Is Capital Goods A Good Career Path?

The field of capital goods is rewarding. The performance of this industry is, however, influenced by the situation of the economy right now. This implies that the industry will perform when the economy does.

Numerous departments and roles within the industry are open to new hires, and recent studies indicate that the average wage for workers in the capital goods sector is greater than the average for all other sectors.

The capital goods industry is huge. The division of various capital goods into categories is as follows:

Industrial Equipment: industrial machinery, including hand tools, machine tools, robots, oil rigs, wind turbines, and even hair clippers for hair salons and restaurant kitchen utensils

Construction Vehicles: Construction equipment such as dump trucks, cement trucks, and commercial airliner planes

Power Technology: Battery and solar panel technologies

Data components and infrastructure: Data centers and semiconductor manufacturing facilities are examples of data infrastructure components.

Industrial and Business Software: Accounting software, business, and industrial software, and productivity apps

Electronics: a film crew’s cameras.

The Highest-Paying Positions In Capital Goods

The number of employment vacancies in this area, the type of possibilities, and their associated wages are some of the most frequent queries people have before starting a career in capital goods.

Let’s go through the positions in the capital goods industry that are most in demand.

  1. Engineering Managers

Engineering managers rank among the highest-paid employees in the capital goods industry.

The median compensation for project managers is $77,420, and the top ten percent make an average of $135,220. In order to achieve efficiency and quality requirements, construction professionals in the capital goods sector supervise and manage projects.

  1. Marketing Managers

It is the responsibility of marketing managers of capital goods corporations to develop and implement marketing plans that will draw in new customers and retain existing ones.

Business-to-business (B2B) marketing methods are frequently used by firms in the capital goods sector to promote their capital products. B2B tactics need thorough targeting and research.

They are often degree holders with at least a few years of expertise in marketing or business-related fields. As a result, a Bachelor’s degree and relevant job experience, or possibly a Master’s or PhD, are usually required for this post.

  1. Electrical Engineers

One of the industries where you may discover such a rich offer is the capital goods market, which offers several of the most profitable electrical entry-level positions available.

The planning, development, evaluation, and oversight of the building of electronic systems, such as motor drives, detecting and GPS technologies, satellite communications, and power generators, are the responsibilities of an electrical engineer. They are also involved in creating electrical systems for cars and airplanes.

The average annual pay for electrical engineers is $78,016. However, the highest limit may exceed $200k per year.

  1. Quality Control Managers

To make sure that goods meet productivity and performance standards, a quality control manager is responsible for supervising staff and assessing company development activities.

To make sure the finished goods fulfill the demands and specifications of the customers, the manager of quality control also works with them. In the US, the average yearly wage for a quality assurance manager is $72,175.

  1. Industrial Designer

To build items that people need, this industrial designer combines commerce, art, and engineering.

Industrial designers create toys, vehicles, appliances, and other manufactured things. These people use technology, business, and art to produce things that are appealing to consumers.

In terms of capital goods, success in this position necessitates a college degree in industrial design and some years of expertise. Industrial designers typically make $60,832 per year, claims Payscale. In contrast, Indeed estimates that the average yearly wage for an industrial designer in the US is $68,653.

  1. Sales Engineer/Manager

Sales engineers with expertise in marketing cutting-edge technological and scientific products are employed by capital goods companies.

To market the company’s product, you will be the sales manager of a group of salesmen. Capital products are sold through B2B tactics, much like in marketing. Typically, a bachelor’s degree in economics, business, or a closely related discipline is required for work as a sales manager.

To persuade prospective clients that their goods and services are superior to those of rivals, they employ their technical expertise to provide additional information about how to utilize the products or services.

  1. Development and Research Managers

Sales and marketing managers are in charge of planning, running, and supervising the firm’s business development initiatives in some kind of conventional capital goods organization.

As of 2022, the US average income for a research and advancement manager is $144,880. Nevertheless, it frequently falls between the $126,187–166,452 range.

In the capital goods sector, research and development managers have another profitable and appealing profession.

  1. Software and Computer Programmers

Over the following ten years, there will be a 22% evidential increase in software development.

To design and create products, they employ CAD software.

This occurs as a result of increased automation in production. Although some businesses permit a Bachelor’s in computer science or computer programming, software developer employment normally requires a Bachelor’s degree in software development.

As more than just a computer programmer in the capital goods sector, you will create applications and systems that boost business productivity.

Benefits and Drawbacks of Capital Goods

There are several options for people to choose from when it pertains to careers. Because they believe it to be a safe and secure career path, some people prefer to work in the capital goods business.

This is due to the fact that businesses will always require someone to maintain and repair key equipment and machinery.

A desire for working with technology and machinery may lead some people to select this professional path. Being such a capital goods expert has benefits and drawbacks, regardless of the cause.

The good news is that those who work in the capital goods industry often have relatively secure employment.

Conclusion

Young professionals who wish to develop their abilities and stay current while earning stable salaries will find the capital goods sector to be intriguing.

For individuals who wish to work in the global supply chain and make a lot of money, the capital goods sector is also a fantastic choice.

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