IET's Diamond Jubilee Scholarship will give any new student on one of its 5,423 accredited courses £1,000 per year to contribute towards their studies if they receive three A grades at A-level.
However, IET has also said that the success and extension of this initiative will be dependent on funding from industry partners.
"Job prospects in these sectors continue to look strong with companies continually seeking talented graduate engineers and scientists, as well as technicians and apprentices," said Linda Deleay, IET's awards and prizes manager.
"The IET's 2012 Skills and Demand in Industry Survey shows that for the first time since the recession, companies are more confident in expanding their engineering workforce."
She added: "As young people begin to realise the long-term investment they are making, the IET will assist in turning this investment into a worthwhile reality."
Students interested in securing a place on an IET accredited degree can tweet @IETAwards with the hashtag #IETambition for information about how to apply for the scholarship.
, Edinburgh Napier University has announced that it will launch a new part-time MSc in Advanced Security and Cybercrime.
Aimed at professionals already working in computer security, the master's course will arm students with the skills to combat a wide range of threats including phishing scams, online financial and identity theft, as well as virus and network intrusions.