Knowing what kinds of jobs are available and what they pay is essential in today’s economy. This is especially true for capital goods jobs. Capital goods are assets or products used to produce tangible or intangible assets other companies use to create their own goods or services that will later be sold to customers.
Many industries fall under the umbrella of capital goods, including manufacturing, electronics industry, construction, mining, and utilities. Given that, within these industries, there are a variety of different jobs available. For example, suppose you are looking for a career in the capital goods sector.
In that case, you need to know about the best-paying jobs in the capital goods sector, the necessary qualifications for the position in question, different capital goods jobs’ salaries, and more so you can make the right choice.
So, what are some of the best-paying jobs if you’re looking for a career in capital goods? But also, what educational requirements do you need to get hired? And what do capital goods jobs pay? Read on to find out.
What Are Capital Goods?
We define capital goods as “goods used in the production of other goods or services.” So, capital goods are goods or products used to make other goods/products or services.
This includes items such as raw materials, industrial machinery, industrial equipment, mining equipment, electrical equipment, tools, and buildings used in production and manufacturing processes to produce the products or services we use in our everyday life.
Capital goods are simply a tool to make finished/end-products. They are also known as tangible assets, as they are physical items. In short, examples of industries that produce capital goods include construction, mining equipment, chemicals industry, electrical engineering and manufacturing.
What Is A Capital Goods Job?
A capital goods job is work in an industry that involves the production or distribution of physical products, such as factories, machines, and other equipment used in the production process of plant equipment.
For this reason, capital goods jobs are important because they provide how businesses can increase their output and improve their productivity. Also, capital goods jobs are important because they provide how businesses can increase their output and improve their productivity.
To put it another way, capital goods are the tools, machines, and buildings used to produce other goods and services. Therefore, by investing in the capital goods market, businesses can become more productive, leading to competitive wages and higher living standards for workers.
Capital Goods Examples
Capital goods are physical assets or objects a business uses to produce other goods and services. The company will then sell these goods and services to a diverse customer base. Equally important, businesses continually use capital goods in production, usually lasting longer than one year. Thus, we define capital goods as “goods used in the production of other goods or services.”
This includes items such as machinery, equipment, tools, and buildings used in the production process.
Common examples of capital goods include:
- Buildings
- Machinery
- Equipment
- Tools
- Vehicles
- Construction
Capital Goods Jobs In Construction
Construction is a critical sector of the economy, and capital goods jobs are an important part of that sector. Capital goods jobs in construction involve the production of equipment and machinery used in the construction industry. These jobs are essential to the economy and provide good wages and benefits such as health and vision insurance, and tuition reimbursement.
Many things get made in the construction sector of capital goods jobs. These can include items like bridges, roads, and buildings. Therefore, the construction sector is an integral part of the economy, providing many jobs for people.
Capital Goods Jobs In Mining
There are different types of capital goods jobs in the mining job market, including heavy equipment operators, engineers, and geologists. Capital goods jobs are important in mining because they involve the production and maintenance of the machinery and equipment used in mining operations. Without capital goods jobs, mining would not be possible.
Capital Goods Jobs In Manufacturing
There are many types of capital goods jobs in manufacturing. These include production managers, quality control managers, electrical engineers and industrial engineers.
These positions are responsible for ensuring that the products produced by the manufacturing company meet the highest quality standards and safety. They also work to improve the efficiency of the manufacturing process, which can lead to increased profits for the company.
What Do Capital Goods Jobs Pay?
The capital goods sector is a vital part of the economy, responsible for producing machinery, equipment, and other physical assets used in manufacturing and other industries. Given that, what do capital goods companies pay?
Jobs in the capital goods sector often pay well. According to data from the Bureau of Labor Statistics, the median annual salary for workers in the capital goods sector was $62,460 in May 2019, higher than the median yearly wage for all workers of $39,810. However, there is considerable variation in pay within the capital goods sector.
For example, some jobs, such as mechanical engineers, robotics engineers and managerial positions, are high-paying jobs and can pay well. Alternatively, other jobs, such as production, service sector workers, warehouse workers and installation workers, and workers without college degrees may pay less.
Overall, though, careers in the capital goods sector can be good choices for those seeking a highly competitive hourly wage, retirement plans and excellent job opportunities.
What Are The Industries In Capital Goods?
Manufacturers produce capital goods in various industries, such as Union Pacific, Lockheed Martin, John Deere and Honeywell International. The two primary industries are durable goods and non-durable goods. For instance, durable goods are items that have a long lifespan, such as vehicles and machinery.
In comparison, non-durable goods are items with a shorter lifespan, such as machine tools and equipment. Some industries that produce capital goods include:
Automotive Industry
The automotive industry is one of the most important industries for capital goods. It is a critical sector of the economy and plays a significant role in producing vehicles and other transportation equipment. For this reason, the automotive industry is a major consumer of metals, plastics, and other materials and is a significant source of employment for workers in the manufacturing sector.
Construction Industry
The construction industry plays a vital role in the economy by providing the capital goods necessary for other industries to function. This is why this sector includes the production of buildings, infrastructure, and other construction projects. Therefore, the construction industry is a significant user of capital goods, such as machinery, equipment, and tools.
On the whole, this sector is also a major source of employment, with over 7 million people employed in the United States alone.
Manufacturing Industry
Capital goods include machines, tools, and buildings. The manufacturing industry produces these goods, which are then used by other businesses to produce final goods and services. Equally important, the manufacturing industry is a critical part of the economy, as it provides the capital goods necessary for businesses to operate.
Electrical Systems Industry
The capital goods industry uses a variety of electrical equipment and systems in its daily tasks to generate and distribute electricity. This industry typically uses large-scale equipment such as turbines, generators, and electric motors to produce electricity. As a result, the distribution system in the capital goods industry is usually a network of high-voltage transmission lines that deliver electricity to businesses and homes.
18 Best Paying Jobs In Capital Goods
There are many types of capital goods jobs, including:
1. Quality Control Manager
In 2022, the education requirements for a quality control manager in the capital goods field will be a bachelor’s degree in engineering or related fields. Given that, the average salary for a quality control manager in the capital goods industry will be $85,000 per year.
2. Engineering Managers
In the capital goods industry, engineering managers will need at least a bachelor’s degree in engineering, preferably a master’s degree or higher. Because of that, they will also need several years of experience working in engineering. The average annual income for engineering managers in the capital goods industry is $120,000 annually.
3. Marketing Managers
In 2022, the education requirements for a marketing manager in the capital goods industry will include a bachelor’s degree in marketing or a related field. This is why the average salary for a marketing manager in the capital goods industry will be $85,000 annually.
4. Quality Control Inspector
In 2022, the education requirements for a marketing manager in the capital goods industry will include a bachelor’s degree in marketing or a related field. Therefore, the average salary for a marketing manager in the capital goods industry will be $85,000 annually.
5. Business Development Manager
In 2022, the education requirements for a business development manager in the capital goods industry will be a bachelor’s degree in business administration or a related field and experience coordinating business development efforts. As a result, the average income for a business development manager in the capital goods industry will be $85,000.
6. Sales Engineer
In 2022, a sales engineer in the capital goods industry will need at least a bachelor’s degree in engineering, business, or a related field. Not to mention, they will also need several years of experience working in sales, engineering, or a related field. Because of that, the median salary for a sales engineer in the capital goods industry is $85,000 per year.
7. Industrial Designer
In 2022, the education requirements for a manager in the industrial design capital goods industry will be a bachelor’s degree in industrial design or a related field. Therefore, the salary for an industrial designer in the capital goods industry will be $85,000 per year.
8. Sales Managers
In 2022, the education requirements and salary for sales managers in the capital goods industry will be a bachelor’s degree and $75,000 per year.
9. Manufacturing Engineer
In 2022, a manufacturing engineer in the capital goods industry will need at least a bachelor’s degree in engineering and will presumably earn a salary of $85,000 or more. Many manufacturing engineers also have a master’s degree in engineering or business administration.
10. Manufacturing Directors
In 2022, the education requirements for a manufacturing director in the capital goods industry will be a bachelor’s degree in engineering, business administration, or a related field. As a result, the salary for a manufacturing director in the capital goods industry will be $100,000–$120,000 per year.
11. Manufacturing Manager
In 2022, the education requirements and salary for a manufacturing manager in the capital goods industry will be a bachelor’s degree and $75,000 per year. Hence, the job outlook for this career is bright, with an expected growth rate of 7% over the next ten years.
12. Guide Managers
In 2022, the education requirements for a guide manager in the capital goods industry will include a bachelor’s degree in business administration or a related field. The salary for a guide manager in the capital goods industry is $85,000 per year.
13. Production
The average annual wage for a job in the production capital goods industry is $60,000. The educational requirements for this type of job vary by company, but most employers require at least a bachelor’s degree in a relevant field. However, some companies may also require experience in a related field or industry.
14. Transportation
In 2022, the educational requirements for a job in the transportation capital goods industry will vary depending on the specific position. However, most jobs in this field require at least a high school diploma or equivalent. Overall, the average salary for a career in the transportation capital goods industry is $48,000 per year.
15. Maintenance Occupations
In 2022, the educational requirements for a job in the maintenance and capital goods industry will be a high school diploma or equivalent, and the average income for this type of job will be $35,000.
16. Machinists
Most employers will require applicants to possess a high school diploma or equivalent to work as a machinist in the capital goods industry. However, post-secondary education or training may be necessary for some jobs. In addition, some positions may require an associate’s degree or professional certification.
The average salary for a machinist in the capital goods industry is $33,000 per year.
17. Assembly Workers
In 2022, the educational requirements for a job in the assembly worker’s capital goods industry will be a high school diploma or equivalent. The average salary for this type of job is $35,000.
18. Forklift Operators
In 2022, the educational requirements for a job in the forklift operator’s capital goods industry will vary depending on the employer. However, most employers will require at least a high school diploma or equivalent. The average salary for this type of job is $30,000 per year.
The best-paying jobs in the capital goods manufacturing sector are typically management positions requiring specialized skills or knowledge. For example, engineers and architects earn median salaries significantly higher than the median wage for all occupations. To qualify for these positions, workers need at least a bachelor’s degree in engineering or architecture from an accredited program.
The job outlook for occupations in the capital goods manufacturing sector is primarily positive. Many fields are projected to grow at a rate above the average for all occupations between 2019 and 2029.
Therefore, job openings in the capital goods manufacturing sector are typically well-paying and offer a variety of opportunities for advancement. This is why most workers in the industry have at least a bachelor’s degree, although some jobs may require more specialized training or knowledge.
As of May 2020, the average salary for a capital goods job was $84,460 per year or $40.60 per hour. The median wage for a capital goods job was $78,790 per year or $37.89 per hour. Furthermore, capital goods jobs are in high demand because of the ever-growing need for infrastructure and manufacturing worldwide.
Educational Requirements For Capital Goods Jobs
While there are no specific educational requirements for capital goods jobs, most employers prefer to hire candidates with at least a high school diploma or GED. However, some positions may require post-secondary education or advanced training, such as an associate’s degree in engineering technology or a bachelor’s degree in industrial engineering.
What Are The Average Salaries For Jobs In The Capital Goods Sector
The average salary for a capital goods job is $61,890 per year, with a median salary of $58,390 per year. Therefore, capital goods jobs are in high demand thanks to manufacturing, construction, and electronics growth.
Pros of A Career In The Capital Goods Sector
The capital goods sector offers a variety of well-paying careers for those with the right skills and qualifications. Although educational requirements vary depending on the position, many jobs in this sector require at least a bachelor’s degree. Salaries are also very competitive, with many positions paying six figures or more.
There are many reasons why capital goods careers can be rewarding. Especially as the work can be very challenging and exciting, there is a lot of room for creativity and innovation in this sector, and workers who think outside the box can make a difference.
Besides, there is a lot of potential for career growth. Many companies in this sector always look for talented individuals to help them grow and expand their operations. Not only that, the pay is excellent.
As mentioned above, many positions in this sector offer six-figure salaries, which can provide a very comfortable lifestyle.
Cons Of A Career In The Capital Goods Sector
Like any career, there are also some downsides to working in the capital goods sector. One of the biggest challenges is finding a job that is both interesting and pays well. Because competition is fierce, it may not be easy to land entry-level positions that meet these criteria.
Similarly, working hours can be long and unpredictable, making it difficult to maintain a healthy work-life balance. Finally, because work can be challenging and fast-paced, it is crucial to have a good support network to avoid burnout.
Is Capital Goods A Good Career Path?
Capital goods jobs are a great career path for those interested in production, transportation, and maintenance occupations. These jobs are in high demand and offer good salaries. Even entry-level positions in this sector pay well above the minimum wage. Also, many types of capital goods jobs are available, so there is something for everyone.
There are many benefits to having a capital goods job, including the following:
- Capital goods jobs are usually high-paying.
- Capital goods jobs are in high demand.
- Capital goods offer advancement opportunities.
- Capital goods jobs are essential for the economy.
- Capital goods jobs typically require a higher level of education than other jobs.
- Capital goods jobs are recession-proof.
- Capital goods jobs are not as susceptible to economic downturns as different types of jobs.
- During an economic recession, people still need to buy capital goods.
- Capital goods industries often do well during an economic recession.
If you’re interested in a capital goods job, be sure to research the different jobs available and the educational requirements. With so many benefits, a capital goods job is a splendid choice for anyone looking for a rewarding career.
Educational Requirements For Capital Goods Jobs
Most capital goods jobs require at least a bachelor’s degree. Some jobs, such as finance managers analyst, may require a master’s degree or higher. Many capital goods jobs also require specific licenses or certifications. For example, stockbrokers and investment bankers must be licensed by the Financial Industry Regulatory Authority (FINRA).
The educational requirements for capital goods jobs vary based on the job in question, although higher education is the key to career advancement.
How To Get A Capital Goods Job
Capital goods jobs are those that involve the production of physical goods that are used in other industries to produce finished products. We can find these jobs in various sectors, and the best-paying jobs often require at least entry-level education or workforce training. If you’re interested in pursuing a career in the capital goods industry, there are a few ways to get started.
First, look at job title listings to get an idea of what’s available. You can also consider applying for an internship to get your foot in the door. Also, don’t forget to attend job fairs—they can be a great way to meet potential employers and learn more about the industry.
Another way is to contact companies directly and inquire about open positions or internship programs. It is also a good idea to network with people who are already working in the field, as they may be able to help you get your foot in the door.
Finally, consider attending career events specifically for the capital goods industry, as this will allow you to meet potential employers and learn more about what the sector offers.
Start By Searching For Job Listings
There are many ways to search for capital goods jobs. You can start by searching online job boards or capital goods company websites. In addition, you can also search for internships, apprenticeships or entry-level jobs in the field. Not only that, but job fairs also focus specifically on capital goods jobs.
Consider Getting An Internship
If you’re interested in a career in capital goods, consider applying for an internship. This can give you valuable field experience and help you connect with managers. Also, many internships offer the opportunity to learn new skills and gain knowledge about the industry.
Attend A Job Fair
Another way to find capital goods jobs is to attend a job fair focusing on this industry. This is a great way to meet potential employers and learn more about what kinds of positions are available. In addition, it’s an excellent opportunity to ask questions and get more information about the industry and what it takes to succeed.
Careers Events
Many career events take place in the capital goods industry. Some of these events are focused on specific industries, while others are more general. However, all of these events can be beneficial for those looking to get a job in this field.
Attendees can learn about different companies and industries and network with potential employers. Additionally, many career fairs will have job openings that attendees can apply for. By attending these events, job seekers in the capital goods industry can increase their chances of finding employment.
Conclusion
The capital goods sector offers some of the best-paying jobs in the economy. However, these positions often require a high level of education and in-person training. Indeed, working in the capital goods sector can be challenging and demanding.
Despite these challenges, a career in the capital goods sector can be very rewarding. Therefore, if you are considering a career in this field, it is important to do your research and make sure that it is the right fit for you.
