Bullcrap. That is a total non sequitir. Whoever wrote it is a fool.
Engineering grads have a big leg up on admissions to law and medical schools. Wall Street is salivating for engineering grads too. I'm sure many "engineering management" grads go on to get an MBA. There are lots of jobs that pay better than a pure engineering position, and are not as hard either. Of course many engineers are going to do something else even if there is a shortage of engineers to fill the job pool within the field.
-ccm
Speaking from personal experience, I can tell you that the engineering/science grads at my law school had/have an easier time of it than the liberal arts grads.