I received an email from HR stating that I have been placed in the top 10 for an engineering position. I was wondering if there is any chance of being called for the position, or should I forget about it?
The purpose of the panel system is to have in place a number of suitable candidates to fill positions that arise over a period of time. The duration of the panel is normally expressed on the candidate information material you would have received prior to application.
While there is no guarantee of a job offer, the size of the panel is normally reflective of the number of vacancies likely to arise. For example, they would be unlikely to have a panel of 10 for just one position.
Neither would it be uncommon to maintain a panel until everyone on it is offered a position. They would start a process of organising a new competition when the previous panel was nesting its end.