The capital goods sector consists of industries and jobs that assist other businesses in producing goods for the end users. This article lists the best-paying jobs in capital goods you can choose from.
What Are Capital Goods?
Capital Goods are products utilized in manufacturing other products but are not included in the new product. Examples of capital goods are machine tools, industrial machinery, process plant equipment, construction, and mining equipment, electrical equipment, textile machinery, printing and packaging gear, and so on.
Investopedia defines capital goods as those physical assets that a company utilizes in the production process to manufacture products and services for customers.
Why Are Capital Goods Important?
No business or company can run without a building, equipment, and tools. These physical assets are the fulcrum that pivots the manufacturing process of finished goods, otherwise known as consumer goods.
Capital products are vital in today’s economy. They not only allow corporations to make items but also serve as a barrier for companies to begin their production process.
Most of the equipment used in manufacturing companies is indeed costly, but production won’t be smooth without them.
It is worth noting that capital goods do not usually come in the form of machinery or equipment but can also include anything that ensures comfort and ease, such as coffee machines, fans, railway lines, roads, and bridges.
Now that you know why capital goods are essential, it’s time to find the best paying jobs.
Best Paying Jobs In Capital Goods In 2023
Here is a list of the best-paying jobs in capital goods:
- Engineering Managers
- Manufacturing Director
- Mechanical Engineer
- Manufacturing Engineer
- Senior Mechanical Engineer
- Software Developers
- Electrical Engineer
- Training and Development Manager
- Quality Assurance and Control Manager
- Industrial Designer
- Research and Development Manager
- Marketing Manager
- Business Development Manager
- Project Manager
1. Engineering Managers
Average salary per year – $137,956
Engineering managers top our list of best-paying jobs in capital goods. The duty of an engineering manager spans planning, directing, and coordinating the engineering activities in a company.
The job position is meant for those with a degree in engineering and relevant years of experience in the sector.
According to salary.com, the average salary of an engineering manager in the US is $137,956 as of February 25, 2022.
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2. Manufacturing Director
Average salary per year – $179,009
Manufacturing directors supervise the production of products in organizations. It is their duty to develop new products, deal with inventory levels and ensure that the manufacturing process is well followed.
To become a manufacturing director, you need to have sufficient knowledge about the organization and the type of product they manufacture. This gives them leverage to make decisions toward the product’s success in terms of efficiency and quality.
To become a manufacturing manager, you need at least ten years of experience in the manufacturing industry.
According to data on salary.com, the average salary of a manufacturing director in the US is $179,009 as of August 29, 2022.
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3. Mechanical Engineer
Average salary per year – $114,380
Mechanical engineering is the application of engineering ideas and problem-solving approaches to any product, from design to manufacturing to market. It is their duty to examine the production processes in line with mechanical principles, ensuring that designs work as they should at a minimal cost.
To become a mechanical engineer, you need to obtain a bachelor’s degree in mechanical engineering or mechanical engineering technology and also possess experience in a related field.
According to a report on salaries posted on Indeed, mechanical engineers in the US make an average salary of $80,192 per year.
4. Manufacturing Engineer
Average salary per year – $72,600
Manufacturing engineering is a distinct branch of engineering that concentrates on enhancing the production of an item through making product design changes and creating more efficient manufacturing processes.
It is the duty of manufacturing engineers to focus on the design and function of integrated systems for the production of high-quality, economically competitive products.
The average salary of a manufacturing engineer in the United States is $72,600 as of August 29, 2022, but the range typically falls between $67,140 and $77,712.
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5. Senior Mechanical Engineer
Average salary per year – $110,329
This is one of the best-paying jobs in the capital goods industry. To secure a job to be a senior mechanical engineer, you need to have not less than 10 years of experience in a related field.
A senior mechanical engineer is in charge of the development, design, construction, testing, and inspection of mechanical equipment and systems such as machines, tools, and engines. Mechanical engineers work in a variety of businesses designing a wide range of goods because the field is so vast.
The average salary of senior mechanical engineers in capital goods is $110,000 per year, according to data posted on Comparably.
6. Software Developers
Average salary per year – $110,140
Software engineers in the capital goods sector develop tools and systems that aid the company to function effectively.
Entry-level software developers work in synergy with senior developers to test, develop, and update software packages relevant to the growth of an organization.
They often focus on routine tasks that get them acquainted with the codebase and build better programming talents. This is one of the best-paying jobs in capital goods.
The common entry-level salary of software engineers in the united states is $71,912 while the average salary of $110,140.
7. Electrical Engineer
Average salary per year – $84,000
Electrical engineers are in charge of designing and supervising electrical systems in industries.
To become an electrical engineer in the capital goods industry, you need a bachelor’s degree in electrical engineering and several years of industry experience.
They frequently have a bachelor’s degree in engineering and several years of industry experience. The average annual salary for electrical engineers is $84,000 per year.
8. Training and Development Manager
Average salary per year – $127,300
Training and development managers facilitate the training and professional development of a company’s workforce. They teach workers how to give in their best for the company in their full capacity.
Most capital goods-based businesses seek the services of training and development managers who inspire the team to action and progress through training.
As a training and development manager, you may work closely with enterprise managers and human resources (HR) departments to design and implement education and improvement programs.
9. Quality Assurance and Control Manager
Average salary per year – $87,700
Quality control managers are responsible for ensuring that products meet the high standards established by the company for which they work.
To become a quality assurance and control manager, you must have a bachelor’s degree in engineering or a closely related field and many years of relevant experience.
According to a report on Salaryexplorer, a person working in Quality Control and Compliance in the US earns an average salary of $87,700 per year.
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10. Industrial Designer
Average salary per year – $69,396
One of the best-paying jobs in capital goods is an industrial designer. An industrial designer creates concepts for produced goods such as automobiles, home appliances, electronics, and toys. They create goods that people use every day by integrating art, business, and engineering.
Moreso, they must make models and prototypes of these designs for mass production.
To become an industrial designer, you need a bachelor’s degree in industrial design, architecture, or engineering. You can also obtain an MBA, which gives you broader commercial design knowledge.
According to Indeed, the average annual pay of an industrial designer in the United States is $69,396.
11. Research and Development Manager
Average salary per year – $147,036
Most capital goods industries rely on the services of research and development manager to plan, direct and coordinate the organization’s activities based on proven research-based findings.
It is the duty of research and development managers to determine, implement and monitor development strategies that support the organization’s objectives. They usually lead key research projects and provide research advice to their organization.
To become a research and development manager, you need to study for a bachelor’s degree in a related discipline and possess relevant industry and managerial experience.
The minimum salary for Research and Development Manager in the United States ranges from $132,682 to $163,127, with an average salary of $147,036.
12. Marketing Manager
Average salary per year – $112,909
Next on our list of best-paying jobs in capital goods is marketing manager. A marketing manager oversees the marketing efforts of an organization, product, or service. It is their duty to forecast market demand and manage a marketing team to develop and implement innovative strategies that aid business growth.
To become a marketing manager, you need to have a bachelor’s degree in marketing or a related subject.
According to salary.com, the average marketing manager’s salary in the United States is $112,909.
13. Business Development Manager
Average salary per year – $130,412
In a typical capital goods company, a business development manager is responsible for building lists of sales leads and selling their business idea to prospects.
Because they oversee the business transactions that go on in a capital goods organization, they get rewarded handsomely.
According to salary.com, the average Business Development Manager salary in the United States is $130,412.
14. Project manager
Average salary per year – $90,595
Project managers are change agents in the capital goods industry: they own the project goals and use their skills and knowledge to instill a common purpose among the project team members.
Project managers utilize broad and flexible techniques in solving complex tasks by delineating activities into well-documented tasks and sub-tasks.
According to a salary report on Talent, a project manager earns an annual average salary of $90,595.
Average salary per year: $51,000
This is highly specialized employment for a machinist. Toolmakers use machining equipment to build tools according to specifications. To be a toolmaker, you must be conversant with various materials and tool types, as well as the limitations of their equipment.
Toolmakers may create personalized tools or work to build a plan for mass-produced tools, depending on where they work and their level of competence.
FAQs On Capital Goods
The capital goods sector has many departments and prospects that can accommodate new workers. According to recent findings, the average salary for workers in the capital goods sector is relatively higher than the average of other sectors.
Consumer products are final goods purchased for consumption that are not used to manufacture other goods.
Final goods are the products and services businesses create and sell to their end users.
Typical examples of capital goods are the property, plant, equipment, and, sometimes, natural resource that facilitates the manufacturing of consumer goods.
If your goal is a career in the capital goods industry, our list of high-paying jobs in capital goods leaves you with a good number of options to choose from.
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