The capital goods sector has a ton of open positions. Here are some of the highest-paying jobs and what they entail. The global economy cannot function without the capital goods sector.
There are several distinct kinds of capital goods, and consequently, numerous different kinds of capital goods occupations. Capital goods include any objects, such as computers, automobiles, machinery, or tools, that are utilized in the production of other goods.
Private companies employ the majority of capital goods workers. Capital goods-related jobs might deal with either direct production or supporting operations. Here, we’ll discuss some lucrative professions:
- General and Operations Managers
- Petroleum Geologist
- Principal Research Associate
- Quality Assurance Manager
- Industrial Engineer
- Manufacturing Engineer
- Machine Learning Scientist
- Director of Product Management
- Director of Research and Development
- Metallurgical Engineer
There are many of lucrative prospects in this industry, however the pay will vary depending on seniority, competence, location, and the cost of the product.
If you wish to switch to a capital goods company or progress your career in this industry, read this.
General and Operations Managers
$120,000 is the average annual pay.
Occupational Labor Statistics (BLS)
Operations are created, planned, and carried out by general and operations managers. General Managers, Operations Leaders, and General Operations Managers are comparable to this senior-level post. A person in this position might oversee daily operations, the complete operation of a company’s personnel and systems, or both, depending on the business.
A bachelor’s degree and several years of experience are requirements for general and operations managers. Having the appropriate experience is essential because business operations can differ greatly.
Low-stress Jobs That Pay Well Without A Degree
The typical pay for this position, which was previously noted, is only applicable to US workers in the “Merchant Wholesalers, Durable Goods” category. It is advantageous for general and operations managers to be able to act quickly, think strategically, lead effectively, and maintain composure under pressure.
Petroleum Geologist
A typical salary of $109,000
Payment scale
Petroleum geologists are specialists in the geosciences who find oil reserves. They gauge temperature and pressure to determine the potential location of oil. Petroleum engineers, who work in a similar capacity, decide where to drill for oil and what kinds of wells to employ depending on economic viability.
Petroleum Bachelor’s degrees in geology, earth science, physics, chemistry, mathematics, or engineering are typically required for geologist professionals. Some go on to complete graduate studies. Geoscience knowledge, data gathering and analysis, and the ability to make informed decisions in light of research are all necessary abilities.
Principal Research Associate
the typical wage is $104,000.
Salary.com is the source
A research associate assists businesses in understanding the demands of the market, developing strategies, and producing business plans. To deliver the department’s findings, a Principal Research Associate (PRA) will examine the data they have gathered. PRAs can specialize in a variety of capital goods industries, such the manufacture of chemicals or energy.
For this leadership position, a thorough understanding of market research procedures and techniques, such as qualitative research approaches, quantitative analysis, data mining, and statistical modeling, is ideal.
It would be beneficial to have prior experience using project management software like MS Project or Excel. A bachelor’s degree in a science or social science subject is the minimal required for a PRA position, however many employers prefer master’s degree candidates.
Quality Assurance Manager
$100,000 is the typical pay.
Source: Relatively
A quality assurance (QA) manager establishes standards for quality and makes sure that it remains constant during the course of a product’s lifespan. To find areas for improvement, QA Managers acquire data through internal and external assessments.
This position is in charge of establishing standards for quality. QA managers foresee possible issues before they arise, put solutions into place, and develop staff to enhance quality control procedures.
Competencies for QA An attention to detail and the capacity for rapid problem-solving are traits of managers. They often hold a bachelor’s degree, while they occasionally hold a master’s. A QA expert should have three to five years of experience before moving up to the management level. Some senior QA managers receive accreditation from The American Society for Quality or Six Sigma.
Industrial Engineer
Typical wage: $99,000
Reference: BLS
Industrial engineers work in industries like construction, utilities, transportation, and manufacturing. Robotics, automation, logistics, operations management, or even traditional manufacturing are all possible specializations for engineers.
Designing, creating, testing, documenting, analyzing, coordinating, and supervising the implementation of a wide range of goods, systems, and processes connected to professional, scientific, and technical services are among the technical abilities needed to execute this work. Additionally, an industrial engineer needs to know how to communicate their findings.
Like the majority of engineers, industrial engineers require a high level of scientific and mathematical expertise. They hold four-year engineering degrees.
Depending on their background and training, this person might oversee other employees doing the same or related work. Industrial engineers in management positions frequently hold master’s degrees and may be Professional Engineering (PA) certified.
Computer programming, process flow optimization, quality control techniques, and problem-solving are all related talents.
Manufacturing Engineer
Typical wage: $77,000
Origin: Intuit
A manufacturing engineer creates a variety of items using technology, science, and math. They create designs based on specifications provided by customers, test prototypes, and finally create the finished product.
A manufacturing engineer searches for methods to boost productivity, cut costs, and improve efficiency in order to limit potential dangers.
To make sure the final product satisfies expectations and requirements, manufacturing engineers may work with other engineers and scientists. They could also need to coordinate their efforts with marketing experts, salespeople, and human resource professionals.
A bachelor’s degree in engineering and manufacturing experience are prerequisites. To be successful in this position, a Manufacturing Engineer needs teamwork, analytics, and risk management abilities.
Machine Learning Scientist
Typical wage: $161,000
A machine learning scientist creates computer algorithms that can learn over time to assist businesses in producing goods or providing services. These models are used to evaluate customer behavior, spot trends, and make predictions about the future.
Machine Learning Scientists need expertise in artificial intelligence (AI), statistics, and mathematical modeling in order to create computer models.
Due to the strong collaboration they have with other departments, interpersonal communication abilities are especially crucial for those in this position (e.g. executives, marketing, operations, research, sales and product development).
Director of Product Management
Typical wage: $157,000
A person who manages a large group of individuals who work on developing products is known as a director of product management.
The entire product lifecycle is the responsibility of product managers, who are the people a director would employ. To ensure everything goes smoothly, they collaborate closely with the sales, marketing, manufacturing, and customer service departments.
The majority of product management directors has bachelor’s degrees, and a large number also hold master’s degrees in relevant fields.
Data analysis, business development, communication abilities, and business development are in-demand competencies in product management. To ensure that everything is functioning properly, product management directors frequently hang out near the assembly line.
This leader probably possesses knowledge of production, inventory management, and supply chain logistics with reference to capital goods.
Director of Research and Development
Typical wage: $135,000
Payment scale
A director of research and development (R&D) creates or enhances goods or services to satisfy particular client needs.
Design, testing, production, and marketing of these items may be managed by R&D leaders. For instance, a director of research and development with experience in clean energy innovation can provide affordable strategies to lessen the production’s influence on the environment.
An R&D professional needs ten years of relevant experience, a graduate degree, and the capacity to manage people before they can rise to the director level.
Interpersonal skills are essential since developing products and services necessitates close collaboration with engineers, scientists, marketers, and sales personnel.
The capacity to conduct interviews, make presentations, and forecast sales with accuracy are other valuable abilities.
Metallurgical Engineer
Salary typical: $125,000
Salary.com is the source
Metal materials and processes are the focus of metallurgical engineers. This is helpful for the functioning of linked production machinery in the capital goods sector.
Metals are essential to the industrial world, used to create everything from household appliances to automobiles and skyscrapers, and metallurgists research the behavior of metals to find new ways to increase their usefulness. They assess the appropriateness of existing alloys for particular uses.
For this position, you need a graduate degree in chemical engineering or metallurgy and at least ten years of relevant work experience. Metallurgists frequently focus on a single kind of metal or alloy.
Examples include iron alloys, titanium alloys, aluminum alloys, zinc alloys, and stainless steel. A metallurgist engineer may operate in a lab or in a manufacturing setting.
They must comprehend the foundations of thermodynamics, heat treatment, phase diagram, crystal structure, weldability, welding procedures, and elementary physics in any scenario.
Final Reflections
In July 2022, the Bureau of Labor Statistics estimated that there were nearly 13 million manufacturing employment. Continue reading to discover further opportunities in capital goods outside of manufacturing.
Your first step should be to determine which type of capital goods job would best suit your skill set because there are so many excellent chances within this area.
Determine what you must do in order to meet the requirements for that position. return to school? acquire more expertise? Achieve a certification?
The third step is to determine the people and resources that can assist in getting you there when you have your objective and your plan in place. On your list, don’t forget to add Teal’s Job Tracker feature. You’re now three steps closer to achieving your career goals!
Most Commonly Asked Questions
How do capital goods work?
Capital goods are the goods and services that enable individuals or companies to manufacture consumer goods. These items are classified as “plants, property, and equipment” for accounting purposes. They are additionally known as durable items. Capital commodities might be tangible (like coal) or utilitarian (like electricity).
What types of capital commodities are there?
Buildings and land, such as manufacturing space or warehouses; machinery and vehicles, such as conveyor belts, delivery trucks, or forklifts; and supplies, such as computers, 3D printers, or appliances, are all excellent examples of capital goods.
It’s vital to remember that depending on how it’s used, the same physical item can either be a capital good or a consumer good. An example of a consumer good is the oven in your home (assuming you are not using it to sell baked goods). In contrast, a pizza shop’s oven qualifies as a capital good because it makes pizzas that are later sold.
Should I pursue a career in the capital goods sector?
Your skill set and interests play a big role in determining the industry you work in. The employment forecast is positive because the capital goods sector is expanding.