What do Capital Goods Jobs Pay? The things you use in your day-to-day existence are made possible by capital goods, including machinery, buildings, and other infrastructure for manufacturing that humans create.
The purpose of the jobs in the capital goods industry is to guarantee that the necessary elements of the production process are available to manufacturers so that they may fulfill the requirements of their customers.
This process involves various positions, including some of the highest-paying employment in the capital goods industry.
It doesn’t matter if you end up refining manufacturing methods in the garment industry or creating machines that create components for cars; professions in the capital goods sector offer reasonable earnings for highly specialized technical talents.
This piece will discuss salaries in the capital goods industry, the forecast for the employment market, and the educational requirements needed to obtain the highest-paid jobs in the capital goods industry.
What are Capital Goods?
Items utilized in the manufacturing of other products but are not included in the final product are known as capital goods.
For example, machine tools, industrial machinery, process plant equipment, construction and mining equipment, electrical equipment, textile machinery, printing and packaging machinery, and so on are all examples of capital goods.
The following are other types of capital goods:
- Textile products like cotton, nylon, and wool.
- Chemical products like minerals, oil, and natural gases.
- Components are used in the automobile industry to produce bicycles and vehicles, among others.
- Components of consumer electronics and those used in industrial, telecommunications, and other electronic applications.
How Much Do Jobs in the Capital Goods Jobs Pay?
The hourly wages for careers in the capital goods industry are considerable, and even entry-level occupations pay far more than the minimum wage.
You may make more than one hundred thousand dollars a year, depending on your level of education and professional experience.
The Bureau of Labor Statistics in the United States reports that the average annual salary for an electronics engineer is $107,540.
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List of Industries Involved in the Business of Capital Goods?
- Steel industry
- Aerospace and defense industry
- Chemical industry
- Construction industry
- Automatic industry
- Electronic industry
- Mining industry
- Energy Industry
- Machinery industry
- Utility industry
- Textile industry
Jobs in the Capital Goods Industry That Pay Top Dollar:
1. Engineering Manager:
Engineering managers are responsible for the organization, direction, and planning of engineering projects in a company that deals in capital goods.
A bachelor’s degree in engineering and several years of relevant work experience are prerequisites for becoming an engineering manager.
As part of this duty, you will also be responsible for developing strategies to bolster the organization’s engineering department. The typical annual salary of an engineering manager is $149,000.
2. Project Manager:
Typically, projects involving capital goods take between one and five years to complete, during which manufacturing and delivery are carried out consistently.
The role of a project manager makes it possible to plan for the expansion or repair of a manufacturing plant over the long term.
In project management, some of the positions that offer the greatest salaries are those for project engineers, project managers, and positions at the managerial levels. On average, it comes in at about $88,688 per year.
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3. Marketing Manager:
Marketing managers are responsible for formulating, planning, and executing marketing strategies within organizations that deal in capital goods.
These plans are designed to bring in new customers and keep the ones they already have.
When determining the price of a product for sale in the market, marketing managers often work closely with sales employees. This position commands an annual average salary of $141,490.
4. Training and Development Manager:
Managers of training and development at a company specializing in capital goods are accountable for the training and development of other employees.
This is crucial because companies that offer capital goods sell specialized commodities to certain industries, such as transportation infrastructure for the chemical industry or manufacturing technologies for the electronics industry.
As one of the top jobs in capital goods, the standard annual salary comes in at $115,640 on average.
5. Software Engineer:
Technology professions, such as software developers, are essential to the success of organizations that deal in capital goods.
Software engineers are employed in the market for capital goods to develop computer tools and programs that make the company’s operations run more efficiently.
Even though they are not directly involved in the production aspects, they support companies that deal in capital goods in running a profitable business. The typical annual salary sums up to $110,140.
6. Sales Manager:
A company’s sales managers supervise a group of sales associates who are tasked with selling the company’s product.
They are required to have an in-depth knowledge of the production process to sell products related to capital goods.
To calculate the opportunity cost and marginal cost of things, sales managers must have a bachelor’s degree in economics, business, or a related technical specialty.
As one of the top jobs in capital goods, the typical average salary of a sales manager is $132,290 per year.
7. Credit Controller:
As a result of the improvement in the economy, a growing number of people are actively seeking employment.
This is wonderful news for credit controllers, who determine if a person has the eligible credit score to be accepted for a certain product or service.
Credit controllers may operate in an accounts payable department, an accounts receivable department, or an enterprise resource planning department, depending on the product and the business.
This is an extremely important role in an industry where increasing demand for a product might increase the price. On average, the salary sums up to $166,973 per year.
8. Mechanical Engineer:
A mechanical engineer is responsible for the design, development, and testing of machines utilized in the manufacturing of capital goods.
Mechanical engineers are responsible for ensuring that the production processes of their machines comply with either industry standards or the requirements of their customers.
The capital goods industry cannot function without the technical services provided by mechanical engineers.
As one of the top jobs in capital goods, a mechanical engineer earns an average annual salary of $90,160.
9. Management Analyst:
A management analyst’s job at a company that manufactures capital goods is to suggest ways to improve operational effectiveness.
They do this by analyzing financial records and industrial data to design manufacturing procedures that are more efficient and, hence, maximize economic potential.
The salary of a management analyst is an average of $87,660 per year.
10. Quality Control Manager:
A quality control manager monitors people and directs how products are developed to ensure that services and products meet all applicable quality and productivity standards.
The quality control manager is also responsible for working closely with customers to ensure that the finished products meet the customers’ requirements and expectations. They earn an average salary of $72,175 per year.
11. Customer Service Representative:
Professionals in customer service are increasingly being used as a hedge against issues regarding entry-level manufacturing employment, assistance, and feedback.
Depending on the type of business and the sector in which it operates, customer service representatives may be employed in sales or marketing departments and customer service departments.
A single department employs the majority, but some may work in more than one department to assist consumers throughout the buying process. They receive, on average, an annual salary of about $40,424.
12. Manufacturing Director:
The manufacturing director maintains close relationships with the other executive team members.
Along with setting production goals, their role is to delegate responsibilities to managers and supervisors.
Additionally, the manufacturing director’s responsibility is to see that the manufacturing facility complies with the most stringent safety standards.
An average salary of $200,000 per year is considered the industry standard.
13. Research and Development Managers:
Managers of research and development are the individuals in charge of supervising, planning, and coordinating all activities related to research and development.
They usually have a degree in engineering or a closely related field and several years of experience working in the field. Research and development managers are thought to make $115,000 per year.
14. Industrial Designer:
The creation of new products is the purview of industrial designers.
In most cases, they hold a degree in industrial design and several years of experience working in the industry.
As one of the top jobs in capital goods, industrial designers receive an annual salary of $74,000 on average.
Frequently Asked Questions on Capital Goods Jobs:
Capital goods are items utilized by one company to assist another in the production of consumer goods. Consumer goods are utilized by consumers and have no potential for product application.
A watch isn’t a capital good because it can’t be used to make other things.
Because capital goods are such an important component of any economy, there are many rewarding employment opportunities available within this sector.
Knowing these jobs does not guarantee that you will have an easy time obtaining one; employers are not exactly falling over to hiring recent college graduates.
Because of this, education is essential. You should prioritize continuing your education; the internet is a treasure trove of knowledge, and if you can combine that with solid professional experience, achieving your goals won’t be as hard as you think.
Begin your professional life as soon as possible with one of the above-listed jobs that pay the most money!
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