With so many options, it might be difficult to choose a career. One outstanding job path is in the capital goods sector, which provides tools and equipment needed for manufacturing in many different industries. However, will it benefit you?
In this guide, I will provide an overview of this sector and compare them to consumer products. I’ll also explain what do capital goods jobs pay. Let’s start.
What Are Capital Goods?
Capital goods are physical assets such as machinery, equipment, and buildings that businesses use to produce goods or services. Structures, vehicles, machines, and implements are all examples of this. You should not use these on hand because they are components.
Examples of It include assembly robots, trucks used to transport goods, and vehicles manufactured in workshops.
Industries rely heavily on capital products to boost creativity and efficiency. Robots and 3D printers are two examples of technologies that have changed production and allowed companies to create more with less time and money invested. Declaring these products the backbone of the economy won’t be wrong.
These goods play a great role in uplifting the production of goods that consumers actually use. Before I go into the details of the pay rates and salaries of this field, it’s important to understand the difference between capital goods and consumer goods. That’s what I am going to discuss next.
Difference Between Capital Goods and Consumer Goods
To get a better understanding, you should know the difference between both:
- Capital goods are things that companies use to make other things. One example is a company that makes clothes with a machine.
- Consumer goods are the end products that people buy to use for themselves. A consumer good is something like a shirt you buy in a store.
Some things are interesting because they can be both capital and consumer goods based on how they are used.
For instance, a bakery might buy flour as a capital good so that it can make cakes, but you would buy flour as a consumer good to bake at home.
What Do Capital Goods Jobs Pay?
Plenty of jobs are available in the capital goods industry. Pay can vary depending on your role, experience, and education.
Here’s a basic breakdown of the pay you can expect:
- Entry-level positions: Jobs like assemblers or quality control inspectors usually get paid around $26,000 to $80,000 per year. As you gain experience, this can rise to around $50,000 per year.
- Skilled positions: If you have specialized skills, such as operating machinery or performing repairs, you could earn between $100,000 and $180,000 annually.
Keep in mind that both skills and experience are important factors that determine the salaries of people in this field.
For example, a person with more skills and less experience might be able to make good money in the industry as well. Similarly, a person with a lot of experience in several aspects of the field might also be able to make a good salary.
Best Paying Capital Goods Jobs
If you want to work in this industry and make more money, here are some of the best jobs for you:
Engineering Manager
As an engineering manager, you would be responsible for projects and teams. You are going to be working with high-tech things like flight or automation systems often. Every year, these managers make about $131,000 to $174,000 per year.
Developer of software
As more jobs are automated, developers of software are needed to make sure that production runs smoothly. The average pay for a software developer is about $134,000 to $192,000.
It is an important sector of this field where people are assigned to create and manage software used in production. The responsibilities a person has to follow in this sector depend on the nature of the company.
Manager of the Project
Project managers make plans and keep an eye on things to make sure they run smoothly. They can make anywhere from $104,255 per year on average, based on how much experience they have and how big the project is.
Sales Manager
On business-to-business (B2B) deals, sales managers help companies sell industrial tools to other companies. In general, they make about $97,999 per year on average. Again, the actual role and responsibility of the professional here are determined by the companies. Still, it is a pivotal sector of the field that helps businesses connect and maintain good relations with each other.
Manager of Marketing
The job of a marketing manager is to come up with ways for businesses to buy capital goods. Most of the time, they need a degree in business or marketing and make about $112,000 to $172,000.
Is Capital Goods a Good Career Path?
In simple terms, yes. It is an excellent industry to enter if you have an interest in building, technology, or manufacturing. Jobs in this expanding industry range from those that involve direct interaction with machines to those that are more focused on technology and automation.
A greater demand for specialists in this field is expected as an increasing number of companies adopt automation and electric vehicles.
For instance, the demand for machinery and tools to assemble electric cars is expected to grow in proportion to the number of companies engaged in this industry. Semiconductor chips, which play an increasingly crucial role in our phones, cars, and other electronic devices, are no different.
Capital goods jobs will be created as businesses will need high-tech instruments to fabricate these chips.
How to Pursue a Career in Capital Goods?
These steps can help you get started if you want to work in this field:
Check if you need a degree
Many well-paying jobs in capital goods need an academic degree. For instance, most engineering managers have a degree in engineering, and most software workers have degrees in either computer science or software engineering.
For some skilled jobs, like machinists, you might need a vocational certificate or an associate’s degree.
Learn Essential Skills
Automation, robots, and data analytics are just a few of the skills that will make you stand out as technology changes. There are also certifications that are specific to your field, like those that teach you how to operate certain kinds of machinery.
Besides acquiring these skills, try to get a certification for them as well. It helps with making your portfolio and resume better which helps in finding the right type of job.
Get More Experience
Start out by getting a job or training in the field. You’ll learn more about the business and improve your skills, which will help you get better jobs in the future. Keep on working in different companies in order to improve your skillset as well as overall experience.
Tips for Landing a Capital Goods Job Fast
Here are some tips to keep in mind before you pursue your career in Capital Goods Job. Check out below:
Focus on Internships
Many companies hire full-time employees from their internship programs. An internship gives you hands-on experience and shows employers that you’re serious about the industry.
Learn In-Demand Skills
Employers are always looking for workers who are familiar with the latest technologies, like automation and robotics. These skills can set you apart from other candidates.
Network with Industry Professionals
Attend job fairs, seminars, and online forums to connect with people in the industry. Networking can help you find out about job openings and increase your chances of getting hired.
Tailor Your Resume
Highlight your technical skills, problem-solving abilities, and any relevant certifications. This will show employers that you’re ready to contribute to their production goals.
Sum Up
Many people want to know what do capital goods jobs pay. The answer is that these jobs pay very well. There are a lot of different jobs you can do in this field, from manual labor in factories to high-tech roles in software development and automation.
The business world keeps growing thanks to new ideas and better technology. It will give people a stable job with good pay and the chance to be a part of something big, whether they are just starting out or want to make a change.
FAQs
What is the industry for capital goods?
This industry manufactures the equipment and machinery that companies utilize to produce other goods or services.
What qualifications are required for a job in capital goods?
It depends on the position. While certain jobs demand technical training or certificates, others require a higher education degree.
Are jobs in capital goods in demand?
Yes, especially because companies need new equipment and tools and are becoming more automated.
