I think DETAILKING nailed it. My degree is Materials Science & Engineering- a hybrid degree of sorts. I specialized in metallurgy. How far you go & what you do with your degree all boils down to decisions. The ones made early-on can be important.
I started out with a consulting engineering company. The pay sucked, and I had to go into every nasty, filthy, stinking plant in the southeast. BUT... it gave me a VERY broad-based background (and a lot of good stories) which came in handy later on. Some people change jobs at the drop of a hat, as long as there's more money involved. Higher salaries usually come with a price (pressure, stress, billable hours, overtime {unpaid}, etc.), & if you job-hop a lot, that can be a BIG turnoff to potential employers.
Specialization is a double-edged sword. One the one hand, competition in the job pool is limited & salaries can be slightly higher due to specialized needs. On the other hand, jobs are fewer and far between, which means changing jobs typically will involve a major relocation.
Salary compression is something you'll have to resign yourself to. My salary has quadrupled in the last 15 years, but part of that is because I started out so low. Their IS a ceiling- which you can raise a little by calculated changes in position/company. Typically, you'll have to go into management or consulting to raise the ceiling substantially. Traditionally, engineers make poor managers, so if you want to climb the ladder, work on your business skills- maybe get an MBA after you graduate. I never cared for the business side of things, and hated being a manager, so that limits me somewhat. I still have the consulting route available, but will probably need a little more gray hair to pull that one off. It all depends on what you want. I left jobs I really liked because someone else offerred me more money... and lived to regret it. Don't get hung up on the salary. There's a LOT to be said for a job you enjoy.
Best of luck-