Best Paying Jobs in Capital Goods – Is Capital Goods A Good Career Path?
The capital goods industry plays a vital role in the world economy. It encompasses various types of goods used to create other products, like computers, vehicles, machinery, and tools.
Most capital goods jobs are found in private companies. These jobs can involve direct production or providing support for operations. In this article, we will explore some best paying jobs in capital goods and this field.
Best Paying Jobs in Capital Goods List
- Machine Learning Scientist
- Director of Product Management
- Director of Research and Development
- Metallurgical Engineer
- General and Operations Managers
- Petroleum Geologist
- Principal Research Associate
- Quality Assurance Manager
- Industrial Engineer
- Manufacturing Engineer
Is Capital Goods A Good Career Path? Best Paying Jobs in Capital Goods
What do capital goods jobs pay?
In the capital goods industry, you can earn between $50,000 to $90,000 annually. According to Salary.com, an Engineering Manager in the United States earns between $123,330 and $155,054 annually.
What sectors are covered in the capital goods?
There are several products in the capital goods that are used to manufacture other goods, but they are not directly integrated into the final product.
This category includes various items such as machine tools, electrical equipment, textile machinery, printing and packaging machinery, industrial machinery, process plant equipment, construction and mining equipment, and more.
Do we count stocks in the capital goods?
Stock shares are not considered capital goods. To understand what a capital good is, think of it as something physical that people create and use to make other things.
For example, machines, tools, or equipment that are used to produce goods or provide services. These capital goods are usually things you can touch and see.
Stock shares, on the other hand, represent ownership in a company. They don’t have a physical form like a machine or a tool. Instead, they represent a portion of a company’s ownership or stake.
While stocks are important for investment and ownership, they are not classified as capital goods because they don’t meet the requirement of being tangible, artificial items used in the production of another good or service.
How can you invest in capital goods?
Capital investment happens when businesses buy tangible assets called capital goods. These assets can be things like buildings, machinery, equipment, vehicles, and tools you can touch and see.
The purpose of getting these tangible assets is to use them in making products or providing services.
For example, imagine a bakery that wants to make more cakes. They might invest in a bigger oven or better mixing machines.
These new machines are the capital goods they buy. These tools allow the bakery to produce more cakes and grow its business.
Capital investment is a way for companies to improve and expand their operations. It helps them achieve their goals and make their business better.
10 Best Paying Jobs in Capital Goods
There are a number of opportunities available in this industry and best paying jobs in capital goods. However, the salary will change depending on factors like experience, expertise, location, and the cost of the goods being produced.
If you want to work for a capital goods company or advance your career in this sector, here’s what you need to know.
Machine Learning Scientist
Average Salary: $161,000 Annually
A Machine Learning Scientist is a professional who helps companies design computer programs that can learn and improve independently. These programs analyze how people detect patterns, behave, and make predictions about future behaviour.
To make these computer models, Machine Learning Scientists need to be skilled in artificial intelligence (AI), mathematical modelling, and statistics.
Good communication skills are also important for people in this role as they collaborate with different departments like marketing, operations, research, executives, sales, and product development.
Director of Product Management
Average Salary: $157,000 per year
A Director of Product Management is responsible for managing a team of people who play an important role in creating a product.
The team, also known as Product Managers, manages all aspects of a product’s lifecycle. They collaborate mainly with marketing, manufacturing, sales, and customer service teams to provide soft processes.
Most Directors of Product Management have bachelor’s degrees, whereas some even have master’s degrees in an appropriate field. Essential skills for this role include business development, data analysis, effective communication, and strong business qualities.
These directors usually stay involved in the production process, making sure that everything runs smoothly. In the capital goods industry, their expertise generally extends to areas like manufacturing, supply chain logistics, and inventory control.
Director of Research and Development
Average Salary: $135,000 Annually
A Director of Research and Development (R&D) creates or improves products and services to meet specific customer needs. These leaders manage the whole process, from testing and designing to marketing or production.
For example, a Director of Research and Development with expertise in clean energy innovation can propose cost-effective methods to lower the environmental impact of production.
To become a director in this field, R&D professionals generally need 10 years of experience, excellent managerial skills, and an advanced degree.
Creating new products and services involves close collaboration with scientists, marketers, engineers, and sales representatives, making interpersonal skills important. Other skills include conducting interviews, proper sales forecasting, and delivering presentations.
Metallurgical Engineer is One Of The Best Paying Jobs in Capital Goods
Average Salary: $125,000 Annually
Metallurgical Engineers have expertise in studying metals and their processes. In the capital goods industry, their understanding and knowledge are useful for operating production equipment related to metals.
Metals play an important role in the industrial world, whether manufacturing automobiles, constructing skyscrapers, or making household appliances.
Metallurgical Engineers study the behaviour of metals to develop innovative methods of making them more useful. They consider existing alloys to resolve their suitability for specific applications.
Becoming a Metallurgical Engineer needs an advanced degree in chemical engineering or metallurgy and a minimum of 10 years of experience in the field.
Metallurgists usually specialize in a specific type of metal or alloy, like titanium, aluminium, zinc, stainless steel, or iron alloys.
They may work in laboratories or production facilities, where they need a strong understanding of fundamental concepts like heat treatment, phase diagrams, thermodynamics, crystal structures, welding techniques, weldability, and basic physics.
General and Operations Managers
Average Salary: $120,000 per year
General and Operations Managers design, plan, and implement business operations. This high-ranking position is equal to roles like Operations Leaders, General Managers, and General Operations Managers.
Depending on the company, people in this position may manage day-to-day operations, the general functioning of a company’s people and systems, or both.
General and Operations Managers generally hold bachelor’s degrees and have several years of experience. As business operations can change, having the right experience is also important.
The Salary for this position can change, and the average mentioned above especially applies to employees in the “Merchant Wholesalers, Durable Goods” category in the United States.
General and Operations Managers get profit from thinking strategically, making fast decisions, guiding effectively, and staying calm and managing during challenging situations.
Petroleum Geologist
Average Salary: $109,000 per year
Petroleum Geologists are scientists who are specialized in finding oil deposits under the Earth’s surface. They study factors like temperature and pressure to predict the locations of oil reservoirs.
Another group of professionals, called Petroleum Engineers, select the best places to drill for oil and the types of wells to use related to economic factors.
To become a Petroleum Geologist, people usually get a bachelor’s degree in earth science, physics, geology, chemistry, mathematics, or engineering. Some may continue advanced degrees in these fields.
Basic skills for this role include a strong understanding of geosciences, proficiency in analyzing and collecting data, and the ability to make decisions based on research.
Principal Research Associate
Average Salary: $104,000 per year
A Principal Research Associate plays an important role in helping companies understand their market needs, create business plans, and develop effective strategies.
They collect information, analyze data, and present their results to the department. PRAs may be perfect in some particular areas within the capital goods industry, like energy production or chemical manufacturing.
To check out this leadership position, it is important to have a deep knowledge of market research methodologies and techniques. This includes understanding quantitative analysis, qualitative research methods, data mining, and statistical modelling.
Understanding with project management tools like Ms Excel or MS Projects can be helpful. Whereas a bachelor’s degree in science or social science is the minimum educational requirement for a PRA position, many employers like candidates with a master’s degree.
Quality Assurance Manager
Average Salary: $100,000 per year
A Quality Assurance (QA) Manager plays an important role in maintaining high-quality standards for products. They set and execute quality guidelines throughout the entire product development process.
QA Managers collect information from different sources to determine areas for improvement. Their responsibilities are:
- Developing quality standards.
- Identifying issues.
- Implementing effective solutions.
- Providing training to improve quality control methods.
Being detail-oriented and having strong problem-solving skills are necessary qualities for QA Managers. Most QA Managers have a bachelor’s degree and may have advanced degrees like a master’s.
QA professionals generally get 3 to 5 years of experience to get a managerial position. Some QA leaders get certifications from well-known organizations like The American Society for Quality or Six Sigma.
Industrial Engineer
Average Salary: $99,000 per year
Industrial Engineers play important roles in different fields, like transportation, construction, manufacturing, and utilities. They specialize in automation, logistics, robotics, operations management, and general manufacturing.
To check out this job, Industrial Engineers need different technical skills. They develop, test, document, design, analyze, coordinate, and manage the implementation of different products, processes, and systems in scientific, professional, and technical services.
They must also have good reporting abilities to communicate their findings.
Industrial Engineers are like other engineers who have advanced knowledge of mathematics and science. They have bachelor’s degrees in engineering, generally of four years.
It also depends on their education and experience; they may manage other workers involved in the same tasks.
Industrial Engineers in management positions usually hold master’s degrees and may have certifications like Professional Engineering (PA).
Other valuable skills include improving process efficiency, computer programming, problem-solving, and implementing quality control systems.
Manufacturing Engineer
Average Salary: $77,000 per year
A Manufacturing Engineer is a professional who combines math, science, and technology to make different products. Their tasks are developing designs based on customer testing prototypes and requirements and managing the production of the final product.
They constantly want to increase efficiency, increase productivity, and reduce costs to minimize risks. Collaboration with other engineers and scientists is usually required to make sure the end product meets specifications and expectations.
They may also coordinate their steps with sales representatives, marketing specialists, and human resource personnel.
To check out this role, a Manufacturing Engineer should have manufacturing experience and a bachelor’s degree in engineering. Collaboration, risk mitigation, and analytical thinking skills are important for success in this field.
How Can I get The Best Paying Jobs in Capital Goods?
To pursue a career in the capital goods industry, one standard route is to obtain an engineering degree and accumulate several years of experience in the field.
However, there are also alternative approaches to entering this industry. For instance, you can explore opportunities such as internships or entry-level positions within companies that manufacture capital goods.
Another option is to consider roles in related fields like sales, marketing, or business development, as they can provide valuable exposure to the industry.
It’s important to remember that there are diverse paths to establish yourself in the capital goods industry, and a combination of determination, relevant experience, and continuous learning will contribute to your success.
ALSO READ: Check These Highest Paying Jobs in Different Sectors.
What Are Various Types of Capital Goods?
Capital Goods: Capital goods are physical items that one business produces and are used by another business to make consumer goods. For example, vehicles, machinery, equipment, buildings, and tools are all capital goods.
Non-durable Consumer Goods: Non-durable consumer goods are things that get used up quickly or don’t last very long. They are finished or consumed right after we use them. Clothes, food items, cosmetics, and medicines are some examples of non-durable consumer goods.
Durable Consumer Goods: Durable consumer goods are items that are built to last for a long time. They can be used over and over again. Electronic appliances like refrigerators, air conditioners, washing machines, fans, as well as cars and mobile phones, are examples of durable consumer goods. Even things we use in our kitchens, like toasters or blenders, can be considered durable consumer goods.
Consumer Durables: Consumer durables include items that we use in our daily lives and in our homes. These can range from big things like refrigerators and TVs to smaller items like packaged food or clothes. Consumer durables can be divided into two categories based on how we use them.
Conclusion
According to the Bureau of Labor Statistics, there were about 13 million best paying jobs in capital goods as of July 2022. However, there are other opportunities in the capital goods industry above the manufacturing sector.
If you’re interested in continuing a career in capital goods, the first thing to do is know which job fits your skills and interests. Once you’ve identified the job you want, the next step is to know what you need to do to become a qualified candidate. This may involve going back to school, obtaining a certification, and gaining more experience.
Once you set your goal and plan, the next step is to check out the support of people and resources that can help you achieve your career objectives. These people and resources can provide advice and help throughout your journey.
FAQs
What are capital goods?
Capital goods are special products and items that help people or businesses make other goods that people can use. These goods are sometimes called “property, plants, and equipment” in calculation terms. They are also known as durable goods. Capital goods can be physical things like coal or useful things like electricity.
What are some examples of capital goods?
Some examples of capital goods are land and buildings, like warehouses or factories. There are also tools and equipment like 3D printers, computers, and appliances. Machines and vehicles like delivery trucks, conveyor belts, or forklifts are also capital goods.
It’s important to know that the same physical item can be either a consumer or capital good; it depends on its use. For example, the oven in your home is a consumer good (unless you’re selling baked goods). However, an oven in a pizza shop is a capital good because it helps make pizzas that are then sold.
Should I work in the capital goods industry?
If you are deciding which industry to work in, then it depends on your interests and skills. The capital goods industry is growing, so there are good options for jobs in this field.
Recommendation
What Do Capital Goods Jobs Pay?
Best Paying Jobs in Major Banks in 2023 – Highest Paying Bank Jobs
Best Paying Jobs In Integrated Oil Companies
THE BEST PAYING JOBS IN REAL ESTATE INVESTMENT TRUSTS
25+ Best Paying Jobs in Oil & Gas Production – Oil Field Jobs
THE BEST PAYING JOBS IN MISCELLANEOUS IN 2023 🧑💼
How Many Jobs are Available in Consumer Services : Complete Guide
