If you’re thinking of getting into a career that pays well and you are confused about whether capital goods could be the one, this article will help you clear your doubts. To put it simply, the Capital goods industry is indeed an industry with lots of well-paying jobs whose salaries are greater than the average of many other industries.
With lots of manufacturing and distribution involved, the capital goods industry can be a rewarding career path, especially if you have the skills to land high-paying jobs. But before diving into the jobs, let us understand more about Capital goods and the industry.
What are Capital Goods?
The goods and services that businesses manufacture and sell which we consume as a consumer are called consumer goods like food, clothing, beverages, devices, etc. On the other hand, the tangible assets that those businesses use in the production and distribution of consumer goods are known as Capital Goods. Some examples of capital goods are machinery, buildings, equipment, vehicles, tools, etc.
However, the same goods can be categorized as capital or consumer goods based on their usage. For instance, the same vehicle, if used by an individual for personal use will be a consumer good while if used by a company to facilitate its operations in any way, will be a capital good.
So, the Capital Goods industry is a massive industry with large companies manufacturing tools, gear and equipment of all shapes, sizes, and purposes to be used by other businesses to manufacture goods that we use.
Some Big Companies in the Capital Goods Industry.
Some of the market dominators in the several capital goods industries in the U.S. that offer higher chances of employment are listed below. They also offer attractive employee benefits.
- Union Pacific – Transportation and Logistics Industry.
- General Electric – Weapons, Aircraft engines, motors, and Energy Industry.
- Honeywell International – Aerospace, Automotive and Chemical Industry.
- Lockhead Martin – Aerospace, Military, Security and Technology Industry.
- United Rentals Inc – Construction and Industrial equipment and vehicle Rentals industry.
- Boeing – Aerospace and Defense Industry.
- Caterpillar Inc. – Construction Industry.
- Northrop Grumman – Aerospace and Defense Industry
- 3M – Building, Adhesives, Medical and Cleaning products manufacturing Industry.
- ABB – Energy, Mining and Utility Industry.
List of Best Paying jobs in Capital Goods
Below is a list of some of the best-paying jobs in the capital goods industry. To learn more about them individually, click on the embedded links that will direct you to the U.S. Bureau of Labor Statistics page for that job title.
Architectural and Engineering Managers are some of the best-paying jobs in the capital goods industry. You will be responsible for planning, directing, and coordinating the activities in the engineering, construction, and manufacturing industries. You will have a lot of responsibilities on your shoulder since you must ensure that the entire division under your supervision works smoothly, so this job requires academic qualifications as well as several years of job experience.
Minimum Required Qualifications: Bachelor’s Degree in Engineering
Median Pay: $152,350 per year (2021)
Number of Jobs: 197,800 (2020)
Although the goods that capital industries produce aren’t marketed to consumers, marketing plays a significant role in the success or failure of such industries. Marketing of capital goods is done at a much larger scale with potential businesses. Hence, it is the role of the marketing manager to plan, prepare and execute the marketing schemes for the company’s products.
Minimum Required Qualifications: Bachelor’s Degree in Marketing
Median Pay: $133,380 per year (2021)
Number of Jobs: 316,800 (2020)
As a mechanical engineer, you will be responsible for researching, designing, building, developing, and testing mechanical devices such as sensors, engines, tools, and machines. It is a broad engineering field. You will be primarily working in an official or lab setting but you might have to visit field sites periodically.
Minimum Required Qualifications: Bachelor’s Degree in Architecture or Engineering
Median Pay: $95,300 per year (2021)
Number of Jobs: 299,200 (2020)
As the manufacturing process has become rapidly computerized in recent decades, the demand for skilled technicians who use CAD software to research and design products has also increased.
Minimum Required Qualifications: Relevant degree, skill, or experience in drafting.
Median Pay: $54.920 per year (2018)
Number of Jobs: 99,600 (2016)
As the name suggests, quality control inspectors are responsible for inspecting the quality of the manufactured goods. Although the average per year salary of this position is low compared to others on this list, this job has found a place in this list because of several reasons. First, your salary depends on the nature of the goods that you are inspecting. Second, the entry barrier for this job is very low with only a high school diploma required with no experience. This makes it a high-paying job if you fall into this category. Finally, there are very high chances for overtime hours to meet deadlines, so you can make additional income apart from your salary and benefits.
Minimum Required Qualifications: High school Diploma or equivalent.
Median Pay: $35,580 per year (2021)
Number of Jobs: 557,900 (2020)
Quality assurance and control managers, on the other hand, have a higher pay grade and require more education and experience.
Industrial production managers are responsible for overseeing all the operations of manufacturing and the associated plants. Allocation of the limited resources and materials to optimize the production of the company is the main goal that they are tasked with.
Minimum Required Qualifications: Bachelor’s Degree
Median Pay: $103,150 per year (2021)
Number of Jobs: 189,300 (2020)
Besides these, here is a list of some other high-paying jobs in the capital goods industry:
- Industrial Designer: $77,030 per year with a bachelor’s degree. As of 2020, there were 31,500 jobs available.
- Sales Engineer: $103,710 per year with a bachelor’s degree. 63,800 jobs in 2020.
- Warehouse Worker: $30,320 per year with no serious requirements. 6.2 million jobs in 2020.
- Robotics Technician: $56,740 per year with bachelor’s degree. 13,800 jobs in 2016.
- Training and Development Manager: $128,000 per year with bachelor’s degree and relevant experience. 35,830 jobs available in 2021.
- Chemists and Material Scientists: $79,760 per year with a bachelor’s degree. 92,400 jobs available in 2020.
The jobs in capital goods industries are plenty and the salaries that they offer are varied. While the level of remuneration can vary depending on the level of expertise and experience, you will find good paying jobs that will suit yours. It is always a good idea to begin preparing for the high-paying jobs even if you enter the industry at an entry-level job. You will find yourself quickly climbing the ranks and getting those attractive salaries with benefits.