was about $50/hr. I'm not sure if any pay differential exists for master electricians if they are doing solo work
Journeyman union pay is over $60 an hour in Minneapolis and St Paul, $110 an hour if you include fringes. I feel bad for electricians in Texas.
Master electricians don’t earn any more than a journeyman, as an electrical PM I don’t care if you passed a test that lets you sign plans and open a shop. Union electricians have multiple levels, our locals use Journeyman, Foreman, General Foreman, and General Foreman in Charge. Each step up is $4-5/hr extra. The classifications are based on how many people they are supervising, but if you’re a good electrician, you’ll have no problem getting foreman or general foreman pay for solo work. Employers are only obligated to pay you foreman etc if you’re supervising but if you’re productive, they’ll pay you more to keep you happy since the company can make way more than $10/hr extra from a very productive electrician.
That's good to hear about MN. And, yes, pay is terrible in TX especially for how hot some of these jobs are. IBEW does exist there, but my experience is that most people in TX just start as an apprentice doing grunt work without any training program and my guess is that hurts their pay. Our program centered more around residential and commercial, so I'm not sure what guys at the refineries were making. There was a rumor that guys working on wind turbines were making good money as long as one is fine with heights, but this was before the administration change over, which was hostile to new wind farms.