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In my experience, all aerospace engineers are salaried. That means that there is a agreement between the employer and engineer for an annual salary. That gives the engineer a lot of control over their hours. You are hired to do a job. Sometimes you work more than 40 hours a week. If your project deadline is approaching, you are expected to make a sincere effort to meet your commitments. I found that I averaged about 45 hours a week. Some engineers work more. Very few work less than 40,
This response would be incomplete without touching on overtime. Sometimes engineers get paid overtime but this is unusual. Even less probable is getting more than your normal hourly rate.
This may sound unfair but until you consider the salary. Engineering compensation is generous. New grads start at about $60K. With promotions and merit increases the annual compensation can increase rapidly.