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However, some of them really end up in best-paying jobs whereas a majority of them have to hustle to get one. The reason may differ but that's not what we will be discussing here.
In this article, you will find the top 12 best-paying jobs in capital goods industry. Hence, if you have relevant qualifications and skills then redirect your job search towards the capital goods sector. Okay now, before we start listing the top 10 jobs let's first understand what are capital goods and what is the capital goods industry all about. Here we go.
Capital Goods: The Definition
Capital goods means fixed and moveable assets of a company used in manufacturing consumable goods and/or services. These assets include buildings, machinery, equipment, logistics, and other items that collectively assemble end-consumer products or services. It is important to know that capital goods are different in comparison with consumable goods.
For example, Company A manufactures soft drinks in various flavours. Hence, flavoured soft drinks are the consumer goods here. On the other hand, the bottling plant, mixing equipment, filling machinery, conveyor system, and the logistics used to transport the soft drinks are capital goods.
Conclusively, the heavy plant and machinery are capital goods whereas the end-product manufactured using capital goods is the consumer items.
The Capital Goods Sector: What is it?
Now that we know what are capital goods - let's look into the capital goods sector. We tried to understand capital goods in simple language using the soft drink example above. We also defined how the capital goods sector produce consumer goods. Nonetheless, the assets owned by a company for manufacturing processes are not the only capital goods. There's something more to this. Let's understand them.
The capital goods industry is not limited to producing consumer goods they also produce products for the service industry. For example, hair styling equipments, home decor and interior products, the entertainment industry, and so on.
The professional equipment in these sectors provides services to consumers. A hair stylist uses scissors to cut hair and gives beauty treatment services. In the same way, an interior decorator provides home renovation or refurbishing services by using a variety of tools and machinery produced by the capital goods sector.
The same is with the entertainment industry. To conclude, the capital goods industry also serves the service sector.
Examples of Capital Goods vs Consumer Goods
The end-user is a consumer and the items he or she uses in daily life are classified as consumer products. This consumer demand is replenished by the capital goods industry. So far we learned this. Now let's define the examples of both topics using various sectors. Here they are.
- Civil engineering managers use construction machinery to construct domestic, commercial and industrial projects.
- Manufacturing engineers use automated machinery to produce a variety of household items and service-centred stuff.
- Marketing managers work to carry out market research to build company brands and sell products. For example, cosmetics.
- Mechanical engineer create manufacturing technology (also bifurcated as tangible assets) for large-scale production processes of FMCG items.
- The electronics industry set up centres for technical services across cities to provide after-sales or break-down services using tools and equipment.
- The automotive industry is one of the largest capital goods industries hiring a massive workforce that includes sales engineer to sales managers to sell domestic and commercial vehicles.
- The chemicals industry uses plants in the manufacturing process of chemicals used by other industries for a variety of purposes.
- Software developers are service providers using electronic items to deliver business development solutions. For example SaaS companies.
- Electrical engineer employs advanced manufacturing process to generate electrical batteries, devices, and other items.
#1 Mechanical engineers
A mechanical engineer is responsible for supervising and developing an entire chain of manufacturing process in a production unit. For example, the shoe brand Adidas will employ mechanical engineers to oversee their shoe production. They work closely with a team of manufacturing manager from different divisions. The industrial engineer average salary in the mechanical position is more than $90000.
#2 Electrical engineers
Similar to a mechanical engineer, an electrical engineer monitors the production process of electrical items and is always high in demand. They work closely with the team of mechanical engineers since they are the ones who build the process. The electrical engineer average salary can vary from $100000$ to $120000 depending on the senior job title they are enrolled in.
#3 Civil engineering manager
A civil engineering manager job is tough since it is fieldwork and a little desk job. This is the reason why competitive wages in a civil engineering manager job are all-time high compared to others. The risk involved is substantial since you always work with capital goods like heavy machinery. A senior civil engineering manager can earn more than $200000 annually anticipating their career objectives.
#4 Production manufacturing engineer
The production manufacturing engineer job is to smoothly run efficient production processes within a unit giving maximum output and minimal downtime. Apart from that the individual also looks after the technical services of the machinery. The roles and responsibilities of an engineer monitoring the production of consumer goods include planning, costing, coordination, direction, and a lot more other things. These jobs come under the category of best-paying jobs in capital goods.
#5 Sales engineer
Typically sales engineer works for the sales and marketing department of a company and their sales targets include selling products manufactured by the capital goods industry. Their competitive wages may differ depending on the volume of the product. Otherwise called sales representatives, the minimum qualification for his job title is a bachelor's degree in commerce or business management. Not only this but you have a bright chance of being promoted to sales manager in the future.
#6 Industrial engineers
Capital goods careers are well-paying jobs and that's the reason why we are compiling this list so that you can onboard this rewarding career. The position of industrial engineers is to take care of industrial production, for instance, steel. Companies producing steel employ massive capital goods especially known as engineering capital goods. They are substantial, expensive and need a large workforce to manage. The industrial engineer average salary can be more than $120000.
#7 Engineering projects manager
The demand for engineering projects manager in capital goods jobs is all-time high because of the versatility of the roles and responsibilities. For instance, a project manager from a non-engineering background can also apply to the capital goods company. Although a qualified graduate in engineering is suitable for the job yet applicants from different academic backgrounds can apply.
#8 Quality control manager
Capital goods businesses need a quality control manager whether it is the chemicals industry, automotive industry, electronics industry, or various industries with high-volume production process. Quality assurance is a big deal and applicants with a work history in the quality control field can draw a good career path. Hence if you looking for the best-paying jobs in the capital goods industry then this is your chance.
#9 Manufacturing manager
The positive side of being a manufacturing manager is no restraints over qualifications, skills, and experience. They can easily shift between capital goods careers from one industry to another citing their rich professional background. Managerial positions in capital goods careers are one of the best-paying jobs. Needless to say, they are completely different from the marketing manager positions.
#10 Development managers
We aren't talking about business development manager here, the development manager role belongs to the capital goods industries. The applicant can be a potential production development manager supervising the capital goods product shipments in a unit. These individuals along with their team manage the developmental efforts of the company's production process. Further, there's job security and you can derive a good career path being a development manager.
#11 Industrial designers
The primary job duty of an industrial designer is to design the product in such a way that it sells and the capital goods companies get positive returns on investments. From entry-level positions to highly experienced job seekers - the minimum wage varies depending on the skills and abilities to design a product. However, the average salary annually of an industrial designer is >$100000.
#12 Quality control inspectors
Quality control inspectors jobs in capital goods companies serve as the lifeline of rewarding the job seeker with job security and a good career path. Quality is an utmost essential priority and compromising it can have serious consequences to the business. Hence, a capital goods company will always need quality controllers.
Okay now, the list of best-paying jobs in the capital goods sector concludes here. There's the other side of the capital goods career that you need to know. Answer this - Why would a capital goods company hire you? Do you have relevant skills, experience and education? Let's consider these options in a little detail.
Required Skills for Capital Goods Jobs
If you have skills relevant to the job then there's nothing that can stop you from drawing a good career path. However, only if you upgrade your core competency with the time and experience that you gain. Here are some skills that you might need to get jobs in the capital goods sector.
- Planning and coordination
- Business acumen
- Key engineering skills
- Project management
- Management skills
- Product creation and designing
- Knowledge of manufacturing procedures
- Quality control protocols
- Strong communication
- Networking and teamwork
- Creative abilities
- Attention to details
- Customer service skills
- Develop production schedules
- Financial planning
- Cost analysis
- Minimizing operational cost
- Warehouse management
- Strong research skills
Academic Qualification for Capital Goods Jobs
Since you have a refined list of skills it will be easy to understand the much-needed academic qualifications for the capital goods jobs. So here it is.
Generally, a bachelor’s degree is required for capital goods careers either in engineering management or studies related to the field of engineering. However, some companies demand a post-graduate degree in the same or related subjects. Not to mention, a high school diploma is not an eligible criterion.
After a long-tail list of best-paying jobs in capital goods companies here's a list of frequently asked questions and answers. Find answers to your queries here.
How to search best paying jobs in capital goods?
There are multiple ways to find the best-paying jobs in capital goods companies like online job boards, college career centers, job fairs, placement events, and/or directly investigating potential capital goods jobs on the company's website. Individuals can make multiple applications in various industries using these methods to gain a good career path.
How to keep up with the hiring trends of capital goods companies?
Streamlining production processes in a capital goods industry might seem effortless compared to keeping up with the ever-changing hiring trends of capital goods companies. Time changes and so does the technology along with the consumer's mindset. As a result, the capital goods sector is heavily influenced by requiring skilled individuals. In short, update your skills and enrich your work experience to keep up with the changing trend.
What are the hot jobs in capital goods companies?
We have already enlisted 12 hot jobs in capital goods companies specifically with their minimum wage and academic qualifications requirements. Although, if you have a working background in the manufacturing process, quality control, sales, design, management, etc. then you are suitable for capital goods jobs.
What is the range of capital goods jobs pay?
Typically capital goods jobs pay begins from $100000 annually and varies depending on the skills, qualifications, and employment history of the candidates. Having said that, electrical engineers, engineering managers, sales representatives, mechanical engineer, manufacturing managers, electrical engineers, sales engineer, and production process engineers can apply in capital goods companies with competitive wages.