Is Capital Goods a Good Career Path?
Looking for a high-paying career in the capital goods sector? The capital goods industry is one you should consider. Capital goods are durable goods that manufacturing companies use in the production of goods and services. These include tools, vehicles, machinery, and equipment. The industry has a wide range of departments and positions that can accommodate new intakes, and according to recent studies, the average salary for workers in the capital goods sector is higher than the average of other sectors.
This article covers:
- What companies are in the capital goods field?
- The best-paying jobs in the capital goods sector;
- Average salary by industries and what you can expect to earn;
- Answers to question as to whether capital goods are a good career to pursue;
- And top organizations in the capital goods sector.
But before we dive deeper into all of the points mentioned above, let’s take a look at what capital goods are and some of the examples around us…
Read: Best Paying Jobs in Consumer Non-Durables – All You Need to Know
What are Capital Goods?
Capital Goods are products used in the production of other products that are not incorporated into the new product. E.g., machine tools, industrial machinery, process plant equipment, construction & mining equipment, electrical equipment, textile machinery, printing & packaging machinery etc.
Some Examples of Capital Goods
- Textile- that includes cotton, wool, and nylon.
- Chemicals- include oils, minerals, natural gases, and so on.
- Automotive includes components for bikes, cars, trucks, and other vehicles.
- Electronics- semiconductors, industrial, telecommunications, and consumer electronic components.
List of Industries in Capital Goods?
- Chemicals Industry
- Electronics Industry
- Textile Industry
- Machinery Industry
- Steel Industry
- Automotive Industry
- Construction Industry
- Energy, Mining and Utility industry
- Aerospace and Defense Industry
What Companies are in the Capital Goods Field?
There are many companies in the capital goods sector with large market dominance not just in the US alone but all across the world. These companies regularly recruit thousands of job seekers into the industry to keep the moving train going.
Here is a list of the top 10 international companies in the capital goods field.
1. Union Pacific: 10,000+ employees
2. General Electric: 10,000+ employees
3. Honeywell International:10,000+ employees
4. Lockheed Martin: 10,000+ employees
5. United Rentals Inc: 10,000+ employees
6. Boeing: 10,000+ employees
7. Caterpillar: 10,000+ employees
8. Northrop Grumman: 90,000 employees
9. 3M: 93,000+ employees
10. ABB: 5,001 to 10,000 employees
How Many Jobs Are Available in Capital Goods?
There are many job opportunities in the field of capital goods for young professionals. Most of the positions require that you have completed a bachelor’s degree program at the minimum but it is not impossible to get into the industry with a vocational or diploma certificate. Once you get into the industry, you can upskill for higher positions.
Below is a list of the Best Paying Jobs in Capital Goods:
1. Engineering Managers
Engineering managers are among the list of best paying professionals in the capital goods industry. The main role of an Engineering manager includes planning, directing, and coordinating engineering activities in a company. If working in capital goods is your dream, then start preparing for the basic requirements. The position is highly reserved for those with degrees in engineering plus several years of experience working in the field.
The engineering Manager’s responsibility includes:
- Designs, implements, and refines product development, testing, and manufacturing processes.
- Manages staff and assigns tasks to engineering and technical personnel.
- Leads teams in the development of new products, solutions, and processes.
- Oversees project logistics and resource allocation.
The average Engineering Manager’s salary in the United States is $137,956 as of February 25, 2022,
2. Manufacturing Engineer
This is a group of engineers working in the manufacturing industry whose main responsibility is to ensure a smooth operation and process in the manufacturing of the products.
Manufacturing Engineer requires a set of skills and qualifications such as:
- Ability to work well under pressure.
- Leadership skills.
- Teamwork skills.
- Problem-solving skills.
- Good information technology skills.
- Commercial awareness.
- Excellent communication skills.
- Knowledge of equipment for purchase, installation and repair.
The average salary for Manufacturing Engineers as reported by Payscale is $71,980/year.
3. Senior Mechanical Engineer
This is one of the best paying jobs position in the capital goods industry. However, to gain employment and function in this role, a candidate needs to have about 10 years of experience. A senior mechanical engineer is responsible for developing, designing, building, testing, and inspecting mechanical devices and systems, such as machines, tools, and engines. Since mechanical engineering is a very broad field, they work in a variety of different industries designing a wide range of products. The average salary of senior mechanical engineers in capital goods is $110,000 per year.
A Senior Mechanical Engineer’s Salary can exceed $200k per year. Some of the highest paying careers in the world are in the field of mechanical and electrical engineering.
4. Electrical Engineer
Electrical engineers’ responsibility involves designing, developing, testing, and supervising the manufacture of electrical equipment, such as electric motors, radar and navigation systems, communications systems, or power generation equipment. They are also involved in the designing of electrical systems for automobiles and aircraft. Electrical engineers earn an average salary of $78,016 per year. But the upper limit can be as high as over $200k per year. Electrical engineering jobs are among the most profitable jobs out there and the capital goods industry is one where you can find such a lucrative offer.
5. Quality Control Manager
A quality control manager is responsible for supervising staff and overseeing product development procedures to ensure that products meet quality and efficiency standards. The quality control manager also works with clients to ensure the end products meet their needs and requirements. The average salary for a quality control manager is $72,175 per year in the United States.
6. Industrial Designer
Industrial designers are responsible for the development of the concepts for manufactured products, such as cars, home appliances, toys, etc. They combine art, business, and engineering to make products that are aesthetically appealing to humans. A college degree in industrial design and some years of experience is required to succeed in this role as far as capital goods are concerned. According to Payscale, the average salary for an Industrial Designer is $60,832. While Indeed puts the average salary for an industrial designer at $68,653 per year in the United States.
7. Research and Development Manager
Research and development manager is another lucrative and attractive job in the capital goods industry. Their main responsibility revolves around managing and directing the research and development (RD) programs to meet organizational needs while capitalizing on potential new products. They also develop and implement RD procedures and techniques.
According to Salary.com, the average Research and Development Manager salary in the United States is $144,880 as of 2022. However, it typically ranges between $126,187 and $166,452.
8. Sales Engineer
Sales engineers specialize in technologically and scientifically advanced products for companies in the capital goods industry. Sales engineers use their technical skills to explain the benefits of their products or services to potential customers and to show how their products or services are better than their competitors. Sales engineers earn an average salary of $74,250 per year.
9. Marketing Manager
Marketing Managers are responsible for developing, implementing and executing strategic marketing plans for capital goods companies in order to attract potential customers and retain existing ones.
They typically have a degree in marketing or a related field, and several years of experience in the field. The average Marketing Manager’s salary in the United States is $109,831 as of February 2022.
10. Business Development Manager
Business development managers’ job roles involve planning, directing, and coordinating business development activities in a typical capital goods company.
- Setting goals and developing plans for business and revenue growth.
- Researching, planning, and implementing new target market initiatives.
- Researching prospective accounts in target markets.
- Pursuing leads and moving them through the sales cycle.
The average salary for a Business Development Manager is $75,544 According to Payscale
Is Capital Goods a Good Career Path in 2022?
Certainly yes! The Capital Goods industry is an exciting industry for young professionals who want to grow their skills and remain relevant while earning sustainable incomes.
There are many good options when looking for a job in the Capital Goods industry.
Companies like Union Pacific, General Electric, Honeywell International, Lockheed Martin, United Rentals Inc., and Boeing offer opportunities for international careers with retirement plans, vision insurance, tuition reimbursement, vacation days, medical insurance, and dental insurance.
The majority of the organisations in the Capital Goods industry care much about the well-being of their employees. As a result, Capital Goods is considered a good career path in 2022 for young employees. There are many benefits and perks (listed below), which include health and insurance benefits, retirement plans for employees, and well-equipped gym and fitness training within the companies.
Watch Video: Is Capital Goods a Good Career Path in 2022?
What Do Capital Goods Jobs Pay?
There is a variety of benefits to working in the capital goods industry, many of which include the following:
- Retirement plans
- Vision insurance
- Tuition reimbursement
- Vacation days
- Medical insurance
- Dental Insurance
If you want to know the salary paid annually on average in the capital goods industry, here is to give you a heads up…
- Computer-Aided Design Technicians: $65,000 per year.
- Robotics Engineer salary: $107,000. per year.
- Manufacturing Engineer: $71,980 per year
- Director of Manufacturing: $123,000 per year.
- Electrical Engineers Salary: $78,016 per year.
- Business Development Manager salary: $75,544 per year.
- Marketing Manager Salary: $109,831 per year
- Sales Engineers Salary: $74,250 per year
- Engineering Manager salary: $137,956 per year
- Research and Development Manager Salary: $144,880 per year
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