Last Updated on March 9, 2023 by
Are you interested in building a career in the capital goods industry? Capital goods are products used for producing other products. But they are not a part of the new or finished product.
The capital goods industry comprises various departments opening doors to many job opportunities. The industry is also one of the highest-paying industries worldwide.
If you’ve always wished to work at capital goods companies, here are the best paying jobs in capital goods that you should consider.
What Are Capital Goods?
Capital goods are products used during another product’s manufacturing process. These goods are used to create final products (consumer goods) which consumers use. In simple terms, Capital goods are tangible assets used to manufacture consumer goods. Capital goods can be classified into three categories depending on their types:
Capital goods boost labor productivity, making the company more efficient. They also increase the company’s profitability, contributing to the country’s economic growth.
Some Examples of Capital Goods
Capital goods is a vast sector since it comprises various products. Following are some examples of capital goods:
- Chemicals – Oil, minerals, water, gas
- Automotive – Cars, bikes, trucks, and other vehicles
- Textile – Wool, cotton, nylon
- Electronics – Semiconductors, industrial, consumer electronic devices, telecommunications
- Power technology – Solar panels, batteries
List of Industries in Capital Goods?
The capital goods market consists of various industries that help produce goods and products. Below are the major industries that fall under the capital goods sector.
The chemicals industry uses chemicals like oil, natural gas, water, etc., to produce products like paints, adhesives, detergents, cleaning agents, etc.
The automotive industry makes components for motor vehicles. These businesses design and manufacture automobile parts for trucks, cars, motorcycles, and other vehicles.
Electronics companies manufacture electrical equipment and components and supply them to electrical industries.
The machinery industry designs and develops heavy machines to create goods.
The steel industry manufactures steel products and recycles steel scrap.
The textile industry produces fabrics and materials like nylon, wool, cotton, dyes, coloring substances, etc., that act as raw materials while manufacturing clothes.
What Companies are in the Capital Goods Field?
The capital goods sector involves many companies in the US and worldwide. The popular capital goods companies are as follows:
- Union Pacific
- General Electric
- Honeywell International
- Lockheed Martin
- United Rentals Inc.
- Caterpillar Inc.
- Northrop Grumman
- ABB Limited
- Emerson Electric
- Ford Motor Company
Is Capital Goods a Good Career Path in 2022?
Yes, the capital goods business is a good career path for young and skilled professionals willing to build careers in the manufacturing and construction industries.
The sector has several high-paying jobs for job seekers coming from different backgrounds. You can also grow higher in your career after beginning your job at an entry-level position.
Besides, as technology advances, more opportunities will arise in this sector. The average annual income of professionals working at capital goods companies is higher than in many other industries. So, capital goods is a good career path for skilled and passionate professionals.
List of the Best Paying Jobs in Capital Goods
Getting a job at a capital goods company is not a big deal. However, you must focus on getting the best-paying jobs in capital goods to secure your future.
Since there are plenty of options to choose from, we’ve compiled a list of the high-paying jobs in capital goods and the average annual salary below.
1. Engineering Managers
Average salary – $114,923 per year
Engineering managers jobs are the best paying jobs in capital goods industry for those possessing technical and managerial skills. Engineering managers plan, direct, and coordinate engineering activities.
An engineering manager plans engineering projects, assigns tasks to other team members, and supervises them. An engineering manager communicates with the management and defines budgets and timelines for new projects.
To work as an engineering manager, you need a bachelor’s degree in engineering and several years of experience as an engineer.
2. Manufacturing Engineer
Average salary – $81,042 per year
Manufacturing engineers are one of the highest-paying jobs in capital goods. Manufacturing engineers earn excellent income and typically have to work on-site.
They are responsible for creating technical designs using computer-aided design programs. Manufacturing engineers ensure smooth operation of the manufacturing process, check the production line, maintain production efficiency, and troubleshoot issues.
To work as a manufacturing engineer, you need a bachelor’s degree in manufacturing engineering or a relevant degree.
3. Senior Mechanical Engineer
Average salary – $105,977 per year
Senior mechanical engineers are one of the highest-paid professionals in the capital goods industry and the mechanical and electrical engineering fields.
Senior mechanical engineers earn more than $100,00 per annum, and their income increases as they gain experience. However, senior mechanical engineers need to have at least 10 years of work experience as mechanical engineer and relevant education.
They are responsible for developing, designing, and supervising the manufacturing process. They also plan engineering projects and inspect machines to detect errors.
4. Electrical Engineer
Average salary – $87,181 per year
Electrical engineers design, develop, and test electrical systems to meet specified standards. They design various electrical equipment like electric motors, radars, communication systems, and power generation equipment.
Electrical engineers develop and lead research projects in the manufacturing industry. Electrical engineering is a high-paying job in the capital goods industry and requires professionals to have a bachelor’s degree in electric engineering or a closely related subject.
5. Quality Control Manager
Average salary – $72,408 per year
Quality control managers are another best paying jobs in capital goods sector. A quality control manager or quality control inspector is responsible for monitoring the staff and ensuring that the production conducts properly.
They constantly monitor the production process and develop methods to check product quality. The quality control manager also communicates with the clients to know whether the finished goods meet their requirements.
6. Industrial Designer
Average salary – $69,151 per year
Industrial designer jobs are among the best paying jobs in capital goods industry. Industrial designers talk with clients to know their requirements and create and design products accordingly.
They construct product prototypes, graphic design images, 3-D sketches, and models to give customers a realistic view of the product. An industrial designer also coordinates with others in the industry, such as managers, engineers, designers, software developers, etc.
You can succeed in this role with a bachelor’s degree in industrial design and a few years of work experience.
7. Research and Development Manager
Average salary – $144,880 per year
Research and development managers are other high-paying capital goods jobs. Research and development manager research and coordinate business development efforts and activities in the industry.
They also develop new research and development techniques and apply them to the business. As a research and development manager, you must also lead the research projects and ensure that the organizational needs are fulfilled.
8. Sales Engineer
Average salary – $85,987 per year
Sales engineers are other highly-paid professionals at any typical capital goods company. These people specialize in sales. So they boost the business by developing strategic marketing plans.
They communicate with customers and encourage them to buy products by telling them the product’s uses and benefits. Sales engineers talk with the company’s management department to learn about the company’s business goals.
It is one of the best non-tech jobs in the capital goods industry that you can pursue with a bachelor’s degree.
9. Marketing Manager
Average salary – $63,300 per year
With an average annual income of above $60,000, marketing managers is a high-paying profession in the capital goods industry. Marketing managers are responsible for developing and executing strategic marketing plans to attract new customers and retain existing ones.
They run marketing campaigns and check the market trends to know whether the company should launch a new product. A marketing manager helps the company remain competitive and enhances its profitability.
10. Business Development Manager
Average salary – $68,447 per year
Business development managers are must-have professionals in every capital goods industry. They apply their business knowledge to help companies achieve their business goals.
Business development managers attend meetings and events to represent their companies, overlook business development operations, train junior team members, and develop a growth strategy for the business to gain profit.
They research prospective accounts and execute plans to move the leads forward in the sales cycle.
11. Software Engineer
Average salary – $93,965 per year
Software engineers are equally important in the capital goods industry. They understand the client’s requirements and design, develop, and test software accordingly. Software developers develop applications and software to enhance the product’s efficiency.
They also define manufacturing technology that boosts productivity in the capital goods industry. Software engineers are not a part of project management, but they help the capital goods company gain success and high profits.
What Do Capital Goods Jobs Pay?
The capital goods industry offers an attractive average annual pay to professionals. Some of the top-paying capital goods jobs with their average annual compensation are as follows:
- Mechanical engineer – $80,094 per year
- Computer-aided design technicians – $65,000 per year
- Customer service manager – $42,953 per year
- Project manager – $77,162 per year
- Robotics Engineer – $107,000 per year
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The capital goods industry has a variety of best-paying jobs. You can choose any of the above-listed careers and earn a high living. Again, since most jobs in this field demand a bachelor’s degree, you start gaining the required skills and qualifications right from the beginning to land your dream position faster.