Capital goods refer to physical assets, such as machinery, equipment, tools, and infrastructure, that are used in the production of goods or services. The capital goods industry plays a vital role in manufacturing, supplying, and maintaining machinery, equipment, and other physical assets crucial for various sectors. In this article, we will take a look at the best paying jobs in Capital Goods that command high salaries and have the potential for career advancement.
What are Capital Goods?
Capital goods are durable, man-made goods used in the production of other goods. They include machinery, vehicles, tools, construction equipment, and more. Unlike consumer goods, capital goods are not directly purchased by customers but are essential for enhancing manufacturing capacity.
They cannot be incorporated into a final product but are crucial for producing finished goods. Despite their higher pricing, capital goods are a necessary investment for manufacturing industries.
18 Best Paying Jobs in Capital Goods to Boost Your Career
Capital goods form the backbone of many industries, providing the necessary tools and infrastructure for businesses to thrive. They enable companies to innovate, enhance productivity, and drive economic progress. It is a great time to start a career in this sector and give below are some of the best jobs in it.
1. Engineering Manager
If you are looking for a job with a high salary, this can be one of the best options for you. The primary role of the engineering manager is to plan, direct and coordinate the organization’s engineering activities. Furthermore, it is their responsibility to think of ideas related to the development of new products or upgrading the existing ones. It is their role to supervise employees and spend time in different departments throughout the project.
This job involves a big responsibility on your shoulders as you need to ensure that the project or division under you works seamlessly. The minimum degree required to apply for this job is Bachelor’s degree in engineering management or a related field.
In fact, many companies ask for a post-graduate degree in management or engineering for this role, so you will have to check the job description before applying. It is essential to have technician and management skills to work efficiently in this job role. The average salary of an engineering manager ranges from $1,00,000 to $1,10,000.
2. Software Developer
Various capital goods companies rely on software developers to function smoothly. If you have a technical background, this can be a great job profile, as it is predicted that there will be job growth in this sector by 20% from 2020 to 2030, which is massive.
The significant role of a software developer includes working with computer software programs, creating computer programs and apps that help run the company more efficiently and designing and manage computer programs that can help users.
They are not directly linked with manufacturing, but they assist the capital companies in becoming better and running more efficiently. However, the role varies as per your experience, such as a beginner works with or assists senior software engineers in creating, testing and updating software packages and applications.
They usually work on basic day-to-day tasks to become familiar with the codebase and improve their programming skills. The average salary of a software developer is around $1,05,000 to $1,015,000.
3. Product Development Engineer
The major role of product development engineers is to design and supervise the product’s manufacturing process. They manage different product types and designs, their functionality and test them before they are put into the final production process.
They need to conceptualize ideas, prepare necessary actions from conceptualizing to the final product creation, research ways in which the product can be marketed and report the status of the product throughout the production cycle.
To apply for this role, you must possess a minimum Bachelor’s degree in mechanical or electrical engineering. Other skills required for this job role are in-depth knowledge of manufacturing processes, material and quality control protocols, strong communication and network skills, creative thinking and teamwork skills. The average salary of a product development engineer ranges from $65,000 to $75,000.
4. Quality Assurance Manager
This can be the best option for you if you are looking for the best paying jobs in capital goods. The primary responsibility of a quality assurance manager is to set quality benchmarks and ensure consistent quality throughout the product life cycle. The other things you need to do are to ensure that the company’s products meet the high standards needed per the company’s sales goals and policy.
In fact, it is their responsibility to identify potential problems, provide appropriate solutions and train people to improve the process to improve the overall process for quality control. But, to apply for this job role, you just need a high school diploma, and the other skills required are attention to detail and excellent interpersonal and customer service skills.
The salary in this job depends on the type of goods you inspect and your experience. The average salary of a quality assurance manager ranges from $1,00,000 to $1,10,000.
5. Industrial Engineer
Also referred to as mechanical engineers, they are responsible for creating and developing the manufacturing process for the product. This job holds a lot of work, including developing job evaluation programs, doing financial planning and cost analysis, reducing waste in the production process and minimizing costs. They also need to evaluate production schedules, process flows and ensure that the products meet quality criteria.
To apply for this job, you need a bachelor’s degree in industrial engineering or a degree in mechanical, electrical, manufacturing, or general engineering. Other skills needed for this role are communication, project planning, problem-solving, critical thinking, quality management, and advanced knowledge of production machinery, process and standards.
It plays a significant role in any manufacturing industry as they design, create, test and assesses different methods of managing industrial production processes to make the process more efficient. The average salary of an industrial engineer varies from $80,000 to $90,000 annually.
6. Industrial Designer
You can also opt for this job in the capital goods industry as it has excellent growth prospects, plus the salary is also good. The primary role of an industrial designer is to design different kinds of products and systems.
The product can range from furniture to iron to cycle and whatnot. They are majorly responsible for planning, developing, directing and coordinating with the product design in the company.
Various skills required to become an industrial designer are analytical, computer, interpersonal, mechanical and problem-solving skills. It would help if you had a bachelor’s degree in industrial design or a related field and a couple of years of experience to apply for this job. The average salary of an industrial designer is around $70,000 to $80,000 annually.
7. Manufacturing Director
This is one of the best paying jobs in capital goods but to apply for this job you need a minimum of 10 years of experience and a bachelor’s degree in engineering or a related field.
The main role of a manufacturing director is to oversee the company’s product production. Other than this, they are also involved with developing new products, checking the inventory and ensuring that the complete manufacturing process is done as per the plan and on time.
They need to have a good knowledge of the company’s products to advise on increasing efficiency and to improve the product. They need to do long-term planning, plus they also hire managers, supervisors and other members of the leadership team.
Skills required to become a manufacturing director are leadership, management, communication and problem-solving skills. The average salary of a manufacturing director is around $1,30,000 to $1,40,000.
8. Marketing Manager
Marketing of capital goods is done at a bigger scale with potential clients. Thus, the marketing managers are responsible for planning, leading, executing and coordinating marketing activities. They also manage and organize various marketing campaigns to create demand for products or services, which also helps increase brand awareness.
The additional role will be to analyze market research findings and incorporate the feedback received from the research, advertising and sales team. Plus, they also monitor the marketing programs’ performance so that it can be improved or altered as per the outcome.
To apply for this job, you need to have a bachelor’s degree in marketing or a related subject and a few years of experience. The average salary of a marketing manager ranges from $1,40,000 to $1,50,000, you can earn more as per your qualification and experience.
9. Training and Development Manager
This is an excellent job in the capital goods sector wherein your role will be to manage the training and development of the company’s employees. It is their duty to make the most out of the employees and help them in taking the best out of them, this will help both employees and the company’s development.
They play a vital role as they make others add value to the company by providing them with the proper training. For this job, you need a couple of years of experience because you need to figure out both the learner’s and the company’s needs and wants and accordingly plan the training and development structure or plan.
Various skills required to become a training and development manager are communication, interpersonal, time-management, multitasking and leadership skills. The average salary of a training and development manager is around $1,25,000 to $1,35,000, and it increases as per your experience.
10. Warehouse Worker
This is another significant role you can opt for in the capital goods industry. A warehouse worker’s primary responsibility is taking care of the packaging, preparing orders for delivery, placing orders, checking the inventory, etc. Along with this, they also help their co-workers handle incoming and outgoing freight, plus their daily task involves restocking shelves and ensuring that the orders are shipped timely.
This job requires a lot of stamina and physical work, so if you think you can handle such work, this can be an excellent job for you. The best part is that there is a huge demand for this job role, and it is expected to rise by 6% from 2020 to 2030, which means the salary and growth prospects are high.
Various skills required to become a warehouse worker are a positive attitude, teamwork, a good understanding of general warehouse lingo and flexibility. The average salary of a warehouse worker ranges from $30,000 to $40,000.
Cross-reference: How the warehouse boom devoured America’s workforce
11. Electrical Engineer
The role of an electrical engineer is to design products associated with electricity, like machines, vehicles, instruments, appliances, etc. As an electrical engineer, you will have to create and conduct research programs, assure the quality of the products, apply knowledge of electricity and materials and prepare to conduct research.
The role of the electrical engineer varies from company to company as some might want you to confirm systems and components abilities and test end-products and system potentials.
To apply for this job, you need a bachelor’s degree in electrical engineering or an associated engineering discipline. In fact, you might also need a license if you work for a government or federal contractor.
It is their responsibility to design the electric system of the aircraft and vehicles. If you want to succeed in this job, you need to have a thorough knowledge of maths, including physics and calculus. The average salary of an electrical engineer is around $1,00,000 to $1,10,000.
12. Robotics Engineer
You can also opt for this career if you have good technical knowledge. As a robotics engineer, your role will be to work on the design, concept, implementation, testing, analyzing and maintaining the robots and their framework.
They work for various employers as they are needed in various business sectors. For example, you can get work in a manufacturing company or in a research lab or a private company.
As a robotics manager, you will also have to design and create machines to automate jobs in the manufacturing, medicine and aerospace industries. The job role for a robotics engineer varies from company to company; thus, you will have to check the job description thoroughly before applying for the job.
The skills required for this role are creativity, solving complex problems, programming, critical thinking and active learning. The average salary of a robotics engineer ranges from $80,000 to $90,000 annually.
13. Computer-Aided Design (CAD) Technician
In the last couple of years, manufacturing has become computerized to a great extent which has increased the demand for skilled technicians who use CAD software to do the research work and designing of the products.
The role of the CAD technicians is vital and very time-consuming; they need to create engaging drawings with detailing in them. Moreover, it comprises particular products that will be used to different specs, for any product.
Basically, they make electronic design plans for machinery, modern cars, building or any product using computer software. They work with building architects and professional draftsmen to transform blueprints into 2D or 3D computer models.
To become a CAD technician, you need to have a good knowledge of engineering design principles, problem-solving, communication and computer skills and an understanding of manufacturing processes.
The qualification required for becoming a CAD Technician is an associate degree in architecture, construction, electronics or design. The average salary for this profile varies from $50,000 to $60,000 annually.
14. Maintenance Engineer
You can also become a maintenance engineer if capital goods sector interests you, all you need is a bachelor’s degree and certification. The major role of a maintenance engineer is to check, repair and do the servicing of the equipment, machinery and infrastructures. To ensure smooth functioning, they need to plan and schedule maintenance.
Although the work varies from company to company, as in a few companies, they might have to reduce equipment failure and unplanned downtime, extend the equipment’s longevity, help with workplace safety and improve equipment efficiency.
To become a good maintenance engineer, you need to have an organized and logical approach, excellent communication skills, an understanding of engineering drawings and principles and the ability to work under pressure. The average annual salary of a maintenance engineer is around $60,000 to $70,000 annually.
15. Business Development Manager
If you are still thinking about what do capital goods jobs pay and whether it is worth joining this sector or not, here is the answer. You can become a business development manager as it not only pays well but has excellent growth prospects.
It has been predicted that from 2020 to 203 there will be job growth in this profile by 7%, which is pretty good. As a business development manager, your main role will be to manage business development operations such as planning, directing and coordinating the company’s business development operations.
They are vital to the organization as they are responsible for generating leads and negotiating client pricing; in short, they are responsible for driving business growth within the organization.
In fact, they forecast sales revenue as well which means they are valuable to the company in every aspect. Therefore, organizational, technical, communication, interpersonal, and negotiating skills are required to become a business development manager. The average annual salary for this profile ranges from $1,00,000 to $1,10,000.
Cross-reference: How To Become A Project Manager: A Step-By-Step Guide
16. Manufacturing Manager
This can be a great job profile in the capital goods sector with an excellent salary. The primary role of a manufacturing manager is to guarantee efficiency, supervise the day-to-day operations of the manufacturing facility and assure the quality of the produced goods. In addition, they are in charge of various parts of a manufacturing business where they have to coordinate, schedule and conduct the activities that go into the production process.
Along with managing the manufacturing process, they also need to ensure the quality and efficiency of the product and its process. They ensure that the production goes as per the plan, prepare production reports, oversee staff, and assign duties to them. Many people prefer this job post because, as per its payment data, the salary increases by 11% in 5 years on average.
The skills required to become a manufacturing manager are leadership, communication, technical, problem-solving and interpersonal skills. The average salary of a person with an experience of 1 to 3 years is around $85,000 to $95,000 annually.
17. Project Manager
This is another excellent job profile in the capital goods sector. The role of a project manager is to plan and monitor the project using suitable management methodologies. They are responsible for launching a project idea and supervising it until it is completed.
They need to ensure that the project runs without any issues and is finalized on time, plus they need to regularly provide the progress of the project to upper management.
Various skills required to become a project manager are teamwork, critical thinking, time management, leadership, problem-solving and communication skills. Also, to become a project manager, you need to have a bachelor’s degree in IT or a related field. The average salary of a project manager ranges from $90,000 to $1,00,000.
18. Sales Engineer
A sales engineer’s primary responsibilities are bringing the product to market and closing sales, basically doing marketing and sales of the product. In addition, they use their technical skills to explain to the customers or clients the usage and advantages of the product or services offered. In fact, they tell the USP of the product and explain how it is better than the competitors.
They are responsible for finding new clients, building good relations with customers, and negotiating and closing deals. To become a sales engineer, you need to have product knowledge, technical understanding, demonstration problem-solving, communication and presentation skills.
The average salary of a sales engineer ranges from $90,000 to $1,00,000 annually; on top of that, they also earn commissions on their sales.
What Do Capital Goods Jobs Pay?
In the capital goods industry, the pay scale for jobs varies based on several factors, including educational qualifications, experience, and skills. These factors contribute to determining the level of responsibility and expertise required for specific roles within the industry.
The average pay for jobs in the capital goods sector can range from $55,000 to $130,000 per year. It’s important to note that this is a general range, and actual salaries may differ depending on the specific job title, location, company size, and market conditions.
Entry-level positions or roles that require less specialized knowledge and experience may fall on the lower end of the salary range. As individuals gain more experience, education, and develop in-demand skills, they can expect their earning potential to increase.
In addition to base salaries, many capital goods jobs offer additional benefits such as bonuses, commissions, performance incentives, and comprehensive benefits packages that may include healthcare, retirement plans, and other perks.
Why Opt for a Job in Capital Goods Industry?
Jobs in the capital goods industry offer numerous advantages, including higher job security and compensation. Workers in this sector are highly satisfied with their salaries. Additionally, the specialized knowledge and skill set acquired in these jobs keep employees at the forefront of automation and technological advancements.
For example, employees at General Electric (GE) rated their job satisfaction as 4 out of 5 stars on Glassdoor, with over 80% of them recommending the company as a great place to work.
Where to Find the Best Paying Jobs in Capital Goods?
Finding the best-paying job in the capital goods industry can be a crucial step in building a successful career. Fortunately, there are several valuable resources available to help you in your job search within this industry. To simplify the process, we have compiled a list of the best resources you can utilize to find the highest-paying jobs in the capital goods sector.
- Company Websites: The first step is creating a list of all the companies producing capital goods. Once you curate the list, search for those companies and check their website and employee reviews. It will help you determine which company you want to work for. Also, check the career page frequently to avoid missing any newly posted job opportunities.
- Online Job Boards: Taking the help of online job boards is a great way to get your dreamy capital goods job. You can search for jobs by location, job title, company, etc.
- College Career Centers: Most colleges, whether yours or your friends, have career centers to help you find a job after graduation. Visit those centers and figure out what career services they offer.
- Internships: It is a great way to enhance learning, polish your skills, and develop new ones. Many companies prefer to hire interns for full-time positions if they perform well in their internships.
- Professional Organization: One of the most effective ways to find a job in the capital goods sector is to grow your network by staying up to date on the current labor market for your profession.
Cross-reference: Factory Jobs Are Booming Like It’s the 1970s
Reasons to Choose a Career in the Capital Goods Sector
The capital goods industry plays a vital role in driving the economy. The government tracks orders for capital goods to determine the health of the economy and country.
The demand for capital goods is endless. Without these goods, businesses will not be able to manufacture consumer products. Therefore, capital goods serve as the linchpin of the overall economy.
Most of the big capital goods companies are very stable. Some of the well-known companies you can work for include:
Large companies are stable because they are immune to microeconomic forces, which is why the giants in this industry are surviving for decades. Moreover, these companies are proficient in overcoming challenging economic conditions as they know how to deal with an unprecedented economy.
If you are not getting an opportunity to work for a big capital good company at the beginning of your career, you can also apply as an intern or entry-level position in small or mid-sized companies.
Once you get onboard and start gaining experience in this field, the sky is the limit. The growth potential in this industry is massive as you are part of a company producing tangible assets. Plus, the experience of producing goods that help scale other businesses can be rewarding and lucrative.
Drawbacks of Choosing a Career in the Capital Goods Sector
Capital goods companies, despite their ability to navigate challenging situations, still need to make adjustments like any other business. This may include laying off staff, reducing salaries, or cutting benefits.
The capital goods industry is known for its adaptability to changing times, but this can also lead to potential job reductions due to technology transformation and automation, making certain roles obsolete.
Working in the capital goods sector can be physically demanding, especially in departments like engineering. It may require visits to factories or warehouses during late hours to oversee the arrival or installation of heavy machinery. Additionally, visits to active construction sites may be necessary to ensure work progress.
Large capital goods companies can be slower to change or adapt due to their established structures. Decision-making processes often involve multiple levels of management, which can delay the implementation of new initiatives.
In conclusion, the capital goods industry offers numerous opportunities for individuals seeking high-paying jobs. With the right qualifications, skills, and experience, professionals in this sector can enjoy competitive salaries and job security.
While the industry may face challenges and adjustments during uncertain times, capital goods companies are known for their adaptability and resilience. With diligence and strategic planning, one can secure a rewarding and well-compensated career in this dynamic field.
Here are common questions people have when seeking a job in capital goods sector.
1. What categories of products are under the capital goods industry?
Capital goods are never incorporated into a new product as they are used in the production of other products. These include electric equipment, process plant equipment, machine tools, industrial machinery, and construction and mining equipment.
2. How does a business invest in capital goods?
Capital goods are the physical assets a business uses to manufacture goods for end users. When a business invests in fixed assets such as vehicles, machinery, equipment, buildings, and tools, it means a company is planning to sustain itself in the long run and meet its business objectives.
3. Are stocks capital goods?
No, stocks are not capital goods. The sole reason is that capital goods are only man-made, tangible assets used to produce other goods. Therefore, non-tangible assets, like stocks, cannot be categorized under capital goods.
4. What are the different types of goods?
Apart from capital goods, there are different types of goods, including consumer goods, producer goods, inferior goods, Giffen goods, public goods, private goods, substitute goods, economic goods, complimentary goods, and free goods.
5. What are the total jobs available in capital goods?
The capital goods industry includes an extensive range of career paths. Therefore, it is difficult to inform the exact job openings in this sector.