What Are The Best Paying Jobs In Capital Goods? Is This A Good Career?
The capital goods sector employs people to ensure that these manufacturing process elements are accessible so that producers can satisfy customer demand. This process involves several roles, including the best-paying jobs in capital goods.
Whether you improve manufacturing procedures in the garment sector or create machines that create components for vehicles, capital goods occupations provide lucrative compensation for specialized tech abilities. In this post, I will discuss capital goods wages, the job market prospects, and the education needed to land the highest-paying positions.
What Are Capital Goods?
Examples of capital goods are buildings, equipment, and vehicles used to create consumer items. Examples of different capital commodities are tools, electronics, and computer technology. As a consumer, you don’t purchase capital items. To produce consumer goods, manufacturing enterprises like Walmart purchase capital goods.
How Does The Future Of Capital Goods Jobs Look?
The US is a significant capital goods provider. The BLS reports that in 2021, export prices for US capital goods grew 3.7 percent, indicating greater demand. Over the next ten years, the employment growth prediction for capital goods occupations ranges from four to 22 percent, indicating that most capital goods fields will see significant job growth.
High hourly compensation is expected in the capital goods industry, and even entry-level jobs typically pay substantially above the minimum wage. You may make more than $1,00,000 a year, depending on your background and skills. According to the US Bureau of Labor Statistics, electronics engineers make a median pay of $1,07,540 annually.
Jobs in the capital goods sector come with many perks, pay, and job stability. Careers in capital goods often satisfy workers. For instance, General Electric (GE) employees, one of the biggest businesses in the capital goods industry, gave their job satisfaction a four-star rating and said they would recommend the company to a friend 81% of the time.
Best Paying Jobs In Capital Goods
The best-paying jobs in capital goods, ranked from lowest paying to highest paying are:
1. Quality Control Inspector
Average Annual Salary (USA): $50,000
The capital goods product shipments are inspected and examined for any flaws by a quality control manager. Additionally, they guarantee that goods adhere to legal requirements. Capital goods firms rely on quality control inspectors for critical technical services to ensure that the manufacturing process results in high-quality products.
2. Management Analyst
Average Annual Salary (USA): $85,000
A management analyst makes suggestions for raising productivity at a capital goods firm. They maximize economic prospects by examining financial statements and industrial data to create more effective production processes.
3. Industrial Engineer
Average Annual Salary (USA): $90,000
In the capital goods industry, industrial engineers ensure that the equipment used in manufacturing is in excellent operating order. A manufacturing facility’s workflow is also designed to optimize efficiency and optimize operations in addition to equipment maintenance.
4. Mechanical Engineer
Average Annual Salary (USA): $92,000
A mechanical engineer creates, develops, and tests the machinery required for capital goods manufacture. Manufacturing mechanical engineers’ machines must adhere to industry norms or customer requirements. Mechanical engineers are crucial in the capital goods industry by providing technical services.
5. Electrical Engineer
Average Annual Salary (USA): $1,05,000
Electrical engineers designed and built all of the electrical infrastructure to satisfy the unique needs of capital goods production plants. Along with designing and building the electrical components of the machinery utilized in the production process, they also maintain this specially-made machinery.
6. Software Developer
Average Annual Salary (USA): $1,10,000
Capital goods firms depend on tech occupations such as software developers to operate efficiently. Capital goods companies can function more effectively thanks to the computer apps and programs developed by software developers. Despite not being directly connected to the factors of production, they support the continued profitability of capital goods enterprises.
7. Training And Development Manager
Average Annual Salary (USA): $1,15,000
Training and development managers are in charge of developing other personnel in a capital goods firm. Because capital goods businesses supply specialized commodities like manufacturing technology for the electronics sector or transportation infrastructure for the chemicals industry, they play a significant role in this industry.
8. Sales Manager
Average Annual Salary (USA): $1,32,000
A sales team is managed by a sales manager to sell a company’s goods. To market capital goods items, they must thoroughly grasp the capital goods production process. Sales managers require a bachelor’s degree in economics, business, or a related technical subject to estimate the items’ opportunity cost and marginal cost.
9. Marketing Manager
Average Annual Salary (USA): $1,42,000
A marketing manager attracts customers’ interest in the company’s goods. A capital goods company’s marketing manager must be aware of the unique demands of their sector. Sales reps and marketing managers collaborate to set the product’s market price.
10. Engineering Manager
Average Annual Salary (USA): $1,50,000
Engineering managers in a capital goods firm organize, manage, and plan engineering projects. An engineering manager has to have years of professional experience and an engineering undergraduate degree. Making strategies to enhance the company’s engineering department is part of this responsibility as well. This is the best paying jobs in capital goods.
How To Find A Capital Goods Job?
There are various ways to find the best paying jobs in capital goods. Here are some methods that you can try out now!
1. Online Job Boards
These platforms are excellent resources for finding work in the capital goods industry. You may look for open positions by employer, job title, geography, and other factors.
2. Business Websites
When you’ve made a list of the capital goods firms you wish to work for, periodically visit the careers section of their official website to see when new positions have been advertised. One such website is LinkedIn.
3. Internships
Apply for an internship with a manufacturer of capital goods. If an intern does well during training, most businesses prefer recruiting them for full-time roles.
4. College Career Centers
Most institutions establish career centers to assist students in finding employment following graduation. Check out the career services your school offers if you are a student or recent graduate.
5. Professional Organizations
You can become a member of a professional organization in your industry to network with other professionals and remain current on the job market in your industry. Typically, professional organizations have a job board as well.
Final Verdict: Is Capital Goods A Good Career Path?
The capital goods business is a fantastic one to work in. The best paying jobs in capital goods provide competitive pay and engage everyday duties. Numerous positions are unionized, offer excellent perks, and have access to union resources. Ensure you are passionate about the work before entering the capital goods sector. The capital goods sector focuses on manufacturing and construction, which may be physically demanding employment depending on your profession.
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