Humm, if you have a MSc and a PhD, you must have some sort of brain cell, therefore look at the situation, are you over qualified? I think not, however i think this is just a way of attention seeking.
You will however be underqualified when compared to those who have graduated with degrees such as, MBBS BAO BA, LLB, BDS etc. and there are quite a few people with degrees in medicine, Chemistry, law, physics, dentistry, mathematics etc. who do apply. this will be the time to start thinking and posting "am i underqualified?"
It really irritates me when people post questions that they know the answer to, and are just looking to gloat, but as you will know, a degree in engineering is not as impressive as any of the above!
Maybe usefull for a job in engineering, but as i have heard it referred to as a useless degree, give the major airlines degrees in sciences anyday
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Hope you people understand my post.