What do Capital Goods Jobs Pay? This is a very good question for those that want to work in this field. But before we answer the question, let us take a look at what is meant by capital goods. Capital goods are the equipment, structures, and other man-made manufacturing infrastructure required to produce everyday objects. These jobs ensure that these components of the manufacturing process are available so that manufacturers can meet consumer demand. This process involves many roles, including the highest-paying jobs in capital goods.
Capital goods jobs pay well for specialized technical skills, regardless of whether you end up simplifying production processes in the fashion industry or designing machines that make car components.
In this article, we’ll discuss capital goods salaries, the job market outlook, and what is needed to get the best-paying jobs in capital goods.
What are capital goods?
Capital goods are products that are used to create other products or services. We’re referring to industrial machinery, process plant equipment, construction and mining equipment, electrical equipment, and other man-made manufacturing infrastructure required to create the everyday objects we use.
Your task as a capital goods worker will be to ensure the availability of these production process components so that manufacturers can meet customer demand.
As a result, capital goods are important as a primary production factor that ensures the manufacturing process of finished goods. Companies rely on capital goods to manufacture goods and provide services to customers. Also, in the capital goods industry, there are job opportunities that no one wants that you can leverage.
Capital goods include items such as:
- Buildings
- Machinery
- Equipment
- Vehicles
- And tools
Now that you understand what Capital Goods are and how they differ from Consumer Goods, let’s answer the question what do capital goods jobs pay?
What do capital goods jobs pay?
The average salary for capital goods jobs ranges between $30,000 and $84,000. The job title and industry you work in will determine your salary. The salary of a project manager, for example, will be different from that of a marketing manager.
What capital goods jobs pay by experience
Working in capital goods can earn you up to $100,000 per year if you have the necessary education and experience. For example, an entry-level assembler’s salary can be about $26,000 per year (though the average salary for an assembler is $31,000 per year).
Another entry-level position in the capital goods industry is that of a quality control inspector, which pays $30,000 per year at the entry level and up to $50,000 per year with more experience. A professional in the industry can earn more than $100,000 per year, while top management workers can earn more than $120,000.
What do capital goods jobs pay by industry
While the best-paying jobs in capital goods are spread across a variety of industries, some pay more than others. If you want to work in a higher-paying industry, below are some of the best-paying jobs in capital goods.
Best Paying Jobs in Capital Goods
- Quality Assurance and Control Manager
- Financial Managers
- Research and Development Manager
- Marketing Manager
- Mechanical Engineer with a Master’s Degree
- Product Development Manager
- Utility Manager
- Industrial Designer
- Transaction Specialist
- Sales Manager
- Software Developer
- Industrial Engineer
- Management Analyst
- Manufacturing Director
- Training and Development Manager
- Inventory Specialist
- Logistics Coordinator
- Market Research Analyst
- Cost estimator
- Project manager
#1. Quality Assurance and Control Manager
A quality control manager inspects and tests capital goods product shipments for flaws. They also ensure that products meet government specifications. Quality control inspectors provide critical technical services to capital goods companies to ensure that the manufacturing process produces high-quality products.
#2. Financial Managers
Financial managers analyze data and advise senior management on profit-maximizing strategies. They are in charge of an organization’s financial health. They produce financial reports, direct investment activities, and plan for their organization’s long-term financial goals
#3. Research and Development Manager
Research and development managers are responsible for planning, directing, and coordinating research and development activities within a company. They frequently possess a bachelor’s degree in engineering or a closely related field, as well as several years of relevant experience.
Research and development managers in the United States earn an average annual salary of $115,000.
#4. Marketing Manager
Marketing managers are responsible for the planning, direction, and coordination of marketing activities within a company. They frequently have a bachelor’s degree in marketing or a related field, as well as several years of relevant work experience. Marketing managers earn an annual salary of $97,000 on average.
#5. Mechanical Engineer with a Master’s Degree
Senior mechanical engineers are responsible for product design as well as product manufacturing process supervision. They more often have a bachelor’s degree in engineering as well as several years of industry experience. Senior mechanical engineers earn an average annual salary of $92,000 in the United States.
#6. Product Development Manager
A product developer oversees the process of creating new products or improving existing ones to effectively meet customer expectations. Product developers conduct research, create proposals, and manage the design process.
#7. Utility Manager
As a utility manager, you monitor facilities that provide essential services to residents in a city, town, or region, such as water treatment plants, power plants, and telecommunications companies. Your responsibilities may include managing water, sewer, or power systems.
#8. Industrial Designer
Product design is one of the highest-paying Jobs in capital goods. A product designer’s job entails conceptualizing and developing goods. They typically hold a bachelor’s degree in industrial design and have several years of experience in the field. An industrial designer earns an average annual salary of $74,000 in the United States.
#9. Transaction Specialist
A career as a transaction specialist can be an excellent way to break into the capital goods jobs industry. You will be in charge of handling customer transactions and inquiries as a transaction specialist. This could range from payment processing to answering customer questions about products and services.
To be effective in this role, you must have excellent communication skills and the ability to work well under pressure. You’ll also need to be familiar with the company’s products and services to accurately answer customers’ questions.
#10. Sales Manager
Sales managers supervise a team of sales representatives who are responsible for selling a company’s product. To sell capital goods products, they must have a thorough understanding of the manufacturing process. Sales managers must have a Bachelor’s Degree in Economics, Business, or a technical field to evaluate the opportunity cost and marginal cost of products.
#11. Software Developer
To function effectively, capital goods companies rely on tech jobs such as software developers. Capital goods software developers create computer apps and programs that help the company run more efficiently. While they are not directly involved in the factors of production, they assist capital goods companies in remaining profitable.
#12. Industrial Engineer
Industrial engineers in the capital goods industry ensure that the machinery used in the manufacturing process is in good working order. They design the workflow in a manufacturing space to streamline processes and maximize productivity, in addition to maintaining machinery.
#13. Management Analyst
A management analyst is a specialist who helps businesses improve their overall efficiency and solve operational issues. Management consultants assist organizations in resolving issues, creating value, maximizing growth, and improving business performance.
They use their business skills to provide objective advice and expertise, as well as to assist an organization in developing any specialist skills that may be lacking.
#14. Manufacturing Director
Manufacturing Directors oversee manufacturing operations and management teams for an organization’s plants and locations that support business goals.
He or she also incorporates organizational strategy and plans for operational safety, regulatory compliance, quality assurance, and cost-cutting policies and programs in manufacturing processes.
As a Manufacturing Director, you will monitor production metrics and recommend process improvements, new technologies, and methods to maximize operational efficiency. Participates in workforce or labour relations bargaining and planning.
Furthermore, the Manufacturing Director is responsible for implementing long-term plans for facilities, equipment, materials, technology, and workforce resources to maintain manufacturing capacity and processes.
#15. Training and Development Manager
The Training and Development Manager is in charge of increasing the organization’s employee productivity. This position evaluates company-wide development needs to drive training initiatives and identifies and arranges appropriate training solutions for employees.
This position actively seeks, designs, and implements effective methods for educating, improving performance, and recognizing performance.
#16. Inventory Specialist
Inventory specialists are in charge of all company activities that involve ordering, receiving, storing, and distributing materials, equipment, merchandise, supplies, and products. They typically work in warehouses and are extremely organized.
#17. Logistics Coordinator
A logistics coordinator is an important role that assists a company in getting its product into the hands of customers promptly. Their responsibilities include overseeing the entire supply chain of a company, from preparation to transportation to delivery.
A well-managed system that maximizes profitability is an important indicator of a successful Logistics Coordinator.
One of the most important goals for this role is to keep a company’s fulfilment operations on track. Logistic Coordinators may be monitored by local, state, federal, and international agencies that oversee these operations because they must ensure operations meet legal and regulatory requirements.
This role may report to a role such as Logistics Supervisor or Chief Supply Chain Officer, depending on the organization.
#18. Market Research Analyst
Market research analysts collect and analyze consumer and competitor data. To assess potential sales of a product or service, market research analysts examine consumer preferences, business conditions, and other factors. They assist businesses in determining what products people want, who will buy them, and at what price.
#19. Cost estimator
Cost estimators collect and interpret data to determine the time, money, materials, and labour required to manufacture a product, build a building, or provide a service. They typically specialize in a specific product or industry.
#20. Project manager
Project managers use their project management expertise to initiate, execute, and complete projects in a variety of industries. They are the creators of some of the most brilliant products, services, and processes available today, from mobile apps to the exquisite architecture of international cities.
Project managers have a wide range of skills that enable them to approach each assignment uniquely and strategically. Most importantly, they understand how to use their project management skills to help an organization learn, succeed, and evolve as a result of a project.
Conclusion
The capital goods industry is a fantastic place to work. Jobs in capital goods provide competitive pay and interesting daily tasks. Many of these jobs are unionized and offer excellent benefits as well as access to union resources.
Before you enter the capital goods market, make sure you are passionate about the work. Manufacturing and construction, which can be physical jobs depending on your career, are specialities of the capital goods industry. If the capital goods industry is not for you, you can search for opportunities in consumer non-durable Jobs Pay.
FAQs on Capital Goods Jobs Pay
What is capital good in economics?
In economics, capital goods are assets used by businesses to produce their products and services, which can include buildings, machinery, tools, and equipment.
Can a capital good be an intermediate good?
Capital goods are products that are used by businesses to produce consumer goods. In other words, capital goods are intermediate goods used in the production of final goods or consumer goods.
Is CPA a good career in USA?
Is a CPA a Good Job? Yes, if you enjoy mathematics, taxes, and accounting. Certified public accountants are in high demand, and a good CPA can earn a six-figure salary.
Leave a Reply