This article is from the PE and EIT Exams FAQ, by Ron Graham ecaxron@ariel.lerc.nasa.gov with numerous contributions by others.
Loaded question. This is the one that brings up the thread in the
first place. The system itself has these observed problems:
o Certification as a process would be more popular if the
process were streamlined somewhat -- even for the test-
makers, there is a lot of work.
o An honorarium of no more than $20/hour for writing questions;
travel expenses only for (long) meetings to review scoring
standards and new questions, etc. Few working engineers are
willing to give up weekends for policy conferences. [Venable]
Of course, your mileage on this point will vary. [Lumos]
o What would be useful (and what isn't there) would be a voluntary
certification process conducted by an unpaid volunteer group (with
no ax to grind) of working engineers. [Bischof]
o The NSPE must recognize that there are many engineering
disciplines out there and that certifications should either
address common areas or be specialized. [Forrest]
The use of the title "engineer" has these problems:
o Many people call themselves "engineers" -- this can be a misuse of
the term. A blatant example is the "software engineer" that has
taken computer science courses and uses the title "engineer."
[Krauch]
o No test can measure whether someone will be a competent engineer.
This is why the experience and reference requirements are crucial
parts of professional certification. [Gross]
The testing process has these problems:
o A large percentage of test-takers fail. [Mullins] Numbers were not
verified in this portion of the discussion, and some thought it was
unreasonable that anyone should fail such a "simple" exam. The
passing rate on the FE for first time takers from ABET-accredited
programs is about 70%. The passing rate for all takers is about
50%. The rate varies slightly with each exam since the selection
of questions is different each time. [Venable]
o The EIT is not required for undergraduates, nor is there a waiver
on the PE exam for, say, a PhD with some work experience. [Krauch]
o The EIT is structured more toward Mechanical and Civil
than for, say, Geological and Chemical engineering. [Melrose]
There is a counter-argument that ME programs place a greater
emphasis on the EIT. [Venable]
 
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