We take an in-depth look at the best paying jobs in capital goods.
Are you looking for a high-paying job? If so, you may want to consider working in the capital goods industry or having a look at some of the best paying jobs in public utilities. Capital goods manufacturers are always looking for qualified employees, and they typically offer competitive salaries and benefits packages. In this article, we will explore some of the best paying jobs in the capital goods industry. We will also discuss the skills and qualifications that these positions require. So if you are interested in learning more, keep reading!
What Are Capital Goods
The term “capital goods” refers to any tangible assets that are used by a corporation during the manufacturing process to create goods and services that will subsequently be consumed by customers. The terms “buildings,” “machines,” “equipment,” “vehicles,” and “tools” all refer to different types of capital goods. Completed commodities are not capital goods; rather, capital goods are the raw materials from which finished things are fabricated.
What Companies Are In The Capital Goods Field?
There are a lot of businesses in the consumer durables and capital goods sector that have considerable market domination not only in the United States but also in other countries all over the world. These businesses consistently bring in thousands of job seekers each and every year in order to keep the industry’s moving train rolling.
Top 10 International Companies In The Capital Goods Field
1. Union Pacific – Size: 10,000+ employees
The Union Pacific Railroad is a freight-hauling railroad that operates 8,300 locomotives across 32,200 miles of routes in 23 states in the United States that are located west of Chicago and New Orleans. Its official name is the Union Pacific Railroad Company, but it is commonly referred to as simply Union Pacific.
2. General Electric – Size: 10,000+ employees
The General Electric Company is a worldwide American company that was established in 1892. It was incorporated in the state of New York, and its headquarters are located in Boston.
3. Honeywell International – Size: 10,000+ employees
Honeywell International Inc. is a publicly listed American multinational conglomerate firm that has its headquarters in the city of Charlotte in the state of North Carolina. Its primary areas of operation include aerospace, building technologies, performance materials and technologies, and safety and productivity solutions. Building technologies are the fourth of these sectors.
4. Lockheed Martin – Size: 10,000+ employees
The Lockheed Martin Corporation is a multinational American company that specializes in aircraft, weaponry, military, information security, and technology. It has interests all over the world. In March of 1995, the two companies, Lockheed Corporation and Martin Marietta merged together to establish this company. Its headquarters are located in North Bethesda, Maryland, which is located in the greater Washington, District of Columbia area.
5. United Rentals Inc. – Size: 10,000+ employees
As of the year 2019, United Rentals, Inc. is the largest equipment rental firm in the world, with around 13 percent of the market share in North America. It is the owner of the largest rental fleet in the world, with around 660,000 rental units that have a combined original equipment cost of approximately $15.97 billion.
6. Boeing – Size: 10,000+ employees
The Boeing Company is an American multinational firm that designs, manufactures, and sells aircraft, rotorcraft, rockets, satellites, and telecommunications equipment all over the world. Additionally, the company is also involved in the development of missiles. Additionally, the organization offers services in the areas of leasing and product support.
7. Caterpillar Inc. – Size: 10,000+ employees
Caterpillar Inc. is a Fortune 100 company based in the United States that creates, designs, develops, engineers produces, distributes, and sells machinery, engines, financial products, and insurance to clients through a network of dealers located all over the world. It is the largest maker of construction equipment in the entire globe.
8. Northrop Grumman – Size: 90,000 employees
The Northrop Grumman Corporation is a global aerospace and military technology business that is headquartered in the United States. It is one of the major makers of weapons and distributors of military technology in the world, and it has more than 90 thousand people and more than 30 billion dollars in income per year.
9. 3M – Size: 93,000+ employees
The 3M Company is a worldwide conglomerate firm that is based in the United States and operates in the areas of industry, worker safety, health care in the United States, and consumer products.
10. ABB – Size: 5,001 to 10,000 employees
ABB is a worldwide company with headquarters in both Vasteras, which is located in Sweden, and Zürich, which is located in Switzerland. ABB is an abbreviation that was derived from the company’s original name, ASEA Brown Boveri, which was created in 1988 by the merger of two companies, ASEA of Sweden and Brown Boveri of Switzerland.
11 Of The Best Paying Jobs In Capital Goods
1. Engineering Managers
In the sector of consumer durables and capital goods, engineering managers are consistently ranked as one of the best paying jobs in capital goods. The primary responsibilities of an engineering manager are to plan, direct, and coordinate the many engineering tasks carried out inside an organization. If a career in the capital goods industry has always been your ideal job, then you should begin preparing for the entry-level criteria.
The post is very competitive and is only open to candidates who have earned degrees in engineering and have worked in the relevant industry for a number of years.
Among the responsibilities of the engineering Manager are the following:
- Processes for the creation, testing, and manufacture of products are designed, implemented, and refined here.
- Manages employees and delegates responsibilities to engineering and technical staff members.
- Helps teams come up with innovative new products, solutions, and procedures under their leadership.
- Manages the logistics of the project as well as the distribution of resources.
The average Engineering Manager’s salary in the United States is $139,105 as of May 27, 2022, making this one of the best paying jobs in capital goods.
2. Manufacturing Engineer
Ranking number two on our list of the best paying jobs in capital goods is a manufacturing engineer. This is a group of engineers who work in the manufacturing industry, and their primary task is to guarantee that the operations and processes involved in the creation of the products run as smoothly as possible.
The role of Manufacturing Engineer calls for a specific set of skills and certifications, including the following:
- Capability to perform successfully in adverse conditions.
- Leadership skills.
- Teamwork skills.
- Problem-solving capabilities.
- Competence in the use of information technology.
- Awareness of the commercial market
- Excellent communication abilities.
- Familiarity with various pieces of equipment for purposes like installation and repair.
The average salary for Manufacturing Engineers as reported by Payscale is $72,526/year.
3. Senior Mechanical Engineer
This is one of the best paying jobs in the capital goods industry. However, a candidate has to have around ten years of experience in order to perform properly in this profession and acquire work in it. In the realm of mechanical engineering, the duties of a senior mechanical engineer include the creation, design, construction, testing, and inspection of mechanical devices and systems.
These can include machines, tools, and engines. Because mechanical engineering is such a vast discipline, those who practice it find work in a variety of different sectors, where they are responsible for the design of a large array of goods.
The annual pay that is typical for senior mechanical engineers working in the capital goods industry is $110,329.
The annual salary of a senior mechanical engineer might be more than $200,000 in some cases. Career opportunities in the fields of mechanical and electrical engineering are consistently ranked among the top-paid jobs in the world.
4. Electrical Engineer
Electrical engineers are responsible for the design, development, testing, and supervision of the construction of electrical equipment. Some examples of this type of equipment are electric motors, radar and navigation systems, communications systems, and power generation equipment. In addition to that, they are involved in the design process for the electrical systems that are used in vehicles and aircraft. A yearly salary of $78,206 is considered to be the norm for electrical engineers.
However, the annual cap might go as high as much than $200,000 in some cases making this one of the best paying jobs in capital goods. Jobs in electrical engineering are consistently ranked among the most lucrative employment opportunities available, and the industry of capital goods is one in which you may discover opportunities like this.
5. Quality Control Manager
A quality control manager’s duties include managing employees and monitoring the techniques used in product development in order to guarantee that finished goods are up to the required level of quality and productivity requirements. The quality control manager is also responsible for working closely with customers to verify that the final goods are up to their standards. In the United States, an annual wage of $72,175 is considered to be the norm for the position of quality control manager, making this one of the best paying jobs in capital goods.
6. Industrial Designer
Industrial designers are the people that are in charge of developing the concepts for produced objects such as automobiles, household appliances, toys, and other things of this kind. They produce goods that are aesthetically pleasing to people by combining art, business, and engineering into one production process.
In order to be successful in this job with regard to capital goods, you will need to possess a degree from an accredited university in industrial design as well as a number of years of relevant work experience.
As of the 27th of May, 2022, the normal income range for an industrial designer in the United States is between $55,405 and $69,351, with the average salary coming in at $61,445 per year. A person’s education level, certifications, supplementary talents, and length of time spent working in their field are just a few of the crucial aspects that can have a significant impact on the salary ranges they can expect.
7. Research And Development Manager
Another one of the best paying jobs in capital goods is that of the research and development manager. Their primary duty is to manage and lead the research and development (RD) initiatives in order to satisfy the requirements of the company while also making the most of any prospective new products. They also create new RD methods and techniques and put them into practice.
As of May 27, 2022, the normal compensation range for a Research and Development Manager in the United States is between $127,242 and $167,844; however, the average income for this position is $146,091 per year.
8. Sales Engineer
Companies in the capital goods business often employ sales engineers that specialize in selling scientifically and technologically complex items to customers. The technical knowledge that sales engineers possess enables them to demonstrate to prospective clients how their company’s goods and services are superior to those offered by rival businesses, as well as to discuss the advantages of the products or services that their company offers.
A yearly payment of $74,690 is considered to be the norm for sales engineers, making this one of the best paying jobs in capital goods.
9. Marketing Manager
Marketing Managers are one of the best paying jobs in capital goods. They are responsible for planning, implementing, and executing strategic marketing programs for capital goods organizations in order to attract future consumers and keep existing customers. This is done in order to maximize revenue.
They often hold a degree in marketing or a discipline that is closely linked to marketing, in addition to several years of experience working in the industry. As of the 27th of May, 2022, the normal compensation range for a marketing manager in the United States is between $98,161 and $128,433, with the average income coming in at $111,898.
10. Business Development Manager
In a typical capital goods company, the job responsibilities of business development managers include planning, leading, and coordinating activities related to business growth.
- Establishing objectives and making plans for the expansion of the firm and its income.
- doing research, making plans, and putting new efforts for target markets into action.
- doing research on potential customers in the target markets
- Conducting follow-ups with leads and advancing them through the sales process.
Business Development Manager is considered as one of the best paying jobs in capital goods, with a typical annual income of $75,570, according to Payscale.com.
11. Software Developer
Jobs in technology, such as those for software developers, are essential to the operation of businesses that deal in capital goods. A software developer is considered to be one of the best paying jobs in capital goods. Tasks entail designing applications and programs for computers that improve the effectiveness of the company’s operations. Despite the fact that they are not directly involved in the production elements, they assist businesses in the capital goods industry in remaining successful.
The average salary for a software engineer is $93,920 per year in the United States and a $5,000 cash bonus per year.35.7k salaries reported, updated on June 12, 2022.
Is Capital Goods A Good Career Path In 2022?
Without a doubt! Young professionals who want to enhance their abilities and remain relevant while earning salaries that may support them can consider working in the Capital Goods market since it is an interesting industry. When it comes to finding one of the best paying jobs in capital goods, you have a lot of fantastic alternatives to choose from.
Opportunities for international careers can be found at companies such as Union Pacific, General Electric, Honeywell International, Lockheed Martin, United Rentals Inc., and Boeing. These companies also provide benefits such as retirement plans, vision insurance, tuition reimbursement, vacation days, medical insurance, and dental insurance.
The vast majority of companies in the capital goods market are extremely concerned about the health and happiness of their workforce. As a consequence of this, working in Capital Goods is seen as an excellent career choice for younger workers in the year 2022. The organizations provide their employees with a number of advantages and perks, some of which are described below. These benefits and perks include health and insurance coverage, retirement plans for employees, well-equipped gyms, and fitness training programs.
What Benefits Do Capital Goods Jobs Include?
Not only are there multiple job opportunities when it comes to the best paying jobs in capital goods, but working in the industry of capital goods comes with a number of advantages, several of which include the following:
- Retirement plans
- Vision insurance
- Tuition reimbursement
- Vacation days
- Medical insurance
- Dental insurance
Resources To Find The Best Paying Jobs In Capital Goods
Online job boards – An excellent resource for locating one of the best paying jobs in capital goods, is to turn to online job boards. You may search for positions that are currently open by company, job title, location, and much more criteria.
Websites of firms – Once you have compiled a list of companies that manufacture capital goods that you are interested in working for, check back periodically on the careers page of each company’s official website to see if any new positions have been listed.
Internships – If you are interested, submit your application for an internship with a manufacturer of capital goods. If an intern does a good job for their company during their internship, the majority of organizations will consider hiring them for full-time employment.
Collage Career Centers – Colleges typically provide students with access to career centers that can assist them in their job search following graduation. Check out the career services that your school provides if you are a recent graduate or if you are still enrolled in college.
Professional Organization – Joining a professional group will allow you to network with people from different professions and keep you up to speed on the latest information regarding the job market that is relevant to your career. In most cases, professional organizations also provide access to a job board.
Best Paying Jobs In Capital Goods FAQ
Can I earn more than $100,000 per year working in capital goods?
Working in the field of capital goods can, in fact, bring in an annual salary of more than one hundred thousand dollars. Over one hundred thousand dollars a year is the average salary for managers, software developers, and certain engineers. There’s a possibility that the pay may be lower for entry-level employment in organizations that deal in capital goods, but as you develop expertise, you’ll be able to command greater salaries.
Can I Get A Tech Job In The Capital Goods Industry?
The answer is yes, organisations that deal in capital goods also employ tech professionals such as software engineers. There will be an increase in the number of tech jobs available in the capital goods sector as the manufacturing industry becomes increasingly automated. Attending a coding boot camp can help you increase your chances of landing a position in the technology department of a capital goods company, which is notoriously difficult to obtain.