Feeling lost in core mech

TL;DR: 2nd-year MechE student interning in top engg firm for PS. I love the technical work, but seeing the compensation and lifestyle of many engineers around me has made me question what a long-term career in mechanical engineering looks like.

Looking for advice on high-paying technical paths, CFD, consulting, engineering management, and the value of a Master's degree.

[Long post ahead. I'd genuinely appreciate it if you could take the time to read and share your perspective.]

I'm a 2nd-year Mechanical Engineering student currently interning in a robotics division, and I'm having a bit of a career crisis.

The work itself is good. The team is developing in-house technologies like cycloidal drives and welding inspection algorithms, so it's not just repetitive manufacturing work. The people are great too.

However, being here has exposed me to some realities of the industry. The internship is unpaid, work-life balance is poor, I'm far from home and friends, and from what I've seen, many engineers here are making only around 7–8 LPA even after ~1.5 years of experience.

I've realized that I'll probably be satisfied if I have any two of these three:

- Good work-life balance

- Good money

- Proximity to friends/family

Right now, I have none of them, which has made me question what I want my career to look like in the long run.

I know I'm still early in my journey and can pivot if needed. But mechanical engineering/robotics/mechatronics is genuinely what I enjoy, which is why I'm trying to understand what the long-term picture looks like.

So needless to say, im getting a serious reality check. so before I proceed with a choice about my career, I wanted to get the insight of some seniors on these questions:

1. What are the higher paying career paths available to a Mechanical Engineer that still involves technical work?

2. Is engineering management the best way to increase compensation without completely leaving the technical side?

3. For those who stayed technical, how did you build a high-paying career without 20 years in the same company?

4. What's the career outlook for CFD in terms of opportunities, compensation, and growth?

5. Why does compensation often increase significantly after a Master's degree? Is it primarily because of the additional technical knowledge and specialization, or are there other factors at play?

I'd especially appreciate perspectives from people working in robotics, product development, automotive, aerospace, CFD, consulting, or engineering leadership.

Thanks a lot for your time.