Although my title is not "Engineering Manager", the salary range is about right for me with 15 years of experience. And, I call myself an engineering manager.
My education path:
BS Industrial engineering & Management (1988)
MS Engineering with Management concentration (1997)
PhD Engineering Systems (expected about August 2008)
There are some challenges with starting out as an engineering manager. If you don't have enough technical depth, you don't know when your engineers are telling the truth or not. I think the best route might be to establish yourself technically in a field and then become an engineering manager.
I started as a project manager where I led small teams of people performing studies. Next, I was given the project of integrating avionics systems into aircraft. I spent some time as a test program manager and then as a supervisor in line operations. That's when I first became what I would call an engineering manager. I supervised folks who developed, installed and performed tests on aircraft.
After that, I became the lead of about 28 engineers. Some of them had their own projects they were managing. Others were the technical engineers who supported project managers in my section and other sections.
My primary responsibilities were to develop young project managers and manage a couple more complex programs myself. The developing employees aspect is one that I really enjoy. I like watching people mature in their thinking and watching them learn. The engineering manger gets to design their training, make assignments and guide them through their processes.
The ugly stuff is that sometimes you have to fire people. But, sometimes it is for the good of the organization AND the individual. If the organizational and personal goals are too far apart, that's when it can be time to encourage them to look in other places or cordially oblige them to leave (fire).
While an engineering manager may make $100K, I know very well that I had people working for me who were technical experts in their engineering fields that were making more than twice my salary. The engineering manager is more of a generalist...the technical specialists always got the big bucks in my organization.
Don't reach for the brass ring called the salary. Life is too short to be driven by the dollar amount in the paycheck. Make sure you are doing something you love to do. If you don't like what you're doing, it gets very hard to get out of bed each morning because the work is not meaningful enough for you....even at twice the salary. If you are doing what you love, the money will be more than adequate.
Best of everything in your endeavors...