I wish I'd saved an article from Forbes I found back in '04 or '05. They surveyed the CEO's of the Fortune 1000 to find out what the most common traits were among these captains of industry. One stat clearly stood out from the others. By a large percentage, more CEO's had been educated as engineers than any other field.
In an economy dominated by technology, it shouldn't surprise anyone that this was the case but it surprised me. It makes sense though. People educated in engineering that have a strong business acumen and exceptional leadership skills will make excellent candidates to run industry.
I wouldn't discourage anyone from becoming an engineer. I would also encourage them to gain an MBA to ensure they advance their careers.
It is indeed a wonderful education, but a very high fraction of engineering graduates leave the profession fairly rapidly compared to other careers.