Is capital goods a good career path? Do you want to know how much the capital goods industry pays? Or are you looking for the best paying jobs in capital goods industry? Then you should look no further.
This article will take its time to explain if capital goods is a good career path and highlight the best paying jobs in the capital goods industry along the line.
Ideally, capital goods are long-lasting items used by manufacturers in the production of goods and services.
Tools, automobiles, machinery, and tools are examples. The industry has a broad range of divisions and positions that can accommodate new hires.
Recent studies show that the average salary for employees in the capital goods sector is higher than that for workers in other sectors.
What are Capital Goods?
Capital Goods are products utilized in producing other products but are not included in the new product. Examples are industrial machinery, machine tools, process plant equipment, mining, and construction equipment, electronic devices, textile machinery, printing and packaging machinery, etc.
Examples of Capital Goods
- Machinery
- Steel
- Chemicals (oils, minerals, natural gases, etc.)
- Automotive (includes components for bikes, cars, trucks, etc.)
- Textile (including cotton, wool, and nylon).
- Electronics (semiconductors, industrial, telecommunications, consumer electronic components, etc.)
List of Industries in Capital Goods?
- Electronics Industry
- Textile Industry
- Chemicals Industry
- Steel Industry
- Automotive Industry
- Machinery Industry
- Energy, Mining, and Utility industry
- Aerospace and Defense Industry
- Construction Industry
What Companies Operate in the Capital Goods Industry?
Several companies in the capital goods industry have global market dominance, not just in the United States. To keep the industry moving, these companies regularly hire thousands of new employees.
Below is a list of the top 10 international capital goods companies.
- Union Pacific – Employees: 10,000+
- General Electric – Employees: 10,000+
- Honeywell International – Employees: 10,000+
- Lockheed Martin – Employees: 10,000+
- United Rentals Inc. – Employees: 10,000+
- Boeing – Employees: 10,000+
- Caterpillar Inc. – Employees: 10,000+
- Northrop Grumman has 90,000 employees.
- 3M – Employees: 93,000+
- ABB – Employees: 5,001 to 10,000
Best Paying Jobs In Capital Goods
There are many job opportunities for young professionals in the field of capital goods. There is no doubt about that.
Most positions require a bachelor’s degree program at the very least, but it is not impossible to enter the industry with a vocational or diploma certificate.
Once you’re in the industry, you can train for higher-level positions. The following are, however, the best paying jobs in the Capital Goods industry.
1. Engineering Managers
Engineering managers belong to one of the classes of highest-paid workers in the capital goods industry. An engineering manager’s primary responsibilities include planning, organizing, directing, and arranging engineering activities in the company.
If working in capital goods is your dream, start by preparing for the fundamentals. The position is primarily reserved for those with engineering degrees and several decades of experience in the field.
As of February 2022, the average Engineering Manager’s salary in the United States is estimated to be $137,956.
2. Manufacturing Engineers
This is a group of engineers who work in the manufacturing industry. Their primary responsibility is to ensure that the manufacturing process runs smoothly.
Manufacturing Engineers must have the following skills and qualifications:
- The ability to work well under duress.
- Leadership abilities.
- Teamwork abilities
- Problem-solving abilities.
- Good information technology skills.
- Commercial consciousness.
- Outstanding communication abilities.
- Equipment knowledge for purchase, installation, and repair.
According to Payscale, the average annual salary for Manufacturing Engineers in the US is $71,980.
3. Senior Mechanical Engineers
This is one of the highest-paying positions available in the capital goods industry. However, an applicant must have at least 10 years of experience to be hired and function in this role.
A senior mechanical engineer is responsible for developing, designing, constructing, testing, and inspecting mechanical devices and systems such as industrial machines, tools, and engines.
Mechanical engineers work in various industries designing a broad array of products because the field is so broad. Senior mechanical engineers in capital goods earn an average salary of $110,000 annually.
4. Electrical Engineers
Electrical engineers are responsible for designing, developing, testing, and supervising electrical equipment such as electric motors, radar and navigation systems, communications systems, and power generation equipment.
They also work on the development of electrical systems for automobiles and aircraft. Electrical engineers make an average annual salary of $78,016.
However, the upper limit can be more than $200k per year. Electrical engineering jobs are among the most lucrative jobs available, and the capital goods industry is an excellent place to look for one.
5. Quality Control manager
A quality control manager oversees product development procedures and supervises staff to make sure that products fulfill quality and efficiency requirements.
The quality control manager works with customers to ensure that the finished products meet their needs and specifications.
In the United States, the average annual salary of a quality control manager is estimated to worth $72,175 per year.
6. Industrial Design
Industrial designers are in charge of creating notions for manufactured products such as automobiles, home appliances, toys, and so on.
They combine art, business, and engineering to create aesthetically pleasing products for humans.
In terms of capital goods, a college degree in industrial design as well as some years of experience are required to succeed in this role.
The average salary for an Industrial Designer is $60,832, according to Payscale. According to Indeed, the average salary for an industrial designer in the United States is $68,653 per year.
7. Research and Development Engineer
Another lucrative and appealing job in the capital goods industry is that of a research and development manager.
Their primary responsibility is to manage and direct research and development (RD) programs in order to meet company needs while capitalizing on potentially new products.
They also create and apply RD procedures and techniques.
According to Salary.com, the average annual salary for a Research and Development Manager in the United States in 2022 is $144,880. However, it is usually between $126,187 and $166,452.
8. Sales Engineer
Sales engineers excel in technologically and advanced technologically products for capital goods companies.
Sales engineers use their technical skills to explain to potential customers the benefits of their products or services and to demonstrate how their products or services are superior to their competitors.
The average annual salary for a sales engineer inn the US is $74,250.
9. Marketing Engineer
Marketing Managers create, implement, and execute strategic marketing strategies for capital goods businesses in order to attract new customers and keep existing ones.
They usually have a degree in marketing or a related field, as well as several years of experience. As of February 2022, the average Marketing Manager salary in the United States is $109,831.
10. Business Development Manager
In a typical capital goods company, business development managers plan, direct, and coordinate business development activities.
Among the responsibilities are:
- Setting objectives and creating plans for business and revenue growth
- New target market initiatives are being researched, planned, and implemented.
- Prospective account research in target markets.
- Following up on leads and guiding them through the sales cycle.
Conclusion
While there are tons of job opportunities in capital goods field, the above discussed are the best paying jobs in capital goods industry.
Read also: What is property-casualty Insurance? Everything You Need To Know
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