If you fall among tons of young individuals looking for high-paying career paths, you might just have to look in the direction of the capital goods industry.
As per reports, the capital goods industry guarantees a higher average salary than most, if not all, of the other employment sectors. This means that the average capital goods worker probably earns better than their counterpart in another major employment sector.
Without any dubiety, the capital goods industry is such a vast sector with lots of departments and job positions. As employment opportunities abound in this industry, so do many capital goods workers enjoy beneficial packages along with lucrative salary figures.
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This post will, therefore, provide you with detailed information about the best-paying jobs in the capital goods industry.
What Are the Benefits of Capital Goods Jobs?
With several other industries relying on the capital goods industry, it can’t be gainsaid that the capital goods industry is a very vital component of any nation’s economy.
The significance of the capital goods industry largely rubs off on capital goods jobs. These jobs are considered lucrative and beneficial, little wonder tons of young individuals seek employment in the capital goods industry.
With a job in the capital goods industry, you could be entitled to a number of benefits including medical insurance, vision insurance, dental insurance, vacation, and retirement plans. Though depending on the company you work for in the capital goods industry, you’d likely be entitled to some or all of the listed benefits.
As you’d get to observe later in this post, capital goods jobs appear lucrative since there are high-paying capital goods positions that earn you above $100,000 annually. If it’s anything to reckon with, the average (annual) salary of capital goods workers is pretty reasonable.
What Are the 10 Best-Paying Jobs in Capital Goods?
1. Engineering Manager
One of the best paying jobs in the capital goods industry is the post of engineering manager. With an average annual salary of $137,956, this position is also one of the most sought-after positions in the United States.
To apply for the post of engineering manager, you need to have fulfilled conditions or attained qualifications that would qualify you for the position. A degree in engineering is needed and to have an edge over other candidates, you should also have a few years of experience in the field.
Planning, directing and coordinating engineering activities such as training new employees and working with various other departments in a company constitute the duties of the engineering manager. Meanwhile, it is needless to say that being in such a position does come with several other responsibilities.
The job of the engineering manager is quite demanding and as such, engineering managers are responsible for:
- Designing, implementing and refining products
- Effectively delegating tasks to engineer and technical personnel and managing staff
- Solving various engineering issues, overseeing project logistics and proposing the budgets for projects
The engineering manager is also charged with the responsibility of leading an engineering team in developing new products and proffering solutions to existing issues. If working in the capital goods industry seems like your long-standing ambition and you’d really like to become an engineering manager, you must be ready to prepare for the position. How you can do so is to not only pursue the essential academic qualifications but also equip yourself with the requisite technical competency and the necessary organizational skills.
2. Manufacturing Engineer
If an average of $71,980 per year doesn’t seem meagre to you, then the post of a manufacturing engineer might be another ideal capital goods job for you.
Manufacturing engineers are professionals operating in the manufacturing industry where they help stimulate smooth operation in the manufacturing of products. While a degree in a relevant engineering discipline is required, prior work experience could go a long way in helping you secure this position.
There are key skills a manufacturing engineer is required to possess and some of them are:
Leadership skills –These include the ability to lead others, share clear messages and make complex ideas easy for them to understand
Ability to work under pressure –For a manufacturing engineer, the ability to work under pressure is highly required. Part and parcel of this ability involves dealing with constraints which are often outside one’s control
Problem-solving skills –These skills are rooted in the ability to think fast, efficiently and outside the box, just as required of the manufacturing engineer
Some of the other skills/abilities required on the part of the manufacturing engineer include teamwork skills, communication skills, and vast knowledge of equipment. Being vastly skilled in (manufacturing) equipment is a special skill that the manufacturing engineer must not lack.
3. Senior Mechanical Engineer
It might interest you that some of the high-paying careers in the world are in the mechanical and electrical engineering fields.
Mechanical engineering is an enormous discipline which entails the design and manufacturing of moving parts. Thus, mechanical engineers work in various industries or companies concerned with the building moving parts.
The position of a senior mechanical engineer is one of the best-paying jobs in this field. It comes with an average salary of $110,000 per year and in some companies, the senior mechanical engineer may earn well above the stated salary figure. As a senior mechanical engineer, you’re tasked with the responsibility of developing, designing, building, testing and inspecting mechanical devices.
If one is to consider a notable downside to this position, it would be the qualification requirement. In order to qualify for a position as a senior mechanical engineer, one needs to have at least 10 years of experience in the mechanical field.
4. Electrical Engineer
Another top-paying job in the capital goods industry is the post of an electrical engineer. The average an electrical engineer earns per year is $78,016 but it can increase to $200k per year. Electrical engineers work on a variety of projects, such as computers, robots, cards, navigation systems etc. They are thus needed in various industries.
The roles played by electrical engineers may include:
- Designing programs
- Developing electrical products
- Testing and researching manufacturing materials
- Supervising the manufacturing of electrical equipment
5. Quality Control Manager
A quality control manager is a person who supervises and monitors the staff and steps involved in production. On the one hand, the quality control manager ensures the best quality for the products delivered to customers, and on the other hand, their job encourages the delivery of products that would meet customers’ satisfaction.
While the quality control manager can earn up to $72,175 yearly, they perform some duties asides from ensuring products are safe and of high quality. Their other duties may include:
- Creating quality control policies and procedures
- Interacting with other department managers, auditors, clients etc.
- Ensuring that production processes follow legal and environmental regulations
6. Industrial Designer
Have you ever been to a social gathering at which somebody’s dress absolutely arrested your eyes?
First, you might wonder whose idea it was to make such an eye-arresting dress. Secondly, you might want to give credit to the fashion designer. So also is the case in the capital goods industry. We have various models of cars with awesome designs, home appliances with various purposes, and computers that have unique uses. The brain behind these wonderful designs is the industrial designer.
Industrial designers are responsible for creating and developing concepts/ideas for manufactured products like automobiles, computers, machines, home appliances etc. These design professionals are a breed of creative people who combine art, business, and engineering in order to make products that people use every day. When it comes to remuneration, industrial designers are considered well-paid with their average annual salary estimated at $68,653.
The basic requirements for becoming an industrial designer include holding a college degree and a couple of years of experience in the field.
7. Research and Development Manager
Research is paramount in any chosen career or business, as humans often need to conduct research on numerous things. In the capital goods industry, there exists the research and development manager who researches, plans, implements and oversees the development of a new product or product. The position of the research and development manager is very lucrative as the associated annual salary ranges between $126,187 and $166,452.
A research and development manager performs various functions, ranging from developing concepts down to evaluating materials. However, their main responsibility is managing and directing research development (RD) programs.
8. Sales Engineer
In the capital goods industry, the role of a sales engineer is pretty similar to those of other salespersons. A sales engineer is someone who sells complex scientific and technological products or services to companies.
Just as other salespersons market their products to customers, the sales engineer employs their technical skills in explaining the benefits of their products or services to potential customers. They also devise means to convince potential customers that their products or services are better than those coming from competitors.
Although working as a sales engineer can be stressful, it is a well-paying job. In the capital goods industry, a sales engineer earns an average salary of $74,250 per year and not only do they sell their companies products or services, but they also secure, renew and arrange orders and delivery.
9. Marketing Manager
Just like in any other business, the need to attract customers and maintain a cordial relationship with the existing ones is important in the capital goods industry. Meanwhile, such customer relationship responsibility rests on the shoulders of the marketing manager.
In the capital goods industry, marketing managers are responsible for the development, implementation and execution of strategic marketing plans. This is to say that they not only promote a business, product or service but also ensure that their company is communicating the right message to attract prospective customers and retain the existing ones.
A marketing manager must have a degree in marketing or any related field along with years of experience in the field. Working as a marketing manager, you could earn up to $109,831 on average annually.
10. Business Development Manager
One other job in the capital goods industry with an attractive salary is the post of business development manager. This is as the average yearly salary of the business development manager stands at $75,444.
To work as a business development manager in the capital goods industry, you’re likely expected to have a degree in marketing or a related field such as finance or business management. You need to also possess personal qualities like communication and sales skills.
Business development managers are those that plan, direct and coordinate business development activities. They are tasked with several duties which may include planning and preparing presentations, following up on new business opportunities, and setting up meetings.
Is a Career in Capital Goods Worth Pursuing?
The capital goods industry is a giant employer with numerous companies whose work ethics and staff remuneration are considered exemplary. Some of the highly recognized companies in the industry include Honeywell International, Union Pacific, Lockheed Martin, and General Electric.
If you work in any of the industry’s recognized companies, chances are that you’d be entitled to beneficial packages such as medical insurance, retirement plans, tuition reimbursement, dental insurance, and vacation days.
With that noted, reputable capital goods companies also offer employees the chance for career growth. As a fresh university graduate or a young individual eyeing a promising professional life, you could give the capital goods industry a try.
If you highly crave lucrative remuneration, occupational relevance and the possibility of career progression, you shouldn’t shy away from pursuing a career in the capital goods industry.
Aside from the general fact that many capital goods companies/organizations offer various beneficial packages to their employees, capital goods jobs guarantee a reasonable average (annual) salary. For young individuals seeking to contribute to the industry that deals with machinery and similar production-aiding equipment, applying for capital goods jobs might be the right thing to do.
While there are a good number of high-paying capital goods jobs out there, the capital goods industry remains an indispensable contributor to workforce productivity in any country.